Aegis Vopak Terminals: Business Overview & Financial Analysis
Aegis Vopak Terminals Limited is India's largest independent third-party owner and operator of liquid and gas storage terminals, headquartered in Vapi, Gujarat. Formed as a strategic joint venture between Indian logistics enterprise Aegis Logistics Limited and Dutch tank storage major Royal Vopak, the company provides critical port-based logistics infrastructure. Operating across major deep-water ports on both the east and west coasts of India, Aegis Vopak Terminals handles bulk liquids, petroleum products, chemicals, liquefied petroleum gas (LPG), vegetable oils, and industrial gases.
Business Segment Revenue Breakdown of Aegis Vopak Terminals (FY26)
Aegis Vopak Terminals derives its operational turnover from bulk gas throughput handling and liquid tank storage services across its port terminals.
- Gas Terminaling Division – 52.3% of Total Operating Revenue (Rs 482.60 crore)
- Liquid Terminaling Division – 47.7% of Total Operating Revenue (Rs 440.50 crore)
- Total Revenue from Operations (FY26) – Rs 923.10 crore (+17.0% YoY)
Gas terminaling constitutes the larger revenue segment, driven by import throughput of LPG (propane and butane) for national oil marketing companies. Liquid terminaling represents the fastest-growing vertical, supported by capacity additions and a higher-margin product mix of specialty chemicals and petroleum products.
Terminal Infrastructure & Operational Capacities of Aegis Vopak Terminals (FY26)
Aegis Vopak Terminals manages large-scale static gas storage and liquid tank farm infrastructure across key Indian maritime gateways.
- Static LPG Storage Capacity – 2,25,800 Metric Tonnes (MT)
- Annual Gas Throughput Handled – 3.95 million Metric Tonnes (MT) (+19.7% YoY)
- Liquid Terminal Capacity Utilization – 74.17%
- Operational LPG Cryogenic Terminals – 4 major gas import terminals (Pipavav, Kandla, Mangalore, Haldia)
- Pipavav LPG Terminal Capacity Addition – 48,000 MT (commissioned June 2025)
- Mangalore LPG Terminal Capacity Addition – 82,000 MT (commissioned June 2025)
Integration of Hindustan Aegis LPG and Aegis Terminal Pipavav expanded static LPG capacity to 2,25,800 MT. Newly commissioned cryogenic terminals at Pipavav and Mangalore significantly increased bulk gas handling volumes across the west coast.
Port Footprint & Geographic Presence of Aegis Vopak Terminals (FY26)
Aegis Vopak Terminals operates an interconnected terminal network situated across key industrial maritime trade corridors in India.
- Operational Port Locations – Pipavav (Gujarat), Kandla (Gujarat), Mundra (Gujarat), JNPT (Maharashtra), Mangalore (Karnataka), Kochi (Kerala), and Haldia (West Bengal)
- Coastal Network Distribution – 4 terminals on West Coast + 1 terminal on East Coast
- Connectivity Infrastructure – Direct pipeline connectivity to port jetties, railway sidings, and national highway networks
The terminal network covers high-demand industrial hinterlands across Northern, Western, and Eastern India. Direct jetty pipelines enable continuous vessel unloading, minimizing ship turnaround times for global shipping charterers.
Latest Quarterly Financial Performance of Aegis Vopak Terminals (Q4 FY26)
Aegis Vopak Terminals reported double-digit revenue growth and operating EBITDA expansion during the fourth quarter of FY26.
- Revenue from Operations – Rs 243.50 crore (+22.2% YoY)
- Liquid Terminaling Revenue – Rs 121.10 crore (+31.0% YoY)
- Gas Terminaling Revenue – Rs 122.40 crore (+14.6% YoY)
- Quarterly Gas Throughput – 1.0 million Metric Tonnes (MT)
- Operating EBITDA – Rs 179.20 crore (+24.2% YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 73.90 crore (+15.3% YoY)
Fourth-quarter operating revenue rose 22.2% year-on-year to Rs 243.50 crore, supported by a 31% surge in liquid terminaling income. Net Profit After Tax expanded to Rs 73.90 crore as quarterly gas throughput reached 1 million metric tonnes.
