Reliance Industries Ltd.
NSE: RELIANCE
Energy · Oil & Gas Refining & Marketing
₹1,190.00 last close on 23 Oct 2026 +0.46%
Research updated
Aegis Logistics Ltd.
NSE: AEGISLOGEnergyOil & Gas Refining & Marketing
- Last close
- ₹1,247.20
- Day change
- −₹56.90 (−4.36%)vs
- Market cap
- ₹45,774 crIndian rupees
- Research updated
- 3 reports
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About Aegis Logistics
Aegis Logistics Ltd. is a prominent player in the logistics sector, specializing in the bulk movement and distribution of liquid and gas products. As a key facilitator in the oil and gas industry, the company offers comprehensive logistics solutions, including the storage, handling, and transportation of petroleum, liquefied petroleum gas (LPG), and chemical products across India. Aegis Logistics operates through strategically located terminals and distribution infrastructure, enhancing the efficiency of supply chains for energy and chemical companies. Its facilities are designed for both domestic and international trade, playing a crucial role in supporting the country's energy security and supply logistics. By providing integrated supply chain services, Aegis Logistics Ltd. significantly impacts the energy, petrochemical, and maritime transport sectors, offering reliability and scalability in its operations to meet the demanding needs of these critical industries.
- Sector
- Energy
- Industry
- Oil & Gas Refining & Marketing
- Listing
- NSE: AEGISLOG
- Next results
- Employees
- 1,143
- Headquarters
- Mumbai, India
- ISIN
- INE208C01025
- Website
- aegisindia.com
Public research · Report of
Business model & financial foundation
Aegis Logistics (NSE: AEGISLOG), LPG and bulk-liquid storage, distribution and logistics: revenue of ₹8,333 crore in FY26 (+23.2% on FY25), an EBITDA margin of 17.4%, net profit of ₹898.2 crore and net cash of ₹1,789 crore.
- Revenue, FY26 (₹ crore)
- 8,333
- consolidated
- Revenue growth, FY26
- +23.2%
- on FY25
- EBITDA margin, FY26
- 17.4%
- EBITDA (revenue - cogs - employee - other expenses; excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 898.2
- to owners
- Return on equity, FY26
- 12.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,789
- Net debt including leases less assumed liquidity reserves
- Market capitalisation (₹ crore)
- 48,859
- at the close of 22 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Aegis Logistics Limited |
| Exchange and ticker | NSE: AEGISLOG; BSE: 500003 |
| ISIN | INE208C01025 |
| CIN | L63090GJ1956PLC001032 |
| Sector | Energy |
| Industry | LPG and bulk-liquid storage, distribution and logistics |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | C N K & Associates LLP |
| Market capitalisation | ₹48,859 crore (22 Oct 2026) |
| Shares outstanding | 35.10 crore shares (FY26) |
| Price | ₹1,304 (close, 22 Oct 2026) |
| 52-week range | ₹576.1 - ₹1,529 (to 22 Oct 2026) |
| Website | https://aegisindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Aegis Vopak Terminals Limited | 44.71% | Controlled LPG and liquid terminal network; publicly listed, material non-controlling interest |
| Aegis Gas (LPG) Private Limited | 100% | LPG distribution and trading |
| Sea Lord Containers Limited | 100% | Liquid storage and terminals |
| Aegis Group International Pte Limited | 60% | Singapore LPG sourcing with Itochu |
| Hindustan Aegis LPG Limited | 33.53% | Haldia LPG terminal; effective interest via AVTL |
| Aegis Terminal Pipavav Limited | 38.45% | Ammonia and storage; effective interest via AVTL |
| CRL Terminals Private Limited | 44.71% | Kandla liquid terminal |
| Konkan Storage Systems (Kochi) Private Limited | 44.71% | Kochi liquid terminal |
| Aegis International Marine Services Pte Limited | 100% | Marine sourcing |
Tristar Holdings 89.8% acquisition signed 13 Oct 2026; not yet consolidated. Expected Q4 FY27 close subject to competition approvals. Price/funding model separately conditional.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 58.10% | 58.10% | 58.10% | 58.10% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 17.87% | 19.56% | 19.54% | 19.13% |
| Domestic institutions | 5.41% | 3.67% | 3.60% | 4.01% |
| of which mutual funds | 5.08% | 3.36% | 3.29% | 3.59% |
| Retail | 18.64% | 18.67% | 18.77% | 18.77% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Aegis Logistics (NSE: AEGISLOG) runs an integrated LPG chain: sourcing, port terminals and distribution to industrial, commercial and autogas customers, plus bulk-liquid storage. Revenue is substantially commodity pass-through; FY26 gas revenue was INR7,689cr against a INR997cr segment result. Earnings therefore depend on throughput, distribution volume and contribution per tonne. Aegis Vopak Terminals is 44.71%-owned but controlled and consolidated; minority interest limits earnings attributable to Aegis owners.
