Aegis Logistics Limited Q3 FY26 Earnings Call Summary

Summary

Aegis Logistics Limited - Q3 FY26 Earnings Call Summary Friday, January 30, 2026 5:00 p.m. (IST)

Event Participants

Executives 3 Murad Moledina (CFO), Payal Dave (Investor Relations), Raj Chandaria (Chairman and Managing Director)

Analysts 6 Amit Vora, Chirag Vakharia, Nandan, Neelotpal Sahu, Sunidhi Joshi, Vishal Mehta, Vibhav Zutshi

Financials & KPIs

Geographic & Segment Commentary

LPG Division: Achieved record EBITDA in 9M FY26, driven by a 35% growth in distribution volumes (5.2 lakh MT). Logistics throughput reached 3.93 million tons, an 11% increase during Q3. Strategic focus remains on pipeline connectivity, with the Jamnagar-Loni pipeline expected to be operational by February 2026 and Kandla-Gorakhpur by June 2026.

Liquid Division: Reported record 9M revenue of ₹460 crores (+13% YoY) and EBITDA of ₹346 crores (+17% YoY). The segment benefited from a favorable product mix and high utilization across Mumbai, Kochi, and Pipavav. Management is expanding capacity at JNPT, Mumbai, and Mangalore to meet growing demand for petroleum and chemical storage.

Kandla Port: Officially became VLGC compliant in Q3 FY26, receiving its first VLGC vessel on December 31, 2025. The port is integrated with the Jamnagar-Loni and Kandla-Gorakhpur pipelines, which are expected to drive significant volume growth. A new 94,148 CBM liquid terminal is also planned at CRL-4 for next year.

Pipavav Port: Secured a 15-year take-or-pay contract with a large energy conglomerate for handling 0.5 million MT of petroleum products annually. The port is building India’s first independent ammonia terminal (36,000 MT capacity) and a new VLGC-compliant jetty, both expected to be completed in 2026.

Company-Specific & Strategic Commentary

Capex Roadmap: Management outlined a $1.2 billion (₹10,000 crore) cumulative capex target by FY27 and a long-term goal of $5 billion by 2030. Currently, ₹3,500 crores of projects are under execution across JNPT, Kandla, and Pipavav.

Ammonia Strategy: Developing the first third-party ammonia storage terminal in India at Pipavav (36,000 MT static capacity). The company also signed an MOU with L&T for a green ammonia terminal at Kandla, positioning itself for the energy transition.

Strategic Acquisitions: AVTL completed the acquisition of a 75% stake in Hindustan Aegis LPG Limited, transferring 25,000 MT of LPG capacity at Haldia to the subsidiary to strengthen East Coast operations.

Market Positioning: Aegis currently holds roughly 33% of India’s private liquid and LPG storage capacity. Long-term strategy targets maintaining a 30-40% market share as total liquid capacity scales to 5-6 million CBM by FY30.

Guidance & Outlook

Risks & Constraints

Q&A Highlights

LPG Pipeline Timelines

• Question: What is the confidence level for the June 2026 commissioning of the KGPL pipeline? (Vibhav Zutshi)
• Answer: Most of the 3,900km pipeline is complete except for the final 8-12km. Some segments have already seen gas fills, and June is a realistic, conservative timeframe. (Murad Moledina)

LPG Sourcing Strategy

• Question: How much does US LPG contribute, and is there a price advantage? (Sunidhi Joshi)
• Answer: US LPG is becoming a significant balance against Middle East imports. US pricing doesn’t strictly follow Saudi CP and can be $10-$15 cheaper per ton. (Murad Moledina)

Pipavav Petroleum Contract

• Question: Will the 15-year contract require new capacity or replace old volumes? (Vishal Mehta)
• Answer: It will initially replace lower-realization volumes, and a new liquid rail gantry is being built. This is a “turning point” for Pipavav’s liquid realizations. (Murad Moledina)

Strategic Growth & Market Share

• Question: Where do you see market share by 2030 with the $5 billion capex? (Nandan)
• Answer: We aim to stay at 30% to 40% of India’s capacity. Liquid capacity is targeted at 5-6 million CBM by 2029-2030. (Murad Moledina)

Distribution Growth Drivers

• Question: What is driving the 44% growth in distribution volumes? (Vishal Mehta)
• Answer: This is only the “tip of the iceberg.” Growth is driven by industrial users shifting from dirty fuels or natural gas to LPG due to portability and price stability. (Murad Moledina)

Key Takeaway

Aegis Logistics delivered a record 9M FY26 with a 26% increase in normalized EBITDA to ₹929 crores and a 39% rise in PAT to ₹652 crores. This performance was driven by record volumes in the Gas distribution segment (+35% YoY) and high utilization in Liquids. Strategically, the company is transitioning toward high-value storage, evidenced by the 15-year petroleum contract at Pipavav and the commissioning of VLGC capabilities at Kandla. With a massive ₹10,000 crore capex plan by FY27 and a $5 billion roadmap for 2030, Aegis is aggressively expanding into ammonia and green energy logistics. Management maintains a disciplined balance sheet with a 0.6x debt gearing ratio. Looking forward, the operationalization of major LPG pipelines in H1 2026 and new capacity at JNPT in Q1 FY27 are expected to be the primary catalysts for volume growth.