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Aegis Vopak's Q1 FY27 results impressed: Revenue +12.4% YoY to INR 233.8 Cr, EBITDA +15.6% to INR 179.4 Cr (76.7% margin), Cash PAT INR 124.9 Cr. Liquid terminaling surged 31% YoY. Despite geopolitical gas headwinds, diversified sourcing helped. New ammonia terminal at Pipavav (36K MT) with a 15-year contract, plus approved LPG storage at JNPA and liquid expansion at Kochi signal strong growth. Multiple pipeline connections are boosting volumes. Management targets 25% annual volume growth and $5 billion capex by 2030-31, expanding beyond ports. Outlook is highly positive.