Aegis Vopak Terminals (AEGISVOPAK) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue from operations was ₹18,762.90 lakh, up 26.2% YoY; PAT was ₹5,393.92 lakh, up 141.8%, and operating EBITDA rose 25.8%.

• H1 FY26 revenue was ₹35,164.00 lakh, up 16.2% YoY; PAT reached ₹10,165.69 lakh, up 111.4%.

• Pipavav and Mangalore LPG terminals are operational and contributing revenue; pipeline links and evacuation infrastructure are expected to support further throughput growth.

• Proposed acquisition of 75% of Hindustan Aegis LPG would add 25,000 MT of capacity at Haldia and extend the network to the East Coast, subject to shareholder approval.

Financial highlights

• Q2 operating EBITDA was ₹1,374.5 mn, up 25.8% YoY; H1 operating EBITDA was ₹2,573.5 mn, up 15.5%.

• Q2 finance costs fell to ₹1,836.77 lakh from ₹4,699.01 lakh YoY; H1 finance costs were ₹4,845.30 lakh versus ₹9,498.99 lakh.

• H1 depreciation and amortisation rose to ₹8,586.70 lakh from ₹6,294.62 lakh, alongside additions to assets and JNPA lease accounting under Ind AS 116.

• H1 net cash from operating activities was ₹28,141.17 lakh, versus ₹22,354.22 lakh in H1 FY25.

Outlook and guidance

• Q3 FY26 throughput turns are expected to remain subdued; improvement is expected from Q4 as JLPL and KGPL volumes ramp up and Kandla enables VLGC handling.

• JLPL connectivity at Kandla is expected in Q3 FY26; KGPL completion and Pipavav connection are expected in Q4 FY26, subject to pipeline commissioning.

• Liquid capacity is targeted to increase from 1.7 million CBM to 2.5 million CBM, then toward 3 million CBM by Dec 2026, subject to land finalization and development.

• Planned 60,000 CBM liquid expansions at Kochi and Mangalore are expected by Dec 2026; construction typically takes 9–12 months if conditions go well.

• LPG EBITDA realization is expected to operate slightly above ₹1,100 per ton, with improvement anticipated as throughput and multimodal evacuation increase.