Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 18 Sep - India Ratings assigned IND AA/Positive and IND A1+ for loans; affirmed IND AA/Positive for NCDs.
Source: Bse
Aegis Vopak Terminals Limited (AEGISVOPAK)
Large CapEnergy stocks · Large cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result05 Aug, 10:01 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Energy P/E 11.4 (n=18)
Technical timing lens
Trend score and candlestick chart
43NeutralMACD − · sector -4.3pp vs Nifty 500 (3M)
Stock trend: 55
Sector RS: 25
Sector 3M: -9.9% vs Nifty 500 -5.6%
Energy FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AEGISVOPAKD candles · FIT view+32.0%Latest close ₹261.80 on 2026-10-21
Bar
-1.7%
RSI
32
MACD hist
-3.64
52W pos
64%
2026-10-21O ₹266.20H ₹267.25L ₹256.55C ₹261.80Vol 8.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AEGISVOPAKNifty EnergyNifty 500
- AEGISVOPAK
- -9.2%
- Nifty 500
- -6.5%
- Nifty Energy
- -10.4%
- Vs Nifty 500
- -2.7 pp
Chart stats
21 Oct 2026- From 52W high
- -18.4%
- 52W range position
- 64%
- ATR (14)
- 4.5%
- Volume vs 20D
- 0.69x
- Avg traded value
- ₹32 Cr
- 20D price channel
- ₹256.6 - ₹320.9
₹321
₹158 - ₹321
₹11.8
Latest completed session
20-session average
35.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad5
Revenue +12.5% · PAT -12.7% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model-420.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 5/100PAT -13% YoY · Rev +13% YoY · margin expansion
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹234 Cr | +12.5% | -3.7% |
| EBITDA | ₹179 Cr | +15.5% | +0.0% |
| Operating margin | 77.0% | +200 bps | +300 bps |
| PAT | ₹69 Cr | -12.7% | -6.8% |
| PAT margin | 29.5% | -849 bps | -96 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 115.00
- P/B
- 7.29
- EV/EBITDA
- 39.27
- Market Cap
- 31262.00Cr
Profitability
- ROE
- 11.00%
- ROCE
- 7.56%
- ROA
- 3.40%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 27.50%
Balance Sheet
- Debt/Equity
- 0.87
- Interest Coverage
- 5.67×
- Altman Z
- 5.63
- Book Value
- 38.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 702.00 Cr
- EPS TTM
- 2.45
Shareholding
- Promoter Hold
- 86.94%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 234-3.7% vs prev
Net Profit
₹ CrLatest: 69.0-6.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 32.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 32 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 66% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
77
RS percentile
Stage 2 UptrendEstablished S2
1M return
-17.8%
3M return
-9.2%
6M return
+35.6%
1Y return
-5.0%
RS 1D
+2
RS 20D
-14
Sector rank
#5
Industry rank
#4
Stage evidence
- Price is 7.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.8%.
50-DMA
price below
200-DMA
price above
S2 entered
22 Jul 2026
S2 age
63 trading sessions
Sector
neutral
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 108.5-0.81%
RS vs Nifty 500109
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth12/25
Quality1/20
Balance Sheet7/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
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 -420.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
115.0
PB
7.3
EV/EBITDA
39.3
ROE
11.0%
ROCE
7.6%
FCF Yield
—
Debt/Equity
0.9
MoS
-420.8%
Score movement
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.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-420.8%
Previous: -420.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
25
25
25
26
26
26
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹46.19
-466.8% MoS
Growth-justified P/E
20.5
Growth-justified Value
₹50.27
-420.8% MoS
PEG
6.53
Comparable companies
Peers
Business-comparable peers in Energy — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CASTROLIND
Small
Castrol India Limited
Oil & Gas
match 57
64
18.0
45.9%
+11%
UNDERVALUED
ATGL
Mid
Adani Total Gas Limited
Oil & Gas
match 53
36
101.0
14.4%
-493%
WATCHLIST
RELIANCE
Large
Reliance Industries Limited
Oil & Gas
match 51
33
21.3
8.9%
-7%
WATCHLIST
GAIL
Large
GAIL (India) Limited
Oil & Gas
match 50
46
11.1
8.7%
-2%
FAIR VALUE
ONGC
Large
Oil & Natural Gas Corporation Limited
Oil & Gas
match 48
75
6.5
11.6%
+62%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T20:38:58.018Z
Management commentary snapshot
FY26 revenue grew 17.0% YoY to Rs. 9,231 Mn, with PAT up 52.1% YoY to Rs. 3,419 Mn. Q4 FY26 revenue rose 22.2% YoY to Rs. 2,435 Mn, PAT up 15.3% YoY to Rs. 739 Mn. EBITDA margins expanded both annually and quarterly.
