Aegis Logistics Ltd (NSE: AEGISLOG) Q3 2026 Earnings Call dated Jan. 30, 2026
Corporate Participants:
Raj Chandaria Arya — Chairman and Managing Director
Murad Moledina — Chief Financial Officer
Nilotpal Sahu
Chirag Vakharia
Analysts:
Vibhav Zakshi — Analyst
Sunidhi Joshi — Analyst
Vishal Mehta — Analyst
Amit Vora — Analyst
Nandan — Analyst
Rajesh Agarwal — Analyst
Presentation:
Murad Moledina — Chief Financial Officer
Sat. Sa. Ladies and gentlemen, you have been connected to AG’s Logistics Ltd. Earnings conference call. Please stay connected, the conference will begin shortly. Thank you. Foreign. Ladies and gentlemen, good day and welcome to the Earnings call of AG’s Logistics Ltd. 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 this conference call, please signal an operator by pressing Star then zero on your Touchstone 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 upon our beliefs and expectations as of today.
The statements are not to guarantee a future performance and involve unforeseen risks and uncertainties. With this, I would now like to hand the conference over to Mr. Raj Chandaria for his opening remarks. Thank you. And over to you sir.
Raj Chandaria Arya — Chairman and Managing Director
Thank you very much and welcome to our Q3FY26 conference call. This evening I’m joined by our CFO Mr. Murad Moladina and Ms. Payal Dave from our investor relations team. And we appreciate you taking the time to join us today to review the company’s performance and discuss our ongoing strategic developments. We’re pleased to share that the company continues to maintain its strong growth trajectory which is underpinned by expanding volumes and enhanced operating performance. For the nine months FY26 we have once again delivered a record performance achieving all time revenue and high revenue and EBITDA in the liquids division along with record EBITDA in the gas division which was driven by the highest ever volumes in the logistics and distribution business.
In the nine months ended 31 December 2025, revenue from operations reached 5,739 crores reflecting a 13% year on year growth. Normalized EBITDA for the period stood at 929 crores making a robust 26% increase over the previous year. Profit after tax rose 39% to 652 crores compared to 470 crores in the nine months ended FY25. In the third quarter of Y26 our consolidated revenues stood at 1,725 crores with the normalized EBITDA showing a robust 29% increase rising from 252 crores to 326 crores. And profit after tax also grew sharply by 25% moving from 160 crores to to 233 floors.
This performance highlights the benefits of operating leverage and a strong product mix across our terminals. At the same time, the company remains firmly fixed on optimizing costs and enhancing throughput through our ports, ensuring that our growth momentum continues. We’ve also effectively utilized the IPO proceeds and paid down outstanding debt during the financial year. So I’ll now take you through the key operational and project updates port by port to give you a comprehensive overview of the ongoing infrastructure developments at Aegis Logistics Limited At Mumbai Port we continue to operate at higher utilization levels and leverage our infrastructure and operational capacity.
Our liquid storage capacity stands at 334,000 kiloliters supported by a static LPG capacity of 21,000 metric tons. In line with our growth plans, an additional 64,000 kilolitres of liquids are under Liquid capacity is under development at a project cost of 125crores as previously discussed and I’m pleased to report that work on this new capacity is progressing steadily and remains on track with Commissioning targeted for first quarter FY27. At the JNPT port our operational liquid capacity stands at 101,900 cubic meters with an average realization improving due to a better product mix. In addition to this, we are developing a 318,100 cubic meter capacity of new liquid capacity with 77,000 286,000 metric tons of LPG capacity, further expanding our footprint.
An LPG bottling plant with a capacity of 35,000 metric tons is also under construction and the overall project with a planned capex of 1,675 crores is progressing well and the first phase of the new liquids capacity at JNPA is expected to be commissioned in the first quarter of FY27 and to further strengthen our presence on the west coast, we are evaluating the addition of an additional 36,000 metric ton cryogenic gas tank at our Kandla port. At the Kandla port our liquid capacity stands at 952,276 cubic meters while gas capacity is at 48,000 metric tons of the port is operating at improved utilization level reflecting stronger demand and efficiency.
