Aegis Logistics Ltd (NSE: AEGISLOG) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
Raj K. Chandaria — Chairman & Managing Director
Murad Moledina — Chief Financial Officer
Analysts:
Unidentified Participant
Jolyon Loo — Analyst
Abhishek Jain — Analyst
Yash Nandwani — Analyst
Amit Vora — Analyst
Harsh Shah — Analyst
Vishal Mehta — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Aegis Logistics Limited Limited Q1 FY26 earnings conference call hosted by MUFG In Time Private Limited. 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 this conference call, please signal an operator by pressing Star than zero on your touchdown phone. Please note that this conference is being recorded. Before we begin with the main call, I would like to give a short disclaimer.
This call may contain some forward looking statements which are completely based upon our beliefs and expectations as of today. These statements are not to guarantee a future performance and involve unforeseen risk and uncertainties. With this, I would now like to hand over the conference over to Mr. Rajchanderia for his opening remarks. Over to you, sir.
Raj K. Chandaria — Chairman & Managing Director
Okay, thank you very much and welcome to our Q1FY26 conference call. This evening I’m joined by our CFO Mr. Murad Moledina and Ms. Payan Dhave from our investor relations team. We will be presenting the performance for the first quarter ended June 25th. So I’m sure most of you would have attended the Aegis VOPAC Terminals Limited AVTL maiden earnings call earlier this afternoon. We are pleased to share that our subsidiary AVTL was successfully listed in June 2025. Aegis Logistics continues to hold 44.71% equity in ABTL. And it’s important to note that given Aegis Logistics management control over the company, AVTL financials continue to be consolidated into Aegis Logistics financial statements.
So before we dive into the business overview, I’m just pleased to announce that our ESG rating from MSTI has been upgraded from A to AA in this calendar year. Now there are several developments underway at Aegis that we’d like to explain in greater detail. Perhaps I can go port by port. As far as Mumbai Port is concerned, Aegis continues to own and operate our assets in Mumbai Port. The liquid storage capacity at Mumbai port is 275,000 km and the LPG static capacity is 21,000 metric tons. Now we also have an upcoming liquid capacity of 125,000 kiloliters.
50% of which is expected to be operational in the ensuing quarter and the balance by the end of this fiscal year. The project cost. This project of roughly 250 crores was announced in the last fiscal year in the JNPT port. During the past year we added a Terminal with a storage total storage storage capacity of approximately 102,000 kilometers for liquid products. And we have been allotted an additional 30 acres of land at this port on which a capital expenditure project of 1,675 crores is being set up f or Liquids, LPG as well as an LPG bottling port. This project is now officially underway. As far as Kandla Port is concerned, the existing facilities at Kandla are operating with an improved utilization and this asset will see a jump in the volumes with the operationalization of the KGPL and JLPL pipelines which is expected in the second quarter of this. This year, financial year to which and we are connected to both of these pipelines. Another positive initiative at this port is that finally VLGCS will start berthing at Kandah port which will also benefit the operations and we shall be able to unload larger sized cargoes in Kandla.
We have acquired an additional plot of land which we are calling CRL4 where liquid terminal capacity with a capacity of about 94,148 cubic meters will be set up. And this is expected to come into operation next year. As we had announced earlier, we are expanding our footprint in the ammonia terminal. Business. In addition to the terminal at Pipawa which we had already announced. But I’m pleased to state that a non binding memorandum of understanding with Larsen and Tubro LNT has been signed up to set up ammonia terminals at Kandla for their upcoming green ammonia manufacturing facility at Kandla. As far as Kochi is concerned, the liquid capacity at Kochi is operating at a higher utilization and further capacity will come up in the near future. At The additional land that we’ve been allotted at this port at PPA. Wow. The LPG capacity with 48,000 metric tons of static cryogenic capacity has been added last month. And with this expansion, the total LPG terminal static capacity at PPAR has reached 70,800 metric tons. The liquid terminal at PIPOWER is progressing well with a high utilization. And in future it is our intention to set up a rail gantry for evacuation of liquid products as well, similar to the one that we have for gas. India’s first independent ammonia terminal at Pipava, of course as I mentioned, is being set up with a static capacity of 36,000 metric tons.
