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Aegis Vopak Terminals Q2 FY27 results: net profit up 78.7% to ₹96.41 crore, revenue up 44.3%
Aegis Vopak Terminals Limited reported consolidated revenue of ₹270.84 crore in Q2 FY27, up 44.3% from Q2 FY26, with EBITDA of ₹212.39 crore and a net profit of ₹96.41 crore. Basic EPS was ₹0.78, and the EBITDA margin expanded to 78.4% from 73.3% in the year-ago quarter. The results were approved by the board on 26 October 2026.
Key points
- Consolidated Q2 FY27 revenue was ₹270.84 crore, up 44.3% from ₹187.63 crore in Q2 FY26 and 15.9% from ₹233.77 crore in Q1 FY27.
- EBITDA was ₹212.39 crore, compared with ₹137.45 crore in Q2 FY26 and ₹179.43 crore in Q1 FY27; the EBITDA margin was 78.4%.
- Net profit was ₹96.41 crore, against ₹53.94 crore in Q2 FY26 and ₹69.41 crore in Q1 FY27; basic EPS was ₹0.78.
- In H1 FY27, revenue was ₹504.61 crore and profit after tax was ₹165.82 crore, compared with ₹351.64 crore and ₹101.66 crore in H1 FY26.
- The Gas Terminal Division reported revenue of ₹141.96 crore and EBIT of ₹88.96 crore, while the Liquid Terminal Division reported revenue of ₹128.88 crore and EBIT of ₹73.0 crore.
How did Aegis Vopak Terminals perform in Q2 FY27?
Aegis Vopak Terminals reported consolidated revenue of ₹270.84 crore for Q2 FY27, up ₹83.21 crore or 44.3% from ₹187.63 crore in Q2 FY26. Against Q1 FY27, revenue rose ₹37.07 crore or 15.9% from ₹233.77 crore. Total income was ₹276.51 crore, up from ₹189.08 crore a year earlier and ₹238.13 crore in the previous quarter.
Consolidated EBITDA was ₹212.39 crore in Q2 FY27, compared with ₹137.45 crore in Q2 FY26 and ₹179.43 crore in Q1 FY27. The EBITDA margin was 78.4%, up 5.1 percentage points year on year and 1.6 percentage points sequentially. Profit before tax was ₹119.56 crore, while net profit was ₹96.41 crore, up from ₹53.94 crore a year earlier and ₹69.41 crore in the previous quarter. Basic EPS was ₹0.78.
On a standalone basis, Q2 FY27 revenue was ₹177.9 crore and profit after tax was ₹47.42 crore, with profit before tax of ₹48.99 crore. The standalone quarter figures were reported separately from the consolidated results.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 270.84 | 233.77 | 187.63 | +44.3% | +15.9% |
| Other income | 5.67 | 4.36 | 1.45 | +291.0% | +30.0% |
| Total expenses | 156.95 | 149.15 | 118.07 | +32.9% | +5.2% |
| EBITDA | 212.39 | 179.43 | 137.45 | +54.5% | +18.4% |
| EBITDA margin | 78.4% | 76.8% | 73.3% | +5.1 pp | +1.6 pp |
| Profit before tax | 119.56 | 88.98 | 71.01 | +68.4% | +34.4% |
| Tax | 23.15 | 19.57 | 17.07 | +35.6% | +18.3% |
| Net profit | 96.41 | 69.41 | 53.94 | +78.7% | +38.9% |
| EPS (₹) | 0.78 | 0.60 | 0.49 | +59.2% | +30.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Aegis Vopak Terminals' costs and profit?
Consolidated total expenses increased by ₹38.88 crore to ₹156.95 crore from ₹118.07 crore in Q2 FY26. Employee cost rose by ₹2.29 crore to ₹15.83 crore, depreciation by ₹8.64 crore to ₹58.16 crore, other expenses by ₹5.98 crore to ₹42.62 crore and finance costs by ₹21.97 crore to ₹40.34 crore. There was no exceptional item.
