Aegis Vopak Terminals Ltd
Aegis Vopak Terminals Ltd
Oil & GasKey Fundamentals
SmallcapOil Storage & TransportationOil & GasInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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52 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Weaknesses
3- Stock is trading at 7.10 times its book value
- Company has a low return on equity of 12.0% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAegis Vopak Terminals is India's largest third-party LPG and liquid storage terminal operator with 1.7 million cubic metres of liquid capacity and 201,000 MT of LPG static capacity. The company delivered FY26 revenue of ₹923 crore (17% YoY growth) and net profit of ₹342 crore (52% YoY growth), but trades at a PE of 106x and 7x book value, reflecting rich valuations relative to a 3-year average ROE of 12%.
- FY26 net profit surged 52.1% YoY to ₹341.9 crore, demonstrating strong earnings momentum
- TTM revenue growth of 26% and 3-year compounded sales CAGR of 38% indicate rapid top-line expansion
- India's largest third-party owner-operator of LPG and liquid tank storage with 1.7 million cubic metres liquid capacity and 201,000 MT LPG capacity, providing significant scale advantage
- Management has outlined aggregate capex target of $5 billion by FY30 and $1.2 billion by FY27, signalling visible long-term growth pipeline
- 3-year compounded profit CAGR of 1,472% reflects a dramatic earnings turnaround from a low base
- Recent commissioning of 36,000-tonne Pipavav ammonia terminal diversifies revenue into new energy feedstocks beyond traditional LPG
- Promoter holding remains high at approximately 85.9% post-IPO, indicating strong promoter confidence and alignment
- Joint venture with Royal Vopak (global leader in tank storage) provides access to world-class operational expertise and technology
- PE ratio of 106x is extremely elevated, implying significant growth is already priced in and leaving limited margin of safety
- Stock trades at 7.06x book value (P/B of 8.88 per data) which is expensive for an asset-heavy infrastructure business
- 3-year average ROE of only 12% is modest for a stock commanding such premium valuations
- Company may be capitalizing interest costs, which could overstate reported profitability and asset values
- Dividend yield of just 0.07% offers negligible income return to shareholders at current price
- Q1 FY27 net profit declined to ₹66.1 crore vs ₹71 crore YoY (approximately 12% drop), raising questions about near-term earnings consistency
- Heavy capex plans of $5 billion by FY30 carry execution risk and could strain balance sheet or dilute returns if projects face delays
- Recently listed (IPO in May 2025 at ₹235), limited listed track record makes long-term performance assessment difficult
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 7h ago- 52% PAT surge, dividend approved Aug 7
Consolidated PAT jumped 52% to ₹341.92 crore in FY26, driven by higher LPG throughput and new liquid tankage capacity. Shareholders approved a 2% final dividend (₹0.20/share) at the 13th AGM.
- ₹142.5 Cr propane tank expansion Aug 6
Framework agreement signed with promoter Aegis Logistics for ₹142.5 crore to build a 51,998 MT propane storage tank at JNPA, signaling continued capacity growth.
- Subsidiary signs ₹37.17 Cr deal Aug 6
Subsidiary KCPL entered a framework agreement with promoter group entity SCL for construction of 49,577 cbm storage tanks and associated facilities worth ₹37.17 crore.
- Q1FY26 profit rises 19% YoY Aug 5
Standalone net profit rose 19% YoY to ₹506.8 crore for Q1FY26, driven by higher segment results in both liquid and gas terminals.
- Q1FY27 results filed with SEBI Aug 7
Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 on August 5, 2026, in compliance with SEBI regulations.
- Earnings call scheduled Aug 14 Aug 6
Management will host a Q1 FY27 earnings conference call on August 14, 2026 at 3:00 PM IST to discuss quarterly performance.
TL;DR: Aegis Vopak is delivering strong earnings growth with a 52% jump in FY26 PAT and 19% YoY Q1 profit growth, supported by rising LPG throughput and expanding tankage capacity. The company is actively investing in new storage infrastructure through ₹180 crore in related-party framework agreements. No visible headwinds at present — the key risk to monitor is execution on capacity additions and concentration of deals with promoter entities. The trend is clearly improving with both top-line throughput and bottom-line profitability accelerating.
