Aegis Vopak Terminals Ltd (NSE: AEGISVOPAK) Q3 2026 Earnings Call dated Jan. 30, 2026
Corporate Participants:
Raj K. Chandaria — Chairman and Managing Director
Murad Moledina — Chief Financial Officer
Analysts:
Yash Nandwani — Analyst
Siddharth Chauhan — Analyst
Neil Udpal Sahu — Analyst
Amit Vora — Analyst
Keshav — Analyst
S Ramesh — Analyst
Presentation:
operator
Sa. Sa. Sa. Foreign. Ladies and gentlemen, good day and welcome to the AG Swopak Terminals Limited Q3 and 9 months FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded. Before we begin the call, I would like to give a short disclaimer. This call may contain some forward looking statements which are completely based on our beliefs and expectations as of today.
The statements are not to guarantee a future performance and involve risk and uncertainties. With this, I would now like to hand over the conference to Mr. Rajchandarya for his opening remarks. Thank you. And over to you, sir.
Raj K. Chandaria — Chairman and Managing Director
Okay, thank you very much. Good afternoon everybody. I extend a warm welcome to all the participants in the Q3 FY26 financial results discussion. My name is Raj Chandarya. I’m the Chairman and managing director of AG’s Bhopak Terminal Ltd. And I’m joined today by Mr. Murad Molydina, the director of the company and Ms. Payan Dewey of MUFG Corporate Markets. I hope everyone’s had a chance to review our investor presentation which was uploaded on the exchanges and our company website. And it gives me satisfaction to address all of you again this quarter following our successful listing in this year.
And I’d like to thank our investors and stakeholders for their continued trust and confidence that you placed in our long term vision, our management team and in our strong operational. So Aegis Vopak Terminals Limited is today India’s largest independent operator and owner and operator of tank storage terminals for LPG and liquid products. With strategically located access across six major ports on the coastline of India and seamless multimodal connectivity through pipelines, road and rail, we are uniquely positioned at the heart of India’s energy and chemical logistics ecosystem. Our joint venture heritage, which combines the deep local expertise of Aegis Logistics Ltd.
With the global operating excellence of Royal world class, continues to be a powerful differentiator. Now this partnership enables us to deliver world class standards of safety, sustainability and efficiency even as India’s energy demand accelerates at a good pace. And I’m pleased to report that we are making excellent progress on our long term growth strategy which is being executed under Project Gati, Gateway Access to India gati. And this initiative is driving the expansion of our storage footprint. It’s improving our throughput efficiency and diversifying our portfolio. These efforts are not only strengthening our leadership position in the market, but but laying the foundation for sustainable, profitable growth in the years ahead.
Now I’m pleased to report that the new LPG terminals which were commissioned last year at Pipawa and Mangalore are now fully operational and contributing to revenues from this quarter onwards and these additions have already started driving incremental volumes and therefore profitability. Before moving to the Portwise business update, I’d just like to highlight one major strategic development from last year Last quarter Sorry, AVTL has now completed the acquisition 75% stake in Hindustan Aegis LPG Limited HALPG which was acquired from our parent one of the shareholders Aegis Gas Private Limited and Vopac India BV, resulting in Hindustan Aegis Lpg becoming a subsidiary of NOW.
This acquisition brings 25,000 metric an additional 25,000 metric tons of LPG storage capacity at Haldia, marking AVTL’s entry into the east coast market. HALPG operates a leading terminal along with an attached bottling plant and maintains an exclusive terminalling agreement with HPCL which is valid until 2038 and this strengthens the long term revenue visibility and expands AVTL’s footprint in a high potential region. Now with that with those comments tonight I’ll take you through the 4 5, 4 elements. As stated, Haldia Port has a liquid storage capacity of 226,890 cubic meters with operations all operations running at a high capacity utilization level which is driven in turn by the steady demand.
To facilitate future growth in this area, we required an additional three acres of. Land. For expanding our liquid activities there. With the integration of Hindustan Aegis lpg, AVTL will establish a nationwide footprint of four well has established not Willistar has established nationwide footprint of four LPG terminals located at Pipao, Kanla, Bangalore and Haldia together offering a combined static capacity of 225,800 metric tons. Coming to JNPT Port, the current operational Liquid capacity is 100,900 cubic meters with improved average realizations driven by a strong product mix. Work is underway to add an additional 318,100 cubic meters of liquid capacity and 77,200 metric tons of LPG capacity, marking a significant expansion. Alongside this construction of an LPG bottling plant with an annual capacity of 35,000 metric tons, so that’s also in progress.
