Aegis Logistics Ltd

Parties

• Aegis Logistics Limited and Aegis Terminal (Pipavav) Limited (ATPL) are the parties.
• ATPL is a step-down subsidiary of the Company.

Purpose and asset

• Transfer of ammonia storage terminal, 36,000 MT, at Pipavav Port, to ATPL.
• Transaction is a slump sale on a going concern basis.

Key terms

• Consideration: INR 525 Crore payable on execution of the BTA.
• Date/completion: August 24, 2026.
• Outside Scheme of Arrangement; no values assigned under scheme.
• Related party transaction; arm's length.

Impact and governance

• Strengthens group terminalling capabilities in ammonia logistics.
• No change in Aegis Logistics' shareholding pattern.
• Cash consideration to be received; improves liquidity.
• Regulatory disclosures under SEBI LODR filed.

Regulatory action

• Demand order for March 2025 under CGST Act 2017 issued by Maharashtra tax authority.
• Penalty of Rs 11,62,128 imposed for ITC disallowance.
• Date of receipt of order: 21 August 2026.
• No material impact on finances or operations; company to appeal.
• Basis of action: ITC disallowance.

Financial Performance

• Revenue from operations: INR 2,357 crores; YoY growth 37%.
• Normalized EBITDA: INR 727 crores; YoY growth 184%.
• Profit after tax (PAT): INR 500 crores; YoY growth 212%.
• EPS: INR 13.80 for the quarter; ~54% of FY26 full-year EPS.
• Liquids division: highest-ever Q1 EBITDA; 5 consecutive quarters of EBITDA growth.
• Gas division: highest-ever EBITDA; LPG sourcing +1% YoY; gas distribution volumes +91% YoY.

Operating Update

• Mumbai Port: add 64,000 cbm liquid storage; capex ~INR 125 crores; commissioning in H1 FY27.
• JNPA: current liquid storage 101,900 cbm; expansion 318,100 cbm; LPG 77,236 mt; bottling 35,000 mt.
• JNPA capex ~INR 1,675 crores; Phase-1 ~100,000 cbm to be commissioned in Q3 FY27.
• Kandla: 952,000 cbm liquid storage; 48,000 mt LPG; CRL4 adds 94,148 cbm; commissioning next year.
• Pipavav: LPG terminal 48,000 MT; total LPG capacity 70,800 MT; VLGC jetty & rail gantry in progress.

Key Projects and Capex

• Ammonia terminal at Pipavav commissioned; 36,000 MT storage; 15-year take-or-pay with Hindustan Zinc.
• ITOCHU: 10% stake in Pipavav; board seats; intends to lift to 25% over 3 years.
• Kochi: current 82,545 cbm; expansion adds 49,577 cbm; total 132,122 cbm; commissioning early FY27.
• Mangalore: 82,000 MT LPG terminal commissioned Jun-2025; 75,000 cbm liquid capacity added; total 193,000 cbm.
• Vadhavan Port MoU: ~INR 20,000 crores investment; subject to approvals.

Liquidity and Balance Sheet

• Liquidity reserves in excess of INR 5,940 crores.
• Standalone cash: INR 2,700 crores; SEAL: INR 410 crores; Aegis Gas: INR 840 crores; Aegis International: INR 306 crores.
• Aegis Vopak is self-funded; plan equity dilution to fund capex; fortress balance sheet emphasized.
• Distribution assets financed by franchisees; minimal capex in distribution; low working capital.

Guidance and Outlook

• FY27 start strong; capacity expansions underway; multiple growth drivers.
• Distribution volumes target: ~2 million tonnes; current year to cross ~1.0 million; next year ~1.5 million.
• Margin trajectory: sustainable around INR 7,000 per ton; prior years ~INR 4,000; potential above 25% volume growth.
• Throughput enablers (jetty, rail, pipelines) to drive step-up growth beyond 25%.
• Vadhavan port investment remains subject to approvals; ammonia/energy-transition opportunities continue.

Q&A Highlights

• Distribution volumes: management aims 2 million tonnes; 1.0m this year; 1.5m next year.
• Margin clarity: INR 7,000 per ton considered sustainable long-term; 4,000 historically in earlier years.
• Enablers for growth: VLGC jetty, multimodal evacuation, rail gantry, cross-port pipelines.
• Ammonia distribution: to start immediately; industrial distribution only (not cylinders).
• Morbi LPG distribution: ongoing but not sole focus; nationwide geography emphasized.
• Balance sheet discipline: fortress balance sheet; deployments to come when opportunities arise.

Clarification on potential acquisition news

• No definitive or binding agreement with UAE's Tristar has been executed.
• Board has not approved any potential transaction requiring disclosure.
• The company regularly evaluates strategic opportunities in ordinary course of business.
• Any material developments will be disclosed to the exchanges under Regulation 30 of LODR.
• Disclosures will be made promptly as required by regulatory requirements.

AGM Details

• 69th AGM held on 07 August 2026 at 3:00 PM IST via VC/OAVM.
• Record date: 31 July 2026; on-record shareholders: 82,574.
• Attendance via VC/OAVM: promoters 2, public 42.

Key Resolutions

• Resolution 1: Adopt standalone and consolidated financial statements for year ended 31 March 2026.
• Resolution 2: Declare final dividend of Rs 6.70 and interim dividend of Rs 2 per share.
• Resolution 3: Re-appoint Amal Chandaria as director by rotation.

Dividend

• Final dividend approved: Rs 6.70 per equity share.
• Interim dividend approved: Rs 2 per equity share.

Director Changes

• Amal Chandaria retires by rotation and is re-appointed.

Auditors

• No statutory/secretarial/cost auditor changes disclosed.

Material Related Party Transactions

• No material related party transactions disclosed.

Other Material Approvals

• Voting results declared; all resolutions passed with requisite majorities.

Ammonia terminal commissioned

• Commissioned ammonia storage & terminalling terminal at Pipavav Port with 36,000 MT capacity, effective August 10, 2026.
• Developed by Aegis on behalf of Aegis Terminal (Pipavav) Limited, a step-down subsidiary.
• Terminal will be transferred subsequently and intimated to stock exchanges separately.

AGM details

• AGM held Aug 7, 2026 at 3:00 PM IST via VC/OAVM.

Key resolutions

• Adopt audited standalone and consolidated financial statements for FY26.
• Final dividend of Rs 6.70 per share; interim dividend of Rs 2 already paid.
• Re-appointment of Amal Raj Chandaria as Director by rotation.

Dividend

• Final dividend proposed: Rs 6.70 per share; total potential Rs 8.70 including interim Rs 2.

Director changes

• Director Amal Raj Chandaria retires by rotation and seeks re-appointment.

Highlights

• FY25-26 PAT rose to INR 1,106.63 crore; EPS INR 25.59.