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Revenue
₹243 Cr
verified against source
Revenue YoY
22.2%
reported change
EBITDA
₹179.2 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Aegis Vopak Terminals reported a strong Q4 FY26 with revenue of 243.5 crore (+22.2% YoY) and EBITDA of 179.2 crore (+24.2% YoY), driven by capacity additions and improved product mix. Liquid terminal revenue grew 31% YoY to 121.1 crore, while gas terminal revenue rose 14.6% to 122.4 crore. Net profit increased 15.3% to 273.9 crore. Management highlighted a $5 billion capex pipeline by 2030, with JNPT expansion (318,100 cbm liquid, 77,236 MT LPG) commissioning in H1 FY27. The company is diversifying into ammonia with a 36,000 MT terminal at Pipavav backed by a 15-year take-or-pay agreement. Key risk: LPG import disruptions from Middle East conflict could temporarily impact throughput, though management expects normalization by Q2 FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects throughput to grow 30-40% year-on-year in FY27, consistent with historical trends.
- Aggregate capex will reach approximately $1.2 billion by end of FY27, with FY28 capex expected around ₹5,000 crore.
- First phase of 318,100 cbm liquid expansion at JNPT expected to be operational in Q1 FY27, contributing from Q2.
- India's first independent ammonia terminal at Pipavav (36,000 MT) expected to be commissioned in H1 FY27.
Risks flagged
- LPG imports were down ~50% in March due to Middle East conflict, improving to 30-35% in May. Normalization expected by Q2 FY27.
- Management declined to disclose revenue breakdown by contract type or customer concentration, citing open-source model. This lack of visibility may concern investors.
- The $5 billion capex by 2030 is ambitious given only $1.2 billion spent so far. Management acknowledged pace will accelerate in later years, but execution remains key.
- One lease at Pipavav port expires in 2029, though management noted a 'last look' right. This could pose renewal risk.
Key quotes
- We always follow demand. We are not somebody who will do flat planting and do anything prematurely. We don't let demand follow us.
- We are not product dependent therefore not customer dependent. In fact, we are not even trade dependent.
- The best is that as a group we construct in house our own infrastructure cheapest quickest we have technical skill of our parent who's a ESG company has been doing this business last 400 years present in 23 countries.
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