The signed 13 Oct 2026 Tristar agreement would add a global liquid-logistics platform through a wholly owned step-down entity, but it remains conditional and is not consolidated at 22 Oct 2026.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | ebitda norm, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Gas Terminal Division (LPG logistics, sourcing, distribution) | 7,689 | 92.3% | 996.6 | 72.9% | 1,131 | 70.6% |
| Liquid Terminal Division | 643.9 | 7.7% | 371.3 | 27.1% | 472.0 | 29.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Aegis Vopak Terminals (AEGISVOPAK) | |
| Gujarat Pipavav Port (GPPL) | Port infrastructure, throughput and asset utilisation. |
| Adani Ports and Special Economic Zone (ADANIPORTS) | Scaled port logistics with longer asset lives and diversified cargo. |
| Confidence Petroleum India (CONFIPET) | LPG distribution and bottling; smaller scale and different ownership economics. |
| Gujarat Gas (GUJGASLTD) | Industrial gas distribution substitute; regulated network rather than import terminals. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,624 | 8,622 | 7,046 | 6,764 | 8,333 |
| Cost of revenue (vendor classification) * | 3,911 | 7,618 | 5,816 | 5,346 | 6,458 |
| Other operating costs (vendor classification) * | 74.4 | 182.6 | 126.4 | 126.9 | 183.2 |
| EBITDA (vendor classification) * | 570.0 | 728.7 | 1,070 | 1,298 | 1,725 |
| EBIT * | 489.7 | 728.4 | 972.7 | 1,147 | 1,567 |
| Finance costs | 17.7 | 83.6 | 115.8 | 165.3 | 145.9 |
| Profit before tax | 472.0 | 644.8 | 861.3 | 988.8 | 1,433 |
| Tax expense | 87.1 | 134.1 | 189.1 | 201.4 | 326.6 |
| Profit for the period | 384.9 | 510.7 | 672.2 | 787.4 | 1,107 |
| Diluted EPS (₹) | 10.19 | 13.19 | 16.22 | 18.90 | 25.59 |
| Cost of goods sold (purchases of stock-in-trade + change in inventories) | 5,769 | 5,297 | 6,414 | ||
| Employee benefits expense | 101.2 | 96.3 | 97.1 | ||
| Other expenses | 252.9 | 272.5 | 370.3 | ||
| EBITDA (revenue - cogs - employee - other expenses; excl. other income) | 922.8 | 1,098 | 1,452 | ||
| Other income | 189.6 | 208.4 | 326.6 | ||
| Depreciation and amortisation | 135.3 | 152.2 | 199.3 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interest | 103.0 | 124.0 | 208.5 | ||
| Profit attributable to owners of the company | 569.2 | 663.4 | 898.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 2,262 | 4,047 | 4,462 | 5,721 | 8,784 |
| Borrowings excluding lease liabilities | 835.3 | 1,924 | 1,663 | 2,884 | 2,417 |
| Cash and cash equivalents | 94.2 | 832.5 | 1,032 | 1,411 | 2,512 |
| Trade receivables | 738.3 | 838.6 | 513.4 | 693.3 | 481.0 |
| Inventories | 90.6 | 147.5 | 63.6 | 184.5 | 128.6 |
| Trade payables including MSME and other creditors | 674.7 | 871.4 | 435.1 | 444.5 | 706.9 |
| Net property plant and equipment including ROU assets | 2,374 | 3,645 | 4,123 | 5,070 | 6,344 |
| Capital work in progress excluding intangible development | 252.5 | 411.7 | 697.1 | 1,308 | 763.8 |
| Total assets * | 4,034 | 7,163 | 8,073 | 11,233 | 14,491 |
| Lease liabilities current and noncurrent | 1,002 | 1,722 | 1,733 | ||
| Liquidity reserves incl cash; investment liquidity assumed | 1,969 | 3,191 | 5,939 | ||
| Equity attributable to owners of the company | 3,894 | 4,631 | 6,055 | ||
| Net debt including leases less assumed liquidity reserves | 696.8 | 1,415 | -1,789 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | -318.8 | 568.9 | 655.5 | 558.2 | 2,028 |
| Free cash flow (vendor definition) * | -113.1 | -179.6 | 39.1 | -386.7 | 1,207 |
| Cash dividends paid including NCI (outflow negative) | -221.1 | -214.5 | -238.1 | -134.8 | -377.0 |
