Aegis Logistics Q2 FY27 Results (NSE: AEGISLOG)
Signal: Revenue declined
The read
The headline YoY profit growth is less durable than it appears: consolidated PAT rose 31.3% to ₹32,050 lakh and Gas Terminal segment result rose 42.4% to ₹37,986 lakh, but revenue declined 3.5% and PAT fell 41.2% QoQ from ₹54,484 lakh; standalone PAT was additionally inflated by a one-off ₹19,852 lakh slump-sale gain.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,213.34 Cr | -3.5% | -6.1% |
| Net profit | ₹320.5 Cr | +31.3% | |
| EPS | ₹7.42 | +44.9% | |
| EBIT margin | N/A |
P&L walk
Revenue fell to ₹221,334 lakh, -3.5% YoY and -6.1% QoQ, while PBT rose 35.5% YoY to ₹42,027 lakh; the operating contribution remained concentrated in Gas Terminal, but PAT fell 41.2% QoQ from ₹54,484 lakh.
Segments
Gas Terminal remains the earnings anchor with ₹202,601 lakh revenue and ₹37,986 lakh segment result, contributing 75.9% of total segment result; Liquid Terminal was the faster-growing revenue unit at +21.2% YoY and delivered ₹12,047 lakh result.
Key positives
- Gas Terminal segment result increased 42.4% YoY to ₹37,986 lakh despite segment revenue declining 5.3% to ₹202,601 lakh, indicating improved segment profitability.
- Liquid Terminal revenue grew 21.2% YoY to ₹18,733 lakh and segment result grew 31.4% to ₹12,047 lakh, providing the quarter's clearest growth pocket.
- Consolidated PAT increased 31.3% YoY to ₹32,050 lakh and EPS increased 44.9% to ₹7.42, with the pat-to-EPS cross-check clean.
Key concerns
- Consolidated revenue declined 3.5% YoY to ₹221,334 lakh and 6.1% QoQ, showing weaker top-line momentum after the prior quarter's ₹235,686 lakh.
- Finance costs rose 135.3% YoY to ₹5,719 lakh while consolidated net debt increased to ₹244,115 lakh from ₹193,556 lakh at March 31, 2026.
- Operating cash flow fell to ₹16,547 lakh in H1FY27 from ₹63,935 lakh in H1FY26 despite H1 PAT rising to ₹86,534 lakh from ₹41,938 lakh.
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