Other income rose by ₹4.22 crore to ₹5.67 crore from ₹1.45 crore in Q2 FY26. Tax expense increased by ₹6.08 crore to ₹23.15 crore from ₹17.07 crore. The figures show higher finance costs and tax alongside the increase in EBITDA; management said that higher finance costs and tax held back AVTL profit after tax despite EBITDA growth.
Against Q1 FY27, total expenses increased by ₹7.80 crore to ₹156.95 crore, while other income rose by ₹1.31 crore to ₹5.67 crore. Employee cost rose by ₹3.13 crore, depreciation by ₹2.69 crore, other expenses by ₹0.98 crore and finance costs by ₹1 crore. Tax was ₹23.15 crore, up ₹3.58 crore from ₹19.57 crore. There was no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 15.83 | 13.54 | +2.29 | +16.9% |
| Finance costs | 40.34 | 18.37 | +21.97 | +119.6% |
| Depreciation | 58.16 | 49.52 | +8.64 | +17.4% |
| Other expenses | 42.62 | 36.64 | +5.98 | +16.3% |
| Total expenses | 156.95 | 118.07 | +38.88 | +32.9% |
| Other income | 5.67 | 1.45 | +4.22 | +291.0% |
| Tax | 23.15 | 17.07 | +6.08 | +35.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹504.61 crore, compared with ₹351.64 crore in H1 FY26, an increase of ₹152.97 crore or 43.5%. Total income was ₹514.65 crore, up ₹152.22 crore or 42.0% from ₹362.43 crore. Profit before tax was ₹208.54 crore, compared with ₹133.82 crore, and net profit was ₹165.82 crore versus ₹101.66 crore.
H1 FY27 EPS was ₹1.38, compared with ₹0.95 in H1 FY26. The filing also reported standalone revenue of ₹177.9 crore for Q2 FY27, with profit before tax of ₹48.99 crore and profit after tax of ₹47.42 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 504.61 | 351.64 | +43.5% |
| Profit before tax | 208.54 | 133.82 | +55.8% |
| Net profit | 165.82 | 101.66 | +63.1% |
| EPS (₹) | 1.38 | 0.95 | +45.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹9,119.2 crore, against ₹8,450.13 crore at 31 March 2026. Total equity was ₹4,593.27 crore compared with ₹4,418.54 crore, while borrowings increased to ₹2,494.69 crore from ₹2,117.62 crore and cash to ₹326.25 crore from ₹302.28 crore. Inventories were ₹15.22 crore, trade receivables ₹280.58 crore and trade payables ₹30.91 crore.
For H1 FY27, operating cash flow was ₹298.01 crore, compared with ₹281.41 crore in H1 FY26. Investing cash flow was negative ₹535.46 crore against negative ₹1,343.19 crore, financing cash flow was ₹261.41 crore against ₹525.77 crore, and capital expenditure was ₹74.78 crore against ₹79.1 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 9,119 | 8,450 |
| Total equity | 4,593 | 4,419 |
| Borrowings | 2,495 | 2,118 |
| Cash and equivalents | 326.25 | 302.28 |
| Inventories | 15.22 | 17.60 |
| Trade receivables | 280.58 | 186.18 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 298.01 | 281.41 |
| Cash from investing | −535.46 | −1,343 |
| Cash from financing | 261.41 | 525.77 |
| Capital expenditure | 74.78 | 79.10 |
Source: Company's results filing (XBRL).
How has Aegis Vopak Terminals done over the last 7 quarters?
Revenue increased from ₹156.9 crore in Q4 FY25 to ₹270.84 crore in Q2 FY27, with a dip to ₹233.77 crore in Q1 FY27 from ₹243.45 crore in Q4 FY26. Net profit rose from ₹41.34 crore in Q4 FY25 to ₹96.41 crore in Q2 FY27, also falling to ₹69.41 crore in Q1 FY27 from ₹73.87 crore in Q4 FY26. The EBITDA margin reached 78.4% in Q2 FY27 after 76.8% in Q1 FY27 and 73.6% in Q4 FY26.