And this project is expected to be completed before the first quarter of the next fiscal year. And this ammonia terminal has a take or Pay contract for 15 years to service the upcoming DAP plant of Hindustan Zinc in Kandla. At Mangalore. Port. We added the cryogenic LPG storage terminal with an 82,000 metric ton static capacity last month and the first vessel was welcomed last month with the inauguration of the LPG loading arm which made its first pilot discharge. This was a flawless operation. Further capacity in the liquid side will be set up in the near future in this port. As we have been allotted some additional land at Haldia, the liquids capacity is operating at a higher utilization. We participated in various tenders to get additional land at Haldia to expand our capacity and the Haldia LPG terminal continues to do well and increase its utilization slowly and steadily.
And we are looking to extend our presence to a seventh port. And once we are allotted some land we at the moment we’re not able to disclose where we are bidding, but once we are allotted some land we will of course be able to set up some additional capacity in the liquid site there soon and we will be informing everybody at that time. So in summary, Aegis possesses really strong, which we have demonstrated in house expertise in identifying opportunities and executing infrastructure projects that are cost effective, fast and flexible while at the same time maintaining the highest quality standards that ensure the long term durability of these assets.
And we’ve also constructed them at the lowest cost per designated number of throughput terms. All these projects are housed and operated under AEGIS VOPAC Terminal Limited and we will already reach a CAPEX of US$1.2 billion by the end of next year. And we expect to reach 5 billion aggregate capex by 2030 which will be funded by a mix of internal accruals and utilization of debt with a debt gearing ratio prudent debt bearing ratio of 0.6 times capped to a 3.5 times of EBITDA. With the recently concluded phase one equity infusion by way of the IPO and you know, as you know we have we are legally obliged to have a phase two equity infusion within the next three years under the SEVI regulations.
The CAPEX therefore will be largely funded. Coming to the distribution side, this is of course a key focus for us as we utilize our existing terminalling facilities and infrastructure to reach the end customers. In the case of LPG we manage the entire value chain from sourcing storage to distribution across India. And since distribution Distribution is a B2C segment, it offers significantly higher earnings per ton compared to our other segments while requiring relatively little investment. We distribute LPG directly to industrial customers and also through our partners to serve both existing and new customers in the retail sector, especially with autogas auto LPG stations where we can cross sell other products.
I’m really pleased to announce that we have just signed a.
operator
Ladies and gentlemen, the line for the management is disconnected. Please hold while we reconnect them. Again, ladies and gentlemen, thank you for being on hold. The line for the management is now reconnected. Thank you. And over to you sir.
Raj K. Chandaria — Chairman & Managing Director
Thank you. Sorry about that. Yeah, so I’m I’m pleased. In case you missed it, I’m really pleased to announce that we have just signed a cross selling of fuel agreement with which I think really could be a very interesting development for our distribution business. So I just provided you a detailed port by port update on each of the terminals and really just to summarize before I hand over, there are numerous investment opportunities across our businesses and the related segments agents has very strong cash reserves, robust balance sheet which is positioning us well for future growth and our management team is actively evaluating multiple projects that align with our internal IRR benchmarks.
And with now AVTL now being listed, we recognize our responsibility to shareholders as has doubled and we are committed to delivering long term value to all stakeholders. So with that I’ll conclude and hand over to our Chief Financial Officer Mr. Murad Molydina to present the quarterly financial highlights. Murad.
Murad Moledina — Chief Financial Officer
Yeah. Thank you. Now before we get into the financials, I’d like to briefly explain the rationale behind the AVTL’s IPO. The primary objective was to reduce debt and strengthen the balance sheet, enabling us to seize future growth opportunities and continue our GATI strategy. For Aegis Logistics, the IPO has been EPS accretive where now a portion of the profit will be shared with minority shareholders. However, the returns generated from reinvesting the proceeds will more than compensate for this. Coming to the operational parameters of the business, both the aging segments, LP gas and liquids performed as per our expectations.
In the first quarter of FY26, Q1FY26 normalized EBITDA stood at 256 crores an increase of 2% year on year. Profit after tax increased by 11% to 175 crore for the first quarter this year versus 158 crore in Q1 of FY25. Now coming on to the individual segments. Liquid Q1FY26 revenue from liquid segments stood at 144 crore compared to 143 crores a year earlier. Increase of 1%. We delivered a stable Q1 EBITDA of 106 crores. In liquid LPG business Q1FY26 EBITDA was 150 crore as compared to 142 crore in Q1FY24, an increase of 6% YoY revenue from LPG business stood at 1575 crore achieving an 8% YoY growth.
