Aegis Vopak Terminals subsidiary Aegis Terminal (Pipavav) has acquired a 36,000 MT ammonia storage terminal for ₹525 crore. The transaction was executed on August 24, 2026, through a Business Transfer Agreement with promoter Aegis Logistics Limited.

Acquisition details

The deal involves the purchase of a specialized ammonia storage terminal with a static capacity of 36,000 MT at Pipavav Port. The asset is being acquired on a going concern basis via a slump sale. This addition strengthens the group's chemicals and gas logistics portfolio, targeting demand from fertilizer, industrial, and energy transition sectors.

The following table summarises the key parameters of the acquisition:

Regulatory disclosures

The transaction was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It is classified as a related-party transaction, conducted on an arm’s length basis between the subsidiary and one of the company's promoters.

Aegis Vopak Terminals reported a 12.4% year-on-year increase in revenue from operations to ₹233.8 crore for the first quarter of FY27, driven primarily by strong performance in its liquid terminaling segment. The company’s operating EBITDA grew 15.6% to ₹179.4 crore, reflecting an operating margin of approximately 76.7%, while cash profit after tax stood at ₹124.9 crore. Management highlighted that the financial momentum was supported by higher liquid volumes, new capacity additions, and operating leverage, despite geopolitical headwinds affecting gas throughput.

Financial Performance Breakdown

The revenue mix shifted significantly toward liquids, which contributed 54.1% of total revenue compared to 45.9% from gas terminaling. Liquid terminaling revenue surged 31% year-on-year to ₹126.5 crore, benefiting from matured capacities commissioned in the previous fiscal year and a favorable product mix. In contrast, gas terminaling revenue declined 3.5% to ₹107.2 crore, with quarterly throughput standing at approximately 0.9 million metric tons. Management attributed the gas segment's softness to geopolitical disruptions, noting that while national oil companies faced sourcing challenges, Aegis Vopak maintained diversified sourcing strategies that mitigated severe impact.

What the Numbers Show

The divergence between liquid and gas segment performance highlights the company’s evolving revenue structure. While gas throughput faces volatility due to geopolitical factors and fixed throughput charges (standardized at roughly ₹1,175–₹1,200 per metric ton), the liquid segment benefits from higher realization rates at newer facilities like JNPA Plot 1, where realizations are double the blended average. This structural shift suggests that future profitability will be increasingly driven by liquid capacity utilization and multimodal evacuation infrastructure rather than pure volume growth in gas.

Capacity Expansion and Strategic Projects

Aegis Vopak announced several key capacity additions during the quarter. At JNPA, the board approved a 52,000 metric ton refrigerated double-wall steel LPG storage tank, adding to an existing expansion plan with a total capital outlay of ₹1,675 crore. The first phase of liquid storage expansion at JNPA is expected to be commissioned in Q3FY27. Additionally, the company sanctioned 49,577 cubic meters of additional liquid storage capacity at Kochi, bringing total capacity there to 132,122 cubic meters upon commissioning early next fiscal year.

At Pipavav, the company commissioned a specialized ammonia storage facility with a static capacity of 36,000 metric tons, securing a 15-year take-or-pay agreement with Hindustan Zinc. Management also highlighted progress on multimodal evacuation, including the operational Jamnagar-Loni LPG pipeline and the upcoming Kandla-Gorakhpur pipeline, expected to connect in H1FY27. These infrastructure improvements aim to enhance turnaround efficiency and support a targeted annual volume growth rate of 25%.

Outlook and Funding

Management reaffirmed its objective to complete a $5 billion capex program by 2030-31, funded through a mix of debt, equity, and internal accruals. The company maintains a debt gearing limit of 0.6 times and interest coverage of 3.5 times EBITDA. With over 25 projects underway across seven ports, including potential entry into inland depots and strategic storage, Aegis Vopak emphasized its transition from a purely port-based operator to a broader energy logistics infrastructure provider.