Aegis Vopak Terminals Ltd

Subsidiary incorporation

• MCA approved incorporation of a wholly owned subsidiary on 25 September 2026.
• Authorized share capital Rs 10,00,000; paid-up capital Rs 5,00,000.
• 100% shareholding is held by the Company.
• Industry: storage and terminalling facility for LPG, oil, petroleum and chemical products.
• Turnover not applicable; subsidiary has not started operations.
• Not a related party transaction.

Rating details

• Bank loan facilities: IND AA/Positive for long-term; IND A1+ for short-term.
• Non-convertible debentures: IND AA with Positive outlook affirmed.
• Rating agency: India Ratings and Research Private Limited.

Meeting Details

• Dates: 23 September 2026 to 24 September 2026.
• Mode: in-person group meetings at CLSA Hong Kong Conference.

Participants

• Company participants: Officials (management) attending investor meetings.
• Roles: senior management / IR representatives.

Purpose

• Purpose: investor meetings at CLSA conference.

Additional Notes

• Investor presentation uploaded on stock exchanges and company website.
• No UPSI is intended to be discussed during interactions.

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.

Business overview

• Largest Indian third-party liquid and gas storage terminal owner and operator.
• Joint venture between Aegis Logistics and Vopak; two segments: Liquid and Gas.
• Upcoming capacity: 51,998 MT LPG at JNPA; 49,577 cbm liquid at Kochi.
• Capex target: USD 1.2bn next year; USD 5bn by 2030-31; gearing 0.6x.

Operational highlights

• Q1 FY27 revenue from operations INR 2,337.74 mn, up 12.4% YoY.
• Revenue from Liquid INR 1,265.35 mn; Gas revenue INR 1,072.39 mn.
• HALPG 75% stake acquired; SPA Jan 2026; HALPG becomes subsidiary.
• Fourth LPG terminal added; LPG capacity 225,800 MT; HPCL agreement to 2038.
• East Coast entry via Haldia; expansions at Mangaluru and Pipavav.

Financial performance

• FY26 revenue from operations INR 9,230.78 mn.
• EBITDA margin 76.75% in Q1 FY27; EBITDA INR 1,794.33 mn.
• PAT INR 694.14 mn; PBT INR 889.82 mn; margins pressured YoY.
• End-FY26 cash 3,022.79 mn; operating cash flow FY26 7,019.6 mn.
• Acquisition and expansion support capex and leverage.

Capital structure & liquidity

• Capex target Next Year USD 1.2bn; by 2030-31 USD 5bn.
• Debt gearing target 0.6x; cap at 3.5x EBITDA.
• End-FY26 cash 3,022.79 mn; long-term borrowings ~3,469.07 mn.

Strategic priorities & outlook

• Expand terminal network; enter new ports; industrial terminals.
• Invest in ammonia and hydrogen terminal capabilities.
• Pursue inorganic growth through acquisitions.

Risks & governance

• Risks include capex execution and HALPG integration.
• Mitigants: diversified LPG/liquid network and HPCL exclusive contract.
• Board includes Aegis and Vopak representatives; HALPG subsidiary under AVTL.

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.