Aegis Vopak Terminals Limited (AEGISVOPAK)
🎯 Key Takeaways
- Aegis Vopak Terminals Limited is in a growth phase driven by strategic expansion in LPG and specialty chemical terminal infrastructure, with recent financial performance reflecting steady revenue growth and margin stability. The company is consolidating its post-IPO momentum through capacity additions and inorganic opportunities, particularly in ammonia and LPG storage.
- Revenue declined 4% QoQ to ₹234 in Q1FY27.
- ⚠️ Overreliance on LPG and petrochemical terminal volumes exposes the company to commodity cycle and demand volatility in energy markets.
📖 The Story
Aegis Vopak Terminals Limited is in a growth phase driven by strategic expansion in LPG and specialty chemical terminal infrastructure, with recent financial performance reflecting steady revenue growth and margin stability. The company is consolidating its post-IPO momentum through capacity additions and inorganic opportunities, particularly in ammonia and LPG storage. Management emphasizes operational efficiency and capital discipline, supported by strong governance and shareholder approval of key initiatives.
📰 What's Happening
In Q1FY27, the company reported revenue of INR 2,338 Mn (+12.4% YoY) and EBITDA of INR 1,794 Mn (+15.6% YoY), with cash PAT at INR 1,249 Mn (+3.6% YoY), indicating resilient profitability despite macroeconomic headwinds. The correction of a prior gas revenue typo in an investor presentation (August 7, 2026) did not alter core financial trends but underscored attention to transparency. The AGM on August 7, 2026 approved FY26 audited financials, declared a final dividend of Rs. 0.20/share, and ratified related party transactions with Aegis Logistics, Aegis Gas, and Sea Lord Containers. Chairman Raj Chandaria highlighted 16.96% revenue growth to Rs. 923.07 Crores in FY26, driven by LPG throughput and new capacity. The company also confirmed progress on the J2 project and ammonia terminal at Pipavav Port, with acquisition expected in H1 FY27.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|
| Revenue | 157 | 164 | 188 | 197 | 243 | 234 |
| Operating Profit | 131 | 129 | 139 | 149 | 184 | 184 |
| OPM % | 74.1% | 73.1% | 73.3% | 73.9% | 73.6% | 76.8% |
| Net Profit | 41 | 48 | 54 | 62 | 74 | 69 |
| EPS | ₹0.42 | ₹0.46 | ₹0.49 | ₹0.56 | ₹0.62 | ₹0.60 |
Revenue has grown consistently from INR 157 Crores in Q4FY25 to INR 234 Crores in Q1FY27, with operating margins holding firm above 73% and net profit margins stable around 6-7%. Despite a slight dip in PAT growth (+3.6% YoY in Q1FY27 vs. higher growth in prior quarters), profitability remains robust, supported by volume expansion and efficient operations. The steady rise in revenue and EBITDA, coupled with stable OPM, reflects successful execution of capacity utilization and cost management, aligning with management’s focus on scalable growth in energy infrastructure.
🔮 Management Outlook & What's Next
Management has expressed confidence in sustained growth through capacity consolidation and strategic acquisitions, particularly the upcoming ammonia terminal at Pipavav Port, expected to close in H1 FY27. They reiterated a growth strategy centered on expanding LPG storage infrastructure, operational excellence, and inorganic opportunities to strengthen market position. No formal long-term financial targets were provided, but management emphasized continuity in capital allocation toward high-return terminal projects and operational efficiency.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | 2025-2026 | 2025-2026 | 2025-2026 | 2025-2026 | 2026-2027 |
|---|---|---|---|---|---|
| Equity Capital | 1,108 | 1,108 | 1,108 | 1,108 | 1,108 |
| Reserves | — | 3,634 | — | 3,183 | — |
| Borrowings | — | 440 | — | 2,118 | — |
| Total Liabilities | 1,699 | 2,330 | 1,632 | 4,032 | 1,670 |
| Fixed Assets | — | 6,255 | — | 6,636 | — |
| Investments | — | 0 | — | 0 | — |
| Total Assets | 7,043 | 7,072 | 7,703 | 8,450 | 8,411 |
The balance sheet shows stable equity of INR 1,108 Crores with reserves at INR 3,183 Crores in FY25-26, indicating strong capital buffers. Borrowings decreased slightly to INR 2,118 Crores from prior levels, suggesting a trend toward deleveraging or stable capital structure. Total assets remain consistent around INR 8,400-8,450 Crores, reflecting disciplined asset management. The company is not over-leveraged (D/E of 1.29), and the lack of new borrowings in recent periods supports a conservative and strategic approach to funding expansion, likely through internal cash flows and selective debt.