The overall project which involves a capital expenditure of 1,675 crores, is advancing well with the first phase of the new liquid capacity scheduled to come online in Q1 of FY27 and in addition to this, the company is successful the development of a 36,000 metric ton cryogenic gas tank to further enhance its gas infrastructure on the west coast. Turning to Kannla Port, the Jamnagar Lonely LPG pipeline is nearing completion and is expected to be operational within the next month while the Kannla Gorakul LPG pipeline is scheduled to be connected by June 2026. This is our latest.
The BLGC Burr at the Canada Port began operations in the third quarter. Very significant development by the way. And on the final day of the year December 31, the first ever BLGC docked at Kandla Port are now making it a VLGC compliant facility. And as a result of this we anticipate a sharp increase in the volumes at Kandla and followed by a further increase once the KGPL and JLPL pipelines are commissioned. And alongside these developments, construction of a new TRL4 liquid terminal with a 94,148 m3 capacity is progressing and is slated for commissioning next year.
In further developments, we have entered into a non binding Memorandum of understanding with Larson and Tubro to jointly develop ammonia terminals at Kandla. Now this collaboration is designed to support LT’s upcoming green ammonia facilities and further strengthen AVTL’s role in India’s evolving green energy ecosystem. At this moment the MOU remains nonbinding, but discussions are progressing to finalize a sort of agreement. At Kochi Port, our liquid Capacity stands at 82545m3 which again is operating at a high capacity utilization rate. And in our earlier call we had outlined plans to develop an additional 60,000 cubic meters of liquid capacity on newly allotted land and I’m pleased to say that this development is now actually underway.
This expansion will not only expand capacity to meet future demand, but will also support the growing requirements of the whole of Southern India and further reinforce AVTL’s presence along the west coast. Turning to Pipao port, the cryogenic LP terminal with a capacity of 48,000 metric tons was commissioned in June 2025 taking the port’s total LPG capacity to 70,800 metric tons. The port has also undergone an infrastructure upgrade to the existing jetty, making it VLGC enabled and capable of handling larger cargoes while enhancing rail based evacuation of LPG on top of that. In addition to that, sorry, work on a new BLGC compliant jetty is underway by the port and is expected to be completed this calendar year and at the end of that period the Port will have world class infrastructure to handle LPG through vlgcs.
It will have cryogenic storage tanks. It will have bottling plants, an LPG rail gantry and 16 truckloading bays for efficient evacuation. And it will have the pipeline to Central India. So big development at Pipao the liquid terminal at Paypal continues to operate at a high utilization level and we are under in the process of developing further infrastructure in the liquids business there to cater to other large Indian and global corporate customers. In a very significant development, I’m very proud to announce that we have entered into a 15 year, 15 year long term take or pay agreement with a large conglomerate whose name we are not disclosing at this moment for handling their petroleum products at Bipawa.
Under this arrangement, AVTL will manage over half a million metric tons annually starting at the end of the year, providing strong volume visibility and reinforcing our position as a reliable logistic partner for one of India’s largest energy players. This agreement not only secures a stable revenue stream but also strengthens our position on the west coast and we will provide more details once this arrangement begins. Operations. In addition to that, construction of India’s first independent ammonia terminal with a static capacity of 36,000 metric tons is progressing well and is expected to be completed before the first quarter of the next fiscal year.
The project is backed by a 15 year takeoff phase with Hindustan Zinc to support its upcoming diamond phosphate plant. Now this positions AVTL to meet the growing domestic demand for ammonia and aligns also with India’s broader green hydrogen ambitions. And we are currently in talks to introduce a strategic partner into this asset to help us create upscale this segment of the business to the next level. At Langlong port, the cryogenic LPG terminal with a capacity of 82,000 metric tons was commissioned in June and the port has successfully received its first LPG vessel last quarter. In addition, 75,000 cubic meters of liquid capacity that was added last year is also revenue accretive contributing to stronger performance.
With additional land recently allotted at that site, we anticipate we are developing another 60,000 cubic meters of liquid capacity. And this upcoming expansion will further enhance the company’s capabilities and reinforce its presence in that portfolio. Now Aegis Bhopak Terminals has also entered into a non binding Memorandum of understanding to invest in the proposed Vadavan Port with a potential project outlay of approximately 20,000 crores. This move is part of a wider plan to establish operations at two new port sites. Now following the receipt of the necessary approvals and allocation of Land construction of fresh liquid and gas handling facilities will begin which will add quite significant scale to the company’s network.
