Aegis Logistics Limited — PPTs, 20-06-2025: Investor Presentation

**Financial Highlights:**

Aegis Logistics reported a revenue of Rs. 1,705 Cr in Q4 FY25, down 7% YoY, but normalized EBITDA surged 30% to Rs. 434 Cr, driven by strong margin expansion. PAT grew 34% YoY to Rs. 318 Cr with EPS at Rs. 8.02. For FY25, revenue declined slightly by 4% to Rs. 6,764 Cr, while normalized EBITDA rose 16% to Rs. 1,173 Cr, and PAT increased 17% to Rs. 788 Cr. The balance sheet strengthened with total assets rising from Rs. 8,073 Cr to Rs. 11,233 Cr, mainly driven by capex in property, plant, and equipment (up from Rs. 4,123 Cr to Rs. 5,070 Cr) and increased working capital. Borrowings increased notably due to ongoing investments, totaling Rs. 2,884 Cr in non-current and current borrowings combined.

**Strategic Initiatives & Growth Drivers:**

Major capex milestones include commissioning of the JNPA and Mangalore liquid storage terminals, completion of expansions at Kandla, Mangalore, and Kochi, and initiation of a 36k MT ammonia storage terminal at Pipavav. The largest LPG capex by Aegis was completed. Connectivity to LPG pipeline grids at Pipavav and Kandla is progressing well. Additional land allotments at key terminals support future growth.

**Business Developments:**

Aegis successfully listed Aegis Vopak Terminal Limited (AVTL), raising Rs. 2,800 Cr primarily for debt repayment, capital expenditure on the Mangalore LPG terminal acquisition, and corporate purposes. The company is advancing its LPG sourcing JV with Itochu in Singapore and expanding autogas stations to 200 across 20 states.

**Market Position & Competitive Advantage:**

Aegis reinforces its leadership with the largest network of tank terminals and integrated LPG supply chain across multiple strategic ports. The “necklace of terminals” strategy spans major Indian ports, ensuring scale, deep customer relationships, and multi-modal connectivity via pipelines, rail, and road. Record volumes and highest-ever EBITDA across gas and liquid divisions highlight operational leverage and market dominance.

**Investor Implications:**

The combination of robust profit growth, strategic capacity additions, and a stronger balance sheet indicates positive growth potential. Investors should track execution risks related to ongoing capex and integration of new assets, but the company’s diversified revenue streams and expanding footprint enhance its resilience and long-term value creation.