Consolidated Annual Financial Performance of Aegis Vopak Terminals (FY26)
Aegis Vopak Terminals recorded high top-line growth and net profit expansion for the full financial year FY26.
- Revenue from Operations – Rs 923.10 crore (+17.0% YoY)
- Operating EBITDA – Rs 686.50 crore (+19.4% YoY)
- Operating EBITDA Margin – 74.37% (+153 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 341.90 crore (+52.1% YoY)
- Net Profit Margin (PAT Margin) – 37.04%
- Board Recommended Final Dividend – Rs 0.20 per equity share
Full-year operating revenue reached Rs 923.10 crore in FY26, as Net Profit After Tax expanded 52.1% to Rs 341.90 crore. Operating EBITDA margin expanded to 74.37%, reflecting high operating leverage across port storage assets.
Financial Position & Key Balance Sheet Metrics of Aegis Vopak Terminals (FY26)
Aegis Vopak Terminals maintains a low-leverage financial profile backed by long-term non-convertible debentures and operating cash flows.
- Net Debt to Operating EBITDA Ratio – 2.64x (down from 3.06x in FY25)
- Return on Capital Employed (ROCE) – 7.68%
- Return on Equity (ROE) – 7.74%
- Listed NCD Issuances Raised (FY26) – Rs 660 crore (Series 1) + Rs 1,030 crore (Series 2)
The company reduced its Net Debt to EBITDA ratio to 2.64x at the close of FY26. Successfully issuing Rs 1,690 crore in long-term listed NCDs provided competitive capital to fund ongoing terminal construction.
Capex Pipeline & Project GATI Expansion Roadmap of Aegis Vopak Terminals (FY27–FY30)
Aegis Vopak Terminals is executing a multi-year capital expenditure framework termed "Project GATI" to scale liquid, LPG, and green ammonia handling capacities.
- Project GATI Phase-1 Capex Target – USD 1.2 billion (~Rs 10,000 crore) by end of FY27
- Long-Term Planned Capex Pipeline (by 2030) – USD 5.0 billion (~Rs 41,500 crore)
- JNPT Expansion Program Capex – Rs 1,675 crore total outlay
- JNPT Capacity Additions – 3,18,100 cubic meters (cbm) liquid storage + 77,236 MT LPG capacity
- JNPT Phase-1 Liquid Commissioning Target – Q1 FY27
- Green Ammonia Terminal Commissioning Target – Q1 FY27
Capital expenditure outlays focus on adding 3,18,100 cbm of liquid storage and 77,236 MT of LPG capacity at JNPT port. The broader USD 5.0 billion long-term expansion plan targets constructing storage infrastructure for traditional energy, bulk chemicals, and new energy vectors.
Management Commentary & Strategic Outlook of Aegis Vopak Terminals (Q4 FY26)
Management guidance highlights strategic priorities centered on commissioning JNPT expansion phases, executing take-or-pay contracts, and building green energy storage hubs.
- Management projects sustained volume growth driven by JNPT liquid capacity commissioning in Q1 FY27.
- Operating EBITDA margins are guided to remain firm in the 72%–75% band through long-term take-or-pay customer contracts.
- Ammonia terminal commissioning in Q1 FY27 will establish an early footprint in sustainable energy logistics.
- Strategic partnership with Itochu Corporation will focus on scaling bulk chemical and green ammonia throughput.
- Capital deployment will utilize internal cash accruals and long-term debt facilities to execute the USD 1.2 billion Project GATI pipeline.
Management anticipates growing national energy import dependency to drive strong demand for port-based storage infrastructure. Operational focus centers on executing the JNPT expansion, onboarding long-term industrial clients, and advancing green energy terminal projects.
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Sources & References
- Aegis Vopak Terminals Limited Q4 & Full Year FY26 Earnings Conference Call Transcript (June 9, 2026)
- Aegis Vopak Terminals Limited Q4 & Full Year FY26 Consolidated Financial Results Disclosures (May 28, 2026)
- Aegis Vopak Terminals Limited Red Herring Prospectus (RHP) & BSE/NSE Exchange Filings
- Ticker Finology Aegis Vopak Terminals Page
Disclaimer
The information presented above on Aegis Vopak Terminals Limited has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Aegis Vopak Terminals Limited page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.