And this development will broaden both the geographic coverage and service offering while strengthening ADTL’s standing as India’s leading integrated energy infrastructure provider. Now, by next year our aggregate capital expenditure is projected to reach US dollars 1.2 billion. And in line with our long term vision, we have charted a capex roadmap of approximately $5 billion to be achieved by 2030. These achievements will be financed through a carefully balanced approach which will leverage internal accruals alongside with a disciplined use of debt. Our financial strategy remains firmly anchored in prudence with a commitment to maintaining a debt gearing ratio of 0.6 times and ensuring that overall leverage does not exceed 2.5 times EBITDA.
Now I just take this opportunity to thank all our employees and partners and stakeholders for their continued support as we execute this roadmap. And with a strong balance sheet, an expanding asset base and a growing demand for lpg, ammonia and other liquid products, we are really well placed to develop consistent growth and strengthen our leadership in India’s energy logistics sector. So with that I’m going to hand over to Mr. Mourad Molydina to take you through the financial performance for this particular quarter.
Murad Moledina — Chief Financial Officer
Thank you Ruseraj. Hello everyone. Starting with our nine months performance, revenue from operations for ninth month for FY26 increased by 18.3% year on year totaling to rupees 549.1 crores. Revenue from liquid terminaling was 319.4 crore up 26.6% year on year. While revenue from gas terminalling division reached 229.7 crores, an increase of 8.4% year on year. Cumulative gas throughput as of nine month FY26 crossed last year’s throughput of 1.89 million metric tonnes. Operating EBITDA for the nine months rose by 18.1% year on year to 403.2 crores. And profit growth was particularly strong up by 90% year on year to 163.2 crore.
Moving to the third quarter of FY26, revenue from operations rose by 22.3% year on year reaching 197.5 crores. Revenue from liquid terminalling segment stood at 116.5 crore reflecting a year on year increase of 37%. This growth was primarily driven by higher volume supported by capacity additions and improved product mix. Revenue from gas terminal division came at 81 crores with an increase of 6% and gas support was 0.67 million metric tonnes. Operating EBITDA for Q3FY26 grew by 23% year on year reaching 145.9 crore. While profit surged by 62.7% year on year to INR 61.5 crore. Overall, the company’s financial position remains solid.
Underpined by low debt, strong cash flow and a resilient balance sheet which has been confirmed by the rating agency. Upgrading our group credit rating of AA to positive outlook from stable outlook. Thank you. I will request the moderator to open the floor for question and answer session. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Yash Nandwani from IIFL Capital. Please go ahead.
Yash Nandwani
Thank you for the opportunity. So my first question is on the liquid terminal realization. So we have seen a significant improvement in the blended realization in the liquid segment. Just wanted to understand is it all. Related to product mix improvement or also a function of improved turnaround or is there any take or pay in that would. And it would be reasonable to assume same realizations going forward.
Raj K. Chandaria
Yes, Yash. This is not on account of any take or pay. This is on account of better product mix and increased realization rate. Especially so from our JNP terminal which has now stabilized operations. And we are in a position to improve the product mix and increase the realization which has taken the overall average realization up. This is expected to stay and further improve going forward.
Yash Nandwani
Sure, sir. And secondly sir, same on the liquid side. We are currently expanding at JNP and Kandla. And we also have lands at Kochi, Mangalore and Handia. So when do expansion start there? And what should we expect the liquid capacity to hit by, let’s say FY27 end.
Raj K. Chandaria
So you know that we are expanding at Kandla around 100,000. And then we are also expanding at Bangalore as well as Kochi as well as Haldia which is 60. 60. 60. That is around 200,000 further. And we are also doing 318,000 at GMPA. We are at 1.7 million. So I think we should be around 2.5 million plus by FY27 end.
Yash Nandwani
Perfect. Okay then. Thank you.
operator
Thank you. The next Question is from the line of Sidharth Chauhan from BNK Securities. Please go ahead.
Siddharth Chauhan
Hi sir. Thank you for the opportunity. So firstly on the 15 year takeover pay agreement which we signed at Pipao, I just wanted to understand is it with an existing customer or it’s a new customer which we have scouted now.
