Aegis Vopak Q1 FY27: consolidated PAT -12% YoY like-for-like as tax rate, costs bite

Aegis Vopak Terminals' consolidated PAT came in at ₹69.4 Cr, down 6.0% QoQ from ₹73.9 Cr. The YoY comparison needs care: this filing restates the Q1 FY26 base to ₹208.0 Cr revenue / ₹78.8 Cr PAT to include Hindustan Aegis LPG and Aegis Terminal (Pipavav), both consolidated via common-control pooling of interest after the print. On that like-for-like base, revenue grew a healthy 12.4% YoY to ₹233.8 Cr, but PAT actually fell 11.9%. The raw comparison against last year's originally reported ₹164.0 Cr revenue and ₹47.7 Cr PAT (+42.5%/+45.5%) is a scope-change artifact, not organic growth, and is not the number that should anchor the verdict. EPS was ₹0.60 versus ₹0.69 a year ago (restated). The margin bridge explains the gap: net profit margin compressed to 29.7% from 37.9% (restated) even as the company's own operating-margin metric held near flat (76.8% vs 74.8%). PBT itself slipped 6.0% YoY (adjusted) to ₹89.0 Cr as finance costs (+29.9% YoY to ₹39.3 Cr) and depreciation (+32.8% YoY to ₹55.5 Cr) outran revenue growth — consistent with the heavy capex ramp management flagged on the last call. The bigger swing sat in tax: the effective rate jumped to 22.0% from 16.8% a year ago and 15.2% in Q4 FY26, turning a modest PBT decline into a sharper PAT drop. Segment mix diverged sharply too — Liquid Terminal revenue rose 30.6% YoY to ₹126.5 Cr while Gas Terminal revenue fell 3.5% YoY to ₹107.2 Cr. Street had already turned cautious ahead of this print: analysts cut FY27 revenue estimates from ₹1,410 Cr to ₹1,260 Cr and EPS from ₹4.77 to ₹4.06, and Jefferies trimmed its target to ₹240 from ₹255 despite keeping a Buy rating — our pre-result preview's own Q1 revenue/PAT range (₹2,400-2,450 Cr / ₹900-950 Cr) is roughly 10x the company's actual quarterly scale and looks like a data error rather than a usable estimate, so the Street's cautious tone (not the mis-scaled figures) is the relevant benchmark, and this print validates that caution. Against management's own prior guidance of 30-40% YoY throughput growth and gas terminaling becoming the dominant segment, the quarter missed on both counts: adjusted revenue growth of 12.4% trails the guided range and the gas segment shrank YoY. On corporate actions, the company sold a 10% stake in Aegis Terminal (Pipavav) to Itochu for ₹80.3 Cr in Q4 FY26 (the gain shows up only in standalone other income, explaining that quarter's outsized standalone PAT and this quarter's steep standalone QoQ decline), paid its FY26 final dividend (record date July 10, 2026), and holds its 13th AGM with a capex update on August 7, 2026.