Aegis Vopak Terminals Limited reported a strong performance for Q4 and full year FY26. Revenue grew 17% year-on-year to INR923.1 crores for the full year, with liquid terminaling up 27.8%. Operating EBITDA rose 19.4% to INR686.5 crores. The company also highlighted significant capex plans, with an outlay of approximately USD1.2 billion by the end of next year and a pipeline of roughly USD5 billion by 2030, focusing on growth and diversification in new products and geographies.
Financial Performance Highlights
Aegis Vopak Terminals Limited has concluded its Q4 and full year FY26 earnings conference call, highlighting a period of robust growth and strategic expansion. For the full year FY26, the company reported a 17% year-on-year revenue growth, reaching INR923.1 crores. The liquid terminaling segment emerged as the fastest-growing, with a 27.8% increase to INR440.5 crores, driven by capacity additions and an improved product mix. Gas terminaling contributed INR482.6 crores, up 8.6% year-on-year. Profitability saw a significant boost, with Operating EBITDA increasing by 19.4% to INR686.5 crores, and net profit surging by 52.1% to INR341.9 crores, reflecting enhanced operating leverage.
Q4 FY26 Performance
The momentum continued into the fourth quarter of FY26, with revenue from operations increasing by 22.2% year-on-year to INR243.5 crores. Liquid terminaling revenue grew by 31% to INR121.1 crores, supported by higher volumes and capacity expansions. Gas terminaling revenue was up 14.6% to INR122.4 crores. Q4 operating EBITDA saw a rise of 24.2% year-on-year to INR179.2 crores, with net profit increasing by 15.3% to INR73.9 crores.
Strategic Growth and Capex
The company detailed its ambitious growth strategy, emphasizing scaled infrastructure development ahead of demand, portfolio diversification into new products and geographies, and maintaining a disciplined balance sheet. Aegis Vopak Terminals has grown its liquid capacity by 3.75x and LPG capacity by 4.5x since its joint venture formation. A significant capex roadmap is in place, with an aggregate expenditure of approximately USD1.2 billion planned by the end of next year. Looking further ahead, a pipeline of roughly USD5 billion is anticipated by 2030, aligned with supporting both traditional energy demand and emerging energy transition value chains.
Operational Updates Across Ports
Key operational milestones were achieved across various ports. At Haldia, the acquisition of a 75% stake in Hindustan Aegis LPG Limited added approximately 25,000 metric tons of LPG storage capacity. At JNPT, a major expansion is underway, adding approximately 318,100 cubic meters of liquid storage and 77,236 metric tons of LPG capacity, with the first phase of new liquid capacity expected to be operational in Q1 of FY27. In Kochi, plans are in place to add up to 60,000 cubic meters of additional liquid storage. Kandla remains a critical hub, with enhancements including VLGC compliance and the completion of the Jamnagar-Loni LPG pipeline. At Pipavav, a cryogenic LPG terminal with 48,000 metric tons capacity was commissioned, and India’s first independent ammonia terminal of 36,000 metric tons capacity is progressing, backed by a 15-year take-or-pay agreement with Hindustan Zinc. In Mangalore, a cryogenic LPG terminal with 82,000 metric tons capacity was commissioned, along with an additional 75,000 cubic meters of liquid capacity.
Diversification into Ammonia and Future Outlook
The company is making significant strides in diversifying its business, particularly in the ammonia sector. A strategic partnership with ITOCHU Corporation of Japan has been formed, with plans to acquire up to a 25% stake in Aegis Terminal Pipavav Limited. The prospects for the ammonia business are described as bright, with plans to vertically integrate into sourcing, storing, and distributing ammonia, leveraging existing infrastructure for green ammonia in the future. The development of new products such as Ethane and Propylene, as well as natural gas infrastructure, is also on the agenda.
Dividend Declaration
In recognition of shareholder trust, the Board has recommended a final dividend of INR0.2 per share, representing approximately 2.0% on the face value of a INR10 share for FY26.
Balance Sheet Strength
The company strengthened its balance sheet by raising INR660 crores through Series 1 non-convertible debentures and INR1,030 crores through Series 2 NCDs. These issuances reflect strong investor confidence and have enabled diversification of the funding base, locking in long-term capital at competitive rates. The overall financial position is described as robust, supported by lower leverage, healthy cash flow, and a resilient balance sheet, providing a strong platform for executing the capex program.
Source: BSE
