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.
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Technical Indicators
Key Insights
Weaknesses
3- Stock is trading at 7.06 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 9h 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 3h ago- Q1FY26 profit up 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.
- FY26 PAT surges 52% Aug 7
Consolidated PAT jumped 52% to ₹341.92 crore for FY26, driven by higher LPG throughput and new liquid tankage capacity. A 2% final dividend (₹0.20/share) was approved 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.
- ₹37.17 Cr subsidiary storage deal Aug 6
Subsidiary KCPL signed a framework agreement with promoter group entity SCL for construction of 49,577 cbm storage tanks and associated facilities worth ₹37.17 crore.
- Q1FY27 results announced Aug 7
Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, on August 5 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 performance.
- 13th AGM held via VC Jul 15
Annual General Meeting was scheduled for August 7, 2026, via video conferencing with remote e-voting beginning August 3.
TL;DR: Aegis Vopak is delivering strong earnings momentum with 52% full-year PAT growth and 19% quarterly profit expansion, underpinned by rising LPG throughput and expanding liquid storage capacity. The company is actively investing in growth via ₹180 crore in new tank construction agreements with promoter entities. No material headwinds are visible in recent news flow. The trend is clearly improving, with capacity additions likely to sustain revenue growth into FY27.
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]