Strong capex pipeline, soft sequential, volumes capped at 25%

Filed result shows 42.5% YoY growth; 12.4% appears organic, acquisition (Haldia) contribution not disaggregated

Gas terminaling down 3.5% YoY to ₹107.2 Cr; only 0.9M MT quarterly throughput

Liquid revenue ₹126.5 Cr, +31% YoY verified; new JNPA capacity maturing now drives realization gains

Filed OPM 76.8% implies EBITDA ~₹179.3 Cr; growth figure verified

Prior guidance was 30-40% YoY throughput growth; now capped at 25%

Reported PAT only ₹69.4 Cr (NPM 29.1%); large depreciation impact (~₹55 Cr); actual cash profile weaker than narrative

Prior Q4 FY26 call stated 30–40% YoY throughput growth; now states 'at least 25%' — effective 5–15pp cut in expectation

₹75% stake in Hindustan Aegis LPG (Q1 close) added 25k MT LPG capacity and 10-year HPCL contract; masks organic slowdown

36k MT capacity at Pipavav; 15-year take-or-pay with Hindustan Zinc (0.25–0.5 MMT p.a.); realizations 2.5–3x LPG

Reaffirmed USD 5B by 2030-31; targets USD 2B equity net worth by June 2028 (via forced dilution to 25%); debt cap at 0.6x gearing, 3.5x EBITDA

Diversified sourcing (Argentina, Canada, Nigeria vs Middle East) and distribution ramp credited for outperformance vs OMCs during Hormuz crisis; structural, not one-time

Standard rate ₹1,175 per MT (principals ₹1,200); infrastructure usage business, volume-focused, not pricing-flexible; different from distribution which takes inventory risk

LPG volumes recovering (now 80–85% of historical run-rate); PNG not yet ubiquitous in rural 60% of India; macro demand sound

All energy-intensive sectors; LPG is portable, cheap, low-carbon; industries will build custody infra after shortage lessons

Diversified sourcing (Argentina, Canada, Nigeria, US); ships never stuck in Hormuz; distribution ramp enabled fillage optimization; not convenience-source reliant

Yes; 4 pipelines online this year (Jamnagar-Loni live, Kandla-Gorakhpur/Haldia-Panagarh/Mangalore-Hassan by year-end); multimodal evacuation enabling capacity utilization; committed to 25% CAGR

Plant rated 0.5 MT p.a., currently operating sub-capacity; pipeline will enable ~0.25–0.5 MT incremental (customer-laid, not ours); helpful but modest

10k Cr by March/June 2027; liquid 1.7→2.2 MMT by FY27-end, 2.2→~3 by FY28-end; post-10k crore: inland depots, strategic storage, industrial terminals, inorganic M&A

Geopolitics/war; ships stuck in Strait of Hormuz hurt national oil companies; despite that, revenue up YoY, PAT up—managed to stay stable

Occupancy metric not used (fixed rate on CBM basis); capacity pricing, not utilization. Improved revenue from JNPA Plot 1 maturing; realization gains ongoing

Can do ~3 turns/year (theoretically 1 MT p.a.); projecting 20–25% utilization Year 1; realizations 2.5–3x LPG, offsetting lower volume

Capacities from FY26 now fully ramped (especially JNPA Plot 1); product mix improved (higher-value products); JNPA realization ₹6k/ton vs blended ₹3k

Base only 10% of market; 25% growth is 2.5% of market increment (I capture growth via new capacity, terminal efficiency). Replacing old, inefficient operators. Strategic storage/inland extend addressable market

Mix of all three: new capacities online, product mix shift, higher turnaround/usage; bottom-line EBITDA growth is what matters

Never say no; follow demand; if sustainable growth seen, will expand; customer-driven, not speculative

LPG tariff uniform across all (₹1,200 range); volume-game, not pricing-game; fast turnaround key, not tariff

That was group; Aegis AVTL did 3.9 MMT FY26; targeting 25% minimum YoY; multiple sites ramping simultaneously (~25+ projects); hard to time

Mix of both; debt cap 0.6x gearing, 3.5x EBITDA (USD 3B max from debt); equity target USD 2B net worth by June 2028 (mandatory dilution to 25% by then); funded plan

200 ports in country, only 7 today; opportunities for inland depots, strategic storage, industrial terminals; case-by-case; Vadhavan within USD 5B framework

100k CBM JNPA Phase 1 by Q3 FY27; Kochi 49.6k CBM by Apr 2027; Kandla CRL4 94.1k CBM by later FY28

JNPA expansion ₹1,675 Cr, ammonia terminal online, multiple liquid/gas projects underway; on track

Down from prior 30–40% target; pipeline connectivity and new capacity aim to sustain 25%; contingent on Hormuz stabilization and market absorption

Q1 FY27 at 76.7%; capacity mix improving (JNPA premium realization); operating leverage from new terminals

20–25% Year 1 utilization; dependent on customer demand ramp and pricing sustainability

Maintained prior target; beyond 10k Cr (Mar 2027), additional 35k Cr over subsequent 3–4 years; inland, strategic storage, industrial terminals in pipeline

USD 3B max debt for USD 5B capex; USD 2B equity net worth by June 2028; mandatory second dilution to 25% ownership by then

Middle East LPG sourcing disrupted in FY26–FY27 by geopolitics. While Aegis diversified (Argentina, Nigeria, Canada), cost premiums and supply rationing could return. Gas EBITDA margin vulnerable if energy repricing occurs.

Target 25% YoY growth against 4.5–5% market growth; market share now ~20%, up from ~15%. At current trajectory, Aegis will plateau at 25–30% within 3–5 years. Incremental growth then requires new products/markets (ammonia, inland, strategic storage) or acquisition.

₹10k Cr capex by Mar 2027, USD 5B by 2030-31. 25+ simultaneous projects across 7 ports and new verticals (ammonia, inland, strategic storage). Port authority approvals, regulatory clearances, customer commitments all subject to external delays. Pipavav liquid rail gantry, Mangalore rail/bottling, Kandla CRL4 all targeted for later-FY27/FY28 but prone to vendor/logistics slippage.

Gas terminaling revenue ₹107.2 Cr, −3.5% YoY on 0.9 MMT Q1 throughput. Despite new cryogenic capacity at Pipavav (48k MT, Jun 2025) and Mangalore (82k MT, Jun 2025), segment not growing. Geopolitics, lower import demand, and old-terminal competition cited; but underlying demand weakness plausible.

Management targets 0.6x debt gearing and 3.5x EBITDA caps to fund USD 5B capex; max USD 3B debt, USD 2B equity. Mandatory second dilution to 25% ownership by June 2028 already committed. If EBITDA growth lags or capex inflates, leverage could spike or dilution exceed guidance.