Aegis Logistics: Soaring to New Heights with Record Q2 FY26 Performance and Strategic Expansions

Aegis Logistics Limited, a prominent player in India's logistics sector, has delivered an exceptional performance in the second quarter of fiscal year 2026, showcasing robust growth across its key business segments. The company's consolidated revenue surged by an impressive 31% year-on-year, reaching INR 2,294 crore. This strong top-line growth was complemented by a significant improvement in profitability, with normalized EBITDA climbing 46% to INR 347 crore. The bottom line also saw substantial gains, as profit after tax (PAT) increased by a remarkable 61% to INR 244 crore, reflecting enhanced operational efficiencies and improved utilization across its terminal network.

The Liquid Division recorded its highest-ever Q2 revenues, contributing INR 155 crore, marking a 19% increase from the previous year. This growth underscores the division's consistent performance and its ability to capitalize on market opportunities. The Gas Division, encompassing LPG logistics, distribution, and sourcing, was a primary driver of the overall strong results. It delivered a robust 32% growth in revenue, reaching INR 2,139 crore, fueled by record logistics and distribution volumes. Management emphasized that the benefits of operating leverage and optimized costs played a crucial role in achieving these record-breaking figures, with the Gas Division's EBITDA sharply rising by 60% to INR 231 crore.

Strategic Vision and Infrastructure Development

Aegis Logistics is not merely focused on quarterly performance but is actively building a formidable infrastructure network to support India's transition towards a more sustainable future. The company's strategic initiatives are centered around expanding its capacity in bulk liquids and gases, including a significant foray into new energy segments like ammonia. These projects are meticulously planned across India's key ports, ensuring a robust and integrated logistics chain.

One of the flagship projects is the expansion at JNPT, where Aegis is developing an additional 318,100 cubic meters of liquid capacity and 77,286 metric tons of LPG capacity, alongside an LPG bottling plant. This large-scale project, with a total CAPEX of INR 1,675 crore, is progressing well, with part of the liquid capacity expected to be commissioned by the end of FY26. This expansion is crucial for strengthening the company's presence on the West Coast.

Another groundbreaking initiative is the construction of India's first ammonia terminal at Pipavav Port, boasting a 36,000 metric tonne capacity, slated for completion by Q1 FY27. This project, coupled with the KGPL pipeline connection expected to be operational by Q4 FY26, will not only improve throughput and logistics efficiency but also enable Aegis to establish a vertically integrated ammonia business, covering sourcing, storage, and distribution. The company is also actively developing infrastructure at Kandla Port, with PNGRB approval for the Kandla-Gorakhpur pipeline and the JLPL pipeline connection expected by Q3 FY26, promising a significant increase in volumes.

Future Outlook and Financial Discipline

Management expressed strong confidence in sustaining this growth momentum, with expectations to exceed the previously guided 25% CAGR for distribution volumes from 2022 to 2027, anticipating at least 30% growth in the ensuing years. The company's capital expenditure plans, including a potential INR 20,000 crore outlay for the proposed Vadhavan Port, are strategically aligned with long-term goals and will be funded through a prudent mix of internal accruals and debt, maintaining a conservative debt gearing ratio. This disciplined approach ensures that while Aegis Logistics pursues ambitious growth, its financial health remains robust.

The successful commissioning of new capacities and pipeline connections, particularly at Mangalore and Pipavav, has already provided a significant boost to distribution volumes and margins. The company's integrated value chain, backed by a strong balance sheet, positions it well for sustainable growth and continued shareholder value creation. Aegis Logistics is not just expanding its footprint; it is strategically enhancing its capabilities to meet India's evolving energy and logistics demands, cementing its leadership in the sector.