⚖️ Peer Comparison — Oil
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| Oil & Natural Gas Corporation Limited | 3.77 L Cr | 9.9 | 14.1% | 11.0% | 0.45 |
| Oil India Limited | 84,307 | 10.0 | — | — | — |
| Aegis Vopak Terminals Limited | 21,907 | 102.5 | 8.6% | 10.7% | 1.29 |
| Deep Industries Limited | 2,852 | 18.3 | — | — | — |
| Antelopus Selan Energy Limited | 2,643 | 29.5 | — | — | — |
| Prabha Energy Limited | 2,316 | — | — | — | — |
| Hindustan Oil Exploration Company Limited | 2,238 | 13.4 | — | — | — |
| Jindal Drilling And Industries Limited | 1,687 | 13.0 | — | — | — |
| Dolphin Offshore Enterprises (India) Limited | 1,652 | 44.1 | — | — | — |
| Asian Energy Services Limited | 1,409 | 38.3 | — | — | — |
⚠️ Risk Factors
1. Overreliance on LPG and petrochemical terminal volumes exposes the company to commodity cycle and demand volatility in energy markets. 2. Integration risks from recent acquisitions, particularly the ammonia terminal, could strain capital and operational focus if not executed smoothly. 3. Regulatory and environmental risks associated with terminal operations in coastal zones, especially around Pipavav Port, may impact project timelines. 4. High dividend payout relative to net income growth (2% dividend on face value despite modest PAT growth) could pressure liquidity if earnings normalize.
📋 Recent Filings
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🟡 Board Meeting 10 August 2026Aegis Vopak Terminals held its 13th AGM on August 7, 2026 via video conference, passing all six resolutions with overwhelming shareholder approval. Th...
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🔴 Financial Results 7 August 2026Aegis Vopak Terminals Limited revised its investor presentation on August 7, 2026, correcting a typographical error in Slide 6 where Q1FY26 revenue fr...
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🟡 Board Meeting 7 August 2026Aegis Vopak Terminals held its 13th AGM on August 7, 2026, approving the FY26 audited financials, declaring a 2% final dividend of Rs. 0.20 per share,...
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Announcement 6 August 2026Aegis Vopak Terminals announced its Q1 FY27 earnings conference call scheduled for August 14, 2026 at 3:00 PM IST, inviting analysts and institutional...
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🟡 Board Meeting 14 July 2026Aegis Vopak Terminals announced a recommended final dividend of Rs. 0.20 per share (2% on Rs. 10 face value) for FY 2025-26, payable to shareholders o...
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🔴 Corporate Action 6 July 2026Aegis Vopak Terminals Limited announced its 13th Annual General Meeting on August 7, 2026, with a record date of July 10, 2026, to determine eligibili...
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🔴 annual report 6 July 2026Aegis Vopak Terminals announced its 13th Annual General Meeting on August 7, 2026, with record date July 10, 2026 for final dividend approval and paym...
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Announcement 6 July 2026Aegis Vopak Terminals Limited confirmed that a recent spike in trading volume on the NSE was driven solely by market interest in its performance and p...
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Announcement 3 July 2026No summary available
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Announcement 1 July 2026Aegis Vopak Terminals announced that Sukumar Nandi will assume the role of Head of National Operations Division effective July 1, 2026, while retainin...
🧠 Analyst's Read
Aegis Vopak Terminals is executing a clear infrastructure-led growth strategy with strong operational momentum, but its valuation remains sensitive to execution risk in new projects and sector-specific demand trends. Investors should monitor the successful integration of the ammonia terminal and management’s ability to sustain margin resilience amid evolving energy dynamics.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-13.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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