Aegis Vopak Terminals
Aegis Vopak Terminals
Oil & GasKey Fundamentals
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Key Insights
Weaknesses
3- Stock is trading at 7.51 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
Aegis Vopak Terminals, a joint venture between Aegis Logistics and Royal Vopak that operates liquid and LPG storage terminals in India, has a market capitalisation of about ₹32,237 crore. Growth has been strong: sales compounded at 38% over 3 years and 26% TTM, and profit rose 43% TTM. The stock trades at 112.3x earnings and 9.41x book value, while return on equity has stayed near 11-12%.
- Sales compounded at 38% annually over the last 3 years, which points to strong demand for storage capacity and successful capacity additions.
- Profit grew 43% TTM against sales growth of 26% TTM, which suggests operating leverage as fixed-cost terminal assets get used more.
- 3-year compounded profit growth of 1,472% shows a sharp turnaround in earnings, though it starts from a low base.
- Its market capitalisation of about ₹32,237 crore puts it among the largest listed companies focused on tank storage in India. That scale can help it win long-term contracts with oil, gas and chemical customers.
- The stock has returned 18% over the past year, which suggests the market has accepted its growth story since listing.
- ROE has been steady at 11% last year, 11% over 5 years and 12% over 3 years. Returns have held up while the asset base expanded.
- The infrastructure business model (storage fees on long-term contracts) gives more predictable cash flows than commodity-linked oil and gas businesses. This fits with 26% TTM revenue growth that does not depend on commodity prices.
- A P/E of 112.3x is very high for an infrastructure and storage business. The price assumes years of fast earnings growth, leaving little room for mistakes.
- Price-to-book is 9.41x (7.42x on another measure), yet 3-year ROE is only 12%. Investors are paying a large premium to book value for single-digit to low-teen returns on equity.
- 3-year average ROE of 12% and last-year ROE of 11% may be close to or below the company's cost of equity. That raises doubts about how well its capital-heavy growth creates value.
- The company may be capitalising interest cost. If so, reported profit growth of 43% TTM may overstate underlying earnings, and the true interest burden could show up in the P&L as projects are finished.
- The dividend yield is only 0.07%, so there is almost no income support for shareholders if the valuation re-rates downward.
- The 1,472% 3-year profit CAGR comes from a low base and should not be treated as a sustainable growth rate. Growth has already slowed to 26% TTM sales compared with the 38% 3-year CAGR.
- Debt-to-equity, ROCE and EPS data are not available, so leverage and capital efficiency cannot be fully checked for a business that needs heavy terminal investment. This is significant because the stock trades at 112.3x earnings.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Related-party deal scrutiny risk Aug 25
The ₹525 crore ammonia terminal acquisition is a related-party transaction via slump sale from the promoter, disclosed under SEBI Regulation 30, which may attract investor scrutiny on governance and pricing fairness.
- Ammonia terminal capacity expansion Aug 25
Aegis Vopak subsidiary acquires a 36,000 MT ammonia storage terminal at Pipavav Port for ₹525 crore, adding new energy/chemical infrastructure to its portfolio effective August 24, 2026.
- Pipavav asset transfer disclosed Aug 25
The acquisition was formally disclosed under SEBI Regulation 30 as a slump sale from the promoter group, with the asset transfer effective August 24, 2026.
TL;DR: Aegis Vopak is expanding its terminal infrastructure with a 36,000 MT ammonia storage facility at Pipavav Port for ₹525 crore, signaling growth ambitions in the energy storage segment. The deal is a related-party transaction, which could raise governance questions around pricing fairness. No immediate operational impact as the effective date is August 2026. Investors should watch for further details on asset valuation and how this fits into the company's broader capacity expansion strategy.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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