Aegis Vopak Terminals Q4 & FY26 Call Transcript Released, Outlines Major Expansion

Aegis Vopak Terminals Limited has released the transcript of its Q4 and full-year FY26 earnings conference call, which was held on June 9, 2026. During the call, Chairman and Managing Director, Mr. Raj Chandaria, highlighted the company's strategic growth and market position as a leading independent provider of storage and logistics infrastructure for LPG, petroleum, chemicals, and other liquid products.

The company has seen significant capacity growth since its joint venture formation in November 2021, with liquid storage capacity increasing 3.75x and LPG static capacity 4.5x. Aegis Vopak Terminals has a planned capex pipeline of approximately USD 5 billion by 2030, aimed at supporting both traditional energy demand and emerging energy transition value chains. The company is funding this growth through internal accruals and a measured use of debt, targeting a gearing ratio of approximately 0.6x.

Key operational updates included the acquisition of a 75% stake in Hindustan Aegis LPG Limited at Haldia, adding 25,000 metric tons of LPG storage capacity. Major expansions are underway at JNPT, adding approximately 318,100 cubic meters of liquid storage and 77,236 metric tons of LPG capacity, with the first phase of new liquid capacity expected to be operational in Q1 FY27. The company is also evaluating a further cryogenic gas tank at JNPT. At Kochi, plans are in place to add up to 60,000 cubic meters of additional liquid capacity.

At Kandla, the company achieved VLGC compliance and is progressing with the CRL4 liquid terminal expansion. A non-binding Memorandum of Understanding has been signed with Larsen & Toubro for the potential joint development of ammonia terminals. Pipavav has seen the commissioning of a cryogenic LPG terminal and is developing a VLGC-compliant jetty, alongside securing a 15-year take-or-pay agreement for petroleum product handling. India's first independent ammonia terminal at Pipavav, with a 36,000 metric tons static capacity, is backed by a 15-year agreement with Hindustan Zinc and has welcomed ITOCHU Corporation as a strategic partner.

In Mangalore, a cryogenic LPG terminal and liquid storage capacity were commissioned, with plans for further liquid capacity expansion. The company has also signed an MOU to participate in the development of liquid and gas handling facilities at the proposed Vadhvan port, with a potential project outlay of approximately INR 20,000 crores.

Financially, for the full year FY26, revenue from operations grew 17% year-on-year to INR 923.1 crores. Operating EBITDA rose 19.4% to INR 686.5 crores, and net profit grew 52.1% to INR 341.9 crores. For Q4 FY26, revenue from operations increased 22.2% year-on-year to INR 243.5 crores, with operating EBITDA growing 24.2% to INR 179.2 crores and net profit increasing 15.3% to INR 73.9 crores.

The company aims to expand its presence from seven ports to twelve by the end of 2030 and anticipates gas terminaling to be more dominant in the future business mix. The company is also vertically integrating in the ammonia business, similar to its LPG operations, and expects the commissioning of the largest cryogenic third-party ammonia terminal in the country soon.