AEGISVOPAK
Large CapAegis Vopak Terminals Limited
Power
Aegis Vopak Terminals Limited (AVTL) is India's largest third-party liquid and gas storage tank terminal owner and operator, a JV between Aegis Logistics and Royal Vopak. It offers secure storage for petroleum, chemicals, lubricants, vegetable oil, and LPG across 6 ports, with upcoming ammonia facilities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 65/100Rev +22% YoY · PAT +16% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹243 Cr | +22.1% | +1.7% |
| EBITDA | ₹179 Cr | +24.3% | +0.0% |
| Operating margin | 74.0% | +200 bps | -100 bps |
| PAT | ₹74 Cr | +15.6% | -16.9% |
| PAT margin | 30.4% | -171 bps | -679 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 Revenue from Operations grew 17.0% YoY to Rs. 9,231 Mn, with PAT up 52.1% YoY to Rs. 3,419 Mn. Q4 FY26 saw Revenue up 22.2% YoY to Rs. 2,435 Mn and PAT up 15.3% YoY to Rs. 739 Mn. EBITDA margins improved to 74.4% for FY26 and 73.6% for Q4 FY26.
AVTL demonstrates strong financial growth, driven by strategic capacity expansions and new project commissioning. The company is actively diversifying into new products like ammonia and expanding its geographical footprint. While significant capex is planned, the increase in current borrowings warrants monitoring, but overall growth drivers appear robust.
FY26 Revenue Share by Segment
Latest issuer-disclosed distribution across 2 reported categories.
New Terminal Commissioning
Commissioned 82,000 MT cryogenic LPG terminal at Mangalore in June and 48,000 MT cryogenic LPG terminal at Pipavav in July 2025. VLGC berth at Kandla commenced operations in Q3.
Ammonia Terminal Development
Announced construction of India's first independent 36,000-MT Ammonia Terminal at Pipavav, completion by Q1 FY27, with a 15-year take-or-pay agreement.
Strategic Acquisitions & Partnerships
Completed acquisition of 75% stake in HALPG, adding 25,000 MT LPG capacity at Haldia. Signed non-binding MoU with L&T for green ammonia facilities.
JNPA Expansion Project
Started JNPA expansion with capex of ₹1,675 crs, augmenting liquid capacity by 318,100 m³ and adding 77,286 MT of LPG storage and a bottling plant.
Mangalore LPG Terminal
82,000-metric-ton cryogenic LPG terminal commissioned in June 2025.
Pipavav LPG Terminal
48,000 metric ton cryogenic LPG terminal inaugurated in July 2025, increasing Pipavav's total LPG capacity to 70,800 metric tons.
Ammonia Terminal
36,000-MT Ammonia Terminal under construction at Pipavav, expected completion by Q1 FY27.
JNPA Expansion
Adding 318,100 m³ liquid storage, 77,286 MT LPG storage, and a 35,000 MTPA LPG bottling plant.
Growing LPG Consumption in India
Domestic LPG consumption is projected to grow at a CAGR of 4.5% (FY24-FY29E), driven by government support like PMUY and subsidies.
Attractive Bulk Chemicals Market
India's bulk chemicals trade is expected to grow at a CAGR of ~3.0% (FY24-FY29E), supported by 'Make in India' and PCPIR initiatives.
Ammonia Demand-Supply Deficit
Imports of ammonia are expected to meet increasing demand-supply deficit, attributed to fertilizer plants near ports.
High Capital Expenditure
Management plans to reach $1.2 billion capex by next year and $5 billion by 2030, requiring significant funding and execution capabilities.
Increased Current Borrowings
Current borrowings increased from INR 1,311 Mn in Mar-25 to INR 17,707 Mn in Mar-26, shifting debt maturity profile.
Project Execution and Ramp-up
Multiple large-scale projects (JNPA, Ammonia terminal, rail gantries) are underway, posing risks related to timely completion and utilization ramp-up.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing the underlying business growth and the impact of new capacity additions over a full year. QoQ comparison provides insight into sequential momentum, particularly from recently commissioned projects and operational ramp-ups.
Gas Throughput
FY26 Gas Throughput was 3.9 mn MT; Q4 FY26 Gas Throughput was 1.0 mn MT.
Liquid Storage Capacity
Current capacity (including announced) is 2.085 mn cbm, a 3.75x increase from pre-JV capacities.
LPG Static Capacity
Current static capacity (including announced) is 303.1k MT, a 4.5x increase from pre-JV capacities.
Ammonia Storage Terminal
Upcoming 36,000 MT Ammonia Storage Terminal at Pipavav, expected completion by Q1 FY27.
Aggressive Capex Plan
Management aims for $1.2 billion capex by next year and $5 billion aggregate capex by 2030, funded by internal accruals and prudent debt (0.6x gearing, 3.5x EBITDA cap).
Strategic Network Expansion
Company plans to expand terminals at existing locations, enter new emerging ports, and establish industrial terminals.
Diversification into Alternative Energies
Management intends to invest in capabilities for feedstock and ammonia terminals, repurposing existing infrastructure for new products like hydrogen.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capex Deployment & Debt Gearing | Targeting $1.2bn capex by next year, $5bn by 2030, with debt gearing ratio of 0.6x capped to 3.5x EBITDA. | Adherence to capex targets and maintaining debt metrics within stated prudent limits. |
| Project Commissioning & Utilization | Mangalore LPG, Pipavav LPG, Kandla VLGC berth commissioned. Ammonia terminal by Q1 FY27. JNPA expansion underway. | Timely commissioning and successful ramp-up of JNPA expansion and Ammonia terminal utilization rates. |
| Borrowings Structure | Significant increase in current borrowings from INR 1,311 Mn (Mar-25) to INR 17,707 Mn (Mar-26). | Rebalancing of debt profile and impact of increased current borrowings on finance costs and liquidity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -11.6% / mo
Technical chart
AEGISVOPAKdaily · 3Y-29.5%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 45.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 45 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 33% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 12/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -127.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 64th percentile of the scored universe and 67th percentile within Power. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 86.9%. Key concern: Only 1 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Power: 67th pctile, median 67 · Large: 39th pctile, median 74
22 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 86.9%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 7.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 65.90
- P/B
- 4.75
- EV/EBITDA
- 27.05
- Market Cap
- 20452.00Cr
Profitability
- ROE
- 10.00%
- ROCE
- 7.33%
- ROA
- 4.05%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 22.50%
Balance Sheet
- Debt/Equity
- 0.87
- Interest Coverage
- 6.24×
- Altman Z
- 4.04
- Book Value
- 38.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 702.00 Cr
- EPS TTM
- 2.80
Shareholding
- Promoter Hold
- 86.94%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.