Aegis Vopak Terminals Ltd

Key Update

• ATPL to acquire ammonia storage terminal of 36,000 MT at Pipavav Port.
• BTA with ALL (promoter) enables the transfer on slump sale basis.
• Investment INR 525 crore funded by internal accruals and debt.
• Effective date August 24, 2026; capacity addition strengthens group position.
• Arm's-length arrangement between ATPL and ALL.

Financial Performance

• Revenue from operations: INR 233.8 crores, up 12.4% YoY.
• Liquid terminal revenue: INR 126.5 crores, up 31% YoY.
• Gas terminaling revenue: INR 107.2 crores, down 3.5% YoY.
• Operating EBITDA: INR 179.4 crores, margin ~76.7%.
• Cash PAT: INR 124.9 crores.

Port & Capacity Highlights

• JNPA liquid storage: ~101,900 cbm; expansion 318,100 cbm; LPG 77,236 MT; bottling 35,000 MT.
• Phase 1 expansion: ~100,000 cbm liquid storage commissioned in Q3 FY27.
• Haldia: 75% stake in Hindustan Aegis LPG; +25,000 MT LPG; HPCL exclusivity through 2038; total 226,890 cbm.
• Kandla: 952,000 cbm liquid storage; 48,000 MT static LPG; VLGC-ready terminal.
• CRL4 liquid terminal: ~94,148 cbm; commissioning later next year.
• L&T MOU for ammonia terminals at Kandla.

Pipavav, Kochi & Mangalore Developments

• Pipavav: 48,000 MT cryogenic LPG terminal commissioned Jun-2025; total ~70,800 MT.
• Pipavav ammonia storage: 36,000 MT; 15-year take-or-pay with Hindustan Zinc for DAP plant.
• Pipavav jetty: VLGC-ready; rail gantry; 0.5+ MTPA take-or-pay; year-end operations.
• Kochi: current 82,545 cbm; expansion 49,577 cbm; total 132,122 cbm; commissioning early next financial year.
• Mangalore: 82,000 MT cryogenic LPG terminal; total liquid storage 193,000 cbm; 75,000 cbm added last year; potential 60,000 cbm more.

Strategic Growth & New Opportunities

• Vadhavan port: non-binding MoU; potential investment ~INR 20,000 crores.
• Entry into inland depots, strategic storage and industrial terminals beyond port-based assets.

Outlook & Capex Plan

• Capex objective: USD 5 billion by 2030-31.
• Capex funding: debt up to USD 3 billion; equity around USD 2 billion.
• Debt/EBITDA cap: 3.5x; debt gearing limit: 0.6x.
• Equity dilution target: ~25% by June 2028.

Q&A Highlights

• Gas throughput charges fixed per MT: INR 1,175; some pay ~INR 1,200; throughput is volume-based.
• LPG tariff parity: across terminals; focus on volume and turnover rather than rate.
• Capacity expansion: multiple pipelines online this year; Jamnagar-Loni already operational; Kandla-Gorakhpur to be online in 2-3 months; Haldia-Panagarh by Oct/Nov; Pipavav/Mangalore pipelines in view.
• Sourcing strategy: diversified (Argentina, Canada, US, Nigeria); partner ITOCHU; not Middle East dependent.
• Growth target: ~25% YoY volume growth supported by new capacity and faster turnarounds.
• Funding mix: plan to fund capex via debt and equity; notional 0.6x gearing and 3.5x EBITDA cap.

Risks & Watchpoints

• Execution risk of large capex and timely commissioning across multiple ports.
• Regulatory approvals and land / regulatory clearances for new sites.
• Geopolitical and supply chain dynamics impacting LPG supply and logistics.

Meeting Details

• Date and time: August 14, 2026, 03:00 P.M. IST.
• Type and mode: Group earnings conference call; audio recording.
• Event/organiser: Not specified.
• Company participants: Company Secretary and Compliance Officer.
• Purpose: Discuss unaudited quarterly results for quarter ended June 30, 2026.
• Availability: Recording on company website under investors presentations.

AGM Details

• 13th AGM held on Friday, August 7, 2026 at 11:00 a.m. via VC/OAVM.
• Record date: 31 July 2026; 54,584 shareholders on record.
• Scrutinizer: Mr. Prasen Naithani; all resolutions passed.
• Results uploaded on the company website.

Resolutions & Outcomes

• Adopt Audited Standalone and Consolidated Financial Statements for year ended March 31, 2026 (Ordinary); passed with 99.71% in-favour.
• Declare final dividend on equity shares at 2% (Rs 0.20) for FY2025-26; in-favour 100%.
• Re-appoint Murad Mohammed Husein Moledina by rotation; Ordinary; in-favour 99.42%.
• Approve material related party transaction with Aegis Logistics Limited; Ordinary; in-favour 99.58%.
• Approve material related party transaction with Aegis Gas Pvt Ltd (AGPL); Ordinary; in-favour 99.58%.
• Approve material related party transaction with Sea Lord Containers Limited; Ordinary; in-favour 99.58%.

Dividend

• Final dividend of Rs 0.20 per equity share approved.

Director Changes

• Director Murad Mohammed Husein Moledina re-appointed by rotation.

Related Party Transactions

• Related party transaction with Aegis Logistics Limited approved; ordinary; value not disclosed.
• Related party transaction with Aegis Gas Pvt Ltd (AGPL) approved; ordinary; value not disclosed.
• Related party transaction with Sea Lord Containers Limited approved; ordinary; value not disclosed.

Auditor Appointments

• No auditor appointments or changes disclosed at the AGM.

Other Material Approvals

• No other material approvals disclosed beyond the resolutions and dividend.