Work on the Jamnagar Loni pipeline is in full swing and LPG pipeline is in full swing and just a month away from operationalization with the Kandala Gorakhpur LPG pipeline connection expected to be completed by June now of 2026. This is our latest update, both of which will drive significant volume. The VLGC berth at Kandla became operational in the third quarter and on the final day of 2025, the port received its first ever VLGC vessel, officially establishing Kandla as a VLGC compliant facility. Now this development along with the commissioning of the two pipelines is expected to to significantly enhance volumes at this port.
In addition, a 94,148 cubic meter liquid terminal is planned at the CRL4 plot and is expected to be operational next year. As you’re already aware, we had also signed a non binding memorandum of understanding with Larsen and Tubro to develop an ammonia terminal for their upcoming green ammonia project at Kandla, further strengthening our growth pipeline and strategic partnership. At Kochi Port, our liquid capacity stands at 82,000 cubic meters, operating at high utilization levels as well. And in our previous calls we had shared plans for developing an additional 60,000 cubic meters of liquid capacity on newly allotted land.
And I’m pleased to announce that this development is now underway. And of course it will increase the capacity to meet the future demand that we expect. At Pepawao, our liquid capacity stands at 116,620 cubic meters complemented by an LPG capacity of 17,800 metric tons and an ammonia capacity of 36,202 metric tons. The liquid terminal at PIPAO continues to operate at very high utilization levels, catering to demand across Western India. This port has a very strategic importance in its portfolio. In the portfolio for us, it has world class infrastructure to handle LPG via the VLGC jetty.
We have cryogenic tanks, we have a bottling plant, we have an LPG rail gantry and 16 loading bays for efficient road evacuation and Central India pipeline connection. The port is also working on establishing a new VLGC compliant jetty which construction is underway and is expected to be completed in this calendar year. And we are now in the process of developing world class infrastructure in the liquid business as well. To enter to cater to large Indian and global conglomerates in that context, we have entered into a 15 year long term take or pay contract with a large conglomerate for handling their petroleum products at pparl and under this arrangement, the Aegis Volpak Terminals, our subsidiary will manage over half a million metric tons annually at the end of this calendar year, providing strong volume visibility and reinforcing our position as a reliable logistics partner for one of India’s largest energy conglomerates.
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. At Mangalore Port, the LPG terminal with 82,000 metric tons of static capacity was successfully commissioned in June of 25 and the port currently has a liquid capacity of 194,382 cubic meters. And looking ahead, plans are underway to add a further 60,000 cubic meters of liquids on some nearly a lot of land as part of the next phase. Of development. In Haldi Airport. One of the key strategic developments in this fiscal year has been the completion of ABTL’s acquisition of 75% stake in Hindustan Aegis LPG Limited from Aegis Gas LPG Private Limited and from Vopac India, resulting in Hindustan Ages LPG Limited becoming a subsidiary of ABTL. This acquisition sort of transfers 25,000 metric tons of LPG storage capacity at AVTL, cementing AVTL’s position in the east coast market. Our liquid capacity at this port stands at 226,890 cubic meters alongside a gas capacity of 25 and operations continue at a high utilization level reflecting consistent demand. And we have recently acquired an additional three acres of land in Haldia to support the expansion of liquids at this port.
The LPG terminal is performing well and the utilization continuing to increase steadily. In the month of December we achieved the highest throughput ever at this port. As far as new ports are concerned, we are actively pursuing expansion at two new locations. We have entered into a non binding Memorandum of understanding for potential investment of around 20,000 crores in the proposed Padawan Port. We await land allotment and formal approvals. Once these are in place, we plan to initiate the development of a new gas and liquid complex at these sites. Now with that overall perspective, I will now hand over to our CFO Mr.
Murad Moledina to present the detailed financial highlights.
