Aegis Logistics Limited

ALL is promoted by the Chandaria family and benefits from over six decades of experience in oil, gas and chemical logistics. The group’s capabilities are strengthened by its long -standing strategic relationships with Royal Vopak through Aegis Vopak Termina ls Limited (AVTL) and ITOCHU Corporation. ITOCHU has historically supported ~20-25% of ALL’s LPG procurement requirements, strengthening sourcing reliability, while its participation in the group’s terminal platforms reflects continued strate

ALL has an established position in India’s LPG and liquid logistics sector, supported by a geographically diversified terminal network across key ports and an integrated presence across sourcing, shipping, storage, logistics and downstream distribution. The integrated model provides supply reliability, evacuation flexibility and access to multiple customer segments. ALL handles ~20%- 25% of India’s LPG imports, while its relationships with ITOCHU, public-sector oil-marketing companies and privat

Income from operations increased by 23.17% to ₹8,323.86 crore in FY26 (PY: ₹6,757.94 crore), while PBILDT increased by 32.07% to ₹1,469.79 crore (PY: ₹1,112.86 crore), with PBILDT margin improving to 17.66% (PY: 16.47%). Improvement was driven by higher LPG logistics throughput, a sharp increase in higher-margin distribution volumes, better terminal utilisation and benefits from the integrated supply chain. Momentum continued in Q1FY27, with income from operations increasing to ₹2,463.17

Total debt declined to ₹4,149.94 crore in FY26 (PY: ₹4,606.04 crore), despite continuing investments in terminal and evacuation infrastructure. The debt profile was rebalanced through repayment and refinancing of rupee term loans, partly replaced by debentures, while working-capital borrowings and the shareholder loan from Vopak reduced. Stronger operating profitability and cash generation improved overall gearing to 0.47x (PY: 0.81x), total debt/PBILDT to 2.82x (PY: 4.14x) and PBILDT interest

ALL’s liquidity remains strong, with cash and liquid investments increasing to ₹5,009.02 crore as on March 31, 2026 (PY: ₹3,180.62 crore), supported by net cash flow from operations of ₹2,005.34 crore and improved working-capital management. Consequently, the group moved from net debt of ₹1,425.42 crore in FY25 to net cash of ₹859.08 crore in FY26. Liquidity is also supported by sizeable internal accruals, a short operating cycle and the franchise-led LPG distribution model, which entails limite

ALL’s LPG operations remain exposed to geopolitical disturbances, changes in international trade routes, vessel availability,freight rates and volatility in global LPG and energy prices. While its integrated sourcing-to-distribution platform and long-standing relationship with ITOCHU provide operating flexibility and supply reliability, prolonged disruptions may affect procurement c osts, product availability, throughput and distribution margins. Part of the strong profitability in Q1FY27 benefi

ALL and AVTL are undertaking significant investments across LPG, liquid and specialised-chemical logistics infrastructure at multiple ports. Timely completion, stabilisation and ramp-up of new capacities remain important for generating commensurate returns, particularly given the sizeable capex pipeline. Delays in project execution, development of evacuation infrastructure or customer-volume ramp-up may moderate asset utilisation and return indicators. The proposed acquisition, pending completio

ALL’s LPG sourcing arrangements, overseas procurement and foreign-currency borrowings expose the company to exchange-rate and hedging risks. Although sourcing transactions are predominantly undertaken on a back-to-back basis and the company follows established treasury and risk-management practices, adverse currency movements or hedging mismatches may affect reported earnings. The distinction between analytical PBILDT and normalised operating profitability before foreign-exchange and hedging-