Aegis Vopak Term Q1 FY27 Results (NSE: AEGISVOPAK)
Signal: Margin expansion
The read
The trajectory is increasingly split: consolidated revenue grew 12.4% YoY and EBITDA margin expanded 380bps to 78.6%, but owners' PAT fell 7.0% because the high-growth Liquid Terminal business was offset by a 22.1% YoY decline in Gas Terminal result and depreciation up 32.8% YoY.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹233.77 Cr | +12.4% | -4.0% |
| EBIT | ₹128.32 Cr | +2.7% | |
| Net profit | ₹66.08 Cr | -7.0% | |
| EPS | ₹0.6 | -13.0% | |
| EBIT margin | 78.6% |
P&L walk
Revenue rose to ₹23377.40 lakh, +12.4% YoY but -4.0% QoQ; EBITDA margin was 78.6%, while depreciation rose 32.8% YoY and PAT attributable to owners fell 7.0% to ₹6607.64 lakh, reflecting weaker conversion below the operating line and a sharper Gas Terminal slowdown.
Segments
Liquid Terminal drove the quarter with revenue of ₹12653.52 lakh, +30.6% YoY, and segment result of ₹6926.60 lakh, +65.6%; Gas Terminal dragged with revenue down 3.5% YoY and result down 22.1% to ₹5981.11 lakh.
Key positives
- Liquid Terminal revenue reached ₹12653.52 lakh, +30.6% YoY, while its segment result rose 65.6% to ₹6926.60 lakh, indicating strong operating momentum in the liquid-storage franchise.
- Consolidated EBITDA margin expanded to 78.6%, +380bps YoY and +490bps QoQ, despite revenue declining 4.0% sequentially.
- Standalone revenue grew 29.0% YoY to ₹17848.73 lakh and standalone EBITDA margin expanded to 84.4%, +820bps YoY.
Key concerns
- Gas Terminal revenue declined 3.5% YoY and 12.4% QoQ to ₹10723.88 lakh, while segment result fell 22.1% YoY and 25.9% QoQ to ₹5981.11 lakh.
- Consolidated owners' PAT fell 7.0% YoY to ₹6607.64 lakh despite 12.4% revenue growth, while finance costs rose 29.9% YoY to ₹3933.96 lakh and depreciation rose 32.8% to ₹5547.11 lakh.
- Standalone PAT of ₹5067.94 lakh was materially below consolidated owners' PAT of ₹6607.64 lakh, confirming that subsidiaries are a material source of group earnings but also increase consolidation complexity.
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