Aegis Vopak Q2 FY27: consol PAT dips ~4% YoY on margin compression, revenue up 17%

Aegis Vopak Terminals reported consolidated revenue of Rs270.84 Cr for the quarter ended September 30, 2026, up 15.9% sequentially from Rs233.77 Cr in Q1 FY27. The YoY picture depends on which comparative base is used: on the filing's own restated column (Rs232.23 Cr, which retrospectively folds in two subsidiaries — Aegis Terminal Pipavav and Hindustan Aegis LPG — acquired after that quarter under pooling-of-interest accounting), revenue grew 16.6% YoY; against the originally-reported, pre-acquisition base (Rs187.63 Cr) the headline reads +44.4%, which is a consolidation-scope artifact rather than organic growth. Consolidated PAT (before minority interest) was Rs96.41 Cr, EPS Rs0.78. On the like-for-like restated comparative, PAT was actually down 3.8% YoY from Rs100.22 Cr (owners' share down 2.3% to Rs86.57 Cr from Rs88.65 Cr, EPS down from Rs0.80 to Rs0.78); the raw +78.7% YoY growth implied by the pre-restatement base should not be read as the underlying trend. Standalone (parent-only) PAT was Rs47.42 Cr on revenue Rs177.90 Cr; consolidated is the primary basis given the subsidiary structure. Margins compressed YoY on the like-for-like basis — operating margin fell to 78.99% from 83.42% a year ago and net margin to 35.60% from 43.16% — even as both improved sequentially from Q1's 76.83%/29.69%. The YoY squeeze traces to two lines: finance costs more than doubled to Rs40.34 Cr from Rs18.59 Cr (debt taken on to fund the Pipavav/HALPG acquisitions), while PBT itself rose only marginally YoY (Rs119.56 Cr vs Rs117.32 Cr, +1.9%); the effective tax rate also rose to 19.4% from 14.6%, compounding the pressure on the bottom line. The 38.9% QoQ PAT jump (Rs69.41 Cr to Rs96.41 Cr) is a rebound off a soft Q1 base and sequential margin rebuild, not a reversal of the YoY trend — profit is lower than a year ago, not higher. Management's August 2026 concall guided to 25% YoY volume growth (scaled back from an earlier 30-40% target) and maintained a USD 5 billion capex plan through 2030-31; this filing discloses no volume figures to verify against that marker, and revenue growth of 16-17% YoY (restated) trails it on a rough top-line proxy, though price/mix effects mean that isn't a precise substitute, so vsGuidance is left unresolved pending disclosure. No formal Street consensus estimate for this specific quarter turned up in a search; the most recent comparable public data point is Q1 FY27 (owners' PAT Rs66.1 Cr, down 6.9% YoY), so vsStreet is also unknown here. No management press release accompanied this filing beyond the standard board-outcome letter and the auditors' limited-review reports, so there is no company framing to reconcile against the numbers. During the quarter the group incorporated a new wholly-owned subsidiary, Aegis Energy Terminals Ltd (September 25, 2026) — consistent with the Rs525 Cr ammonia terminal acquisition announced August 24, 2026 — and signed framework agreements worth Rs142.5 Cr (with group company Aegis Logistics) and Rs37.17 Cr; none of these show up in the Q2 P&L yet. The company's debt-funded capacity build is the swing factor to watch going forward: finance costs and the tax rate will likely keep weighing on reported PAT growth until the under-construction liquid and gas capacity — guided to expand from 1.7 to 2.2 Mn CBM by FY27-end, including the ~100k CBM JNPA liquid-terminal phase flagged for Q3 FY27 — starts contributing revenue. Until then, YoY profit comparisons are likely to stay soft even where sequential numbers look strong.