Aegis Logistics: consolidated PAT +31% YoY to ₹320 Cr on margin gains; revenue -3.5%

Aegis Logistics' consolidated PAT for Q2 FY27 (quarter ended September 30, 2026) was ₹320.50 Cr, up 31.3% YoY (owners' attributable profit ₹260.59 Cr, EPS ₹7.42, up 44.9% YoY from ₹5.12), even as revenue from operations slipped 3.5% YoY to ₹2,213.34 Cr. Sequentially both lines fell sharply — revenue down 6.1% QoQ and PAT down 41.2% QoQ (EPS ₹13.80 in Q1) — as gas-distribution trading margins normalized after an unusually strong first quarter. OPM (EBITDA ex-other-income/revenue) expanded to 19.62% from 12.67% a year ago, and NPM to 13.86% from 10.21%, though both are down sharply from Q1's 30.28%/22.12% peaks. The Gas Terminal Division, Aegis's larger segment, posted segment profit of ₹277.70 Cr, up 41.6% YoY but down 51.7% QoQ from Q1's exceptional ₹575.33 Cr, even as its revenue fell 5.3% YoY and 7.0% QoQ to ₹2,026.01 Cr — the swing points to elevated LPG/propane trading margins in Q1 that did not repeat, consistent with management's framing of distribution margin (guided at ₹7,000+ per ton, 'sustainable via volume-driven procurement efficiencies') as structurally higher than before FY27 but still variable quarter to quarter. The Liquid Terminal Division was steadier: segment revenue grew 21.2% YoY to ₹187.33 Cr and segment profit 31.4% YoY to ₹120.47 Cr, tracking toward the 25%+ logistics-volume CAGR management has guided. No management press release was available for this filing to cross-check their own framing of the quarter. No reliable Q2-specific brokerage consensus could be located; the only external benchmark found is a full-year FY27 consensus of ₹32.10 EPS (+25.5%) and ₹10,040 Cr revenue (+20.4%), against which this quarter's YoY EPS growth of 44.9% (owners' basis) is running ahead, though H1 FY27 EPS (₹21.23, +139.7% YoY) is flattered by Q1's outsized margin spike. Against the Q1 FY27 concall guidance — EPS growth 25%+ CAGR, logistics volumes 25%+ CAGR, distribution margin sustainability — this quarter's YoY numbers beat the stated pace on profit and are broadly on track on logistics volumes via the Liquid Terminal segment, though the size of the QoQ margin pullback is worth watching against the 'sustainable' framing. Standalone and consolidated tell different growth stories this quarter: standalone PAT rose 103.7% YoY to ₹339.64 Cr and standalone revenue rose 63.4% YoY, both well above the consolidated YoY moves (+31.3% PAT, -3.5% revenue) — the profit divergence is explained by the ₹198.52 Cr intra-group slump-sale gain (Pipavav ammonia terminal transferred to subsidiary Aegis Terminal (Pipavav) Ltd) that inflates standalone other income but nets to zero at the consolidated level; the revenue divergence is not explained in the filing and likely reflects intra-group reclassification rather than underlying demand. Corporate activity was heavy this quarter and just after: the board sought approval for a ₹6,000 Cr fundraising (Sept 29), the company announced an $809mn deal for an 89.8% stake in Tristar Holdings (Oct 13, post quarter-end), commissioned a new LPG bottling plant at JNPA (Oct 15), and rebranded a subsidiary to Aegis International Terminals (Oct 5) — none of which feed into this quarter's reported numbers but all bear on the FY27 capex and volume-growth guidance.