Quarterly Results
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 154 | 149 | 162 | 199 | 208 | 188 | 239 | 243 | 234 |
| Expenses | 41 | 39 | 43 | 55 | 53 | 50 | 61 | 64 | 54 |
| Operating Profit | 114 | 109 | 119 | 144 | 155 | 137 | 179 | 179 | 179 |
| OPM % | 74% | 74% | 73% | 72% | 75% | 73% | 75% | 74% | 77% |
| Other Income | 2 | 2 | 8 | 16 | 11 | 1 | 4 | 4 | 4 |
| Interest | 48 | 47 | 50 | 48 | 30 | 18 | 20 | 41 | 39 |
| Depreciation | 31 | 32 | 32 | 37 | 42 | 50 | 56 | 55 | 55 |
| PBT | 37 | 32 | 45 | 75 | 95 | 71 | 107 | 87 | 89 |
| Tax % | 29% | 31% | 16% | 15% | 17% | 24% | 17% | 15% | 22% |
| Net Profit | 26 | 22 | 38 | 64 | 79 | 54 | 89 | 74 | 69 |
| EPS in Rs | 234 | 0.23 | 0.38 | 0.59 | 0.64 | 0.49 | 0.74 | 0.62 | 0.6 |
Profit & Loss
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| Sales | 0 | 353 | 562 | 789 | 923 | 904 |
| Expenses | 1 | 124 | 164 | 214 | 237 | 230 |
| Operating Profit | -1 | 229 | 398 | 575 | 687 | 675 |
| OPM % | — | 65% | 71% | 73% | 74% | 75% |
| Other Income | 0 | 3 | 8 | 32 | 37 | 14 |
| Interest | 1 | 138 | 171 | 193 | 110 | 119 |
| Depreciation | 0 | 91 | 114 | 148 | 208 | 216 |
| PBT | -1 | 3 | 121 | 265 | 406 | 354 |
| Tax % | 0% | 103% | 28% | 15% | 16% | — |
| Net Profit | -1 | 0 | 87 | 225 | 342 | 286 |
| EPS in Rs | -21.37 | -0.8 | 865 | 2.03 | 2.8 | 2.45 |
| Div. Payout % | 0% | 0% | 38% | 0% | 71% | — |
Balance Sheet
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 0.51 | 1 | 1 | 989 | 1,108 |
| Reserves | 1 | 952 | 996 | 354 | 3,183 |
| Borrowings | 98 | 2,374 | 3,273 | 4,018 | 3,731 |
| Other Liabilities | 2 | 152 | 253 | 1,387 | 400 |
| Total Liabilities | 103 | 3,479 | 4,523 | 6,747 | 8,421 |
| Fixed Assets | 20 | 3,030 | 3,491 | 5,046 | 6,650 |
| CWIP | 8 | 152 | 53 | 167 | 210 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 75 | 297 | 980 | 1,534 | 1,560 |
| Total Assets | 103 | 3,479 | 4,523 | 6,747 | 8,421 |
Cash Flow
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 0 | 172 | 337 | 576 | 702 |
| Investing | -92 | -1,786 | -857 | -381 | -3,077 |
| Financing | 99 | 1,629 | 603 | 385 | 1,956 |
| Net Cash Flow | 7 | 16 | 83 | 581 | -419 |
| Free Cash Flow | -64 | -6 | -325 | 441 | 3 |
| CFO/OP | -88 | 77 | 87 | 108 | 106 |
Ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | — | 72 | 85 | 55 | 74 |
| Cash Conversion Cycle | — | 72 | 85 | 55 | 74 |
| Working Capital Days | — | 29 | 31 | -502 | -618 |
| ROCE % | — | 8% | 8% | 9% | 8% |
Documents
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Company Information
Incorporated in 2013, Aegis Vopak Terminals owns and operates storage terminals for liquefied petroleum gas (LPG) and various liquid products.[1]