Company Overview
Aegis Vopak Terminals Limited (AVTL) is India’s largest third-party owner and operator of liquid and LPG storage tank terminals. It is a joint venture between Aegis Logistics (India) and Royal Vopak (Netherlands), combining strong domestic logistics expertise with global tank-storage technical know-how.
Core Business
AVTL provides storage and handling infrastructure for LPG (propane & butane), petroleum products, chemicals, lubricants, and edible & non-edible oils. Upcoming storage and handling infrastructure is for ammonia storage. Its operations are divided into two main segments which are liquid terminalling and gas (LPG) terminalling.
Geographic Footprint & Capacity
Has presence across 6 major Indian ports of Kandla, Pipavav, Haldia, Mangalore, Kochi, and JNPA (Navi Mumbai). Got 22 existing tank terminals plus multiple upcoming facilities. Liquid storage capacity is 1.7 million cbm (with further expansion planned). LPG static capacity is 200,000+ MT. First independent 36,000 MT ammonia terminal is under development.
Financial Performance Q3 & 9M FY26 (Year-on-Year)
For Q3, revenue was ₹1,975 million (+22%), EBITDA was ₹1,459 million (+23%), PAT was ₹615 million (+63%), EBITDA margin was 74%, and revenue mix was 42% gas and 58% liquid. For 9M FY26, revenue was ₹5,491 million (+18%), EBITDA was ₹4,032 million (+18%) and PAT was ₹1,632 million (+90%).
Overall trend is of strong margin expansion, rising profitability, and stable high EBITDA margins above 70%.
Key Developments & Expansion Highlights
New LPG terminals commissioned were 82,000 MT cryogenic LPG terminal at Mangalore and 48,000 MT cryogenic LPG terminal at Pipavav. Kandla VLGC Berth began operations. Acquisition of 75% stake in HALPG (Haldia LPG terminal), adding 25,000 MT LPG capacity and providing strategic East Coast entry.
Long-term take-or-pay agreements signed with major corporates and HPCL (valid till 2038). Announced India’s first independent 36,000 MT ammonia terminal with completion targeted of FY27. MoUs were signed with L&T and Vadhavan Port for green ammonia and large port investments.
JNPA Expansion Capex of ₹1,675 crore) including large increases in liquid and LPG capacity plus bottling plant. India Ratings revised outlook from Stable to Positive (AA rating reaffirmed).
Strategic Strengths
Largest independent liquid & LPG terminal operator in India. Aegis Logistics + Royal Vopak global network and technical standards. Long-standing relationships with Indian OMCs, MNCs, chemical firms, and traders. Strong throughput turns in LPG. Pipelines, rail, road, and port infrastructure linked to major industrial clusters. High MSCI ESG ratings, strong safety, environmental, and governance frameworks.
Market Opportunity
In liquids, growth driven by chemicals, petrochemicals, manufacturing, and government initiatives such as Make in India and 100% FDI in chemicals. In LPG, rising domestic consumption due to government subsidy programs (PMUY), cleaner fuel preference, and industrial demand growth. Imports expected to increase as domestic production remains relatively stable. In Ammonia, strong demand from fertilizer and industrial sectors. Increasing import dependency creates need for specialized port storage infrastructure.
Growth Strategy
Growth Strategy is based on increasing capacity and economies of scale, targeting emerging logistics hubs, directing connections to manufacturing clusters, developing alternative and green energy infrastructure such as ammonia, hydrogen, and cleaner fuels. Inorganic growth is based on strategic acquisitions similar to HALPG. Capital allocation strategy is based on large capex pipeline funded via internal accruals and prudent leverage.
Overall Takeaway
AVTL is positioning itself as India’s leading energy and chemical storage infrastructure platform, leveraging strong promoter backing, expanding LPG and ammonia capabilities, high operating margins, and long-term customer contracts. Its strategy centers on capacity expansion, geographic diversification, green energy readiness, and disciplined financial growth, making it a key beneficiary of India’s rising demand for liquid, LPG, and ammonia logistics infrastructure.