Aegis Logistics Q1 FY27 Earnings Call Transcript Released
Aegis Logistics reported a record Q1 FY27 with PAT up 212% to ₹500 crores and EBITDA up 184% to ₹727 crores. The company announced significant capacity expansions across multiple ports, including ₹125 crores investment in Mumbai Port and ₹1,675 crores at JNPA Port. Key developments include the commissioning of an ammonia terminal at Pipavav and a non-binding MoU for ammonia terminals at Kandla.
The announcement details record financial results, substantial capacity expansions across key ports, and strategic investments in new areas like ammonia handling. These factors are expected to significantly drive future revenue and profitability, impacting the company's market position and shareholder value.
The company reported record financial performance with significant year-on-year growth in profit after tax and EBITDA. Multiple capacity expansion projects and strategic partnerships were highlighted, indicating strong future growth prospects. The commissioning of new facilities like the ammonia terminal and progress on pipeline projects further bolster a positive outlook.
Aegis Logistics Limited has released the transcript of its Q1 FY27 earnings conference call, which was held on Friday, August 14, 2026. The call featured insights from Chairman and Managing Director Mr. Raj Chandaria and CFO Mr. Murad Moledina.
During the call, Mr. Chandaria highlighted a record Q1 performance, with profit after tax (PAT) crossing ₹500 crores, a significant increase of 212% year-on-year from ₹175 crores in Q1 FY26. Normalized EBITDA reached ₹727 crores, up 184% year-on-year from ₹256 crores in the prior year's first quarter. Earnings per share (EPS) stood at ₹13.80, representing approximately 54% of the full-year FY26 EPS.
The Liquids division achieved its highest-ever Q1 EBITDA and has recorded five consecutive quarters of EBITDA growth. The Gas division reported its highest ever EBITDA, with a remarkable 296% year-on-year growth. LPG sourcing volumes remained stable with a marginal 1% growth. The gas distribution business saw a 91% year-on-year increase in volumes and a 19% sequential growth over Q4 FY26, driven by robust demand and customer acquisition.
Significant capacity expansions are underway across various ports. At Mumbai Port, an additional 64,000 cubic meters of liquid storage is being developed with an investment of approximately ₹125 crores, targeted for commissioning in H1 FY27. At JNPA Port, expansions include approximately 318,100 cubic meters of liquid storage, 77,236 metric tons of LPG capacity, and an LPG bottling plant, with a total outlay of roughly ₹1,675 crores. The first phase of liquid storage expansion at JNPA is expected in Q3 FY27. A 52,000 metric ton refrigerated LPG tank has also been approved for JNPA.
Haldia Port operations include an LPG terminal with an exclusive agreement with HPCL until 2038 and 226,890 cubic meters of liquid storage. Additional land has been acquired for potential liquid business expansion. Kandla Port, the largest terminal, has 952,000 cubic meters of liquid storage and 48,000 metric tons of static LPG capacity. The CRL 4 liquid terminal, adding 94,148 cubic meters, is progressing well with commissioning targeted for next year. A non-binding MoU with Larsen & Toubro for potential joint development of ammonia terminals has been signed.
Pipeline developments include the operational Jamnagar-Loni LPG pipeline and the progressing Kandla-Gorakhpur LPG pipeline, expected to connect in H1 FY27. At Pipavav, a 48,000 metric ton LPG terminal was commissioned in June 2025. Infrastructure improvements include a VLGC-compliant liquids jetty, an additional liquid rail gantry with a 15-year take-or-pay agreement, and pipeline connectivity from the Kandla-Gorakhpur pipeline. A specialized ammonia storage and terminaling facility with a 36,000 metric ton capacity has been commissioned at Pipavav, with a 15-year take-or-pay agreement with Hindustan Zinc. ITOCHU Corporation has acquired a 10% stake in Aegis Terminal Pipavav Limited, with plans to increase it to 25% over three years.
At Kochi Port, an additional 49,577 cubic meters of storage capacity is approved, expected by early next financial year, increasing total capacity to 132,122 cubic meters. Mangalore Port has an 82,000 metric ton LPG terminal commissioned in June 2025, and is developing LPG rail loading gantry and bottling plant infrastructure. Liquid capacity stands at 193,000 cubic meters, with evaluation for an additional 60,000 cubic meters.
Aegis Logistics is also evaluating participation in the development of Vadhavan Port with a potential investment of approximately ₹20,000 crores.
Financially, revenue from operations for Q1 FY27 stood at ₹2,357 crores, a 37% year-on-year growth. Normalized EBITDA was ₹727 crores, a 184% increase. Profit after tax grew 212% to ₹545 crores, with EPS at ₹13.80. The LPG segment reported EBITDA of ₹591 crores (up 296% year-on-year), and distribution business achieved record volumes of 2.77 lakh metric tons (up 91% year-on-year). The Liquid segment reported revenue of ₹178 crores (up 24% year-on-year) and EBITDA of ₹136 crores (up 28% year-on-year).
The company has a capex pipeline of approximately $5 billion through FY2030-31, targeting a gearing ratio of 0.6. Management expressed confidence in sustained margins around ₹7,000 per ton for the distribution business, driven by volume growth and procurement efficiencies, an upgrade from the previous ₹4,000 per ton.
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