Aegis Logistics: Fueling India's Growth with Record Performance and Strategic Expansion

Aegis Logistics Limited, a prominent player in India's logistics and infrastructure sector, has reported a stellar performance for the third quarter and nine months ended December 31, 2025 (Q3 & 9M FY26). The company's results underscore a robust growth trajectory, driven by expanding volumes and enhanced operational efficiency across its key divisions. With record-breaking revenues and profitability, Aegis Logistics is strategically positioning itself to capitalize on India's burgeoning energy demand and transition towards a more sustainable future.

For the nine-month period, Aegis Logistics achieved a consolidated revenue from operations of INR 5,739 crores, marking a 13% year-on-year growth. Normalized EBITDA surged by an impressive 26% to INR 929 crores, while Profit After Tax (PAT) saw a significant 39% increase, reaching INR 652 crores. The third quarter alone mirrored this strong performance, with consolidated revenues at INR 1,725 crores, normalized EBITDA growing 29% to INR 326 crores, and PAT soaring 45% to INR 233 crores. This consistent growth highlights the benefits of operating leverage and a favorable product mix across the company's terminal network.

Segmental Performance: Liquids and Gas Drive Growth

The company's two primary divisions, Liquids and Gas, both contributed significantly to this strong performance.

Liquid Division:

The Liquids division recorded its highest-ever 9M revenues, reaching INR 460 crores, a 13% increase from the previous year. EBITDA for the Liquids division stood at INR 346 crores, marking a 17% year-on-year growth. For Q3 FY26, Liquid revenue was INR 161 crores, up 19% from INR 135 crores in Q3 FY25, with EBITDA at INR 124 crores, reflecting a substantial 31% year-on-year growth. The segment's EBITDA margin expanded by 674 basis points to 77%, primarily due to a favorable product mix leaning towards higher realization products and strategic location advantages.

Gas Division:

The Gas division also delivered a record performance, with its highest-ever 9M EBITDA. LPG business revenue grew 15% to INR 5,279 crores, and Gas EBITDA increased by 31% to INR 582 crores. This was propelled by record logistics and distribution volumes, with LPG volumes handled across terminals totaling 3.93 million tons (up 19% from 3.3 million tons) and distribution volumes expanding by 35% to 5.2 lakh metric tons. In Q3 FY26, LPG business reported a revenue of INR 1,564 crores, and Gas EBITDA surged 30% to INR 202 crores, marking its highest-ever for a third quarter.

Financial Summary (INR Crores)

Strategic Initiatives and Capacity Expansion

Aegis Logistics is aggressively pursuing its growth strategy, Project GATI (Gateway Access to India), through greenfield expansions, brownfield expansions, mergers & acquisitions, new energy projects, and big ticket projects. The company's capital expenditure plans are ambitious, with an aggregate outlay of USD 1.2 billion expected by FY27 and a long-term roadmap of USD 5 billion by 2030, funded through a balanced mix of internal accruals and prudent debt.

Key Project Updates:

• Mumbai Port: An additional 61,000 KL of liquids capacity is under development, with commissioning expected in Q1 FY27.
• JNPT Port: The first phase of new liquid capacity (318,100 cubic meters) and 77,286 metric tons of LPG capacity, along with a 35,000 metric tons LPG bottling plant, is expected to be commissioned in Q1 FY27. The company is also evaluating an additional 36,000 metric ton cryogenic gas tank.
• Ammonia Terminal: India's first independent ammonia terminal at Pipavav, with a static capacity of 36,000 metric tons, is scheduled for commissioning in Q1 FY27.
• Kandla Port: The VLGC berth became operational in Q3 FY26. The Jamnagar-Loni LPG Pipeline is nearing operationalization, and the Kandla-Gorakhpur LPG pipeline connection is expected by June 2026. A 94,148 cubic meter liquid terminal is also planned for next year.
• Kochi Port: Development of an additional 60,000 cubic meters of liquid capacity on newly allotted land is underway.
• Haldia Port: The acquisition of a 75% stake in Hindustan Aegis LPG Limited by AVTL has been completed, transferring 25,000 metric tons of LPG storage capacity to AVTL. An additional 3 acres of land have been acquired for liquids expansion.
• New Ports: Aegis is actively pursuing expansion at two new locations, with a non-binding memorandum of understanding for a potential investment of INR 20,000 crores in the proposed Vadhavan port.

LPG Terminalling Capacity & Throughput ('000 MT)

Outlook and Management Commentary

Management remains optimistic about future growth, particularly in the distribution business, driven by industrial demand for LPG as a cleaner, more efficient fuel. The company's terminals are now VLGC compliant, enabling diversified sourcing from global markets, including the U.S., which offers competitive pricing. The focus on optimizing costs, enhancing throughput, and a strong product mix is expected to sustain growth momentum and expand segment EBITDA margins.

The company's commitment to maintaining a conservative debt gearing ratio of 0.6x and an overall leverage capped at 3.5x EBITDA underscores its disciplined approach to financial management. Aegis Logistics is not just expanding its physical footprint but also strategically enhancing its capabilities to meet the evolving energy needs of India, with a clear vision for long-term value creation.

Conclusion: Strategic Clarity and Sustained Growth

Aegis Logistics' Q3 and 9M FY26 performance demonstrates strategic clarity and sustained growth. The company's aggressive yet disciplined expansion plans, coupled with strong operational execution and prudent financial management, position it well to continue its leadership in India's energy logistics sector. The focus on new capacities, diversified product offerings, and enhanced connectivity ensures that Aegis Logistics is not just responding to market demands but actively shaping the future of energy infrastructure in India.