AEGIS VOPAK Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 197 Crs., 22.28% growth YoY, Total Income is Rs. 200 Crs., 18.28% growth YoY, EBITDA is Rs. 146 Crs., 23% growth YoY, EBITDA Margin is 73.88% improved by 45 Basis points YoY, PBT Rs. 79 Crs, 75.43% growth YoY, PAT Rs. 62 Crs, 62.72% growth YoY. Liquids revenue: INR 116.5 cr (+37% YoY), driven by “higher volume supported by capacity additions and improved product mix.” Gas revenue: INR 81.0 cr (+6% YoY); gas throughput 0.67 MMT On QoQ basis Op. Revenue is up by 5.26%, Total Income is up by 6%, EBITDA is up by 6.16%, PBT is up by 11.41%, and PAT is also up by 14.06%. East Coast entry via acquisition: AVTL completed acquisition of 75% of Hindustan Aegis LPG Limited (HALPG) (from Aegis Gas Pvt Ltd and Vopak India), making it a subsidiary. AVTL signed a 15-year take-or-pay with an undisclosed “large conglomerate” for petroleum products at Pipavav. Pipavav: “India’s first independent ammonia terminal” with 36,000 MT static capacity, backed by a 15-year take-or-pay with Hindustan Zinc for its upcoming DAP plant; completion targeted “before the first quarter of the next fiscal year” Management guided that liquid capacity could be “around 2.5 million plus by FY27 end” (from ~1.7 million), driven by JNPA + Kandla + Mangalore + Kochi + Haldia additions. targeted debt gearing ratio 0.6x and leverage not exceeding 3.5x EBITDA; funding mix to include internal accruals plus “disciplined use of debt.”