Aegis Vopak Terminals Limited plans 318,000-cubic-metre JNPA addition

Aegis Vopak Terminals Limited plans a Rs 1,675 crore JNPA greenfield project adding 318,000 cubic metres of liquid storage and 77,286 tonnes of liquefied petroleum gas (LPG) storage, with the first 100,000 cubic metres of liquid capacity scheduled for commissioning in Q3 FY27. The plan follows an LPG bottling plant commissioning on October 15, 2026.

What will AVTL add at JNPA?

AVTL will add 318,000 cubic metres of liquid storage and approximately 77,286 tonnes of LPG storage through its JNPA greenfield project. Management put the investment at about Rs 1,675 crore during its November 3, 2026 Q2 FY27 earnings call, identifying the site as a significant investment within its port-by-port expansion programme.

The planned liquid capacity is in addition to JNPA's existing 101,900 cubic metres of liquid storage, which management said was performing well. The 318,000-cubic-metre addition is therefore more than three times the site's current liquid-storage capacity, while the project also includes a separate 77,286-tonne LPG-storage component.

Management said the JNPA project was on schedule, but did not disclose a final commissioning date for the complete 318,000-cubic-metre liquid build-out or the 77,286-tonne LPG-storage addition. The stated timing applies specifically to the initial 100,000-cubic-metre liquid phase in Q3 FY27.

When will AVTL commission JNPA capacity?

AVTL expects to commission the first 100,000 cubic metres of the JNPA liquid-storage expansion in Q3 FY27. This phase represents nearly one-third of the planned 318,000-cubic-metre liquid addition and was the only specific commissioning milestone management provided for the greenfield project.

The company already commissioned a 35,000-tonne-a-year LPG bottling plant at JNPA on October 15, 2026. The plant adds downstream LPG handling at the port, while the planned 77,286 tonnes of LPG storage would expand the site's storage infrastructure.

AVTL also referred to a previously announced 51,000-tonne refrigerated double-wall LPG storage tank at JNPA. Management described that tank as an investment to enhance West Coast gas-handling capabilities, but did not provide a completion date or say whether it is included in the 77,286-tonne LPG-storage figure.

How does JNPA fit AVTL's financial performance?

The JNPA investment follows operating growth at AVTL, where Q2 FY27 revenue was Rs 271 crore, up approximately 17% year on year, and earnings before interest, tax, depreciation and amortisation (EBITDA) were Rs 212 crore, up 22%. Management said first-half growth was supported by ramp-up at recently commissioned capacities and performance in the liquid business.

For H1 FY27, AVTL reported revenue of Rs 505 crore, up 15% year on year, and EBITDA of Rs 392 crore, up 19%. Profit after tax was Rs 166 crore, while earnings per share declined to Rs 1.38 from Rs 1.49 in H1 FY26 because of higher finance costs and tax, according to management.

The comparison shows EBITDA growing faster than revenue in H1 FY27, by 19% versus 15%. However, management did not disclose JNPA-specific revenue, utilisation, EBITDA or return targets, leaving the eventual financial contribution from the 318,000-cubic-metre liquid and 77,286-tonne LPG additions unspecified.

What other capacity projects are advancing alongside JNPA?

AVTL's broader expansion programme includes 64,000 cubic metres of additional liquid storage at Mumbai, with an investment of Rs 125 crore and gradual commissioning expected during FY27. Management said customer interest and existing demand supported its expectation of a quick ramp-up, although Mumbai is part of Aegis Logistics rather than AVTL.

At Kandla, AVTL has 952,000 cubic metres of liquid storage and 48,000 tonnes of static LPG storage. Its CRL-4 liquid terminal is intended to add 94,148 cubic metres, with commissioning targeted for the next financial year, while the Kandla-Gorakhpur LPG pipeline was approximately 96% physically complete, according to a CRISIL Ratings report cited on the call.

At Kochi, AVTL is building another 49,577 cubic metres of liquid storage, taking total capacity from 82,000 cubic metres to 132,000 cubic metres, an increase of about 60%, with commissioning expected in early FY28. Mangalore's 75,000-cubic-metre addition commissioned last year is operating at 100% utilisation, taking that port to 193,000 cubic metres; management is evaluating a further 60,000 cubic metres there.

Why do JNPA additions matter for AVTL's LPG network?

The JNPA additions combine bottling, refrigerated storage and large-scale LPG capacity at a West Coast location. Management said the 51,000-tonne refrigerated double-wall tank would enhance gas-handling capability and that the JNPA capacities, once operational and ramped up, were expected to contribute significantly to future growth.

Elsewhere, AVTL is developing its LPG logistics network through ports and evacuation infrastructure. At Pipavav, management cited a planned very large gas carrier-compliant jetty, a connection to the Kandla-Gorakhpur pipeline, and existing rail loading, bottling and truck-loading facilities as three elements supporting a more integrated LPG logistics hub.

AVTL has also commissioned a 36,000-tonne specialised ammonia terminal at Pipavav, backed by a 15-year take-or-pay agreement with Hindustan Zinc. That ammonia asset is distinct from the JNPA LPG project, but it reflects management's stated strategy of combining storage with distribution and terminal services across its port network.

Conclusion

AVTL's JNPA project combines a 318,000-cubic-metre liquid-storage addition with 77,286 tonnes of LPG storage and follows the October 2026 commissioning of a 35,000-tonne-a-year LPG bottling plant. The project is being developed as AVTL reported H1 FY27 revenue growth of 15% to Rs 505 crore and EBITDA growth of 19% to Rs 392 crore.

The next disclosed milestone is commissioning of the first 100,000 cubic metres of JNPA liquid capacity in Q3 FY27. Management has not specified timing for the remaining liquid capacity, the 77,286 tonnes of LPG storage or the 51,000-tonne refrigerated LPG tank, making those project updates the next matters to watch.