Reliance Industries Ltd.
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Aegis Vopak Terminals Ltd.
NSE: AEGISVOPAKEnergyOil & Gas Equipment & Services
- Last close
- ₹242.70
- Day change
- −₹10.85 (−4.28%)vs
- Market cap
- ₹31,290 crIndian rupees
- Research updated
- 1 report
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About Aegis Vopak Terminals
Aegis Vopak Terminals Ltd. is a leading Indian infrastructure company specializing in the ownership and operation of tank storage terminals for liquefied petroleum gas (LPG) and diverse liquid products. Established in 2013 as a strategic joint venture between Aegis Logistics Limited of India and Royal Vopak of the Netherlands, the company operates a nationwide network of 20 state-of-the-art terminals located at major ports including Kandla, Pipavav, Haldia, Mangalore, Kochi, and an upcoming facility at JNPT. With a substantial storage capacity of 1.7 million cubic meters for liquid storage and 201,000 metric tons for LPG, Aegis Vopak Terminals Ltd. facilitates the import, export, and logistics of over 40 products, covering sectors such as oil, petrochemicals, chemicals, bitumen, gases, and vegetable oils. The company's integrated logistics infrastructure features jetty connectivity, rail and road access, and modern safety systems. Aegis Vopak Terminals Ltd. plays a pivotal role in supporting India’s transition to sustainable energy solutions by adhering to high standards of safety, environmental responsibility, and operational excellence, serving a broad clientele across public and private sectors.
- Sector
- Energy
- Industry
- Oil & Gas Equipment & Services
- Listing
- NSE: AEGISVOPAK
- Next results
- Employees
- 477
- Headquarters
- Mumbai, India
- ISIN
- INE0INX01018
- Website
- aegisvopak.com
Public research · Report of
Business model & financial foundation
Aegis Vopak Terminals (NSE: AEGISVOPAK), Third-party port-based liquid and LPG storage terminals: revenue of ₹923.1 crore in FY26 (+17.0% on FY25), an EBITDA margin of 74.4%, net profit of ₹310.5 crore and net debt of ₹3,429 crore.
- Revenue, FY26 (₹ crore)
- 923.1
- consolidated
- Revenue growth, FY26
- +17.0%
- on FY25
- EBITDA margin, FY26
- 74.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 310.5
- to owners
- Return on equity, FY26
- 10.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,429
- Net debt including leases less unrestricted liquidity
- Market capitalisation (₹ crore)
- 32,902
- at the close of 15 Oct 2026
Company profile
Aegis Vopak Terminals is India's largest third-party owner and operator of tank storage terminals for LPG and liquid products (petroleum, chemicals, vegetable oils), a joint venture of Aegis Logistics and Royal Vopak listed in June 2025. It runs terminals at Kandla, Pipavav, JNPA (Mumbai), Mangalore, Haldia and Kochi with about 1.7 mn cbm of liquid capacity and 225.8k MT of LPG static capacity, earning storage fees on liquid tankage and throughput-based handling fees on LPG. The company is in a heavy build phase, with aggregate capex guided to about USD 1.2 bn by FY27 and USD 5 bn by 2030, including India's first independent ammonia terminal at Pipavav.
| Item | Value |
|---|---|
| Legal name | Aegis Vopak Terminals Limited |
| Exchange and ticker | NSE: AEGISVOPAK; BSE: 544407 |
| ISIN | INE0INX01018 |
| Sector | Energy infrastructure / Logistics |
| Industry | Third-party port-based liquid and LPG storage terminals |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | CNK and Associates LLP (since 2024) |
| Market capitalisation | ₹32,902 crore (15 Oct 2026) |
| Shares outstanding | 110.80 crore shares (FY26) |
| Price | ₹282.4 (close, 15 Oct 2026) |
| 52-week range | ₹158.0 - ₹321.0 (to 15 Oct 2026) |
| Website | https://www.aegisvopak.com |
Corporate structure and shareholding
Parent: Joint venture of Aegis Logistics Ltd (44.71%) and Vopak India B.V. (42.23%).