Now volume details throughput revenue in Q1FY26 the LPG volume handled at all our terminal was 1.16 million tonnes versus 1.01 million metric tons in Q1FY25, an increase of 15%. The distribution volumes of auto, commercial and industrial bulk handled was 1.45 lakh metric tons in Q1FY26 against 1.28 lakh metric tons in Q1FY25. The sales volume of sourcing was 1.19 lakh metric tons versus 1.24 lakh metric tons in the same quarter last year. The financial position of the company remained robust with low debt, strong cash flow and a solid balance sheet. We achieved the highest liquid revenue in Q1 ever.
We also achieved highest gas EBITDA in Q1 ever. And we also achieved highest throughput in Q1 LPG throughput volume ever. So we continue to do many first all the time. And with this I hand over this line to the moderator to start the question and answer session. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press STAR and two 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 Julian from Ameril Gestion. Please go ahead.
Jolyon Loo
Hello. Am I audible?
Murad Moledina
Yes, please.
Jolyon Loo
Thank you for the opportunity to ask a question. I have a few questions. Maybe first. Could you just talk about your liquid revenue and margin maybe on a sequential basis because it did come down quite significant. Maybe from fourth quarter of last year to this year. Hi, sorry. So just about the decrease segment from fourth quarter to first quarter this year. Why did the revenue decline so much and also the margins.
Murad Moledina
We’re sorry, Jolyan, we can’t hear you properly.
operator
Mr. Jolyan, we can’t hear you properly.
Jolyon Loo
Hello. Is this better?
operator
Yes, better. Please continue.
Jolyon Loo
No, no. I was just asking about liquids. Maybe from a sequential basis from fourth quarter to first quarter. Why the revenue and margins decline so much.
Murad Moledina
In liquids? June Every time Q1 is always a little softer. And like I said, we have achieved the highest ever liquid revenue lifetime. What we have done in Q1. So we are okay as far as liquid is concerned. And from ensuing quarters you will see as the product mix improves in the newly commissioned liquid terminals, we would be doing better as the year progresses.
Jolyon Loo
Maybe for this year’s fourth quarter, should we also expect like a seasonal increase in decreased revenue and margins?
Murad Moledina
Historically Q1 and Q2 is softer than Q3 and Q4 and of course capacities added also makes a difference and a change of product makes. So if you look at all together then you will be able to gauge correctly what happens in the ncl. Cortes.
Jolyon Loo
Okay, maybe the same question pertains to the margins for gas distribution. I mean if I were just to like a back conclave estimate of the margins on EBITDA per ton. Gas distribution actually declined on the Q on Q basis. Any color from that?
Murad Moledina
Yeah. So distribution margins please look at. On a yearly basis they are generally around 3000 rupees. Last year we clocked 3500. This year also we expect to be around the same. So on an average we will always end at around 3,000 to 3,500 rupees per tonne. Currently in Q1 we have done around 2,500 rupees. You will see there has been a push on volumes because we have entered new geography on account of our upcoming Mangalore terminal we are now pushing and that has averaged out the margins a bit. But we are confident that we will again end between 3 to 3500 per metric done on a yearly basis.
You will of course see a better volume growth as compared to the last year, which we have always said in the previous year. That in the current year on account of two cryogenic terminals coming up and a new geography we will see better volumes margins. Like I said, we should be able to achieve what we did last year on an average. So we should be better off in distribution business this year. Back on track.
Jolyon Loo
Okay, maybe just one last question on jmpt. As I understand actually one of our competition has announced a LPG terminal and I think they have started construction in February this year. So with that in mind, do we anticipate like a over capacity situation over there? You know, are there any assumptions on their capacity build? But after all I think if you combine the two capacities that we have announced and the peer has announced, then you don’t really. There seems to be a lot of capacity in jnpt. I don’t know any color for that.
Murad Moledina
Yes. So jnpa, please keep in mind that there are two partners involved in the JNPA infrastructure which. Which we are setting up Aegis and Wopack. Both are very experienced infrastructure players in storage business. One a leader in India and one world over. We have examined all the macro market conditions, competition, everything and after having confidence on all the parameters we have decided to go ahead. Another thing which you can notice that the so called LPG infrastructure that you have referred to, there are news items saying that BW has of course withdrawn from. So we don’t know the fate of that particular infrastructure.
In spite of that, like I said, we do our own calculations and we are confident of what we are doing at gnpa. We expect good and solid utilization going forward. Sorry, JNP is concerned. It’s in western India and near to the high consumption north of India.
operator
Thank you. The next question is from the line of Abhishek Jain from Alpha Accurate Advisors. Please go ahead.
