Aegis Logistics : Q2FY 2026 Earnings Call Transcript – 07-11-2025

November 13, 2025

To,

The Secretary,

Market Operations Department, The Bombay Stock Exchange Ltd. Phiroze Jeejeebhoy Towers,

Dalal Street, Fort, MUMBAI - 400 001.

Capital Market Operations

The National Stock Exchange of India Ltd. Exchange Plaza, 5th Fl., Plot No.C/1,

G Block, Bandra-Kurla Complex, Bandra (E),

MUMBAI - 400 051.

Scrip Code: 500003 Scrip Code: AEGISLOG

Dear Sir/Madam,

Sub. : Transcript of the earnings conference call held on Friday, November 07, 2025 at 2:30 p.m.(IST)

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call held on Friday, November 07, 2025 at 2:30 p.m.(IST) for your information and records.

The above communication is also available on the website of the Company at https://www.aegisindia.com.

Request you to kindly take the same on record. Thanking you.

Yours faithfully,

For AEGIS LOGISTICS LIMITED

Sneha Lavaraj Parab

Digitally signed by Sneha Lavaraj Parab Date: 2025.11.13

14:47:40 +05'30'

Sneha Parab Company Secretary

Encl. : As above

"Aegis Logistics Limited Q2 FY-26 Earnings Conference Call"

November 07, 2025

Management: Mr. Raj Chandaria - Executive Chairman & Managing Director, Aegis Logistics Limited Mr. Murad Moledina - Chief Financial Officer, Aegis Logistics Limited Ms. Payal Dave - Investor Relations, Aegis Logistics Limited Moderator: Ladies and gentlemen, good day, and welcome to the earnings call of Aegis Logistics Limited Q2 and H1 FY '26 Earnings Conference Call.

As a reminder, all participants' lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing '*' then '0' on your touchtone phone. Please note that this conference is being recorded.

Before we begin the call, I would like to give a short disclaimer. This call may contain some forward-looking statements which are completely based upon our beliefs and expectations as of today. The statements are not to guarantee of future performance and involve unforeseen risks and uncertainties.

With this, I would now like to hand the conference over to Mr. Raj Chandaria for his opening remarks. Thank you, and over to you, sir.

Raj Chandaria: Okay. Thank you very much, and welcome to our Q2 FY '26 Conference Call. So, this evening, I am joined by our CFO - Mr. Murad Moledina; and Ms. Payal Dave from our Investor Relations Team. And we really appreciate you taking the time to join us today to review the company's performance for the quarter and discuss our ongoing strategic developments.

We are really pleased to share that Aegis Logistics continues its strong growth momentum, driven by both volume expansion and operational efficiencies across our key business segments. For the second quarter of FY '26, our consolidated revenue grew by 31% year-on-year, increasing from INR 1,750 crores to INR 2,294 crores.

The normalized EBITDA improved by 46%, rising from INR 237 crores to INR 347 crores, and profit after tax increased by 61% from INR 152 crores to INR 244 crores. This growth reflects the benefits of operating leverage, improved utilization across the terminals. And the company also remains focused on optimizing costs and enhancing throughput through across all the ports.

I will now take you through the key operational and project updates port by port to give you a comprehensive overview of our ongoing infrastructure developments under Aegis Logistics Limited. So, at Mumbai Port, our current liquid storage capacity stands at 334,000 kiloliters and LPG static capacity stands at 21,000 metric tons.

We are developing, as mentioned previously, an additional 64,000 kiloliters of liquid capacity, which is expected to be operational by Q1 of FY '27 with a total project cost of approximately INR 125 crores.

At JNPT, the liquid capacity currently operational is 101,900 cubic meters, while an additional 318,100 cubic meters of liquid capacity, and 77,286 metric tons of LPG capacity are under

development, along with an LPG bottling plant of approximately 35,000 metric tons per annum capacity.

This large-scale project involves a total CAPEX of INR 1,675 crores is progressing well with part of the liquid capacity expected to be commissioned before the end of FY '26. We are also exploring the addition of a 36,000 metric tonne cryogenic LPG* tank at this location, which will further strengthen our presence on the West Coast.