| Cash purchase of PPE including capital advances (outflow negative) | -393.2 | -537.9 | -616.4 | -944.9 | -820.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued ordinary shares outstanding | 35.10 | 35.10 | 35.10 | 35.10 | 35.10 |
| Owner DPS interim plus final recommended for fiscal year (₹) | 7.25 | 8.70 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,750 | 1,707 | 1,705 | 1,719 | 2,294 | 1,725 | 2,594 | 2,357 |
| Cost of revenue (vendor classification) * | 1,478 | 1,420 | 1,130 | 1,430 | 1,949 | 1,380 | 1,855 | 1,603 |
| Other operating costs (vendor classification) * | 63.7 | 67.2 | -113.2 | 66.8 | 80.0 | 75.5 | 148.1 | 67.9 |
| EBITDA (vendor classification) * | 226.0 | 255.5 | 426.6 | 260.7 | 334.5 | 325.1 | 658.8 | 767.0 |
| EBIT * | 226.0 | 255.5 | 426.6 | 260.7 | 334.5 | 325.1 | 658.8 | 767.0 |
| Finance costs | 30.0 | 51.4 | 52.5 | 32.8 | 24.3 | 25.7 | 63.1 | 47.7 |
| Profit before tax | 196.0 | 204.1 | 381.0 | 227.9 | 310.2 | 299.4 | 595.8 | 719.3 |
| Tax expense | 44.0 | 44.6 | 63.2 | 52.5 | 66.2 | 66.8 | 141.1 | 174.4 |
| Profit for the period | 152.0 | 159.5 | 317.8 | 175.4 | 244.0 | 232.6 | 454.6 | 544.8 |
| Diluted EPS (₹) | 3.59 | 3.54 | 8.02 | 3.74 | 5.12 | 5.04 | 11.69 | 13.80 |
| Cost of goods sold (purchases of stock-in-trade + change in inventories) | 1,441 | 1,383 | 1,193 | 1,388 | 1,897 | 1,327 | 1,802 | 1,551 |
| Employee benefits expense | 22.2 | 23.8 | 23.7 | 24.9 | 26.7 | 25.7 | 19.9 | 24.9 |
| Other expenses | 63.7 | 67.2 | 79.7 | 66.8 | 80.0 | 75.5 | 148.1 | 67.9 |
| EBITDA (revenue - cogs - employee - other expenses; excl. other income) | 223.9 | 232.9 | 408.8 | 239.9 | 290.7 | 297.1 | 624.2 | 713.6 |
| Other income | 39.5 | 60.0 | 65.4 | 62.5 | 96.0 | 80.7 | 87.3 | 106.3 |
| Depreciation and amortisation | 37.4 | 37.3 | 40.7 | 41.7 | 52.2 | 52.8 | 52.7 | 52.9 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interest | 26.1 | 35.3 | 36.1 | 44.0 | 64.4 | 55.8 | 44.3 | 60.4 |
| Profit attributable to owners of the company | 126.0 | 124.3 | 281.7 | 131.3 | 179.6 | 176.8 | 410.4 | 484.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 20.4% | 86.5% | -18.3% | -4.0% | 23.2% |
| EBITDA margin | 13.1% | 16.2% | 17.4% | ||
| Net margin | 8.1% | 9.8% | 10.8% | ||
| Return on equity | 13.4% | 13.0% | 12.4% | ||
| Return on capital employed | 16.7% | 16.1% | 16.1% | 15.6% | 15.8% |
| Return on assets | 7.5% | 6.9% | 7.0% | ||
| Net debt (₹ crore) | 696.8 | 1,415 | -1,789 | ||
| Net debt / EBITDA | 0.76x | 1.29x | -1.23x | ||
| Interest cover | 27.7x | 8.71x | 8.40x | 6.94x | 10.7x |
| Asset turnover | 1.30x | 1.54x | 0.92x | 0.70x | 0.65x |
| Receivable days | 58 | 35 | 27 | 37 | 21 |
| Inventory days (on revenue) | 7 | 6 | 3 | 10 | 6 |
| Payable days (on revenue) | 53 | 37 | 23 | 24 | 31 |
| Cash conversion | 1.15x | 0.84x | 2.26x | ||
| Capex intensity | 8.5% | 6.2% | 8.7% | 14.0% | 9.9% |
| Free cash flow (₹ crore) | -711.9 | 31.0 | 39.1 | -386.7 | 1,207 |
| Dividend payout | 41.8% | 20.3% | 42.0% | ||
| EPS, diluted (₹) | 10.19 | 13.19 | 16.22 | 18.90 | 25.59 |
| Book value per share (₹) | 64.46 | 115.3 | 127.1 | 163.0 | 250.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue - cogs - employee - other expenses; excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less assumed liquidity reserves; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue - cogs - employee - other expenses; excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Aegis Logistics
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 25 Oct 2026.
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