Aegis Vopak Term Q2 FY27 Results (NSE: AEGISVOPAK)
Signal: Margin expansion
The read
The trajectory is shifting toward liquid-led growth: consolidated revenue accelerated 16.6% YoY to ₹27,083.81 lakh and EBITDA margin improved to a derived 77.2%, but PAT attributable to owners fell 2.3% to ₹8,656.96 lakh as finance costs rose 117.0% and depreciation rose 21.6%; the key watchpoint is whether new capacity can absorb the financing burden.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹270.84 Cr | +16.6% | +15.9% |
| Net profit | ₹86.57 Cr | -2.3% | |
| EBIT margin | 77.2% |
P&L walk
Revenue increased 16.6% YoY to ₹27,083.81 lakh, with EBITDA margin derived at 77.2%; finance cost rose 117.0% YoY to ₹4,034.36 lakh and PAT attributable to owners declined 2.3% to ₹8,656.96 lakh, indicating that higher financing and depreciation costs absorbed operating growth.
Segments
Liquid terminals are the momentum engine: revenue rose 21.5% YoY to ₹12,888.15 lakh and segment result rose 56.7% to ₹7,299.93 lakh, while gas revenue grew 12.5% to ₹14,195.66 lakh and gas result declined 2.8% to ₹8,895.60 lakh; consolidated earnings also sit materially above standalone earnings because subsidiaries contributed ₹9,640.80 lakh of group PAT versus standalone PAT of ₹4,742.35 lakh.
Key positives
- Liquid terminal revenue increased 21.5% YoY to ₹12,888.15 lakh and liquid segment result increased 56.7% to ₹7,299.93 lakh, materially outpacing consolidated revenue growth of 16.6%.
- Derived consolidated EBITDA margin expanded to 77.2% from approximately 75.8% YoY as employee costs grew 8.9% and other expenses declined 5.7%.
- H1 operating cash flow increased to ₹32,170.70 lakh from ₹25,566.84 lakh, while PP&E and CWIP rose to ₹708,832.22 lakh and ₹31,931.00 lakh respectively.
Key concerns
- Finance costs rose 117.0% YoY to ₹4,034.36 lakh, while interest service coverage declined to 2.21x from 3.66x a year earlier.
- Owners' PAT fell 2.3% YoY to ₹8,656.96 lakh despite 16.6% revenue growth, showing weak bottom-line conversion during the expansion phase.
- Gas terminal result declined 2.8% YoY to ₹8,895.60 lakh despite 12.5% revenue growth, lagging the liquid division's profitability momentum.
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