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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 5/100PAT -13% YoY · Rev +13% YoY · margin expansion
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue Share Break-Up (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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%
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.
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.
Trend score and candlestick chart
55NeutralSMA20 -5.7% / mo · MACD + · near 52W high
Technical chart
AEGISVOPAKdaily · 1Y · AUTO+50.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 57. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 9% off 52W high · 80% 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.
Relative Strength & Trend Stage
- Price is 25.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.3%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -396.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 21st percentile within Energy. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 86.9%. Key concern: Only 1 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Energy: 21st pctile, median 74 · Large: 32nd pctile, median 73
27 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 116.00
- P/B
- 7.34
- EV/EBITDA
- 39.57
- Market Cap
- 31522.00Cr
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
- 5.66
- 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
- 82%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Energy, ranked by similarity
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.