NSE: AEGISVOPAK · BSE: 544407
AEGIS VOPAK TERMINALS LTD
Operates oil, gas and chemical storage terminals in India, charging fees for storing products in tanks on behalf of third-party customers. Revenue is split between two businesses: a Gas Terminal Division that contributed 52.3% of FY26 segment revenue (Rs. 482.6 crore) and a Liquid Terminal Division that made up the remaining 47.7% (Rs. 440.5 crore), with the gas division also producing higher EBIT of Rs. 317.6 crore versus Rs. 203.1 crore from liquids. The terminal network was expanded through the acquisition of LPG terminals at New Mangalore and Pipavav, plus a 75% stake in Hindustan Aegis LPG, lifting total capacity to 225,800 MT. The business listed on NSE and BSE in June 2025 via a Rs. 2,800 crore IPO, using most of the proceeds to repay Rs. 2,016 crore of debt and cut the debt-to-equity ratio from 1.58 to 0.08. The cost structure is dominated by depreciation (22.5% of revenue) and other operating expenses (20.0%), reflecting the tank-farm infrastructure, while employee costs are a modest 5.6% of revenue. EBITDA margin stands at 78.4%, typical of a fee-based storage model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gas Terminal Division (52%), Liquid Terminal Division (48%). Asset-heavy, fee-based storage infrastructure business with high EBITDA margins
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 621 | 923 |
| EBITDA (ex other income) | 458 | 686 |
| margin % | 73.7 | 74.4 |
| Owners' profit | 127 | 310 |
| EPS, as reported (₹) | 1.34 | 2.85 |
| ROE % · ROCE % | 6.6 · 6.1 | 7.7 · 8.0 |
| Debt / equity (x) | 1.29 | 0.48 |
| Cash from operations | 478 | 702 |
| Capex | (128) | (700) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 157 | 164 | 188 | 197 | 243 | 234 |
| Profit before tax | 51 | 63 | 71 | 79 | 87 | 89 |
| Net profit | 41 | 48 | 54 | 62 | 74 | 69 |
| EPS (₹) | 0.42 | 0.46 | 0.49 | 0.56 | 0.62 | 0.60 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Liquid Terminal Division | 440 | 55.6 |
| Gas Terminal Division | 352 | 44.4 |
| Total, before eliminations | 793 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AEGIS VOPAK TERMINALS LTD ◆ | 26,038 | 103.5 | 5.89 | 38.5 | 7.7 | 6.3 | — | 78.6 |
| GANESH BENZOPLAST LIMITED | 652 | 9.0 | 1.05 | 5.2 | 11.9 | 14.0 | 8.8 | 27.4 |
| REPONO LIMITED | 72 | 21.8 | — | — | — | 20.1 | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 103.5 | 21.8 | 13 of 15 | 14% |
| P/B | 5.9 | 1.5 | 12 of 15 | 21% |
| ROCE | 6.3 | 6.4 | 10 of 17 | 44% |
| ROE | 7.7 | 8.5 | 9 of 16 | 47% |
| Debt / Equity | 0.5 | 0.1 | 14 of 16 | 13% |
| EBITDA margin | 78.6 | 28.0 | 1 of 15 | 100% |
| Revenue growth | 42.5 | 45.2 | 9 of 15 | 43% |
| Profit growth | 45.5 | 37.6 | 7 of 16 | 60% |
| Market cap | 26038 | 2000 | 3 of 16 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 revenue rises 17%, but consolidated profit falls 4% | results | high | — | — |
| 26 Oct 2026 · Q2 FY27 revenue rises 17%, but consolidated profit falls 4% | results | medium | — | — |
| 21 Oct 2026 · Board to consider Q2 standalone and consolidated results on Oct 26 | results | low | — | — |
| 7 Oct 2026 · Routine RTA certificate on demat holdings for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Aegis Vopak incorporates wholly owned subsidiary Aegis Energy Terminals | strategic transactions | medium | — | — |
| 18 Sept 2026 · Credit rating assigned IND AA with Positive outlook for bank loans and NCDs | credit debt | high | — | — |
| 15 Sept 2026 · Aegis Vopak to attend CLSA Hong Kong Conference on Sep 23-24 | investor communications | low | — | — |
| 15 Sept 2026 · Aegis Vopak to attend CLSA Hong Kong Conference on September 23-24 | investor communications | low | — | — |
| 24 Aug 2026 · Subsidiary to acquire ammonia terminal at Pipavav for Rs 525 cr from promoter | strategic transactions | high | — | — |
| 19 Aug 2026 · Q1 FY27 earnings: revenue up 12%, EBITDA up 16%, multiple new projects announced | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.