Aegis Vopak Terminals (AEGISVOPAK) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue was ₹16,401.10 lakh, up 6.5% YoY and 4.5% QoQ; net profit rose 85.1% YoY to ₹4,771.77 lakh.

• Operating EBITDA was ₹1,199.04mn, with a 73.11% margin; IPO proceeds repaid ~₹2,016 crore of bank borrowings.

• Two new cryogenic LPG terminals increased static LPG capacity from 70,800 MT to 200,800 MT; revenue contribution is expected from Q2 FY26.

Financial highlights

• Consolidated revenue from operations was ₹16,401.10 lakh vs ₹15,402.78 lakh in Q1 FY25; total income was ₹17,334.51 lakh vs ₹15,637.00 lakh.

• Consolidated PBT was ₹6,280.79 lakh vs ₹3,655.48 lakh; net profit was ₹4,771.77 lakh vs ₹2,577.70 lakh.

• Operating EBITDA rose 5.6% YoY and 3.1% QoQ to ₹1,199.04mn; EBITDA margin was 73.11%.

• Finance costs were ₹3,008.53 lakh vs ₹4,799.98 lakh in Q1 FY25; interest cost fell 37% sequentially, with debt-repayment savings reflected only in June.

Outlook and guidance

• US$5bn aggregate capex is targeted by 2030, including US$1.2bn by next year; planned funding combines internal accruals and prudent debt.

• Target debt gearing is 0.6x, with debt capped at 3.5x EBITDA; the investment hurdle is a 15% post-tax IRR.

• Pipavav ammonia terminal has 36,000 MT capacity and is expected to be operational by FY26; 8,000–10,000 MT is covered by a Hindustan Zinc take-or-pay arrangement.

• Pipeline connections at Kandla and Pipavav are expected to lift throughput; management expects H2 to be stronger but gave no quantified throughput guidance.