Aegis Logistics Limited — Q3 FY26 earnings call

Call held 30 Jan 2026

Management summary

Aegis Logistics delivered a record-breaking Q3 FY26, characterized by sharp margin expansion in the Liquids division and robust volume growth in LPG distribution. The company is aggressively scaling its infrastructure, with major projects at JNPT and Kandla on track, supported by a healthy balance sheet and low debt (0.6x gearing). Management's outlook remains highly bullish, centered on becoming a dominant player in India's energy logistics through massive long-term capex and strategic pipeline connectivity.

Highlights

  • Revenue from operations reached ₹1,725 crores in Q3 FY26, with 9M FY26 revenue at ₹5,739 crores (+13% YoY).

  • Normalized EBITDA for Q3 grew 29% YoY to ₹326 crores; 9M EBITDA reached a record ₹929 crores (+26% YoY).

  • Profit After Tax (PAT) for Q3 surged 45% YoY to ₹233 crores, driven by operating leverage and product mix.

  • Liquid segment EBITDA margin expanded significantly by 674 bps to 77% in Q3 FY26.

  • LPG distribution volumes saw spectacular growth of 44% YoY in Q3, reaching 1.83 lakh metric tons.

  • Management reaffirmed a massive capex roadmap of $1.2 billion by FY27 and $5 billion by 2030.

  • Signed a 15-year take-or-pay contract at Pipavav for 0.5 million metric tons of petroleum products annually.

Key financials

  1. Revenue ₹1,725 Cr
  2. Normalized EBITDA ₹326 Cr +29%YoY
  3. PAT ₹233 Cr +45%YoY
  4. Liquid EBITDA Margin 77%

What they filed

Q1 FY27: revenue up 27.7%, net profit up 471.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue658 672 914 837 1,028 +56%914 +36%1,713 +87%1,069 +28%
EBITDA67 63 246 67 79 +18%89 +41%416 +69%469 +600%
Net profit72 66 226 69 167 +132%183 +177%524 +132%394 +471%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

SegmentRevenueEBITDA
Liquid Segment (Q3)₹161 Cr₹124 Cr
Gas Segment (Q3)₹1,564 Cr₹202 Cr
LPG Volumes (Q3)——

Guidance & targets

Capex

  • Aggregate Capital Expenditure Capex · by FY27 · High confidence $1.2 billion (₹10,000 crores)
    we should reach by FY '27, somewhere close to INR10,000 crores, which is what we have been saying $1.2 billion.

    — Murad Moledina, CFO

  • Long-term Capex Roadmap Capex · by 2030 · Medium confidence $5 billion
    Looking further ahead, we have laid out a long-term capex road map of USD5 billion by 2030.

    — Murad Moledina, CFO

Profitability

  • EBITDA Yield on New Assets Profitability · 6 months post-maturity · Medium confidence 25%
    depending on how quickly the assets mature, let's say, after 6 months or so, we expect to earn 25% kind of an EBITDA out of the assets that we put up.

    — Murad Moledina, CFO

Capacity

  • Liquid Storage Capacity Capacity · by 2029-30 · Medium confidence 5-6 million CBM
    So we have a vision to reach 5 million to 6 million CBM in '29, '30.

    — Murad Moledina, CFO

  • LPG Market Share Capacity · FY27 · Medium confidence 40%

    Previously 30% → 40%

    So I think in LPG, we may remain somewhere around 40%.

    — Murad Moledina, CFO

Risks & concerns

  • Pipeline Commissioning Delays

    medium

    KGPL pipeline delayed from March to June due to land compensation challenges in the final 8-12 km stretch.

    Analyst acknowledged

  • Land Development Approvals

    medium

    The ₹20,000 crore Vadhavan port project is contingent on land development and formal government approvals.

    Management acknowledged

  • LPG Import Growth Deceleration

    low

    Analyst noted a slowdown to 8% YTD; management countered that 8-10% is robust and driven by oil company inventory management.

    Analyst downplayed

Areas of evasion (1)

  • Specific debt levels for the ₹10,000 crore capex were not provided, citing future 'equity infusion' uncertainty.

Q&A highlights

3 direct
KGPL Pipeline Timeline Delay Direct
This is why we said June and not April or March because just keeping in mind some contingency, June appears to be fairly realistic as of now.

Confirms a slight delay in a critical volume driver (Kandla-Gorakhpur pipeline) but provides a realistic new deadline.

Asked by Vibhav Zutshi, JPMorgan

US LPG Import Economics Direct
The pricing of American LPG cargo is different. It doesn't follow Saudi CP... It's $10, $15 or more cheaper at the end if you look at the net price.

Reveals a significant cost advantage and margin lever through sourcing flexibility between US and Middle East cargoes.

Asked by Sunidhi Joshi, NM Capital Advisors

Pipavav Realizations and Strategy Direct
Pipavav lagged behind in terms of realizations. So now this will change completely... realization for petroleum would be in the range of INR300, INR400 per month.

Management explicitly quantified the expected realization improvement from the new 15-year take-or-pay contract, signaling a turnaround for the Pipavav liquid business.

Asked by Vishal Mehta, IIFL Capital

2 min read 5 chapters

Detailed narrative

Record Financial Performance and Margin Expansion

Aegis Logistics reported a stellar Q3 FY26 with PAT growing 45% YoY to ₹233 crores. The standout metric was the Liquid segment's EBITDA margin, which reached 77%, up 674 bps YoY, supported by a favorable product mix and higher realizations at key ports. Normalized EBITDA for the 9-month period hit an all-time high of ₹929 crores, reflecting the company's successful capture of operating leverage as terminal utilization remains high.

Aggressive Infrastructure Expansion Roadmap

The company is executing a massive ₹10,000 crore ($1.2 billion) capex plan to be completed by FY27, with a further vision to reach $5 billion by 2030. Key projects include the ₹1,675 crore development at JNPT (first phase Q1 FY27) and new liquid capacities at Mangalore, Pipavav, and Kochi. Management expects these new assets to deliver a 25% EBITDA yield once matured, typically within 6 months to 2 years of commissioning.

Strategic Pivot in Pipavav and Liquid Realizations

Management highlighted a 'turning point' for the Pipavav liquid business through a new 15-year take-or-pay contract with a large conglomerate. This contract covers 0.5 million metric tons annually and is expected to boost realizations to the ₹300-400 per month range, addressing previous underperformance. To support this, Aegis is constructing a new liquid rail gantry at the port to handle increased petroleum product volumes.

LPG Distribution as a High-Growth Engine

The LPG distribution business emerged as a major volume driver, growing 44% YoY in Q3 to 1.83 lakh metric tons. Management believes they are only at the 'tip of the iceberg' regarding industrial demand, as more clusters shift from 'dirty fuels' or natural gas to LPG/propane due to cost advantages and portability. This segment's EBITDA is targeted between ₹3,500 to ₹4,000 per ton.

Pipeline Connectivity and Sourcing Advantages

Despite a minor delay in the Kandla-Gorakhpur (KGPL) pipeline (now expected June 2026), the Jamnagar-Loni pipeline is only a month away from operationalization. These connections are expected to significantly enhance throughput volumes at Kandla. Additionally, Aegis is leveraging its vertical integration to import cheaper US LPG, which currently offers a $10-$15 per ton discount over Saudi CP pricing.

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