Raj K. Chandaria
We have already said the details. We will share with the investors when the operations on this account starts. So you will get the details in this calendar year. It is expected to start somewhere around October 2026.
Siddharth Chauhan
Okay. All right. And secondly, you know any reason for the weakness in LPG volume and the LPG ebit? What particularly happened in this quarter?
Raj K. Chandaria
Yes. So usually across the board quarter one is the least. Quarter two, quarter three are always similar and quarter four is the search. So that is how this is happening. This is almost similar to to Q2 in terms of volumes handled. As far as EBIT is concerned, as you know the revenues have reduced by 1 crore. Depreciation has increased by 1 crore. And therefore the EBIT to that extent is affected and some cost. So as the maturity of utilization will happen from Q4 onwards you will see a sudden change, a step up. In fact I think the takeoff happens Q4 onwards.
As far as gas volumes and gas EBIT and gas revenues are concerned you will start seeing step up changes in all volumes, revenue, EBIT and EBITDA from Q4 of FY26.
Siddharth Chauhan
Understood. And lastly, can you share your CAPEX plans for the next year? Do we have a roadmap on that?
Raj K. Chandaria
So we were after the ipo, we were sitting on an assets commissioned. If you strip out the rous which is, you know, right of use fees in the fixed asset we are sitting on 5000 crore. We have already bought Aldia Asset at 1000 crore. We are executing 1675 crore at JNPA. We intend to spend around another 500 crore on the liquid assets at Kandla, Mangalore, Kochi. In fact more so you see we are well geared to reach a capex of 10,000 crore by the time we end FY27.
Siddharth Chauhan
All right. All right. Understood.
Raj K. Chandaria
We doubled the capex. Yeah.
Siddharth Chauhan
Thank you. Understood. And so thanks a lot and all the best for the future.
Raj K. Chandaria
Thank you.
operator
Thank you. A reminder to all participants. You may press star N1 to ask a question. The next question is from the line of Neil Udpal Sahu from JM Financial. Please go ahead.
Neil Udpal Sahu
Hi sir. Good evening. Thank you for the opportunity. First question is would you like to provide some outlook on the volumes for FY26 given that Halvia will be added for the first quarter.
Raj K. Chandaria
Sorry, I did not get your question correctly.
Neil Udpal Sahu
Can you help us with the volume outlook for FY26 with Aldia being added like for the fourth quarter? Yes, for Q4.
Raj K. Chandaria
So Q4. Typically Aldia is at the utilization of 65% of throughput capacity. So accordingly the volumes of Aldia will be added. That’s number one to the volumes which already we did in Q3. Second, VLGC jetty at Tanda has started operating. In fact in January there were five VLGCs which came and unloaded cargoes. Of course January was a little bit affected by some incidents but that was not really major in the Middle East. But we expect a volume increase, quite a volume increase at Kandla also for Q4. So yes, we expect to do well in Q4 in terms of volume should definitely cross a million and more.
We’ll have to see where we end. But we are very positive on the volume growth as far as Q4 is concerned. Gas.
Neil Udpal Sahu
Sure sir. Secondly, you have talked about exclusive agreement with HPCL at the Haldia terminal. Can you help us with like the annual volume run rate for the Haldi LPJ terminal? And what is the quantum of this agreement with hpcl?
Raj K. Chandaria
So HPCL agreement is not a take or pay agreement. It is an exclusive agreement. So HPCL has to bring the cargo on the east coast at our Haldia terminal. The terminal has been constructed for their use. However you know, as their market share grows. So when we started their volumes were 0.4 million. Now it has reached more than 1.5 million in from the time we started and it continues to grow. In addition, they are also laying a pipeline from this Albia LPG terminal all the way to their Panagar so that as and when it get commissioned you will see again a step up.
Now we are very close. We are getting very close to the capacity or throughput that we can do there. We have already crossed 1.5 million. The capacity most we can do is 2.5 million. I think there will come a time very soon when we should get saturated at Haldia. That would open doors for us to look into expansion possibilities at that particular point of time.
Neil Udpal Sahu
Thank you sir. And one last question from me. Can you help us with an update on KGPL and JLPL pipeline corrections to Kanda and Pipa?
Raj K. Chandaria
Yeah, surely. Mr. Raj already spoke that we expect JLPL. So now full swing work is on Jaana Galhoni pipeline from our side. So everything is in place. We are Doing the construction. Construction in the sense the last few meters that are left to be connected. We expect by February end to be able to commission. As far as Kandla Gokur is concerned, I think the worst case scenario is June 26th. It should happen before, but I think by June we expect it to be operationalized both at Kandla as well as at Pipawa. Pipawa might be a little earlier because the manifold is right there in our premises.