| Entity | Holding | Business |
|---|---|---|
| Konkan Storage Systems (Kochi) Private Limited | 100% | Liquid storage terminal at Kochi |
| CRL Terminals Private Limited | 100% | Liquid storage terminals at Kandla |
| Hindustan Aegis LPG Limited | 75% | LPG terminal at Haldia (25,000 MT static); acquired from promoter group for INR 1,031.77 cr, SPA 2 Jan 2026 |
| Aegis Terminal (Pipavav) Limited | 86% | Ammonia terminal at Pipavav (36,000 MT); Itochu holds a minority, rising to 25% over three years |
Promoter shareholdings as of the 13 Feb 2026 filing. Aegis Energy Terminals Ltd incorporated as a wholly owned subsidiary on 25 Sep 2026 (S8).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 86.93% | 86.93% | 86.93% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 6.03% | 5.89% | 5.35% | |
| Domestic institutions | 4.98% | 4.89% | 5.30% | |
| of which mutual funds | 1.77% | 1.59% | 1.85% | |
| Retail | 0.95% | 1.12% | 1.20% | |
| Other | 1.11% | 1.16% | 1.21% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Liquid Terminal Division (HALPG does not alter liquid) | 440.5 | 47.7% | 203.1 | 39.0% | 3,642 | 43.1% |
| Gas Terminal Division restated including HALPG | 482.6 | 52.3% | 317.6 | 61.0% | 4,392 | 52.0% |
| Unallocated note35 items for PBT reconciliation | 416.5 | 4.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Aegis Logistics (AEGISLOG) | Parent; the same liquid and gas terminalling franchise plus LPG sourcing and distribution |
| Adani Ports and SEZ (ADANIPORTS) | |
| JSW Infrastructure (JSWINFRA) | Listed port operator with liquid terminals and a large capex-led growth plan |
| Gujarat Pipavav Port (GPPL) | Port at Pipavav where AVTL has LPG, liquid and ammonia terminals; mature asset-heavy infra peer |
| Petronet LNG (PETRONET) | Gas import terminal operator earning regasification tariffs on terminal capacity |
| Container Corporation of India (CONCOR) | |
| Confidence Petroleum India (CONFIPET) | LPG logistics and distribution; exposure to the same LPG import demand |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 353.3 | 561.8 | 789.2 | 923.1 |
| Cost of revenue (vendor classification) * | 94.6 | 121.8 | 251.4 | |
| Other operating costs (vendor classification) * | 52.5 | 64.3 | 67.7 | |
| EBITDA (vendor classification) * | 232.3 | 404.3 | 707.0 | |
| Operating EBIT excluding other income | 138.1 | 283.5 | 427.2 | 478.7 |
| Finance costs | 138.2 | 170.9 | 193.4 | 109.7 |
| Profit before tax | 2.60 | 121.0 | 265.4 | 406.5 |
| Total tax expense | 2.67 | 34.5 | 40.6 | 64.5 |
| PAT including non-controlling interests | -0.08 | 86.5 | 224.8 | 341.9 |
| Diluted EPS (₹) | n.d. | 0.91 | 2.07 | 2.85 |
| Employee benefits expense | 30.5 | 43.8 | 43.8 | 51.8 |
| Other operating expenses | 93.5 | 120.4 | 170.6 | 184.8 |
| Other income | 2.66 | 8.36 | 31.6 | 37.5 |
| Depreciation and amortisation | 91.2 | 114.0 | 147.7 | 207.7 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 24.4 | 31.5 |
| PAT attributable to owners | -0.08 | 86.5 | 200.4 | 310.5 |
| Materials and traded-goods cost | 0.00 | 0.00 | 0.00 | 0.00 |
| Separately presented exceptional contribution | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates profit | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating EBITDA excluding other income | 229.3 | 397.5 | 574.8 | 686.5 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity including NCI | 953.1 | 997.2 | 1,494 | 4,419 |
| Borrowings excluding lease liabilities | 1,745 | 2,586 | 2,484 | 2,118 |
| Unrestricted cash and liquid deposits | 22.9 | 105.6 | 721.3 | 302.3 |
| Trade receivables | 69.9 | 131.4 | 119.8 | 186.2 |
| Inventories | 7.98 | 6.03 | 14.5 | 17.6 |
| Trade payables | 27.1 | 14.3 | 20.2 | 27.6 |
| Net PPE including ROU assets | 3,017 | 3,477 | 5,033 | 6,636 |
| Capital work in progress | 152.4 | 53.1 | 167.5 | 210.5 |
| Total assets | 3,481 | 4,523 | 6,755 | 8,450 |
| Current and noncurrent lease liabilities | 628.7 | 686.5 | 1,534 | 1,613 |