*Errata: We are also exploring the addition of a 36,000 metric tonne cryogenic GAS* tank at this location

At Kandla Port, our liquid capacity stands at 952,276 cubic meters and gas capacity at 48,000 metric tons. The port is currently operating at improved utilization levels, and we have received PNGRB approval for the Kandla-Gorakhpur pipeline connection, and we expect the connection to the JLPL pipeline also to become operational by Q3 FY '26. And we expect a significant increase in volumes once these pipelines become operational.

Additionally, VLGC berthing is also expected to commence in Q3 FY '26, enabling larger cargo unloading and enhancing operational efficiencies. A new liquid terminal with a capacity of 94,148 cubic meters capacity is planned at the CRL-4 plot, which is expected to be operational next year. And I want to remind everybody that we had already announced the signing of a nonbinding memorandum of understanding with Larsen & Toubro to develop an ammonia terminal for their upcoming green ammonia project at Kandla.

At Kochi Port, our liquid capacity of 82,545 cubic meters continues to operate at higher utilization levels. And we plan to develop an additional 60,000 cubic meters of capacity on newly allotted land, which will further support growth and optimize terminal efficiencies.

At Pipavav Port, our liquid capacity stands at 116,620 cubic meters and LPG capacity at 70,800 metric tons and ammonia capacity expected to be 36,202 metric tons. Our liquid terminal utilization remains high and plans are underway to set up a rail gantry for the efficient evacuation of liquid products. And the construction of India's first ammonia terminal, as I mentioned, 36,000 metric tonne capacity is progressing well, and this is expected to be completed during Q1 of the next fiscal year.

The KGPL pipeline connection is also expected to become operational by Q4 of this current fiscal year, further improving throughput and logistics efficiency.

At Mangalore Port, you will recall we have an LPG terminal with 82,000 metric tons of static cryogenic capacity, which was commissioned in June of 2025. And the first LPG vessel discharge was successfully completed using our new loading arm and the liquid capacity at Mangalore stands at 194,382 cubic meters, and we plan to add another 60,000 cubic meters of capacity on newly allotted land in the next phase.

At Haldia Port, our liquid capacity is 226,890 cubic meters and gas capacity is 25,000 metric tons, now proposed to be consolidated under Aegis Vopak Terminals Limited with a proposed acquisition of our 75% stake in Hindustan Aegis proposed to be divested from Aegis Gas LPG Private Limited, both Aegis Gas and Vopak India, of course, and subject to a shareholder approval.

Operations continue at higher utilization levels, and we have acquired approximately 3 acres of new land to expand our terminal capacity at Haldia. The LPG terminal at Haldia continues to perform well, showing a steady increase in utilization.

As far as new ports are concerned, we continue to explore expansion opportunities at 2 new ports. We have signed a nonbinding memorandum of understanding to invest in the proposed Vadhavan Port with a potential project outlay of approximately INR 20,000 crores. We are currently awaiting land allotment and formal approvals, after which the development of new liquid and gas capacity will commence.

As far as the strategic overview is concerned, as of now, Aegis Logistics and AVTL together, Aegis Vopak terminals together have achieved* a capital expenditure outlay of $1.2 billion with a long-term plan to reach $5 billion by 2030. Our capital expenditure plan will continue to be funded through a mix of internal accruals and prudent debt, maintaining a conservative debt gearing ratio of 0.6x, capped at 3.5x EBITDA.

*Errata: As far as the strategic overview is concerned, as of now, Aegis Logistics and AVTL together, Aegis Vopak terminals together will achieve by next year an aggregate* capital expenditure outlay of $1.2 billion.

And we remain committed to our long-term strategy of building world-class infrastructure across India's key ports while maintaining operational excellence and strong financial discipline. Our integrated value chain, backed by a robust balance sheet positions Aegis well for sustainable growth and long-term shareholder value creation.

With that overview, I will now hand over to our CFO, Mr. Murad Moledina, to present the financial highlights in detail. Murad?