Revenue rose year on year in each of the last three quarters, and profit also rose year on year in each of the last three quarters. The latest quarter therefore extended the reported upward revenue and profit trend, while the EBITDA margin increased from 73.3% in Q2 FY26 to 78.4% in Q2 FY27.
Which businesses drove the quarter?
The Liquid Terminal Division reported revenue of ₹128.88 crore in Q2 FY27, up 21.5% from ₹106.03 crore in Q2 FY26. Its EBIT was ₹73.0 crore, compared with ₹46.58 crore in the year-ago quarter, and the reported EBIT margin was 56.6%.
The Gas Terminal Division reported revenue of ₹141.96 crore, up 74.0% from ₹81.59 crore in Q2 FY26. EBIT was ₹88.96 crore against ₹47.04 crore in the year-ago quarter, with a reported EBIT margin of 62.7%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Liquid Terminal Division | 128.88 | +21.5% | 73 | 56.6% |
| Gas Terminal Division | 141.96 | +74.0% | 88.96 | 62.7% |
Source: Company's results filing (XBRL segment data).
What did Aegis Vopak Terminals' management say?
Management identified risks around TriStar completion, sourcing volumes after some contracts expired, geopolitical disruption and global uncertainty affecting logistics, and higher finance costs and tax. Raj Chandaria, Chairman and Managing Director, said the TriStar transaction would move Aegis from a predominantly India-focused business to a global integrated energy-logistics platform and said ammonia demand could extend into clean-energy applications. Murad Maladina, Chief Financial Officer, called the quarter a “perfect quarter in terms of all parameters that we have delivered.”
How did Aegis Vopak Terminals shares react?
The filing appeared in the market and the stock was 0.1% higher on the reaction day from the previous close. The stock was down 0.3% after five minutes, up 0.7% after 15 minutes and down 0.1% after 30 minutes. By the next day's close, the stock was down 2.9% from its pre-results close; by the fifth day's close, it was down 5.6%.
The Oil industry median rose 0.4% on the reaction day, 0.5% by the next day's close and 0.6% by the fifth day's close. The stock's excess moves were negative 0.3 percentage points on the reaction day, negative 3.4 percentage points by the next day's close and negative 6.2 percentage points by the fifth day's close. The Nifty Smallcap 250 rose 1.1%, 3.3% and 3.7% over the corresponding periods.
Earlier results-day moves were mixed: the stock was down 5.5% on 28 May 2026, up 4.1% on 29 January 2026, down 0.8% on 7 August 2025, up 0.3% on 6 November 2025 and down 0.1% on 14 July 2026. It was unchanged on 19 June 2025.
| After the filing | Stock | Oil median |
|---|---|---|
| 5 minutes | −0.3% | |
| 15 minutes | +0.7% | |
| 30 minutes | −0.1% | |
| Reaction day | +0.1% | +0.4% |
| Next day | −2.9% | +0.5% |
| 5 days | −5.6% | +0.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 14 July 2026 | −0.1% |
| 28 May 2026 | −5.5% |
| 29 January 2026 | +4.1% |
| 6 November 2025 | +0.3% |
| 7 August 2025 | −0.8% |
| 19 June 2025 | +0.0% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Aegis Vopak Terminals' revenue in Q2 FY27?
Revenue from operations was ₹270.84 crore, up 44.3% from ₹187.63 crore in Q2 FY26 (consolidated).
Did Aegis Vopak Terminals make a profit in Q2 FY27?
Yes. Net profit was ₹96.41 crore, against a net profit of ₹53.94 crore in Q2 FY26.
What was Aegis Vopak Terminals' EPS in Q2 FY27?
Basic earnings per share were ₹0.78, against ₹0.49 in Q2 FY26.
How did Aegis Vopak Terminals shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.1% from the previous close; the median Oil stock moved +0.4%.
When did Aegis Vopak Terminals announce its Q2 FY27 results?
On 26 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Notice Of Board Meeting And Closure Of Trading Window (BSE, 21 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting (BSE, 26 October 2026) · PDF
- Unaudited Financial Results For Quarter And Half Year Ended September 30, 2026 (BSE, 26 October 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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