Abhishek Jain
Thanks for opportunity and congratulations for decent set of numbers. You have added two capacity. One is the Bangalore and another is the P power ports. So after adding these two capacity, what would be the total throughput capacity? Right now in FY25 it was 960.
Murad Moledina
So we don’t give outlook on the throughput that we are going to achieve. But please keep in mind that what we have always said and the only guidance that we have given is that we strive for a 25% CAGR growth in our EPS year on year. That’s the bare minimum that we try. I think from last three years probably we have done around 23% on CAGR growth.
Abhishek Jain
And what would be the increase in a static capacity?
Murad Moledina
Sir, static capacity put up in Mangalore is 82,000 metric ton equivalent to around 6 million tons of throughput capacity. And P is 48,000 metric tons which would be where we wherein we would be able to do a 4 million kind of throughput.
Abhishek Jain
So that means that your totally static capacity will increase by the 1.1 times the same line growth can be possible in the throughput capacity.
Murad Moledina
In the throughput utilization. You’re prorating it. Yeah, so. So what? How it happens is that every new terminal, so you are combining a matured terminal which is operating for years along with the new terminal. You cannot do that. Every new terminal we have always said a gas terminal takes usually is built with a capacity that should last the customer for 57 years. So it starts with a 25 30% utilization, then scales up and in 57 years you then see almost close to 100% utilization. The life of the asset both of liquid and gas is 40 years, a very long life.
And the utilization I Have just explained how it happens.
Abhishek Jain
So that means we can assume that 25% type kind of the volume growth, cavi growth in a gas segment.
Murad Moledina
Yeah, typically that’s how it happens.
Abhishek Jain
And what was the throughput capacity and utilization in the first quarter in IPG.
Murad Moledina
Segment throughput we did 1.16 million tons.
Abhishek Jain
Right, 1.16 again. And you are utilizing, sir?
Murad Moledina
Sorry, Utilization. Utilization. We don’t do like that. So. Okay. Before. Before we did before these two cryogenic terminals in ages we had a capacity of 9.6 million tons. So you can do the. And this is quarterly 1.16, mind you.
Abhishek Jain
Okay. And this quarter we did not get any benefit of this incremental capacity. We’ll get the benefit from the quarter second only.
Murad Moledina
Yes, you are right.
Abhishek Jain
And one book keeping question was that if you see the average elation in the liquid division and EA per turn in the gas sector that was very high in the Q4 versus in this quarter. Was there any one offs in fourth quarter, sir?
Murad Moledina
So sometimes you get take or pay contracts and you earn money. So those I cannot say they are one off. They could repeat but they do come once in a while.
Abhishek Jain
So these are because of that you have completed two terminal in the last quarter. Mangalore and the pipaba and got the.
Murad Moledina
No. Yeah. So last quarter the revenues and per CVM rate might be higher because we get sometimes contracts which are contracted but not utilized. So you get those revenues. They like I said, we cannot say it’s one off but it’s once in a while does come.
Abhishek Jain
So can you read that number, sir? How much it was?
Murad Moledina
Oh, I don’t have it. We don’t keep a track of all of that. So you have to take it together. But if you look at the yearly realization in liquid they are always around 3000 rupees per CBM. That is how it comes on an average.
Abhishek Jain
Okay, thank you.
Murad Moledina
Realizations. Rather than go quarter to quarter they even out balance out.
Abhishek Jain
Okay.
operator
Thank you. The next question is from the line of Yash Nandwani from IIFL Capital. Please go ahead.
Yash Nandwani
Hello.
operator
Yes. Can you please be a little louder?
Yash Nandwani
Yeah. Thanks for the opportunity, sir. So my first question is on the distribution segment. So one of the CT Gas distribution company has recently announced its entry into the propane and LPG marketing and they in the MORI we as well as other industrial clusters and they are targeting 25% market share. So how do you see this impacting our distribution business?
Murad Moledina
So you should be happy. I’m sorry, there’s an echo. Hello. Hello. Can you hear me?
operator
Yes.
Murad Moledina
Hello. Yep. Hello. Yeah. So you should be happy that finally what we have been saying over a number of years is happening. That you, you will find a city gas, natural gas player wanting to get into LPG business. The more the merrier. That’s what I always believe. And probably they would come. They don’t have their own terminals so probably they would be coming to store at our terminals only because you need terminals to be able to trade. And at the end of the day they are going to trade. And mind you, we have partners who are global leader like itochu with us.
