Aegis Vopak Terminals

“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”

“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.”

“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.”

“You very well know that we hold 2 million CBM in the liquid segment storage capacity.”

“And JNPT's liquid storage capacity, which is currently 101,900 cubic meters is doing well.”

“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%.”

“For H1 FY27, the LPG segment reported an EBITDA of INR900 crores, an exceptional 137% growth year-on-year.”

“distribution business, again, achieved 2.41 lakh metric tons, up 25% over Q2 FY26. For half year, volumes were 5.18 lakh metric tons, up 54%.”

“In logistics, throughput volumes have increased by 19% over previous year, though they were a tad lower by 5% year-on-year at 1.34 million metric tons in Q2.”

“this is a well-diversified, stable and cash-generating business for the company, and we will continue to expand capacity here.”

“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.”

“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.”

“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.”

“our growth is not mainly the result of favourable market conditions, but is increasingly driven by new and large capacity additions in the previous year, our increased geographic reach and new product addition, namely ammonia”

“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.”

“Profit after tax was INR96 crores, slightly lower than last year, mainly due to higher finance costs and tax”

“EBITDA grew by 19.2% to INR392 crores compared with INR329 crores in the corresponding period last year. EBITDA margins improved to 77.7% from 74.7%”

“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”

“In fact, EBITDA per ton in distribution is a shade about INR7,000 in the current quarter Q2, which is you can regard as a normal quarter.”

“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 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.”

“As far as Aegis Vopak is concerned, the capex of $5 billion, we have explained time and again repeatedly that 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.”

“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.”

“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.”

“it does allow us to participate in the distribution of ammonia to industrial customers, moving further along the value chain and capturing margin significantly higher than traditional -- just traditional storage revenues.”

“And the entire management is in place and will carry on. We don't expect to change the management”

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

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

“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.”

“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.”

“the project is approximately 96% physically complete with the entire 1,958-kilometer main trunk pipeline laid.”

“we have signed a 15-year take-or-pay agreement with Hindustan Zinc, which gives us long-term revenue visibility and predictable cash flows”