AVTL delivered robust FY26 performance, driven by strong liquid terminalling revenue growth and margin expansion. Strategic capacity additions, new project commissioning, and take-or-pay agreements underpin future growth. The acquisition of HALPG and new ammonia terminal plans diversify and strengthen its market position.
Current business mix
Revenue Share Break-Up (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Gas Terminalling52.3%
Liquid Terminalling47.7%
Growth engines
New Cryogenic LPG Terminals
Commissioned 82,000-metric-ton LPG terminal at Mangalore and inaugurated 48,000 MT LPG terminal at Pipavav, increasing total Pipavav capacity to 70,800 MT.
Ammonia Terminal Development
Announced construction of India's first independent 36,000-MT Ammonia Terminal at Pipavav, expected completion by Q1 FY27.
JNPA Expansion
Started JNPA expansion with capex of ₹1,675 crs, including 318,100 m³ additional liquid storage, 77,286 MT LPG storage, and a 35,000 MTPA LPG bottling plant.
Strategic Acquisitions
Completed acquisition of a 75% stake in HALPG, adding 25,000 MT of LPG capacity at Haldia and strategic entry into the East Coast.
Capacity and execution
Mangalore LPG Terminal
82,000-metric-ton cryogenic LPG terminal commissioned in June, received maiden LPG vessel in Q2 FY26.
Pipavav LPG Terminal
48,000 metric ton cryogenic LPG terminal inaugurated in July 2025, increasing total LPG capacity to 70,800 metric tons.
Kandla VLGC Berth
VLGC berth at Kandla commenced operations in Q3 FY26, with the first-ever VLGC docked on the final day of the year.
Ammonia Terminal at Pipavav
Construction of 36,000-MT Ammonia Terminal, expected completion by Q1 FY27.
Tailwinds
Growing LPG Consumption in India
Rising LPG consumption in India is expected to drive higher throughput and utilization for terminals.
Government Support for Domestic LPG
PMUY scheme and targeted subsidies (INR 300 per cylinder) promote domestic LPG adoption, increasing demand.
Increasing Ammonia Demand
Demand-supply deficit in ammonia, attributed to fertilizer plants, will be met by imports, benefiting import terminals.
Favorable Government Initiatives for Chemicals
Initiatives like 'Make in India' and 100% FDI in chemicals are expected to benefit end-use industries and bulk chemicals trade.
Risk radar
Economic Performance
Performance of the Indian economy and international markets can impact the company's operations and financial results.
Competition and Strategy Implementation
Competition in the industry and the company's ability to successfully implement its strategy are key risks.
Market Risks and Cash Flow Volatility
Changes in revenue, income or cash flows, and the company's exposure to market risks could adversely affect performance.
Management accountability
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.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth trends and the impact of new capacity. QoQ is relevant for tracking sequential momentum in operations, utilization, and project commissioning.
Sector KPIs management disclosed
Liquid Storage Capacity
1.7 mn cbm (existing), 2.1 mn cbm (incl. announced capex)
LPG Static Capacity
225.8k MT (existing), 303,100 MT (incl. announced capex)
FY26 Gas Throughput
3.9 mn MT
FY26 EBITDA Margin
74.4%
Management forward view
Long-term Capex Target
Management aims to reach $1.2 billion capex by next year and $5 billion aggregate capex by 2030, funded by internal accruals and prudent debt.
Vadhavan Port Project Investment
Signed a non-binding MoU to invest approximately ₹20,000 crores in the Vadhavan Port project.
Ammonia Terminal Development with L&T
Signed a non-binding MoU with L&T to develop Ammonia Terminals for their upcoming green ammonia facilities at Kandla.
Strategic Partnership with Itochu
Strategic partnership with Itochu in Ammonia Project, initially 10% stake, eventually 25% in 3 years.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capex Execution and Commissioning | ₹1,675 crs for JNPA expansion, 36,000-MT Ammonia Terminal by Q1 FY27. | Timely commissioning of announced projects and adherence to the $1.2 billion next-year and $5 billion 2030 capex targets. |
| Utilization Rates of New Capacity | Pipavav port surpassed 1 mn ton volume milestone during the year. | Ramp-up of utilization for new LPG and liquid capacities, especially Mangalore, Pipavav, and JNPA. |
| Debt Gearing Ratio | Management aims for 0.6x gearing, capped at 3.5x EBITDA. | Prudent debt management and adherence to stated gearing targets as significant capex is deployed. |
| Securing Long-term Contracts | 15-year take-or-pay agreements for Pipavav petroleum products and HZL's DAP plant. | Ability to secure additional long-term take-or-pay contracts for newly added and upcoming capacities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 16th percentile within Energy. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
30 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Energy: 16th pctile, median 73 · Large: 32nd pctile, median 73
Evidence depth
Financial-only
30 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
56
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 86.9%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 7.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Aegis Vopak Terminals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 14 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun - Company to attend IIFL conference in London, June 23-25, 2026; investor presentation uploaded.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.