Neil Udpal Sahu
That’s all from me. Thank you, sir.
operator
Thank you. The next question is from the line of Dr. Amit Vora from the homeopathic clinic. Please go ahead.
Raj K. Chandaria
Good afternoon everyone. Yeah.
Amit Vora
Sir, my question is regarding the recent EU siding agreement with India. Will that benefit anyways to our company?
Raj K. Chandaria
Sorry, your voice is a little muffled. Can you repeat the question?
Amit Vora
Yeah, the EU agreement. Yes, I mean in that sense we are. We are a storage terminal keeper. So these are the. These agreements do not affect us directly. But whatever benefits the customer will derive. For example, I think specialty chemicals export now being the duty being reduced probably to zero as and when it is implemented. It’s still some time away. The agreements are not yet in operation. They may take six, nine months. But I think it will help because there will be more exports of specialty chemicals to Europe. And terminals would definitely be required for.
For that rush. Okay, and one more question, sir. About the rail gantry at Mangalore. Is it operational?
Raj K. Chandaria
Work has started. It will take nine months. So probably by September 26th it will be operational.
Amit Vora
Okay, that’s it. From my side. Thank you so much.
Raj K. Chandaria
Thank you.
operator
Thank you. A reminder to all participants. You may press star N1 to ask a question. The next question is from the line of Keshav from Modify Investments. Please go ahead.
Keshav
Hi.
Raj K. Chandaria
Yes.
Keshav
My first question would be a bookkeeping one. So just to check on the realization of the liquid. Can you please give me the capacity which we were having for liquid in Q3FY26 and what was the utilization level of that capacity?
Raj K. Chandaria
Yes, so it’s 1.7 million. So what you do is the Q3 number run rate. If you want to see you multiply by four and you divide by 1.7 million. So you’ll get a yearly average rate realization. Occupancy has got no relevance here because we also sometimes hire out capacity without any relevance to the volume. But if you want to technically understand what is the occupancy, then it is 77% physical occupancy, not revenue generating occupancy. Revenue generating occupancies are always close to 100%. So that is what it stands.
Keshav
Understood. So the second question would be on gas realization. So if I just look at the Q1, Q2 and Q3 numbers in Q1 we had approximately 1290 per metric. Tonight it reduced to 1200. Now it is at 1210. So sir, what can be the ballpark number for the gas realizations which we can model in our projections?
Raj K. Chandaria
Yes, that’s around 1250. Yeah, 350. And so lastly on the throughput side. So we are expecting Kanrakurakpur to come live in the next six months. Like the worst case scenario which you have mentioned is June. Currently we are doing approximately 10 to 12x of our return. I mean the throughput turns.
Keshav
So what can be the number for that? The throughput can, how can it improve? Like it can go up to 2025 or it can go more above that also.
Raj K. Chandaria
Yes. So look the capacity of kur pipeline is 8.25 million tons. Okay. There are three points of input in the Kandla Gour pipeline. One is Kandla Port where 5.75 million tons are marked EAR marked 1.5 million from PIPA and 1 million from the hedge. So you know you can do the math and then this all will not happen all at once. So it will take probably two, three years time to reach the full utilization of the pipeline. There are 23 bottling plants currently operational which are connected to use the LPG pump from these three source point.
And yes, so it’s a significant number. What will be our share? We are exclusively only us in Kandla. We share the port with IOC and we are not there. So you can then see. I mean let’s. Let’s see how much share we are able to gather from the throughput that takes place. Mind you the throughput is going to be done by the national oil companies, hpc, vpc, IOC and if you look at Jamnagar only pipeline, Jamnagar Loni pipeline I think currently has a capacity of 3.25 million tons which has now been approved to upgraded to be upgraded to double.
But that is of course going to take 23 years time. Currently this 3.25 also we would tap as our customers would use our terminal to pump into Janga Garloni from Kandla. So yeah, let’s see. But it’s going to be quite significant uptick in the throughput that we do at these source points. As far as Jamnagar Luni connection and Kandla Gurupur connection that we are able to do at both Kandla and Pipawa. So it’s. It’s going to be definitely of significance.
