Ganesh Benzoplast a competitor of Aegis, has released a statement about its JNPT LPG terminal (covered here), that its 2 partners have withdrawn their involvement in that project. Need to see plans of Aegis, since they also had got a land parcel in JNPT, and planned for liquid capex. LPG was not yet finalized, but this development from GB might change things for Aegis.
Updates on IPO of Aegis Vopak Terminals: Latest details as released are given below.
Aegis promoters have always treated minority shareholders with equality,visible from the price offered in the AVTL IPO~235. Whether the IPO is over priced or whether AEGIS shares are over priced,it is for the market to decide. Market values pointers such as: sticking to announced capex ,sticking to timelines, prudently managing debt,not making over the top announcements. I am thankful to the value pickr community for Introducing me to this company through the Collaborator’s corner. A shout-out here to @ashwind for keeping us posted with the devlopments with the company,these small updates helps in holding on to the stock during market turbulance. Disc- holding since 2022–5% of pf
As shared in the Aegis Vopak IPO DRHP, the Mangalore LPG terminal is commisioned. We now wait for the LPG deliveries to start from here, generating revenues for AVTL. I know Aegis was just building the terminal using its EPC expertise, so expect some closing payment in Q1 FY26.
A long wait, and A excellent set of results by Aegis.
Consolidated Profit at 787Cr for Fy25 vs 672Cr in FY24.
Final Dividend for FY25 of Rs.6 and Interim Dividend for FY26 of Rs.2 announced.
Mangalore LPG Terminal transferred to AVTL for 671 Cr.
Pipavav Ammonia Terminal transferred to AVTL for 157Cr.
Kandla assets transferred to CRL (AVTL subsidiary) for 49Cr.
Per Investor Presentation updates:
KEY HIGHLIGHTS
Successful listing of Aegis Vopak Terminal Limited(AVTL)
Started Ammonia storage terminal development at Pipavav for the capacity of 36k MT LIQUIDS DIVISION
Recorded Highest ever Revenues and EBITDA inQ4
Full commissioning of JNPA liquid storage terminal
Full commissioning of Mangalore Liquid storage terminal GAS DIVISION
Record Logistics Volumes in Q4
Waiting for Conf calls to restart after the AVTL IPO silent period from this quarter onwards. Also start of revenue generation from Mangalore LPG terminal and announcement of any new projects are eagerly awaited
These slides from the Investor Presentation tells a story of operating leverage on Liquids Division. All the additional revenue, is flowing down to EBITDA, basically no additional operational expenses as revenue increased in this quarter. I would invite thoughts from other readers, if they have other insights to add to this.
Gas Division was at ~47% throughput capacity utilization, so head room for operating leverage is there, But with Mangalore LPG coming online this % will reduce further + Mangalore operational cost will need to be added. Think there will be adequate spare throughput capacity.
I dont know the revenue breakup of the Gas Division across the Logistics, Distribution and Sourcing divisions. Need to check the AVTL presentation, since it will have only Logistics numbers.
AVTL has only 71,000 MT static capacity (Kandla & Pipavav) compared to Aegis 119,000 MT, so the revenues are difficult to compare. Also AVTL gas division revenue was 276Cr for FY25.
One query please. Will Aegis logistics still be able to consolidate vopak terminal’s result in its financials. Since they now hold less than 50% asking this.
I think till Q4FY25 vopak terminal was a subsidiary of Aegis, as stake sale was in May-25. So, as you said Q1FY26 result will be interesting since it is the first time it will become non-subaidary.
And I feel how the accounting/ consolidation will have a huge impact on Aegis’s result.
Aegis Logistics declared their Q1 FY26 results last week. Links are given below for Aegis and AVTL results, investor presentations and Audio conf call. Quick Summary of Updates are:
Started Ammonia storage terminal development at Pipavav for the capacity of 36k MT
Announced Phase 2 Capex at JNPA for LPG 77k MT, Liquid 318k cbm and LPG Bottling Plant
Announced additional Liquid Terminal of 94k cbm at Kandla
Location
Updates
Haldia
Participated in additional land tenders
Mumbai
125K Liquid Capex - 50% in Q2 and 50% in Q4 FY26
JNPA
30 acres of land alloted, 1675Cr Capex (Liquid 318k, LPG 77k + bottling plant)
Kandla
Q2 pipeline connection will be available for LPG, VLGC will start working Additional land allotted, Capex in FY27 Signed non binding contract with L&T green ammonia storage in Kandla
Kochi
Allotted additional land for capex of liquid
Mangalore
Allotted additional land for capex of liquid Rail gantry for LPG in progress
Pipavav
Ammonia capex to be ready by Q1 FY27 Rail gantry for Liquid in progress
One more new port is in works, location not disclosed
Long Term Capex: To reach capex of 1.2 billion dollars by next year and expected to reach 5 billion dollars aggregate capex by 2030 funded by a mix of internal accruals and utilizing debt prudently i.e. with a debt gearing ratio of 0.6x capped to 3.5 times of EBITDA