Murad Moledina — Chief Financial Officer
Thank you. Thank you Mr. So Aegis Logistics Ltd. Together with Aegis WOPEC Terminals is expected to reach an aggregate capital expenditure outlay of USD 1.2 billion by next year. Looking further ahead, we have laid out a long term capex roadmap of USD 5 billion by 2030. All investments will continue to be funded through a balanced mix of internal accruals, prudent debt ensuring financial discipline. We remain committed to maintaining a conservative debt carrying ratio of 0.6x with an overall leverage capped at 3.5x. EBITDA coming to the operational parameters of the business, profitability of both the segments LPG and liquid performed demonstrated strong growth in nine month FY26.
For the nine months ended 31st December 2025, revenue from operations reached 5739 crores reflecting a 13% year on year growth. Normalized EBITDA for nine months stood at 929 crore registering a strong 26% increase compared to the previous year. Profit after tax rose handsomely by 39% to 652 crores up from 470 crores in nine months of the previous year. For the quarter revenue from operations is 1725 crores. Normalized EBITDA for Q3FY26 stood at 326 crores crores making a strong 29% growth compared to the last year. Profit after tax for the third quarter stood at 233 crores reflecting a 45% year on year increase.
Now coming on to the individual segments. For the nine months ended 31st December 2025, Liquid revenue reached 460 crores, a 13% increase from 408 crores in nine months of last year. Liquid EBITDA stood at 346 crore marking a 17% year on year growth. LPG business revenue rose 15% to 5279 crores and Gas EBITDA grew by 31% to 582 crores once again propelled by record logistics and distribution volumes. Looking at the nine months performance, LPG volumes handled across terminals totaled 3.93 million tonnes up 19% from 3.3 million tons in the nine months period of the previous year.
Distribution Volumes expanded by 35% reaching 5.2 lakh metric tons compared to 3.85 lakh metric tonnes last year. Sourcing sales volume stood at 4.78 lakh metric ton reflecting a 4% increase over the previous nine months period. In Q3FY26 liquid revenue stood at 161 crore up 19% from 135 crore. In Q3FY25 liquids, EBITDA came in at 124 crores reflecting a 31% year on year growth. Segment EBITDA margin expanded by 674 bids to 77% supported by favorable mix towards higher realization products. LPG business reported a revenue of 1,564 crore while gas EBITDA surged 30% to 202 crores the highest ever for the third quarter driven by record volumes in logistics and distribution.
In the third quarter of FY26 we have delivered an all time Q3 throughput volumes marking the second highest in our operating history. LPG volumes handled across terminals stood at 1.36 million tons compared to 1.22 million tons in Q3FY by an increase of 11%. Our distribution volumes in auto, commercial and industrial bulk grew sharply by 44% reaching record Q3 levels of 1.83 lakh metric tonnes versus 1.27 lakh metric tonnes last year. Sourcing sales Also sourcing sales volume also registered growth rising 7% to 1.51 lakh metric tons compared to 1.4 lakh metric tons in the same quarter of FY25.
Overall, the company’s financial position remains robust, supported by low debt, strong cash flow and a solid balance sheet. With this, I hand over this line to the moderator to start the question and answer session. Thank you so much.
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 comes from the line of Vibhao Zucchi from JP Morgan. Please go ahead.
Vibhav Zakshi
Yes, hi. Thanks for the opportunity and congratulations on the strong quarter. First question is on the KGP and pipeline timeline. Sir, what is the confidence that this will get commissioned by June? Because there have been some news flow about some challenges in respect to land compensation. So yeah, I mean we were expecting it to get commissioned by March and now the timeline is June. So just some thoughts on your confidence level. Thank you.
Murad Moledina
So we have been given to understand that most of the 3900 kilometer pipeline is done except for the last 8 or 12 kilometers which is underway. Work is currently on. So we expect and there’s reasonable confidence that by June it should get operationalized. We believe in in some stages even gas fill has happened namely I think Kandla, Ahmedabad so to say. So it’s there almost the last bit is left which is why we said June and not April or March because just keeping in mind some contingency, June appears to be fairly realistic as of now.