And so let’s see. And there are so many other companies who do trade in LPG. All the NOCs, US, SHV, total confidence. There are so many of them. We compete and we sell. And we have the advantage of being vertically integrated in LPG business. We source, store, distribute all ourselves. So. So we capture the entire value chain as such which may not be there with others.
Yash Nandwani
Sure sir. Secondly, apart from the expansions already announced in avtl, do you plan to enter any new terminal, have any product or service in this company near future?
Murad Moledina
Yash, please understand again it’s equi. Hello Yash, please understand. Aegis Logistics Limited is a consolidated financial statement that we are talking about. It’s inclusive of avtl. It does not exclude avtl. So all of the capex of AVTL are included line by line into this company. So it’s inclusive of whatever ages vopak will house. So it’s like we have Mumbai Terminal Number 2 housed in C Lord. We have our pac cylinder business housed in Aegis Gas. We have liquid and LPG terminal housed in Aegis opac. So all of these get combined and consolidated. So Aegis Logistics fix is a whole is what includes everything.
And like we have said, in addition to 2,500 crore projects that we are doing which will be housed in AEGIS Bhopat, another 200150 crore of Mumbai expansion in liquid will be housed in our parent individual standalone company. But we will be inclusive of all of it.
Yash Nandwani
That means if you enter any new product, let’s say hydrogen that will be housed in ag. So pack only or any other, any other sort of product. Sir.
Murad Moledina
Yes, there is some problem with the system. There is an echo. Let me say this way that as and when the opportunity comes in any new energy, any new port or any other infrastructure the company will decide whether it falls within our benchmark returns that, that we expect. And secondly then we’ll decide where housed. It will bring the maximum Value. It also depends on whether there are partners in those opportunities. So it will be done as the opportunity will call for. So it depends. But yes, most of the standard port terminals will be housed under the strategic Gati in Aegis Vopak for sure.
Raj K. Chandaria
If I can just add here, I think the classic example is ammonia, right? That would be an example. Just like 18 months ago when we first announced that we were getting into the ammonia business. So today that that is a reality. The first ammonia terminal is under construction. The second ammonia terminal I just announced in the cold in Kandla with LNT and so on. So you know, new opportunities like ammonia will come and when they do come, we will assess where to house them correctly.
Yash Nandwani
Sure sir. Thanks a lot.
operator
Thank you. The next question is from the line of Neil Utpal Sahu from JM Financial. Please go ahead.
Unidentified Participant
Hi sir, good afternoon. Am I audible? Yes, thank you. A few questions from my end. First of all, is the Halvia LPG terminal going to be included in avtm?
Murad Moledina
Yeah, I wish I knew the answer. So it all depends on, you know, we continuously keep reviewing all our assets and like Mr. Raj just said, where housed would bring maximum value. So it depends. As of today there’s nothing more to speak about on this. But you know. Yeah, never say no to anything. We are always assessing, reviewing and looking at what brings maximum value to the group as such.
Unidentified Participant
Okay sir, and second question, can you give us some ballpark differential of what is the price differential between propane and natural gas for the industrial clusters in movie?
Murad Moledina
I think as of today it stands at around 16%. If you look at electricity it is 53%. If you look at. So it depends on each fuel. But NG more B I think it’s 16% in favor of propane. That’s what so generally it’s always 15% or so.
Raj K. Chandaria
That’s what it is.
Unidentified Participant
Okay sir. Thank you Guru for my question.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Harsh Shah from Dalal and Brocha. Please go ahead.
Harsh Shah
Yeah, thanks for the opportunity. A few questions from my side. Firstly on the announcement that the company made on 19th of June with respect to the various business transfer agreements which the company has kind of signed between the subsidiary. Right. So just wanted to check here. I mean how is the accounting treatment done in terms of say when you say are doing a slump sale from C Dot containers to avtn. Right. So I mean how is it accounted in the books of BG holding like you said in the EBT the gain on the transfer of assets is recorded in other comprehensive income. Right. So I mean, I mean is it going to impact.
Murad Moledina
So yeah Harsh. We will need a session, a whole day session to completely talk on consolidation. It’s a. It’s a complex subject but to say it in a very simple manner, when you consolidate all of this, the profits are eliminated. So in the profit and loss account the profits will not appear that that’s what the accounting standard requires. But if you look at the individual companies you will see those profits. For example the Mangalore terminal which we transferred will be reflected in the C Lord Containers Limited which is a 100% subsidiary of Aegis Logistics Limited standalone. And there in Clod you will see the profit reflecting on sale of the whole asset to avcl.
