Aegis Logistics500003Earnings call transcript

Q2 FY27 call: record H1 profit, Tristar stake deal, port expansion timelines

Transcript of the Q2 FY27 earnings call held on 03 November 2026 is now on record.

By ScoutQuest · Tue 10 Nov 2026, 10:53 PM IST · 3 min read

INR866 crores

Q2 FY27INR321 croresH1 FY27INR866 crores

Profit after tax: INR321 crores (Q2 FY27) and INR866 crores (H1 FY27).

H1 FY27 Revenue: INR4,570 crores
H1 FY27 PAT: INR866 crores; PAT doubled over H1 FY26
Tristar Stake Acquisition: 89.8% of Tristar Holdings for US$809 million; completion expected in Q4 FY27

H1 FY27 revenue of INR4,570 crores, EBITDA of INR1,184 crores and profit after tax of INR866 crores.
Profit after tax doubled compared with H1 FY26; H1 EPS was INR21.23.
Q2 FY27 revenue was INR2,213 crores, EBITDA INR456 crores and profit after tax INR321 crores, with both EBITDA and profit after tax up 32% year-on-year; quarterly EPS was INR7.42, up 45% year-on-year.
Liquids division: revenue INR366 crores and EBITDA INR284 crores, a margin of 78%, described as its highest first-half performance.
Gas division: highest ever first-half EBITDA of INR900 crores, up 137% year-on-year.

Logistics volume grew 19% over the previous quarter.
Distribution volumes rose 25% in the second quarter and 54% in the first half, year-on-year, helped by onboarding new private sector customers.
Sourcing volumes were lower as some contracts expired; sourcing volumes do not include the company's own distribution volumes.

A definitive agreement was signed on 13 October 2026 to acquire 89.8% of Tristar Holdings Limited for a consideration of US$809 million.
Tristar is an integrated energy logistics company headquartered in Dubai with global operations.
Management expects to complete the transaction in Q4 FY27, subject to regulatory approvals and customary closing conditions.

Q2 FY27 revenue INR271 crores, up approximately 17% year-on-year, EBITDA INR212 crores, up 22%, and profit after tax INR96 crores, slightly lower than last year mainly on higher finance costs and tax.
H1 FY27 revenue INR505 crores, up 15%, EBITDA INR392 crores, up 19%, and profit after tax INR166 crores.
H1 EPS was INR1.38 against INR1.49 earlier, reflecting the higher finance and tax costs.

Mumbai (part of Aegis Logistics, not AVTL): an additional 64,000 cubic metres of liquid storage is being developed with an additional investment of INR125 crores; commissioning is expected to happen gradually as the year unfolds.
JNPA: an LPG bottling plant of 35,000 metric tons annual capacity was commissioned on 15 October 2026; existing liquid storage is 101,900 cubic metres.
The larger JNPA greenfield expansion is a significant investment of about INR1,675 crores, comprising an additional 318,000 cubic metres of liquids and approximately 77,286 metric tons of LPG storage.
The first phase of that liquid storage expansion, about 100,000 cubic metres, is to be commissioned in the third quarter of the year; management said everything else is on schedule.
A refrigerated double-wall LPG storage tank of 51,000 or approximately 52,000 metric tons was announced for JNPT.
Haldia: an additional 3 acres of land has been acquired for further liquid storage expansion on the East Coast.
Kandla: 952,000 cubic metres of liquid storage and 48,000 metric tons of static LPG storage, along with VLGC handling capability developed last year.

Completion of the Tristar transaction in Q4 FY27, subject to approvals and closing conditions.
Commissioning of the first JNPA liquid phase in Q3, and gradual commissioning of the Mumbai capacity through the year.
A view that once the new capacities become operational and ramp up, they should contribute significantly to future growth, and that the Gas Division is well positioned to sustain its growth trajectory.

89.8%Stake in Tristar Holdings to be acquired

Stake in Tristar Holdings to be acquired: 89.8%.

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