Keshav
Completely understood. But do you want to give any number to it? Like currently we are doing 0.67 million. So if we annualize it, it’s coming to 2.4 on a capacity of 200 which is basically 12 times. So like what can be the ballpark figure for this to rise? Can it go up?
Raj K. Chandaria
We do not give projections of because it depends on our customers. But like I said, it will be quite significant in the sense in what we have been doing and what will these two connections lead to.
Keshav
Understood. And we should see a starting from Q4. Like Q4 will be the first.
Raj K. Chandaria
Uptake on account of the VLDC JT compliance that happened at Kandla as well as partly on account of JLPL connection. Probably back at very end. Yeah, you will see some of it flowing into Q4.
Keshav
Thank you. Thank you so much.
operator
Thank you. The next question is from the line of Siddharth Chauhan from BNK Securities. Please go ahead.
Siddharth Chauhan
Thank you again for the opportunity. On the GNPA terminal, I believe Orange pipeline is the one which is connected. Is it correct? Or there are other pipelines as well connected to the terminal.
Raj K. Chandaria
The pipeline is. You’re correct. But our LPG terminal is under construction. So we would be able to tap that once it commissions. But yes, you are right. From JNPA we can hook into Oran Chakan pipeline. Please remember that we are already connected and hooked into Mumbai Chakan pipeline. Mumbai Kuran Chakan pipeline from our Mumbai terminal. Now in addition to that which is of course in our parent company Eduard6 Ltd. But in addition to that here for our upcoming terminal we would also hook into Uran Chakan pipeline from jnpa.
Siddharth Chauhan
But then what is the capacity utilization of that pipeline? Because I understand it’s currently running at its optimum capacity.
Raj K. Chandaria
Again I repeat, the customers are going to be the same. Even if it is utilized at an optimal capacity. The customers using that pipeline would start storing at our place also if we are connected. Are you getting the point? So instead of terminal A they would move to terminal avtl. So there’s no need for volumes to increase in pipeline. What we need is the customer to start storing at our place who’s already using. But they will start using the Uran Chakra pipeline from our connection rather than someone else’s connection.
Siddharth Chauhan
Okay, because I was reading that the pipeline capacity is I think close to 1 million tons per annum. And we already have the Mumbai terminal. And now we are putting up a JNPT terminal with a capacity of I think.
Siddharth Chauhan
Yeah. So Mumbai Chakra from Mumbai terminal it’s around 350000 tons out of that 1 million which is being pumped from Mumbai.
Raj K. Chandaria
Right. And then we have, we are putting this 7010000 metric ton. And I’m sure our throughput will be much more than this because that’s.
Raj K. Chandaria
Yeah, absolutely. Yeah.
Siddharth Chauhan
We’ll be able to evacuate the remaining capacity. I don’t understand that.
Raj K. Chandaria
By rail, by road and by this pipeline connection, all three road, I can evacuate 3.5 million tons in a year. Okay. In case of pipeline whatever we can do, let’s say half a million or whatever. And rail is again 1.5 to 2 million that you can evacuate. So you are in a position to evacuate 6 million with a combination of multimodal evacuation.
Siddharth Chauhan
Okay. Okay, understood. And you know and lastly on the, on when you discuss about having a non binding MoU at Vajran port and about investing 20,000 crores. So what are the projects you are envisaging in this figure? Is it. What types of projects are you discussing in this 20,000 crore investment? Just want to understand the range.
Raj K. Chandaria
Yeah. There’s no limit whatever the port, whatever makes commercial sense at that port. Because that, that’s going to be also a distribution model, kind of a port in and out. We would have liquid gas and many other products, terminals, even jetties. So there’s a lot to do out there. It’s going to be one of the largest port in India. Probably three times the size of JNPA and located at west coast at the border of Maharashtra, Gujarat. It’s going to be an amazing opportunity.
Siddharth Chauhan
No, absolutely. As you mentioned. But you know if I, if I look at investments in liquid terminal or in your gas terminals which is your forte, the ticket size is very small versus this 20,000 crore amount. So I just want to understand what are the other projects which we might actually venture into.
Raj K. Chandaria
There are so many, there are so many gases or products like lng, ammonia, lpg, ethane. There are many, many products. Products which, for which terminals will make sense in a port like.
Siddharth Chauhan
Okay.
Raj K. Chandaria
And they are really a big big amount. One LNG terminal would cost you maybe 8,000 crores.
Siddharth Chauhan
Oh that’s right. Oh that’s right.
