Aegis Vopak Terminals (AEGISVOPAK) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 consolidated revenue rose 12.4% YoY to ₹2,337.74 mn and EBITDA increased 15.6% to ₹1,794.33 mn; PAT fell 11.9% to ₹694.14 mn.

• Liquid terminaling growth offset lower gas revenue; announced capacity and connectivity projects support the expansion plan.

Financial highlights

• Revenue from operations was ₹2,337.74 mn versus ₹2,079.88 mn in Q1 FY26; EBITDA was ₹1,794.33 mn versus ₹1,552.62 mn.

• Consolidated PBT declined to ₹889.82 mn from ₹946.76 mn; PAT fell to ₹694.14 mn from ₹787.87 mn and diluted EPS to ₹0.60 from ₹0.69.

• Cash PAT was ₹1,249 mn, up 3.6%; finance costs rose to ₹393.40 mn from ₹302.91 mn and depreciation and amortization to ₹554.71 mn from ₹417.71 mn.

• Standalone revenue was ₹1,784.87 mn versus ₹1,383.54 mn; standalone PAT was ₹506.79 mn versus ₹426.62 mn.

Outlook and guidance

• Targeting at least 25% YoY volume growth; Q1 growth exceeded 25%, with capacity additions and multimodal evacuation cited as drivers.

• Liquid capacity is expected to increase from 1.7 mn to 2.2 mn this year and close to 3 mn by FY2028 end.

• JNPA’s first ~100,000 cbm liquid expansion is expected to commission in Q3 FY27; Kochi’s 49,577 cbm is expected early next FY.

• Four pipeline connections were expected during the year; Jamnagar-Loni is operational, with Kandla-Gorakhpur and Haldia-Panagarh progressing.

• CapEx targets are $1.2bn by next year and $5bn by 2030–31; projects beyond the initial INR 10,000 crore program may be lumpy.