Aegis Logistics

“So it was 1.1 million metric tons and 1.3 million metric tons in Q2 makes it 2.4 million metric tons. We should definitely have an upside on the previous year 5.1 million metric tons that we did.”

“The second half of the year promises to be as good, if not better. Generally speaking, we have a better second half”

“On Mangalore Port, the liquid storage, the 75,000 cubic meters last -- added last year is now fully operational and operating at 100% utilization, taking our total capacity to 193,000 cubic meters.”

“As you are aware, once our JNPA comes up, we would have a huge capacity of around 29 million tons, which we will be able to handle from our 6 terminals across India”

“So, if you get around INR10,000 a metric ton and you have built a terminal capable to do 1 million tons”

“29 million tons is when JNPA next year is going to be ready. Currently, we are at 20 million tons. So we are around 25% plus as far as capacity utilization is concerned.”

“Also, just to add here, please keep in mind, we have commissioned last year 2 very big, large cryogenic LPG terminals, 48,000 metric tons in Pipavav to make it 70,000 metric tons there and 82,000 metric tons in Mangalore.”

“And our Liquid Division delivered its highest performance ever in the first half of the year with revenues of INR366 crores, EBITDA of INR284 crores, representing a margin of 78%.”

“We achieved the highest first -- highest ever first half EBITDA of INR900 crores in the first half of this year, which is up INR137 crores -- 137% year-on-year.”

“Our distribution business continued to deliver an exceptional growth with volumes up 25% in the second quarter and 54% in the first half on a year-on-year basis.”

“In the Sourcing business, volumes were lower during the year on account of some contracts expiring.”

“First of all, APM Terminals is developing a new VLGC-compliant jetty, which will let us handle larger LPG vessels and improve vessel turnaround and economics.”

“In distribution, we expanded our customer base over the year by onboarding several new private sector customers, and this momentum has continued into the current financial year.”

“And we expect ammonia demand to grow beyond traditional fertilizer and industrial uses, potentially into emerging clean energy applications such as fuel and hydrogen carriers.”

“There we have a whole chapter on ammonia written by an independent agency, CRISIL, which talks about a supply-demand gap of around 3 million tons by 2029.”

“We have around 1 million metric tons of static storage capacity as far as I know in India. That is not even equivalent to 10-day storage.”

“This was, of course, driven by robust demand and continued customer additions across the market.”

“Profit after tax was INR96 crores, slightly lower than last year, mainly due to higher finance costs and tax, and I'm sure Murad will go into a little more detail on that.”

“EBITDA also grew by 22.4% to INR212 crores compared with INR173 crores in the Q2 of FY26 with EBITDA margins also expanding to 78.6% from 74.7%, an improvement of approximately 372 basis points.”

“And these cost efficiencies have scaled up our margin, which earlier historically, probably in 2024, '25 was around INR4,000 to around INR7,000, clearly demonstrated by this quarter that in spite of all the problems of supply glut going away, we still have delivered INR7,000.”

“Price, we are not -- we don't lead in setting price, right? We follow price.”

“we have commissioned around 60,000 CBM in Mumbai, which is a high value location. And we have also commissioned 101,000 CBM in JNPA, another high-value, high realization location. So these are driving up the EBITDA.”

“We will pursue this growth with disciplined funding through a balanced mix of equity, internal accruals and debt, targeting a gearing of no more than 0.6x.”

“We hardly have -- we have no debt. And as I said, INR6,400 crores of free cash, and this acquisition is exactly matching with what cash we have in our pocket.”

“So we are good. We don't need to stretch. We don't need to take crazy debt for the acquisition.”

“So we have already passed a resolution in Extraordinary General Meeting to do a funding of INR6,000 crores. We have, if you see my September balance sheet, already INR6,400 crores available cash.”

“we will follow a very conservative 0.6x debt gearing. So that requires $2 billion of equity”

“So we are -- Aegis Vopak capex is self-funded by dilution of equity and listing of its shares.”

“So on the 13th of October 2026, we signed a definitive agreement to acquire 89.8% stake in Tristar Holdings Limited for a consideration of US$809 million.”

“Subject to regulatory approvals and the customary closing conditions, we expect to complete this transaction in Q4 of FY27.”

“they have acquired a 10% stake in Aegis Terminal Pipavav Limited, which is the ammonia facility and intend to increase its holding to 25% over the next 3 years.”

“And the entire management is in place and will carry on. We don't expect to change the management and the continuity will ensure that there is no disturbance in the operations and performance of the company.”

“Now we know that, for example, several of the Tristar ships, they have 20 -- over 20 ships -- 28 ships, I think, in total. Many of them call at the ports that we operate.”

“So that shows a marked improvement from Q1, which was affected by the geopolitics disruption and global uncertainty.”

“So we have a very, very long way to go. We are very short. So anybody doing anything on infrastructure is welcome. And -- but it has to be done at the right cost. It has to be done in the right time.”

“We had a revenue of INR4,570 crores, generating an EBITDA of INR1,184 crores and a profit after tax of INR866 crores.”

“Earnings per share for the first half of FY 2027 was at INR21.23, which is up 141% -- 140% from H1 FY26.”

“For the quarter FY27, we delivered revenue of INR2,213 crores, EBITDA of INR456 crores and profit after tax of INR321 crores.”

“Turning to AVTL, we delivered another strong operating performance in Q2 FY27 with revenues of INR271 crores, which are up approximately 17% year-on-year and an EBITDA of INR212 crores, which is up by 22%.”

“For the first half, revenue rose 15% year-on-year to INR505 crores, supported by the ramp-up of recently commissioned capacities and strong performance in our Liquid business.”