Murad Moledina: Thank you. Coming to the operational parameters of the business, both the Aegis segment, LPG and Liquid performed a strong growth in Quarter 2 of FY '26.

Revenue from operations during the quarter increased by 31% year-on-year to INR 2,294 crores. Q2 FY '26 normalized EBITDA stood at INR 347 crores, a robust increase of 46% year-on-year. Profit after tax increased by 61% to INR 244 crores for the second quarter this year versus INR 152 crores in Q2 last year.

For the first half of the financial year, revenue from operations stood at INR 4,013 crores, achieving a growth of 20% year-on-year. H1 FY '26 normalized EBITDA stood at INR 602 crores, a robust increase of 24% year-on-year. Profit after tax increased by 35% in H1, INR 419 crores versus INR 310 crores in H1 of FY '25.

Now coming on to the individual segments:

Liquid revenue in Q2 FY '26 stood at INR 155 crores, compared to INR 130 crores year-on-year increase of 19%. Liquid division EBITDA in Q2 FY '26 stood at INR 116 crores, a growth of 25% year-on-year basis. LPG business revenue delivered a strong 32% growth to INR 2,139 crores. Gas EBITDA grew sharply by 60% to INR 231 crores, driven by record volumes.

H1 FY '26 liquid revenue, again, stood at INR 298 crores compared to INR 273 crores year-on-year, increase of 9%. Liquid EBITDA in H1 stood at INR 222 crores, a growth of 11% year-on-year basis. LPG business revenue in H1 registered a 21% growth to INR 3,715 crores. Gas EBITDA in H1 grew by 33% to INR 380 crores as I said earlier, driven by record volumes.

Now volume details:

We handled all-time high throughput volumes. LPG volume handled at all our terminals was

1.41 million tonnes versus 1.06 million tonnes in Q2 of FY '25, an increase of 32%. The distribution volume grew by 49% to a record all-time high of 1.92 lakh metric tons in Q2 FY '26 against 1.29 lakh metric tons in Q2 of last year. The sales volume of sourcing was also up at

2.08 lakh metric tons versus 1.94 lakh metric tons in the same quarter last year, a growth of 7%.

Half year volume details, again, was 2.57 million tonnes versus 2.08 million tonnes in H1 FY '25, an increase of 24%. The distribution volumes grew by 31% to 3.3 lakh metric tons in H1 FY '26 against 2.58 lakh metric tons in H1 FY '25. The sales volume of sourcing for H1 was

3.27 lakh metric tons in FY '26 H1 versus 3.18 lakh metric tons in H1 FY '25, a growth of 3%. The financial position of the company remained robust with low debt, strong cash flow and a solid balance sheet.

Continuing the trends to do many first, we also achieved the highest ever Q2 revenue and EBITDA in both Liquid and Gas segment.

And with this, I hand over this line to the moderator to start the question-and-answer session. Thank you.

Moderator: Thank you, sir. We will now begin the question-and-answer session. The first question is from the line of Mr. Vibhav Zutshi from JP Morgan. Please go ahead. Vibhav Zutshi: Yes, hi. Thanks for the opportunity. Congratulations for a very strong quarter. The first question is basically on your profitability in the Gas division. If I just look at EBITDA on a per tonne basis, it's looking quite high at around INR 1,280. So, obviously, distribution volumes have gone up, which I think has better profitability. But could you just help explain, is this sustainable? What was the reason for such high profitability? Thank you. Murad Moledina: Yes, I will take that. See, gas distribution EBITDA was better than previous quarters. Of course, with increased volumes, you also get cost advantage when the volumes increase. So, this time, it was around INR 4,000. And we expect, I think, to sustain in ensuing quarters also. Vibhav Zutshi: Okay. Got it. That's very helpful. And just a follow-up here. This volume growth of 49% and INR 1,800. So, is it fair to say that this is broadly going to be sustainable, given the expansion that will happen? Murad Moledina: Yes. I think the distribution volumes would keep growing up. As I have said in the past, that now we have the spare capacities. We have new 2 cryogenic terminals up and running in Mangalore and Pipavav. And now we are also consolidating our Haldia LPG terminal into AVTL, a lot of synergies will come. And there is always now a room to step up on distribution volumes going forward. Vibhav Zutshi: Great. And just second question on your new projects. And if I just remember correctly, the Vadhavan Port that you talked about. So, any broad timelines that you can share? And also on ammonia beyond Pipavav, you also mentioned about Larsen & Toubro. So, just some timelines and sense around the ammonia projects and the Vadhavan Port will be very helpful. Murad Moledina: I think Vadhavan Port is just starting off, probably 5 years, but not everything is going to come at the end of 5 years. So, as the port development begins, we will also be geared up to set up our facilities as the port comes up. We are very excited. It's in our backyard and Western region, and I think the largest port probably going forward in India. So, very excited to be there doing some great infrastructure work. As far as ammonia is concerned, I think we are starting off very well in Pipavav ammonia.

