1. Opening Hook
While most companies blamed “geopolitical turbulence” for slow growth, Aegis Logistics just fired up all its cylinders — or should we say, ports. In a world where everyone’s talking about “digital,” Aegis is busy moving millions of tonnes of actual stuff — LPG, ammonia, and liquids — like it’s running India’s energy bloodstream. Revenues shot up 31%, profits surged 61%, and their CFO practically sounded like a man timing ships with a stopwatch. Oh, and there’s a $5 billion CAPEX wave coming — because why stop when you’re on fire?Stick around — the gas gets even hotter as Aegis plots its next billion-dollar expansion.
2. At a Glance
- Revenue ₹2,294 crore (+31% YoY):Every port pulled its weight — and then some.
- EBITDA ₹347 crore (+46%):Efficiency finally found its soulmate in volume.
- PAT ₹244 crore (+61%):Profit tanks filled to the brim — no leaks here.
- LPG Volumes 1.41 MT (+32%):India may talk renewables, but it’s still cooking on gas.
- Distribution Volume +49%:Apparently, even cylinders wanted a promotion.
- Debt Gearing 0.6x:Conservative enough to make bankers weep with joy.
3. Management’s Key Commentary
Raj Chandaria:“We continue strong growth momentum driven by volume expansion and efficiency.”(Translation: Our tanks are working overtime, and we love it.)😏
“Profit after tax up 61% thanks to leverage and utilization.”(Translation: Same assets, more sweat.)
“We’re adding 64,000 KL in Mumbai and ₹1,675 crore JNPT expansion on track.”(Translation: Concrete, steel, and optimism — in bulk quantities.)
“VLGC berthing to start at Kandla; pipelines ready by Q3.”(Translation: Gas pipelines and big ships — every CFO’s love story.)
“$5 billion CAPEX plan by 2030, funded prudently.”(Translation: Big dreams, but we promise not to go broke.)
Murad Moledina:“Gas EBITDA grew 60%, driven by record volumes and cost advantages.”(Translation: We sold more gas, but also priced it like luxury perfume.)
“Distribution margins around ₹4,000 per tonne sustainable.”(Translation: We’ll keep minting money till the pipes burst.)
“Vadhavan Port, ₹20,000 crore project, is our next adventure.”(Translation: Because apparently, six ports aren’t enough.)💼
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | Commentary |
|---|---|---|---|
| Revenue | ₹2,294 crore | +31% | Highest-ever topline — ports partying. |
| EBITDA | ₹347 crore | +46% | Margin at 15.1%, powered by volume muscle. |
| PAT | ₹244 crore | +61% | Profit pipeline flowing strong. |
| LPG Throughput | 1.41 MT | +32% | India can’t quit gas, clearly. |
| Distribution Volume | 1.92 lakh MT | +49% | Cylinders are flying off the trucks. |
| Liquid Revenue | ₹155 crore | +19% | Steady, not flashy — the accountant’s favorite child. |
| Gas Revenue | ₹2,139 crore | +32% | LPG is the real moneymaker. |
| Net Debt/EBITDA | 0.6x | — | Financial discipline with firepower. |
Record throughput, record profits, record plans — all that’s missing is a port named after Raj.
5. Analyst Questions
Q:Gas EBITDA per tonne spiked — sustainable?A:Yes, scale helped, margins of ₹4,000/tonne to continue.(Translation: Yes, this party isn’t ending soon.)
Q:What’s the ammonia plan?A:Pipavav first, Kandla next, green ammonia when the planet’s ready.(Translation: Gray today, green tomorrow, money always.)
Q:Other income jumped — what’s cooking?A:Mostly interest and regular business income.(Translation: No lottery, just rich cash flows.)
Q:₹20,000 crore Vadhavan project — part of $5B plan?A:Yes.(Translation: We’re building India’s next coast-to-coast empire.)
Q:Any one-offs in costs?A:Nope, just operational discipline.(Translation: CFO refuses to party — even on record profits.)
6. Guidance & Outlook
Management reaffirmed its 25% CAGR guidance till FY27 —