AGM details

• 13th AGM held on Aug 7, 2026 at 11:00 a.m. IST via VC/OAVM.
• Quorum present; meeting conducted through AVC as per MCA/SEBI guidelines.
• Scrutinizer appointed; remote e-voting Aug 3–6, 2026; AGM e-voting conducted.
• Voting results to be communicated to exchanges and uploaded within two working days.

Key resolutions

• Adopt audited standalone and consolidated financial statements for year ended 31 March 2026.
• Declare final dividend at 2% (Rs 0.20 per share) for FY 2025-26.
• Re-appointment of Mr. Murad Moledina as Director, liable to retirement by rotation.
• Approve material related party transactions with Aegis Logistics Limited (Promoter).
• Approve material related party transactions with Aegis Gas (LPG) Private Limited (fellow subsidiary).
• Approve material related party transactions with Sea Lord Containers Limited (fellow subsidiary).

Voting status

• Voting results to be communicated and uploaded within two working days.

Related party transactions

• Aegis Logistics Limited (Promoter) RPT approved.
• Aegis Gas (LPG) Private Limited RPT approved.
• Sea Lord Containers Limited RPT approved.

Other material developments

• Company highlighted ongoing LPG/liquid capacity expansions and acquisitions; no AGM-specific approvals disclosed.

Business overview

• AVTL is India's largest third-party liquid and gas storage terminal owner/operator.
• Joint venture between Aegis Logistics and Royal Vopak; operates Liquid and Gas segments.
• Q1FY27 new projects include LPG storage at JNPA and liquid storage at Kochi.
• Strategic plan includes capex expansion and potential inorganic growth.

Operational highlights

• Q1 FY27 projects: 51,998 MT LPG refrigerated storage at JNPA.
• Q1 FY27 liquid storage: 49,577 cbm at Kochi.
• Acquired 75% HALPG stake; board approval 29 Oct 2025; SPA 2 Jan 2026; HALPG subsidiary.
• Fourth LPG terminal added; total capacity 225,800 MT.
• Exclusive HPCL agreement till FY 2038.
• East Coast entry via Haldia terminal project.
• LPG capacity consolidation of 25,000 MT.
• Connectivity to pipelines and rail enhances evacuation.

Financial performance

• Q1 FY27 revenue from operations ₹2,337.74 mn; YoY +12.4%.
• Q1 FY27 EBITDA ₹1,794.33 mn; margin 76.75%.
• Q1 FY27 PBT ₹889.82 mn; PAT ₹694.14 mn; margin 29.69%.
• FY26 revenue ₹9,230.78 mn; EBITDA ₹6,864.53 mn; PAT ₹3,419.21 mn.
• FY26 EBITDA margin 74.37%; PAT margin 37.04%.
• FY26 long-term borrowings ₹3,469.07 mn; cash ₹3,022.79 mn.
• FY26 capex plan: reach $1.2b next year; $5b by 2030-31.

Capital structure & liquidity

• Capex funded by internal accruals with prudent debt use.
• Gearing target 0.6x; cap at 3.5x EBITDA.
• HALPG acquisition approvals: board approval; subject to shareholder approval; HALPG becomes subsidiary.

Strategic priorities & outlook

• Capex target of $1.2b next year; $5b by 2030-31.
• Expand network across existing and new ports; industrial terminals.
• Invest in ammonia and hydrogen terminals; energy-transition products.
• Pursue inorganic growth; leverage past acquisitions.
• Exclusive HPCL agreement provides revenue visibility till 2038.

Risks & mitigation

• Risks include project delays and financing constraints.
• Mitigated by diversified multi-port network and HPCL agreement.

Governance & leadership

• HALPG board approval 29 Oct 2025; shareholder approval pending.
• HALPG becomes subsidiary; board includes Aegis and Vopak representatives; independent directors.
• ESG ratings: AVTL AA; Vopak AAA; robust safety programs.

Parties and purpose

• KCPL (Konkan Storage Systems Kochi Private Limited) and Sea Lord Containers Limited are the counterparties.
• KCPL is a wholly owned subsidiary of the issuer; SCL is in the Promoter Group.
• Framework Agreement to construct liquid storage tanks totaling 49,577 cbm plus loading bays and a CS pipeline.
• Consideration: KCPL will pay INR 37,17,00,000 to SCL upon execution.
• Related party: KCPL is a subsidiary; SCL is promoter group; transaction is at arm's length.
• Impact: Initiates a new storage capacity project affecting future cash flows and asset base.
• Other disclosures: No termination/amendment details disclosed; regulatory approvals not specified.
• No share issuances or loans are involved.
• No regulatory approvals specified in filing.

Parties

• Aegis Vopak Terminals Limited and Aegis Logistics Limited (ALL).

Purpose

• Framework Agreement to construct a refrigerated propane storage tank at JNPA (51,998 MT).

Consideration

• Payment of INR 142.5 crore upon execution of the Framework Agreement.

Related party status

• ALL is a promoter of AVTL; transaction is at arm's length.

Impact

• Post-completion Asset Transfer Agreement to be executed between AVTL and ALL.

Regulatory / other disclosures

• Not expressly disclosed in filing; no other conflicts noted.

Amendment / termination

• Not applicable in filing.

Meeting Details

• Date and time: August 14, 2026 at 3:00 PM IST.
• Event: Aegis Vopak Terminals Ltd – Q1 FY27 Earnings Call.
• Type and mode: group earnings conference call; virtual teleconference.

Participants

• Key company participants: Chairman & Managing Director; Non-Executive Director.

Purpose

• Purpose: discuss Q1 FY27 earnings with analysts and investors.