Let's take that first in our stride. Very quickly in the next 6 months to 8 months, we will be up and running at Pipavav. I think everything else will follow thereafter. It also gives us a very good room to get vertically integrated in ammonia business as we have done in past for LPG business. That is not just storing, but sourcing, storing and distributing ammonia going forward. So, shipping also.

So, we are very excited in case of ammonia. This is not only green or we have to wait for green ammonia to happen. We are starting off with gray, but we are geared up to quickly switch gears in case green picks up. Kandla would be more of green ammonia.

At present, it is a nonbinding MOU. Once it translates into a binding agreement, if at all, both the parties are able to work towards it, then you will see, again, one more avenue of putting up infrastructure in green ammonia as well, in addition to the gray ammonia that we are starting off in Pipavav.

Pipavav, we are almost there. And very excited to get into this new business and with a huge potential that is what we see going forward. You will see lot of investments coming into this as we progress. We always try to follow demand and not just do flag planting. So, we take our time. But when we see and we are confident and we see the demand, we would be very quick to set up the infrastructure.

Vibhav Zutshi: Great. Thank you, and all the best. Murad Moledina: Thank you. Moderator: Thank you. The next question is from the line of Mr. Vishal Mehta from IIFL Capital. Please go ahead. Vishal Mehta: Yes, hi. Congratulations on a good set of numbers. So, firstly, 2 questions on the business side, and then I have 2 questions on bookkeeping. What we hear from the APM Terminals con call for this quarter is that they seem to have maxed out on their liquid berth capacity handling at Pipavav Port, and their new berth will probably come somewhere in November, December of next year. So, does that limit our volume handling capacity at the port? Just wanted some sense there. Murad Moledina: Yes, Vishal, I think I have explained on calls earlier that it all depends how a port looks at the capacity of a jetty and how as a terminal company, we look at the capacity of the jetty. We are very particular on how we set up our ancillaries. So, it's not just the tank. What is my pipeline which I hook into the jetty, the MLA, the pumps.

So, if now that VLGCs, even though it is partly loaded as on date, if they come in, how quickly can we unload and get the ship off. So, let's say, if we can unload at a speed of 1,000 tonnes an hour, in a day, a partly loaded VLGC can be unloaded and set out. A new VLGC can come the next day. So, with that as a calculation, 20,000 tonnes into 365, you make your calculation what can our capacity of jetty be.

I am not saying that, that is how it actually will happen, but it's all how you look at things, but we are very careful in how we put up our ancillaries, which enable us to unload and evacuate as fast as possible so that the turnarounds happen. We are confident that there will not be a constraint till the new jetty comes in to handle the increased volume. We have already, after the cryogenic stepped up by 10%, 15% in spite of KGPL hookup still to happen.

So, yes, I would say, in fact, we are really waiting for KGPL hookup to happen, because that is going to clear the hurdle, which is evacuation rather than unloading. Unloading is not yet a worry for us as of now. It's the evacuation that we are really, really focused on.