Now when we consolidate that profit is going to get eliminated on consolidated basis. It is not that when the subsidiary earns something the standalone holding company will also reflect that. It cannot be so because that’s how accounting is done. It is only aggregated on a consolidated basis. But there the requirement of law is that you don’t need to reflect or actually show the profit because they have come from the companies you control or those that are your subsidiaries. So they get eliminated.
Harsh Shah
I get the point of consideration. I just wanted to check. So for example see this transferring. So when you are doing the accounting for Seal also is it that profit is reflected within other income, Is it that case or how is it?
Murad Moledina
Yeah, yeah. Only when it is sold, you know income minus expense, that’s the profit.
Harsh Shah
No, no, I get that. So why from where I’m coming is that if I look at the base quarter, right the standalone operations on ABC Logistics there is an other income of 153odd per. Right? So that is where I’m trying to understand how the other income in the base quarter is so high.
Murad Moledina
Oh, you are talking about standalone. No, we discuss here only consolidated standalone would be interest income. Other income will include even interest received. So probably it is because of interest received. You have a very large cash balance of around 4130 crore as of 30th June. So you can look at 7% per annum is 290 crore divided by 4 would be somewhere around 80. 90 crore would be interest received only.
Harsh Shah
No, no. So I, I get the point, the calculation but anything specific.
operator
Your voice is not really clear. Can you please check?
Harsh Shah
Is it better now? Yeah. Is it better?
operator
Continue?
Harsh Shah
Yeah, yeah, yeah. Basically what I was trying to understand is in the days quarter 153 crores of other income. So is there any portion wherein any asset which may have been created or built by agency logistics has been transferred and that is getting reflected in other income or is it just the. As you said the.
Murad Moledina
In the quarter Aegis Logistics has not transferred any asset. It is C Lord that has done so.
Harsh Shah
Yeah, got it. Okay. Yeah, got it. Okay, sure. And also I mean. Yeah, I think, I mean we have to take it. Post the call only for the account. Yeah, for now that’s it from my side. Thanks.
operator
Thank you. The next question is from the line of Abhishek Jain from Alpha Accurate Advisors. Please go ahead.
Abhishek Jain
Thanks for opportunity again. Why the average license per CBM basis used to be higher in the fourth quarter in liquid division as you mentioned that it Is average around 300 rupees PDM per month. But if we see the number in first quarter for 26 it is around 223 to 24 and earlier quarter also accept fourth quarter it used to be 224 to 213 rupees per month basis. So just wanted to understand the maxim.
Murad Moledina
So what I said was 3,000 rupees per year not 300 rupees per month. So if you translate 3,000 rupees per year it comes to 250 rupees. If we have done 225 rupees in Q1 I am sure the average by year end would again come back to 250 rupees which is generally the standard benchmark we look at.
Abhishek Jain
So LastLast Quarter 398 includes also a l ot of.
Murad Moledina
You have to look at yearly average.
Abhishek Jain
Okay, got it. Answers on the gas ETA it is usually around 1560 rupees. It is usually to be a 1280-1300 per ton basis. What would be the average ebitda per ton? Guidance going ahead.
Murad Moledina
So it is generally thousand rupees per ton ebitda margin in case of LPG.
Abhishek Jain
But this, this, this, this time it is around 1290 and earlier also it is. It was in the range of 1270-1280.
Murad Moledina
So it is like this that in case if for example in some of the ports we get a higher revenue rate and also the EBITDA is higher. So if the throughput increases in that particular particular port the average. But again over the whole year it will balance out and you will see generally a thousand to eleven hundred rupees max is what will be the ebitda per ton in case of through port of LPG.
Abhishek Jain
Okay sir. And as you mentioned that around 20 volume growth expected in the gas region. So I just wanted to understand what is your outlook for the liquidity, how the revenue trajectory will improve because of this addition of GNPT capacity?
Murad Moledina
No, we do not. For example, I have never said 20% growth in throughput, which is. We don’t give outlook both in gas and liquid. How you have to generally look at is again I repeat the CBM that the capacity capacity in liquid that we have 3,000 rupees is what would be generally the revenue rate. And then you know, you have to take 2000 rupees per CDM in liquid as the EBITDA margin and you can work for yourself looking at the capacity growth that the liquid will have during the year. If you achieve something more than that.
