Aegis Vopak Terminals Limited has delivered robust financial performance for Q3 FY26 and nine-month FY26, demonstrating strong operational execution and strategic expansion across its terminal network. The company's results reflect sustained growth momentum in both liquid and gas terminalling segments.

Financial Performance Highlights

The company reported impressive growth metrics for Q3 FY26, with revenue from operations reaching Rs. 1,974.89 Mn compared to Rs. 1,614.98 Mn in Q3 FY25, representing a 22.3% year-on-year increase. EBITDA grew 23.0% to Rs. 1,459.04 Mn, maintaining a strong margin of 73.88%. Profit after tax surged 62.7% to Rs. 615.15 Mn from Rs. 378.00 Mn in the previous year.

For the nine-month period FY26, the company achieved revenue of Rs. 5,491.29 Mn (+18.3% YoY) and PAT of Rs. 1,631.60 Mn (+90.0% YoY), with EBITDA of Rs. 4,032.46 Mn (+18.1% YoY).

Segment Performance and Revenue Mix

The company's revenue composition shows a balanced portfolio with liquid terminalling contributing 59.0% and gas terminalling 41.0% of total revenue for the nine-month period. In Q3 FY26, liquid revenue grew 37.0% to Rs. 1,165.01 Mn, while gas revenue increased 6.0% to Rs. 809.88 Mn.

Strategic Developments and Capacity Expansion

The company achieved several operational milestones during the period. Key developments included the commissioning of an 82,000-metric-ton cryogenic LPG terminal at Mangalore Port in June, with the maiden LPG vessel received in Q2 FY26. The company also inaugurated a 48,000 metric ton cryogenic LPG terminal at Pipavav Port in July 2025, increasing total LPG capacity to 70,800 metric tons.

The company signed significant long-term agreements, including a 15-year take-or-pay agreement with a large conglomerate to manage petroleum products at Pipavav, handling over half a million metric tons annually. Additionally, construction began on India's first independent 36,000-MT Ammonia Terminal, scheduled for completion by Q1 FY27.

Acquisitions and Infrastructure Projects

Aegis Vopak completed the acquisition of a 75% stake in HALPG (Hindustan Aegis LPG Ltd), adding 25,000 MT of LPG capacity at Haldia and providing strategic entry into the East Coast market. The acquisition includes an LPG terminal, attached bottling plant, and an exclusive HPCL terminalling agreement valid until 2038.

The company initiated JNPA expansion with a capex of Rs. 1,675 crores, including augmentation of existing 101,900 m³ liquid capacity with 318,100 m³ additional liquid storage, 77,286 MT of LPG storage, and a 35,000 MTPA LPG bottling plant.

Financial Metrics and Operational Efficiency

The company maintained strong operational efficiency with EBITDA margins consistently above 73% across quarters. Finance costs decreased significantly to Rs. 195.23 Mn in Q3 FY26 from Rs. 497.78 Mn in Q3 FY25, contributing to improved profitability. The company's balance sheet shows total assets of Rs. 61,225.44 Mn as of FY25, with strong cash and cash equivalents of Rs. 5,916.72 Mn.

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Aegis Vopak Terminals Limited has filed its quarterly monitoring agency report for Q3FY26 with the National Stock Exchange and BSE Limited, providing detailed insights into the utilization of proceeds from its ₹2,800 crore Initial Public Offering conducted in May 2025.

IPO Proceeds Utilization Overview

CARE Ratings Limited, appointed as the monitoring agency, reported comprehensive utilization of the IPO funds as of December 31, 2025. The monitoring report confirms that ₹2,797.95 crore has been deployed across the stated objectives, with only ₹2.05 crore remaining unutilized.

Objective-wise Fund Deployment

The company has allocated funds across four primary objectives as outlined in the offer document. The largest portion, ₹2,015.95 crore, was utilized for debt repayment and prepayment of outstanding borrowings, which was completed on June 6, 2025.

The capital expenditure for the contracted acquisition of the cryogenic LPG terminal at Mangalore was completed on June 25, 2025, utilizing the full allocated amount of ₹671.30 crore.

Quarterly Activity and Compliance

During Q3FY26, the company utilized ₹22.34 crore specifically towards offer-related expenses, representing reimbursement of issue expenses. The monitoring agency confirmed no major deviations from previous reports and noted that all government and statutory approvals related to the objectives have been obtained.

The report indicates that ₹1.37 crore was additionally allocated to general corporate purposes beyond the original ₹3.63 crore, as permitted under the implementation schedule. This adjustment brought the total general corporate purposes allocation to ₹5.00 crore.

Fund Management and Investment

The remaining ₹2.05 crore is maintained in the monitoring account, which includes ₹1.27 crore in interest income earned from a fixed deposit with Axis Bank at 5.50% interest rate. CARE Ratings confirmed that the means of finance for disclosed objectives have not changed, and no unfavorable events affecting the viability of these objectives were observed.

Implementation Timeline

All major objectives were completed within the FY26 timeline as specified in the offer document, with no delays reported. The IPO, conducted from May 26-28, 2025, raised funds for a company engaged in storage and warehousing services, specifically LPG and liquid products terminalling facilities. The monitoring agency's assessment confirms adherence to regulatory requirements under SEBI regulations for IPO proceeds utilization.