Aegis Vopak Terminals reports a strong first quarter driven by increased liquids demand and strategic expansion plans, despite ongoing pressures in gas terminaling from geopolitical disruptions.
Aegis Vopak Terminals said its first-quarter results for fiscal 2027 reflected firmer demand in liquids handling and steady progress on a wider expansion plan, even as gas terminaling remained under pressure from geopolitical disruption. The company reported revenue from operations of INR233.8 crore, up 12.4% from a year earlier, while operating EBITDA rose 15.6% to INR179.4 crore, leaving margins at about 76.7%, according to its earnings call materials and related reporting.
The stronger top-line performance was driven largely by liquids, where revenue climbed 31% as recently commissioned capacity moved into fuller use. Murad Mohammed Husein Moledina, a non-executive director, told the call that last year’s additions were now maturing and that the JNPA facility was contributing at a higher realised rate than the group average. By contrast, gas terminaling revenue fell 3.5%, with the company pointing to lower LPG throughput after supply chain disruption linked to tensions around the Strait of Hormuz.
The company is betting that new infrastructure will offset near-term volatility. It has commissioned a 36,000 metric tonne ammonia storage facility at Pipavav under a 15-year take-or-pay arrangement with Hindustan Zinc, and is adding a 52,000 metric tonne LPG tank at JNPA alongside 49,577 cubic metres of liquid storage at Kochi. Reuters has not independently verified the commercial terms, but the company says the ammonia project offers long-dated revenue visibility and that pipeline links such as Jamnagar-Loni, Kandla-Gorakhpur and Haldia-Panagar should improve evacuation and support throughput growth.
Aegis Vopak also reiterated an ambitious capital plan, saying its INR10,000 crore programme should be completed by March or June 2027 and that overall liquid storage could rise from 1.7 million cubic metres to 2.2 million by the end of FY27, before approaching 3 million by FY28. The company said funding would come from a mix of debt, equity and internal accruals, with leverage capped at 3.5 times debt to EBITDA and mandatory dilution to 25% by June 2028 helping support a larger US$5 billion investment target through 2030-31.
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