AEGISLOG

Surges 18% on Strong Gas Division Outlook

’s shares jumped 18% in two days to a new 52‑week high of ₹960, after management struck an upbeat tone in its Q4FY26 earnings call. Investors are encouraged by record LPG distribution volumes, resilient profitability, and a clear roadmap for capacity expansion, even as risks from the West Asia war and PNG adoption loom. Financial Highlights (Q4FY26) Gas terminal revenue: ₹2,410 crore (+65% YoY; record high). Liquids terminal revenue: ₹184 crore (–24% YoY). LPG distribution volumes: 234,000 tonnes (record). Gas division EBITDA/tonne: ₹7,000 in FY26; management expects sustainability. Operational Context War impact: LPG imports disrupted; government prioritized domestic supply over industrial use. Diversification: Management has broadened LPG sourcing beyond West Asia. Volume outlook: Distribution volumes targeted at 2 million tonnes by FY28 (vs 754,000 tonnes in FY26), driven by Mangalore, Haldia, and Pipavav facilities. Risks: Government’s push for PNG adoption could limit LPG demand. Capex & Expansion Plans Near‑term projects: 61,000 kl liquid capacity at Mumbai port (H1FY27). Jawaharlal Nehru Port liquid capacity (phase 1, H1FY27). Kandla‑Gorakhpur pipeline connection (H1FY27). Long‑term pipeline: $5 billion capex planned for FY29–31. Debt strategy: Maintain debt‑to‑equity ratio at 0.6×. Market Context Stock up 29% YTD in 2026. Trades at 30× FY27 EPS (Bloomberg consensus), suggesting positives largely priced in. Analysts highlight timely commissioning and debt discipline as crucial for sustaining momentum.