Aegis Logistics Limited Q2 profit rises 32% despite lower revenue

Aegis Logistics Limited reported a 32% year-on-year increase in Q2 FY27 profit after tax to ₹321 crore, even as revenue declined 3.5% to ₹2,213 crore from ₹2,294 crore a year earlier. The result matters because higher operating profitability supported earnings growth despite lower quarterly revenue.

How did Aegis Logistics perform in Q2 FY27?

Aegis Logistics delivered revenue of ₹2,213 crore in the quarter, compared with ₹2,294 crore in Q2 FY26. Revenue was also down 6.09% sequentially from ₹2,356.86 crore in the preceding quarter. However, the company reported stronger profitability across its operations.

Normalized segment EBITDA rose 32% year-on-year to ₹456 crore from ₹347 crore. Profit after tax increased by the same rate to ₹321 crore from ₹244 crore, while earnings per share rose 45% to ₹7.42. The figures were presented by management during the Q2 FY27 earnings call held on November 3, 2026.

The first-half performance was stronger on a cumulative basis. H1 FY27 revenue grew 14% year-on-year to ₹4,570 crore from ₹4,013 crore. Normalized segment EBITDA increased 97% to ₹1,184 crore, while profit after tax rose 108% to ₹866 crore from ₹417 crore.

Aegis Logistics said H1 earnings per share reached ₹21.23, compared with ₹8.86 in H1 FY26, representing growth of 140%. Chairman and Managing Director Raj Chandaria described the first-half profit as a record for the company.

What drove Aegis Logistics' higher profitability?

Aegis Logistics' profitability was supported by growth in its LPG operations, where Q2 EBITDA increased 34% year-on-year to ₹309.25 crore. The LPG segment generated EBITDA of ₹900 crore in H1 FY27, up 137% from the comparable period a year earlier.

The distribution business recorded Q2 volumes of 2.41 lakh metric tonnes, up 25% year-on-year. H1 distribution volumes were 5.18 lakh metric tonnes, an increase of 54%. Management said the H1 run rate placed the business on course to approach 1 million tonnes of distribution volumes during FY27, although this was stated as an operational ambition rather than a reported outcome.

The sourcing business handled 0.9 lakh metric tonnes in Q2 and 2.1 lakh metric tonnes in H1 FY27. The company also reported Q2 revenue of ₹187 crore in this business, up 21% year-on-year, while H1 revenue grew 22% to ₹366 crore.

Management cited continued momentum in LPG distribution and sourcing activities alongside the contribution from its terminal and logistics network. The disclosed numbers indicate that earnings growth outpaced revenue growth, lifting the company's reported profitability in the quarter.

What do the terminal operations and expansion plans show?

Aegis Logistics said it holds more than 30% of India's LPG static capacity. Chief Financial Officer Murad Moledina stated that the company's six LPG terminals are located at Kandla, Pipavav, Mumbai, JNPA, Mangalore and Haldia.

Once the JNPA terminal is ready next year, management expects the six-terminal network to reach about 29 million tonnes of handling capacity. This capacity expansion is relevant to the company's logistics and import-handling operations, where terminal infrastructure is central to volumes and operating leverage.

In logistics, throughput volumes increased 19% over the previous year, according to management's commentary. However, the company also reported Q2 logistics volumes of 1.34 million metric tonnes, which it said were 5% lower year-on-year. The disclosures distinguish the operational measures cited during the call and do not provide a full segment-wise reconciliation in the supplied information.

Aegis Logistics also referred to the proposed $809 million Tristar acquisition and terminal and pipeline investments as part of its expansion strategy. Management said funding for these initiatives was targeted at gearing of no more than 0.6 times.

What are the key Q2 FY27 figures for Aegis Logistics?

Aegis Logistics reported higher EBITDA, profit after tax and earnings per share even as quarterly revenue was lower than the prior-year period. The following table summarises the principal financial and operating data disclosed in the earnings call.

For H1 FY27, the company reported revenue of ₹4,570 crore, EBITDA of ₹1,184 crore and profit after tax of ₹866 crore. These figures compare with H1 FY26 revenue of ₹4,013 crore, EBITDA of ₹602 crore and profit after tax of ₹417 crore.

The earnings call involved Raj Chandaria, Murad Moledina and the investor relations team. It was scheduled under Regulation 30 of the Securities and Exchange Board of India listing rules and covered both Q2 and H1 FY27 performance.

How did investors and the market respond to the results?

The supplied market data showed Aegis Logistics shares at ₹1,137.20 on November 9, 2026, down ₹36.10 or 3.08% at 2:20 PM IST. This market snapshot was recorded after the November 3 earnings call and should not be treated as evidence of a direct reaction to any single announcement.

For investors, the main reported development was the gap between revenue and profit trends. Quarterly revenue declined, but EBITDA and profit after tax both rose 32%, while EPS increased 45%. The H1 numbers also showed profit growth of 108%, substantially ahead of revenue growth of 14%.

For industry participants, the company's stated LPG capacity position and planned JNPA commissioning point to the importance of terminal infrastructure in its strategy. The disclosed expansion plans also make capital allocation and the stated 0.6-times gearing target relevant measures to monitor alongside future operating volumes.

Conclusion

Aegis Logistics reported a stronger Q2 FY27 earnings outcome despite lower revenue, with profit after tax rising to ₹321 crore and normalized segment EBITDA reaching ₹456 crore. LPG segment growth, rising distribution volumes and improved first-half profitability were the central reported drivers of the performance.

The next disclosed operating milestone is the expected readiness of the JNPA terminal next year, which management says would lift capacity across its six LPG terminals to about 29 million tonnes. Investors will also monitor progress on the Tristar acquisition, terminal and pipeline investments, and adherence to the company's stated gearing target of no more than 0.6 times.