Aegis Logistics delivered a record financial performance in the first quarter of FY27, with profit after tax (PAT) jumping 212% year-on-year to ₹545 crore from ₹175 crore in the corresponding period of FY26. The company’s normalized EBITDA expanded by 184% to ₹727 crore, while revenue from operations grew 37% to ₹2,357 crore. Earnings per share (EPS) for the quarter stood at ₹13.80, representing approximately 54% of the full-year EPS delivered in FY26.

Segment Performance

The LPG segment was the primary growth driver, reporting an EBITDA of ₹591 crore, up 296% year-on-year. This surge was fueled by a 91% year-on-year increase in distribution volumes to a record 2.77 lakh metric tons. Logistics throughput remained resilient at 1.124 million metric tons despite global geopolitical disruptions, while sourcing volumes saw a marginal year-on-year increase to 1.21 lakh metric tons.

The Liquid division also posted consistent growth, with revenue rising 24% year-on-year to ₹178 crore. The segment’s EBITDA increased 28% to ₹136 crore, marking its fifth consecutive quarter of EBITDA growth.

*Revenue for Q1FY26 derived from 37% growth statement.

Infrastructure Expansion

Management highlighted significant capacity expansions across its port network. At Mumbai Port, an additional 64,000 cubic meters of liquid storage is under development with commissioning targeted for H1FY27. At JNPA, a major expansion including 318,100 cubic meters of liquid storage and 77,236 metric tons of LPG capacity is underway, with the first phase expected in Q3FY27.

At Pipavav, the company commissioned a specialized ammonia terminal with a static storage capacity of 36,000 metric tons. A 15-year take-or-pay agreement with Hindustan Zinc has been signed to service part of its upcoming DAP plant. Additionally, strategic partner ITOCHU Corporation has acquired a 10% stake in Aegis Terminal Pipavav Limited, with intentions to increase this to 25% over three years.

What the Numbers Show

The divergence between volume growth and margin expansion in the LPG distribution business highlights the impact of operational efficiencies. While distribution volumes rose 91%, management indicated that blended margins have stabilized around ₹7,000 per ton, up from the historical ₹4,000 level. CFO Murad Moledina attributed this structural shift to procurement efficiencies gained from higher volumes and VLGC compliance, suggesting that these margins are sustainable beyond temporary geopolitical premiums.

Balance Sheet and Outlook

The company maintains liquidity reserves exceeding ₹5,940 crore, supporting a fortress balance sheet strategy. Cumulative capex is projected to reach approximately $1.2 billion in FY27, with a pipeline of roughly $5 billion identified through FY31. Management targets a gearing ratio of approximately 0.6, utilizing a balanced mix of equity, internal accruals, and debt to fund expansions across traditional energy and energy transition value chains.

Aegis Logistics Limited shareholders approved a final dividend of ₹6.70 per equity share at the company’s 69th Annual General Meeting (AGM) held on August 07, 2026, reflecting a strong financial performance with consolidated profit after tax (PAT) rising 40.54% to ₹1,106.63 crore in FY26. The total dividend payout for the fiscal year stands at ₹8.70 per share, including an interim dividend of ₹2.00 per share declared earlier. This outcome underscores the group’s robust growth driven by its liquids and gas terminalling businesses, alongside a strengthened balance sheet characterized by zero net debt and a low debt-to-equity ratio of 0.04.

The meeting was conducted via Audio Video Conference (AVC) in compliance with Ministry of Corporate Affairs and SEBI guidelines. Raj K. Chandaria, Chairman & Managing Director, presided over the proceedings, which commenced after confirming the requisite quorum. Sneha Parab, Company Secretary, outlined the voting procedures, while Prasen Naithani, Practicing Company Secretary, served as the Scrutiniser for remote e-voting that ran from August 03 to August 06, 2026. The Secretarial Audit Report and Statutory Audit Report for the year ended March 31, 2026, revealed no qualifications or adverse observations regarding the company’s financial transactions or secretarial matters.

Key Financial and Operational Highlights

The Chairman’s speech detailed the operational drivers behind the financial results, emphasizing expansion in storage infrastructure and successful capital market activities by subsidiaries. Aegis Vopak Terminals Limited (AVTL), a subsidiary, listed its equity shares on BSE and NSE on June 02, 2025, raising ₹2,800 crore through primary issuance. AVTL subsequently raised debt capital via private placement and listed non-convertible securities on NSE’s debt segment.

Strategic Capacity Expansions

The company continued to expand its infrastructure footprint across major Indian ports. At Mumbai Port, development began on new liquid tank terminals on approximately 19,000 square meters of land, adding 61,000 kilolitres of liquid storage capacity at Pirpau. The landmark J2 Project at Jawaharlal Nehru Port (JNPA) is progressing as planned; Phase-I liquid storage capacity is expected to be commissioned in Q1 FY27. This project includes 318,100 cubic metres of liquid storage, 77,286 MT of cryogenic LPG capacity, and a 35,000 MT per annum LPG bottling plant.

Additionally, the group commissioned cryogenic LPG terminals with capacities of 48,000 MT at Pipavav port and 82,000 MT at New Mangalore. Construction of India’s first independent Ammonia Terminal, with a capacity of 36,000 MT at Pipavav, is underway and scheduled for commissioning in H1 FY27. At Kandla Port, the Group has been allotted a plot for a 94,148 cubic metre liquid terminal, reinforcing its existing capacity in the region.

Governance and Resolutions

Shareholders approved three ordinary resolutions during the AGM. Besides the adoption of audited standalone and consolidated financial statements and the declaration of dividends, members re-appointed Amal Raj Chandaria (DIN: 09366079) as a Director, who retires by rotation and offered himself for re-appointment. The Chairman noted that speaker shareholders had no unresolved queries, as their concerns were addressed in the speech. Voting results were communicated to stock exchanges and uploaded on the company website within two working days of the meeting.