1. Opening Hook
Freshly listed and already flexing, Aegis Vopak Terminals strutted into Q2FY26 with expansion talk that could make Adani blush. From Kandla to Kochi, every port’s got a new tank brewing — and management’s high on “project GATI” (a.k.a. Gas And Terminal Inflation). While investors expected boring storage updates, they got a multi-billion-dollar CAPEX dream and pipeline fantasies instead. Stay tuned — as the real juice flows in Q4, literally and figuratively.
2. At a Glance
- Revenue up 26.2%:CFO calls it “organic growth,” not just liquid luck.
- Operating EBITDA +25.8%:Tanks are full, and so are margins — almost.
- Profit up 142% YoY:Interest savings finally pulled their weight.
- Finance costs down 61%:Debt took a vacation, returns stayed home.
- LPG throughput 0.68 MMT:Cylinders rolling faster than budget approvals.
- Stock steady:Investors eye pipelines before they pop champagne.
3. Management’s Key Commentary
“We continue to make excellent progress under Project GATI.”(Translation: We’ve got a shiny acronym and we’re sticking to it.) 😏
“HALPG acquisition will mark our entry into the East Coast market.”(Translation: We’re collecting ports like Pokémon—gotta catch ‘em all.)
“New LPG terminals at Pipavav and Mangalore are fully operational.”(Translation: The cryogenic kids have entered the chat — finally earning their keep.)
“We maintain a disciplined approach to capital deployment.”(Translation: We’re spending billions, but with spreadsheets open.)
“Our gearing ratio target is 0.6x, with a max cap of 3.5x EBITDA.”(Translation: There’s a limit to our enthusiasm — but not much of one.)
“The Ammonia Terminal will serve Hindustan Zinc under a 15-year agreement.”(Translation: Locking in customers before someone invents a hydrogen pipe dream.)
“We’ve signed MoUs at Vadhavan Port and others.”(Translation: We’re signing MoUs faster than the projects can break ground.)
4. Numbers Decoded
| Metric | Q2FY26 | YoY Growth | Commentary |
|---|---|---|---|
| Revenue (₹ Cr) | 187.6 | +26.2% | Fueled by new terminals & better mix |
| Liquid Terminalling | 106 | +28.3% | Strong utilization, improved realization ₹2,500/CBM |
| Gas Terminalling | 81.5 | +23.7% | LPG throughput hit 0.68 MMT |
| EBITDA | 137.4 | +25.8% | Operating leverage kicking in |
| PAT | 53.9 | +141.8% | Interest cost collapse did the magic |
| Finance Cost | ↓61% | Debt repayment = happy balance sheet | |
| H1 Revenue | 351.6 | +16.2% | Momentum strong; more to come post pipelines |
Note:Gas EBITDA/ton ~₹1,100 (target ₹1,200+ once pipelines flow). Liquids at ~₹1,700/CBM.(Translation: Pipes decide profits; terminals just take the selfies.)
5. Analyst Questions
Q:Throughput seems low — when does it rise?A:“Once JLPL and KGPL pipelines start, expect Q4 magic.”(Translation: Wait for the plumbing to work.)
Q:What’s with that jump in depreciation?A:“INDAS 116 impact from JNPA lease.”(Translation: Accounting voodoo, not real wear & tear.)
Q:What’s this ₹86 crore ‘Other Comprehensive Income’?A:“Parent’s margin on Pipavav terminal.”(Translation: A family discount, Aegis-style.)
Q:$1.2B CAPEX by next year – where?A:“Across ports – JNPA ₹1,675 Cr, Pipavav ₹525 Cr, Kandla ₹165 Cr.”(Translation: The wallet’s open, and cranes are hungry.)
6. Guidance & Outlook
Management’s future looks as expansive as their port map. With 6 operational ports and two more (Vadhavan, mystery #2) joining by FY27, capacity will explode past 3 million
