Aegis Vopak Terminals Ltd(AEGISVOPAK)

NSE: AEGISVOPAKBSE: 544407

₹ 242-4.44%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 26,813 crNext results: 26 Oct 2026Website: www.aegisvopak.comUpdated: 24 Oct 2026

About

Aegis Vopak Terminals provides liquid and gas storage and terminalling services across six key port locations in India, and is promoted by Aegis Logistics Limited and Royal Vopak N.V. Its Liquid Terminal Division stores oil and chemical products, and its Gas Terminal Division stores LPG and propane. It reported FY26 revenue of Rs 923.08 crore. Its FY26 annual report describes it as one of India's leading independent storage and terminalling service providers across major ports.^[1][2]

Business segments

Gas Terminal Division contributed 52.3% of FY26 revenue at INR 482.6 crores, providing LPG and gas storage and terminaling services; EBIT margin of 65.8%.^[3]
Liquid Terminal Division contributed 47.7% of FY26 revenue at INR 440.47 crores, providing bulk liquid storage and handling; EBIT margin of 46.1%.^[3]
Management guides business mix to shift to 55 - 60% gas, 40 - 45% liquid within three years as gas capacity scales faster.^[4]

Terminal network and capacity

After acquiring HALPG, the company operates four coastal LPG terminals (Pipavav, Kandla, New Mangalore and Haldia) with a combined static capacity of 225,800 MT as of FY26.^[1]
Its liquid terminal network covers JNPA, Haldia, Kandla, New Mangalore and Kochi as of FY26.^[1]
Liquid storage operating capacity was 1.7 mn cbm as of Q1 FY27, with announced capex bringing total to 2.1 mn cbm; capacity has grown 3.75x since JV formation in November 2021.^[5]
Liquid physical tank occupancy was 77% in Q3 FY26; LPG design throughput turns run at approximately 84.75x.^[6]

Key operating numbers

Gas throughput was 0.9 mn MT in Q1 FY27 and 3.9 mn MT in full FY26, up from 3.3 mn MT in FY25.^[5]
Liquid terminaling revenue grew 30.6% YoY to INR 126.5 crores in Q1 FY27; blended liquid realization is approximately INR 3,000/cbm, with JNPA Plot-1 earning INR 6,000/cbm.^[5]
Gas terminaling revenue fell 3.5% YoY to INR 107.2 crores in Q1 FY27, impacted by Strait of Hormuz disruption constraining LPG imports.^[5]

Customers and contracts

The company's customers are mostly located in India, per the FY26 annual report.^[1]
Haldia terminal (25,000 MT LPG) is anchored by an exclusive terminaling agreement with HPCL running through 2038.^[4]
Pipavav ammonia terminal is backed by a 15-year take-or-pay agreement with Hindustan Zinc to service its upcoming DAP plant; ammonia realization is 2.5 - 3x the LPG rate.^[5]
Pipavav liquid rail gantry carries a 15-year take-or-pay agreement with an undisclosed conglomerate for over 500,000 MT/year of petroleum products; operations to commence by end of CY2026.^[5]

Expansion and capex

J2 greenfield project at JNPA has a capex of Rs 1,675 Cr, with Phase-I liquid in Q1 FY27; it adds 318,100 cbm liquid, 77,236 MT LPG and a 35,000 MTPA bottling plant.^[1][4]
Board approved a new 51,998 MT refrigerated double-wall steel LPG tank at JNPA and 49,577 cbm additional liquid storage at Kochi, targeted for commissioning by early FY28.^[5]
A 94,148 cbm liquid terminal at Kandla is under development via CRL Terminal, targeted for commissioning in FY28.^[1][5]
Non-binding MoU signed for Vadhavan Port with a potential project outlay of approximately INR 20,000 crores; plan to expand from 7 to 12 ports by end of 2030.^[5]
Aggregate capex roadmap targets INR 10,000 crores (~USD 1.2 billion) by March - June 2027 and USD 5 billion cumulatively by 2030 - 31, with debt capped at 0.6x gearing / 3.5x EBITDA.^[5]

Pipavav logistics hub

Pipavav is being developed into an integrated multimodal platform combining VLGC-compliant jetty, LPG and liquid storage, a bottling plant, LPG rail gantry, 16 truck bays, and Kandla-Gorakhpur pipeline connectivity.^[5]
The company planned to acquire the 36,000 MT ammonia terminal at Pipavav from Aegis Logistics, with closing expected in H1 FY27.^[1]
ITOCHU Corporation of Japan holds an initial 10% stake in Aegis Terminal Pipavav Limited (ammonia subsidiary) with plans to increase to 25% over three years.^[4]
Non-binding MoU signed with L&T for potential development of ammonia terminals at Kandla.^[5]

Recent developments

On November 13, 2025, the company acquired a 96% equity stake in Aegis Terminals (Pipavav) Limited.^[1]
On January 6, 2026, it acquired 75% of Hindustan Aegis LPG Ltd (25,000 MT at Haldia), taking LPG static capacity to 225,800 MT.^[1]
First VLGC docked at Kandla on 31 December 2025, making the port VLGC-compliant; five VLGCs unloaded at Kandla in January 2026 alone.^[6]
Jamnagar-Loni LPG pipeline became operational as of Q1 FY27; Kandla-Gorakhpur connections at Kandla and Pipavav, plus Haldia-Panagarh, were expected by ~November 2026.^[5]
A second equity dilution (QIP) is required to achieve a 25% public float by 2 June 2028; quantum and timing not yet decided.^[5]

Market Cap

₹26,813 Cr

High / Low

₹321 / 159

Stock P/E

107.1

Price / Book

6.3

Book Value

₹39

EPS

₹2.8

No. of Shares

110.8 Cr

ROCE

7.5%

ROE

10.0%

OPM

53.7%

Debt / Equity

0.49

Sales

₹923 Cr

Net Profit

₹342 Cr

Promoter holding

86.9%

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Aegis Vopak Terminals Ltd(AEGISVOPAK)

About

Business segments

Terminal network and capacity

Key operating numbers

Customers and contracts

Expansion and capex

Pipavav logistics hub

Recent developments

Signal history

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