Vishal Mehta: Okay. Okay. Got it, sir. And sir, second question is on our land allotment at Haldia. Now what are the plans here? Anything that you would want to elaborate further on? Murad Moledina: Yes, the plan in Haldia, 3 acres, you can do only liquid. Liquid is what we got this allotment for. So, obviously, in 3 acres, somewhere around close to 60,000 to 100,000 depending on what kind of products we are planning to handle, should come up very quickly, yet not being taken up to the court. We have just got the allotment of the land. The process of handover will happen, and then we would immediately do that. So, yes, we keep building up. This will be the sixth Haldia terminal, already 5 are operating in Haldia. And we expect more allotment of land in Haldia and more capacities to come up. Lots of opportunities as far as East of India is concerned. Vishal Mehta: Okay. And sir, going to bookkeeping questions. Other income seems to have seen quite a jump this quarter. Any one-offs here or it's normal treasury income? Murad Moledina: No. Of course, if you can look at the segment results, you will see the interest received. So, out of the other income, interest, I believe, if I remember correctly, must be INR 52-odd crores. The balance would be other income. Those include a lot of income, which are actually also related to the business. So, most of it is expected to continue. Yes. Vishal Mehta: Okay. And the other expenses in our P&L statement, which we gave in our presentation, the other expenses seem to have gone down quite a bit. So, any reason? So, from INR 72 crores to INR 51 crores this quarter? Murad Moledina: No. I really don't recollect, but I think in the last quarter, it could be the reason. I think the last year quarter, other expenses may not be that high. Vishal Mehta: Sorry, I did not get it. So, last year quarter was INR 72 crores. This year, it's INR 51 crores. Murad Moledina: Last quarter was June quarter, if you have it before you? Vishal Mehta: June quarter was again INR 75 crores. Murad Moledina: No, I don't think there is anything exceptional in this quarter, which has reduced. It might be some one-off might have happened, but no, there's nothing abnormal out there. Vishal Mehta: Okay. Okay. Because it's gone down from INR 70 crores level to INR 50-odd crores level. So, that is where I want... Murad Moledina: No, nothing abnormal as such. Vishal Mehta: Sure. Thanks. Those were my questions. Moderator: The next question is from the line of Mr. Anil Sarin from K16 Advisors. Please go ahead. Anil Sarin: Good afternoon, gentlemen. Congratulations on the fantastic performance. I had a few questions. But before I ask the question, I just had a request. I have been tracking your company from calendar 2016 onwards. And always, there has been a challenge before the company, how do we explain the business? The format of the presentation has been changed in order to provide greater clarity and things have moved along quite a bit. There is much more understanding now. My request would be that when you give capacities and capacity increases, you give it port-wise or you give it location-wise. In addition to that, my request would be if you could give a consol, like total Liquid is so much, and this much has increased in this quarter or this much we plan to increase it over the next x, whatever time period. So, that is a one-shot understanding where people, without getting into Pipavav, Kandla, Haldia, Mangalore, et cetera. Just one shot, we can know, okay, Liquid is growing by this much percent and Gas is growing by that much percent. So, that would be a request you may consider. Murad Moledina: Noted. Anil Sarin: Great. Obviously, distribution has been a positive surprise, not only the quantum, but also the margin per tonne. If you could advise, this margin is sustainable, INR 4,000? Murad Moledina: I think if we keep on selling more, margins would be sustainable. So, we are very confident and bullish on distribution margins as well as volumes to continue. Raj Chandaria: I think, if I can just add one comment. In our last earnings call or even possibly the one, we had mentioned that the operationalization of both Mangalore LPG terminal and continuing capacity increases at Kandla and Pipavav LPG terminal will give a big boost to the distribution side, which actually has materialized in this quarter as we have really upped our game on the logistics efficiencies and so on, which has resulted both in increase in volume and in a, we think, a sustainable increase in the margin. So, it's really the addition of these 2 large cryogenic terminals along with the shipping efficiencies and so on that has resulted in this. Anil Sarin: Yes. Okay. Great. Thanks for that elaboration. I had a question relating to Mangalore itself, and so thanks for answering part of it already. The remaining part is that, look, the capacities in Mangalore are unlike any other port and very, very large capacities. So, considering the previous quarter was a rain-affected quarter, can we expect a very decent jump in distribution volumes ex Mangalore and thereby for the whole country to see a substantial increase in distribution in the coming quarters?