We are doing good. And in case of lpg, we have said that the revenue rate like you have said is 1250 rupees per tonne and the EBITDA rate is 1100 rupees per ton. 1000 to 1100 EBITDA margin rate. And in case there is a new capacity coming up, it generally starts with a 25% utilization and then scales up the terminals which are 5, 7 years old, probably 7 years old. Then you will find those terminals being utilized almost 75 to 100%. So accordingly then you, you have to work out your maths.
Abhishek Jain
Thank you, sir, that’s very useful. Thank you.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Vishal Mehta from IIFL Capital. Please go ahead.
Vishal Mehta
Yeah, hi sir, thanks for the opportunity. Again. I think going forward probably we can look at combining the calls for both the entities. But you know, just taking forward, you know, the discussion on that accounting treatment. Just one clarification that I needed. In the books of avtl, the capex that will be recorded would be cost to the group plus margin. And on in the consolidated group it will all get eliminated. And the capex that will be recorded would be just the cost to the group. Right.
Murad Moledina
So perfect. But I would just like to reword it. In AVTL it will be accounted, the cost will be accounted what it has paid for, which is what you have described it differently, but it amounts to the same thing. And in consolidated whatever margin the holding company charges which be eliminated and it will be shown net of that margin.
Vishal Mehta
Okay? Okay. Okay, cool. Thanks. That was the only question. All the best.
operator
Thank you. The next question is from the line of Amit Pora from the homeopathic clinic. Please Go ahead.
Amit Vora
Yeah. Hi. Good afternoon everyone. My question is again accounting related o nly i f this workbook has a 48 crore June 25net profit. The complete net profit is reflected in the cash flow or some other component.
Murad Moledina
I’m sorry, I was not able to clearly hear you.
operator
Can’t hear you properly.
Amit Vora
Just a minute. Just a minute. Just hold on. Hello. Am I audible now?
Murad Moledina
Better?
operator
Yes, much better.
Amit Vora
Yeah. So my question was again accounting related. If ages. If ages work had made a profit of 48 crores in this last quarter, this current quarter, June 25, the complete 48 crores is reflected in Aegis Logistics or the cash flow component or some other component.
Murad Moledina
No, the complete profit is reflected except intercompany transactions are eliminated. So the complete. But it won’t affect the profit as such. So it’s line by line consolidation and all the profits will get embedded. Then whatever is the minority interest in the consolidation of ages will be shown as a deduction after pat. So it will come before eps. That’s minority interest which.
Amit Vora
Got it. Got it. Thank you so much. My question is answered. Thank you.
operator
Thank you. The next question is from the line of Vineet Jain from Sabi Capital. Please go ahead.
Unidentified Participant
Yeah, thank you. Sir. My question is regarding the distribution volumes which we have seen traction after say five to six quarters. So how do you see the growth trajectory here going ahead and will you be able to give us some kind of a color? How much has the volume come from Mangalore in the recent quarter and how is the competition shaping up at Mormi?
Murad Moledina
I may not be able to give you territory wise breakup including Mangalore. But I can tell you for sure that we will see an upside in this year as compared to the previous year. Previous year was a showdown between NG and Propane. Now the dust has settled and we are also moving into new geography. New capacities have come. We will see a good healthy growth in the current year which is well reflected in the Q1 which is generally soft where we have seen a 13, 14% increase in the distribution volume already. So we expect to.
To end the year good as far as distribution volumes are concerned and like I have said earlier, try and retain the margins.
Unidentified Participant
So. But you conclude that this quarter has some volumes from Mangalore, right?
Murad Moledina
Oh, it’s not Mangalore Terminal has not started so. But we are, you know, pushing into that market. So.
Unidentified Participant
And then we are sitting on a large pile of cash. So what are the other growth opportunities we are seeing apart from? So already you have mentioned that major projects are going to be parked into the JV so X jv what are the other growth prospects the company has?
Murad Moledina
There is nothing like major project housing JV or not. Like we have said, every opportunity is to be seen in high school isolation and then decisions have to be taken based on lot of factors. There could be multiple, multiple scenarios. There could be a scenario where Aegis Standalone and AVTL together is investing in an asset. There could be a scenario where we are investing both of us together along with a partner. There could be a scenario where AGIs OPAC is doing on its own. There could be a scenario where Aegis Logistics is doing it on its own.