| Net debt including leases less unrestricted liquidity | 2,351 | 3,167 | 3,297 | 3,429 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net cash generated from operating activities | 172.5 | 337.2 | 576.3 | 702.0 |
| Free cash flow (vendor definition) * | -6.45 | -325.5 | 0.56 | |
| Cash dividends paid positive outflow | 0.00 | 32.9 | 0.00 | 186.2 |
| Cash purchases PPE capital advances and intangibles | 178.9 | 670.8 | 135.8 | 701.4 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Fully diluted closing shares bonus-adjusted (crore shares) | 95.48 | 95.48 | 98.88 | 110.80 |
| Weighted average diluted shares for EPS (crore shares) | 89.19 | 95.48 | 96.86 | 108.91 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 148.7 | 161.5 | 199.2 | 208.0 | 232.2 | 239.4 | 243.5 | 233.8 |
| Cost of revenue (vendor classification) * | 31.7 | 49.5 | 50.2 | 55.4 | 55.5 | |||
| Other operating costs (vendor classification) * | 31.8 | 36.6 | 38.7 | 51.0 | 41.6 | |||
| EBITDA (vendor classification) * | 126.5 | 89.4 | 98.6 | 128.2 | 128.3 | |||
| Operating EBIT excluding other income | 77.6 | 86.9 | 107.2 | 113.5 | 118.5 | 122.9 | 123.8 | 124.0 |
| Finance costs | 47.0 | 49.8 | 48.1 | 30.3 | 18.6 | 19.8 | 41.1 | 39.3 |
| Profit before tax | 32.3 | 45.1 | 75.2 | 94.7 | 117.3 | 107.4 | 87.1 | 89.0 |
| Total tax expense | 10.0 | 7.29 | 11.1 | 15.9 | 17.1 | 18.3 | 13.2 | 19.6 |
| PAT including non-controlling interests | 22.3 | 37.8 | 64.1 | 78.8 | 100.2 | 89.0 | 73.9 | 69.4 |
| Diluted EPS (₹) | 0.23 | 0.39 | 0.59 | 0.69 | n.r. | 0.74 | 0.62 | 0.60 |
| Materials and traded-goods cost | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Separately presented exceptional contribution | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating EBITDA excluding other income | 109.3 | 118.6 | 144.2 | 155.3 | 173.5 | 178.5 | 179.2 | 179.4 |
| Employee benefits expense | 9.87 | 11.2 | 10.4 | 12.0 | 13.6 | 13.0 | 13.3 | 12.7 |
| Other operating expenses | 29.5 | 31.8 | 44.6 | 40.7 | 45.2 | 47.9 | 51.0 | 41.6 |
| Other income | 1.68 | 7.94 | 16.0 | 11.5 | 17.4 | 4.25 | 4.35 | 4.36 |
| Depreciation and amortisation | 31.6 | 31.7 | 37.0 | 41.8 | 55.0 | 55.6 | 55.4 | 55.5 |
| PAT attributable to non-controlling interests | 0.00 | -0.00 | 5.69 | 7.77 | 11.6 | 6.88 | 5.23 | 3.34 |
| PAT attributable to owners | 22.3 | 37.8 | 58.4 | 71.0 | 88.6 | 82.2 | 68.6 | 66.1 |
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 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 59.0% | 40.5% | 17.0% | |
| EBITDA margin | 64.9% | 70.8% | 72.8% | 74.4% |
| Net margin | -0.0% | 15.4% | 25.4% | 33.6% |
| Return on equity | -0.0% | 8.9% | 16.1% | 10.5% |
| Return on capital employed | 5.1% | 9.0% | 11.3% | 9.1% |
| Return on assets | -0.0% | 2.2% | 3.6% | 4.1% |
| Net debt (₹ crore) | 2,351 | 3,167 | 3,297 | 3,429 |
| Net debt / EBITDA | 10.3x | 7.97x | 5.73x | 4.99x |
| Interest cover | 1.00x | 1.66x | 2.21x | 4.36x |
| Asset turnover | 0.10x | 0.14x | 0.14x | 0.12x |
| Receivable days | 72 | 85 | 55 | 74 |
| Inventory days (on revenue) | 8 | 4 | 7 | 7 |
| Payable days (on revenue) | 28 | 9 | 9 | 11 |
| Cash conversion | -2,299.8x | 3.90x | 2.88x | 2.26x |
| Capex intensity | 50.6% | 119.4% | 17.2% | 76.0% |
| Free cash flow (₹ crore) | -6.45 | -333.6 | 440.6 | 0.56 |
| Dividend payout | -0.0% | 38.0% | 0.0% | 60.0% |
| EPS, diluted (₹) | 0.91 | 2.07 | 2.85 | |
| Book value per share (₹) | 9,98,21,010 | 10,44,37,055 | 15,10,73,788 | 39,87,88,081 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding 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 unrestricted liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding 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 1, information to 15 Oct 2026); market data at the close of 15 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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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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