Aegis Vopak in FY26: Expansion-heavy year, margins held firm

FY26 revenue from operations was INR 9,230.78 million (923.08 crore), EBITDA was INR 6,864.53 million (686.45 crore), and PAT was INR 3,419.21 million (341.92 crore).

For FY26, revenue share break-up was Gas Terminating 52.3% and Liquid Terminating 47.7%. Revenue from Gas was INR 4,826.04 million and revenue from Liquid was INR 4,404.74 million.

Q4 FY26 revenue from operations was INR 2,434.52 million (243.45 crore), EBITDA was INR 1,791.66 million (179.17 crore), and PAT was INR 738.74 million (73.87 crore).

The presentation states existing facilities include 1.7 million cubic meters of liquid storage capacity and 225.8k MT LPG static capacity. It also states current capacity including announced capex is 2.1 million cubic meters of liquid capacity and 303,100 MT LPG static capacity.

Key updates include commissioning an 82,000 MT cryogenic LPG terminal at Mangalore, expanding Pipavav’s LPG capacity via a 48,000 MT terminal, VLGC berth operations at Kandla, starting JNPA expansion with INR 1,675 crore capex, and constructing a 36,000 MT ammonia terminal targeted for completion by Q1 FY27.

AVTL completed acquisition of a 75% stake in HALPG, adding 25,000 MT LPG capacity at Haldia and providing an East Coast entry. The presentation notes an exclusive HPCL terminalling agreement valid until 2038 and an attached bottling plant.

The presentation states a plan to reach 1.2 billion dollars capex by next year and 5 billion dollars aggregate capex by 2030, funded through internal accruals and prudent debt. It also states a target debt gearing ratio of 0.6x capped to 3.5 times of EBITDA.