While most logistics players are still updating their LinkedIn bios to include “green energy,” Aegis Logistics is busy stacking cryogenic tanks and signing ammonia MoUs. Q1 FY26 saw normalized EBITDA inch up 2% YoY to ₹256 crore, with PAT rising 11% to ₹175 crore. The newly listed subsidiary AVTL (44.71% owned, still consolidated) debuted in June, giving the group a war chest and a Phase-II equity infusion obligation within three years. Management rolled out a port-by-port flex — from Mumbai’s ₹250-crore liquid capacity expansion to Pipavav’s ammonia terminal for Hindustan Zinc, Mangalore’s LPG terminal, and Kandla’s incoming VLGC berths. The GATI strategy (“Gateway Access to India”) is now a $5bn capex plan by 2030, with a 0.6x debt gearing cap.
Why it matters? Because Aegis isn’t just building terminals — it’s quietly building a moat across India’s energy logistics chain.
Stick around—things get spicier two scrolls down.
AT A GLANCE• PAT +11% YoY – ₹175 cr, despite Q1’s seasonal softness• LPG throughput +15% YoY – 1.16 MMT, lifetime Q1 high• Mumbai liquid expansion ₹250 cr – 50% operational next quarter• Cross-sell deal with Jio BP – fuel distribution meets retail synergy
MANAGEMENT’S KEY COMMENTARY
Raj Chandaria (CMD):“ESG rating upgraded from A to AA.”Translation:We’re now officially greener in PowerPoint slides.
“$5bn capex by 2030 — funded via accruals, debt, and IPO infusions.”Translation:Ports, tanks, and pipelines till we run out of coastline.
“Signed MoU with L&T for Kandla ammonia terminal.”Translation:Ammonia isn’t just for fertilizers anymore — it’s an asset class.
Murad Moledina
(CFO):“Q1 is seasonally soft, but liquids posted highest-ever Q1 revenue.”Translation:Don’t panic over sequential dips, the tanker’s still full.
“Distribution margins dip to ₹2,500/t as we push new geographies.”Translation:We’re trading some cream for market share this quarter.
NUMBERS DECODED
| Metric | The Hero | The Sidekick | The Drama Queen |
|---|---|---|---|
| Revenue – LPG | ₹1,575 cr | +8% YoY | Highest Q1 gas EBITDA ever |
| EBITDA – LPG | ₹150 cr | +6% YoY | Margins ~₹1,000–1,100/t long-term |
| Revenue – Liquids | ₹144 cr | +1% YoY | ₹3,000/CBM/year is benchmark |
Cryogenic capacity boosts: Mangalore +82k MT (≈6 MMT throughput), Pipavav +48k MT (≈4 MMT throughput).
ANALYST QUESTIONS
Q: “Overcapacity risk at JNPT?”A: Confident — BW’s rival plan uncertain, our macro math checks out.Translation:We ran the numbers before pouring concrete.
Q: “Morbi propane vs natural gas price gap?”A: ~16% in propane’s favour.Translation:Still a sweet spot for switching.
Q: “Uttar Pradesh missing in your LPG map?”A: Waiting for the right time and franchise partners.Translation:We’ll get there
