Aegis Vopak Terminals Ltd (AVTL), a joint venture of Aegis Logistics and Royal Vopak, is India's largest third-party owner and operator of LPG and liquid tank storage terminals, and its quarter swings on LPG import and throughput volumes. The Q2 print will speak to whether gas throughput recovered as Strait of Hormuz flows partially normalised, and whether the JNPT Phase 1 liquid commissioning and pipeline connectivity milestones landed on schedule.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 233.77 Cr |
| Previous quarter PAT | Rs. 69.41 Cr |
| Previous quarter EBITDA margin | ~76.7% |
| Market cap | Rs. 29,234.35 Cr |
| CMP | Rs. 263.85 |
Aegis Vopak Terminals Limited is scheduled to report its Q2 FY 2026-2027 results on October 26, 2026. The results date is October 26, 2026, per the company's results schedule.
The quarter's central question is whether gas throughput built sequentially from Q1 FY27's ~0.9 mn MT as Strait of Hormuz flows recovered — crude through Hormuz reached a seven-day average of 13.2 mb/d by end-September, matching the prewar baseline of ~13.5 mb/d by 30-Sep, though refined-product and LPG flows remained constrained. The comparison base is favourable: Q2 FY26 gas throughput was ~0.68 mn MT, depressed by the war's onset, and management said July volumes improved versus the previous quarter, with the FY27 25% YoY volume-growth target already exceeded as of the August 2026 call. National LPG imports stayed deeply impaired through the window — July imports fell 39% from pre-conflict levels to 1.24 mn t and consumption was down 16-17% YoY in July and August — while the sourcing mix whipsawed, with US supplies crashing ~70% vs August in September and UAE becoming the top supplier at 212,000 bpd. On the tolling model, the 76.75% EBITDA margin in Q1 (+210 bps YoY) has no retrieved driver pointing to compression at the EBITDA line, but below it, finance costs were +29.87% YoY, depreciation +32.80% YoY and the effective tax rate stepped up to 21.99% from 16.78%, so net margin pressure persists. The unexplained consolidated-vs-standalone PAT divergence from Q1 (consolidated attributable PAT -6.96% YoY vs standalone +18.79% YoY) remains an open item, and the call should clarify whether the JNPT 'majority H1 FY27' and KGPL 'Q2 FY27' milestones were achieved or slipped.
Guidance scorecard to interrogate: Latest management targets, in order of recency:
Gas throughput and Hormuz normalisation
Consolidated PAT bridge and leverage
Metrics in focus
Management said the FY28 capex number is still being finalised but indicated it will 'generally be in the range of close to INR5,000 crores'. A formal figure was promised 'soon' at the Q1 FY27 call.
Management explained that liquid terminals are hired out on a capacity basis and 'are always earning 100% of the capacity', so physical occupancy is not the relevant metric. The correct lens is earning per CBM, with INR 3,000 per CBM regarded as a very good blended earning.
Management stated the volumes will be achieved through higher utilisation of existing capacity, facilitated by multimodal evacuation via a liquid rail gantry. No additional liquid capacity at Pipavav is needed for this contract.
Gas terminal throughput charges are per metric ton and generally standardised at about INR 1,175 per metric ton, with the LPG tariff uniform across all terminals at approximately INR 1,200 per ton. Management's focus is on volume growth rather than tariff escalation.
Consolidated revenue grew 12.40% YoY to Rs. 233.77 Cr in Q1 FY27, though it declined 3.98% QoQ. Liquid segment revenue grew 30.63% YoY while gas segment revenue fell 3.50% YoY on the Strait of Hormuz disruption.