Synopsis: A leading independent terminal operator posted FY26 revenue of Rs.923 crore, up 17% year-on-year, with EBITDA rising 19% to Rs.687 crore and net profit surging 52% to Rs.342 crore. Backed by a $1.2 billion capex program through FY27, a long-term $5 billion expansion roadmap, and India’s first independent ammonia terminal in the pipeline, the company is positioning itself as a multi-product energy infrastructure platform.
One of India’s leading independent terminal operators is closing out its first full year as a listed company on a strong note, revenue growing at a double-digit clip, profits more than half again as large as the year before, and a construction pipeline that stretches well into the next decade. The story, however, is less about what has already been built and more about what is coming.
FY26 Financial Performance
Aegis Vopak Terminals delivered a clean sweep across its key financial metrics in FY26. Revenue from operations grew 17% year-on-year to Rs.923.1 crore, driven by both business segments. Liquid terminaling was the faster mover, up 27.8% to Rs.440.5 crore on the back of capacity additions and a richer product mix. Gas terminaling contributed Rs.482.6 crore, growing 8.6%, with cumulative gas throughput rising from 3.3 million metric tons in FY25 to 3.9 million metric tons in FY26.
Profitability improved at an even sharper pace. Operating EBITDA climbed 19.4% to Rs.686.5 crore, while net profit jumped 52.1% to Rs.341.9 crore as operating leverage kicked in from new capacity coming online.
Q4 Snapshot
The fourth quarter sustained the full-year momentum. Q4 revenue rose 22.2% year-on-year to Rs.243.5 crore, with liquid terminaling at Rs.121.1 crore (up 31%) and gas terminaling at Rs.122.4 crore (up 14.6%). Quarterly gas throughput crossed 1 million metric tons for the first time. Q4 EBITDA grew 24.2% to Rs.179.2 crore, while net profit increased 15.3% to Rs.73.9 crore.
Capacity Expansion Under Project GATI
Aegis Vopak has been operating under what management calls Project GATI (Gateway Access to India) since its joint venture formation in November 2021. The results are visible in the numbers: liquid storage capacity has increased by 275% and LPG static capacity by 350% since inception.
Current aggregate capex is set to hit $1.2 billion by the end of FY27, with a longer-horizon plan of $5 billion through 2030, covering five additional ports (from seven currently to twelve), inland depots, jetties, strategic storage facilities, and industrial terminals. Near-term capex is running at roughly Rs.4,000–5,000 crore annually, with the pace expected to accelerate in the final two years of the roadmap as equity dilution via a second-phase QIP adds firepower.
Port-by-Port Build-Out
JNPT is the most immediate earnings catalyst. Aegis Vopak is adding 318,100 cubic meters of liquid storage and 77,236 metric tons of LPG capacity, plus a 35,000 metric ton annual capacity LPG bottling plant, at a total capex of approximately Rs. 1,675 crore. Management confirmed that work is underway at JNPT to add approximately 318,100 CBM of additional liquid storage capacity, with the first phase expected to be operational in Q1 FY27 and contributing to revenues starting in Q2 FY27. Unlike other ports, JNPT already has waiting demand. Management expects strong realizations from day one, not a gradual ramp.
At Kandla, the company successfully received its first VLGC cargo in December, making it a VLGC-compliant terminal. The CRL4 expansion adding 94,148 cubic meters is on track for next year, and a non-binding MoU has been signed with Larsen & Toubro for joint development of ammonia terminals there. At Haldia, the company acquired a 75% stake in Hindustan Aegis LPG Limited, adding 25,000 metric tons of LPG capacity and entering the East Coast LPG market, anchored by an exclusive terminaling agreement with HPCL running through 2038.
At Pipavav, a cryogenic LPG terminal of 48,000 metric tons was commissioned in June 2025, taking total LPG capacity there to 70,800 metric tons. A VLGC-compliant jetty is expected to be ready mid-calendar year. In Mangalore, an 82,000 metric ton cryogenic LPG terminal was commissioned in June 2025, and an LPG rail gantry is under construction.
Ammonia: The Third Pillar
Aegis Vopak has India’s first independent ammonia terminal, a 36,000 metric ton facility at Pipavav is expected to be commissioned next month and could be one of the largest cryogenic third-party ammonia terminals in the country. The asset is backed by a 15-year take-or-pay agreement with Hindustan Zinc for its upcoming DAP plant. ITOCHU Corporation of Japan has acquired a 10% stake in the ammonia subsidiary, Aegis Terminal Pipavav Limited, with plans to raise that to 25% over three years, a signal of the global interest in India’s ammonia infrastructure buildout.
Management sees ammonia demand extending well beyond fertilizers into industrial customers, specialty chemicals, and eventually green ammonia, with the same infrastructure expected to serve future green molecule flows.
Verdict
Aegis Vopak enters FY27 with its most consequential expansion wave about to hit revenues; the JNPT capacity alone could materially shift the earnings trajectory over the next twelve months. With ammonia commissioning imminent, VLGC-capable terminals multiplying, and a $5 billion construction pipeline stretching to 2030, the company is visibly transitioning from a storage operator to a diversified energy infrastructure platform. The question for investors is whether execution pace and capital discipline can keep up with the scale of ambition.
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