Raj K. Chandaria
Don’t worry. If at all we get the land and the permits to do that. There is a lot to do.
Siddharth Chauhan
Absolutely. And again thanks a lot for taking my question. Yeah, thank you.
Raj K. Chandaria
Thank you.
operator
Thank you. The next question is from the line of S Ramesh, an individual investor. Please go ahead.
S Ramesh
Thank you very much for the call. So just to understand your business model and what are the kind of growth you can deliver on revenue and EBITDA from the existing capitalized assets, what is the headroom you have in terms of additional volume? Any incremental, you know, upside in pricing?
Raj K. Chandaria
Yes. So for in case of LPG, if you look at, let’s say I have 15.6 million and now we are added 2.5 million of Aldiya. So we have around 18 million tons of throughput capacity. Okay. For nine months we have done 1.89. So that’s how far we can go and how fast we go is the key. That is possible through multimodal evacuation of world class LPG infrastructure and bottling plants, etc. Etc. Etc. So all our effort goals into or doing things which will quicken the utilization and the EBITDA that it throws is crazy. So that is how LPG business is concerned.
As far as liquid is concerned, we follow demand, we don’t let demand followers. So when you go and put up a liquid terminal, it’s there fully utilized. What is the upside thereafter, in addition to the capacity that we keep adding, is that you keep changing the product mix. You get into more complex, more high value products that you store. You get higher realization even with the same capacity, or you find products that move and move out fast. So your rate is per month rate, whereas if the product evacuates sooner than the 30 day period, then you can get another set of products.
So both of these are the levers which provide you upside as far as liquid business is concerned. In addition to the capacity additions that you can do day in, day out. Mind you, these terminals, a range of products are stored. Petroleum, petrochemicals, chemicals, veg, oil. So there is flexibility of storing products, there is flexibility of handling trade, imports, exports, coastal movement. So you have a huge flexibility and therefore it provides you an opportunity to keep changing and keep increasing the realization. Yeah.
S Ramesh
So in the gas terminals, what is the gas you’re handling now and what.
Raj K. Chandaria
Will be the gas? Sorry.
S Ramesh
Yeah. So what is the nature of gas you’re handling now and what will be the gases you will be handling in future?
Raj K. Chandaria
So we have cryogenic storage terminals to handle lpg. Though these terminals are propylene rated. So I can handle a range of products there also propylene, ammonia, LPG with some tweaks, but we are currently only focused on lpg. We are vertically integrated as a group in LPG business. So that gives us a Very good lever to get the best out of this product. So currently it’s only LPG that we are focused on on all the cryogenic terminals that we own and operate along the coastline of India.
S Ramesh
Okay, so one last thought. In terms of your realization, how much of that, what percentage of that is based on a tolling arrangement and what percentage of that gives you some kind of pricing power in terms of trading margins or you know, stocking the product, how does it work?
Raj K. Chandaria
We do not get title of products. As far as liquid cargo is concerned, we only store for others. So there is no question of storing and earning margins as far as liquid product is concerned. In case of Aegis Mopad, even in gas we only store lpg. We do not do any trading. It’s Aegis Logistics parent which does distribution of LPG there. Also it’s not any other liquid product. So we are only a service provider, infrastructure provider and it’s only tolling fees. Sort of what you say, but it’s called throughput is based on the volume in and out of my terminal.
S Ramesh
So the way in which you fix prices, is it based on a percentage of the value of the product or is based on your ROC objective? How do you work out the storage?
Raj K. Chandaria
These are industry industry benchmark. So we, we follow the industry benchmark and charge the same of course because as my parent is the infrastructure developer, we have a unique advantage of getting the infrastructure in quickest time and cheapest. So being an infrastructure business we are much more at an advantage than anyone else because it is our in house infrastructure development which gives us this benefit. So that is where we score. So the rocs are really huge and mind you, these are very long life assets. 40 years of life. Yeah.
S Ramesh
Appreciate it, Thanks a lot and wish you all the best.
Raj K. Chandaria
Thank you.
operator
Thank you. Due to time constraints, that was the last question for today. I now hand the conference over to the management for closing comments. Over to you sir.
Raj K. Chandaria
Well, thank you very much. I think it’s been a really busy nine months and including acquisitions and new projects and so on. We look forward to continuing to inform all of you about the progress that the company is making and we will speak again I guess in month of May when we’ll have our final year end results. Thank you so much.
operator
Thank you. On behalf of AEGIS Vopac Terminals Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.