So there are multiple, multiple variables and multiple ways in which infrastructure can be structured. The opportunities are coming thick and fast. They are becoming bigger and bigger. And I think whatever cash we may have will not suffice for the kind of growth that we are looking at. 5 billion USD by 2930 is a tall order and we will need every cash that we can lay our hands on. Whether in holding company or whether in subsidiary or whether through a partner or whether equity infusion or debt, whatever. We will need it all to be able to carry on our strategy of gati, which is becoming a gateway access to India for all leaders liquid and gas products, including imports, exports, coastal movement, all of it.
Raj K. Chandaria
If I can just add that having a strong cash balance and a very strong balance sheet has been a basic philosophy of the company for the last 15 years. And it gives us the flexibility to move fast on acquisitions, to move fast on projects, whether it’s acquisition of land or even executing projects, which is I think why you’re seeing such an amazingly fast rollout of all our terminals. So it is actually having that cash balance that really gives us that strength. So we intend to continue with that policy.
Unidentified Participant
Okay, so one final question on the logistics part, we’re seeing the volumes have been largely in the same range for last 4, 5 quarters. There has been an upside of 10% and above. But with the new two facilities coming, should the traction be much higher in the next few quarters? Or how do you see that? Or do you think it is only going to move much when the KGPL pipeline is commissioned?
Murad Moledina
I think both, even without the hookup and but the commissioning of new capacities, you will see an upside. We have already said that every quarter we are clocking a lifetime high on several fronts. So this quarter also we did the highest throughput ever that we have done in any Q1 historically. And yes, 10% 15. We have done 15% higher. Right, that’s a very healthy upside. And with the increased capacity we will see further increase in the ensuing quarters. And when the hookup happens and when those pipelines, Central India pipelines, those get operational, we will see even more so this year going to be good and very healthy upside as far as throughput is concerned.
Raj K. Chandaria
I think just if I can just add that as I mentioned in the earlier my comments, the other assets that we are adding, strategic assets like for example the railway gantries and so on. Some of you have been following this company for some time may recall that at T Pawao the moment we added the railway gantry, the business really accelerated the volumes and so on. So in my remarks I mentioned that we are going to be adding a rail week entry at Bangalore, right Which would be coming up in the next. So we can’t look every quarter necessarily at the.
But if you see the direction of travel, it’s very clear that the throughputs are going to be going up quite a bit.
Unidentified Participant
On the pipeline KGPL pipeline it was later some news items said it was slated to start by June and there’s again a delay as well. There’s another news item which says that Mundra Port wants to join into the pipeline. So what is the delay? And if you understand anything on that, please throw some color.
Murad Moledina
You can look up at the IHB website and it says that they expect the commissioning of kgpl in Q2 of FY26. So probably by September is what they are aiming for. We have heard that the gassing up has already started and Munra hooking up into kgpl it’s a common user pipeline. We have also we are also hooking up. MUNRA will also hook up. IOC will also hook up the pipeline. Throughput capacity is huge. 8.25 million in case of KGPL. And we have heard that JLPL also PNGRB has now approved US step by step increase in capacity from 3.5 million to 6.25 million.
So these pipelines are. Will be the heart for distribution, for reaching reaching these energy products to all corners of this country which has got varied geography. It’s so important to reach energy to every corner of the country.
Unidentified Participant
So I mean your LPG distribution network you show most of the states except the most the most of the northern states. Even the largest state of Uttar Pradesh is not marked on your map. So do you plan anything for UP or how do you do? How do you see it?
Murad Moledina
It’s all if it fits within within our framework and benchmark we do in investments. And mind you this distribution business is a franchise model. So what is important is to get franchise to invest into this business. We are currently focusing on wherever we are to improve volumes out there. And then of course, those states which have been left out will also follow when the time limit. Right.
Unidentified Participant
Thank you so much.
operator
Thank you. Due to time constraints, we will take this as our last question for today. I now hand the conference over to the management for their closing comments.
Raj K. Chandaria
Okay, great. Thank you so much. You know, I just want to conclude by saying that I see that you know that our company Aegis has an unparalleled array of assets now in place in the liquids business and in the gas business. And we are adding more assets, super high quality assets. And really I think the FY this current financial year, FY26 is going to be a really excellent year for us and really looking forward to to sharing some of these developments as we progress through the year. So thank you very much for your attention.
Murad Moledina
Thank you so much.
Raj K. Chandaria
Okay, thanks.
operator
Thank you on behalf of MUFG Int ime Private Limited t hat concludes this conference. Thank you for joining us. And you may now disconnect your lines.