Vibhav Zakshi
Okay, got it. And just a follow up question on the LPG import. So if I look at the ministry data now it looks like October to December was down. This could be largely led by days of last year because December is now seeing again a pickup. But in general if I look at the YTT number it looks like and these imports have slowed a little bit to just around 8%. So any thoughts on why you know this November data was a bit slow and how you were you know, generally expecting the next few months going forward.
Murad Moledina
No, I think it’s quite robust. And 8% is what you are saying is a growth right year to date. Yeah, so that’s, that’s pretty decent. We expect around 8 to 10% import growth and if you look at H1 it’s already up than last year’s H1. And yeah of course month on month it’s not spread evenly. So there’s inventory management and it all depends on Stock Management, etc. By the oil companies. But if you look at year to year data, yeah, it’s quite good. We don’t see any downside as far as imports is concerned even for the current year.
Vibhav Zakshi
Okay, great, that’s comforting.
Murad Moledina
On top of that it all, it all then boils down to what about our terminals? So like you can see we are, we are, we are growing our logistics volume quarter on quarter if you compare year on year. So we are, we are fairly good in a good space.
Vibhav Zakshi
Sure, sure that’s very comforting. And just second question if you can just highlight, you know broadly guide to capex for you FY26 and FY27 maybe just out of ballpark.
Murad Moledina
We have said on record that by FY27 we should reach 10,000 crore gross. Capex we are already at 5,000. Currently around 3,500 crore sort of projects are underway. So we should reach by FY27 somewhere close to 10,000 crore which is what we have been saying. $1.2 billion.
Vibhav Zakshi
Okay, sure. Thank you so much. I’ll come back.
operator
Thank you. Our next question comes from the line of Nilot Pal Sahu from JM Financial. Please go ahead.
Nilotpal Sahu
Hi sir, good evening. Thank you for the opportunity. I wanted to understand. Can you give us some color on how is the LPG versus PNG price differential going on currently and what does the near term outlook look like in terms of distribution volumes?
Murad Moledina
So nilotwar we remain, we remain with the cost advantage versus NG and I can tell you January volumes are also very healthy and we don’t expect any difference than what we have been doing in previous quarters. The advantage remains, you see month on month pricing is not so important because it all depends on when the cargo has been brought in. It is assumed that all cargo will be from Middle East. It is assumed that all the cargo would be priced at M minus 1. However, because we are vertically integrated we have got a lot of flexibility about when to import, when to where from to import.
We have already started importing from usa. Lots of ships have already come so it’s becoming now a balance between LPG coming from America and LPG coming from Middle east. Whether we want to import, hold, sell next month or we import and sell in the same month. So there is a huge amount of flexibility that we have versus else, you know. So we are, we remain confident on the volumes growing quarter every quarter as well as on our margins. There is nothing as on date different.
Nilotpal Sahu
Got it. So how much is now US contributing to say our volume share? And like what is the price discount that we get if we import like from the us?
Murad Moledina
It’s not the question of discount, it’s question of pricing. So the pricing of American LPG cargo is different. It doesn’t follow Saudi CB. So we get some discount probably than the Saudi CB. It’s 10 $15 or more cheaper at the end if you look at the net price.
Nilotpal Sahu
Got it. Thank you.
operator
Thank you. Our next question comes from the line of Sunidhi Joshi, NM Capital Advisor. Before we move ahead with the question, a reminder for all the participants, please press star and one for more questions. Please go ahead. Suniti.
Sunidhi Joshi
Hello. Am I audible?
Murad Moledina
Yep.
Sunidhi Joshi
So Aegis OPAC terminals and Aegis Logistics together will achieve a capital expenditure outlay of $1.2 billion with a long term plan to reach around $5 billion by 2030. So can you share the path to one point first and where do incremental capex for potential in existing and new ports, products etc.
Murad Moledina
So if you look at my asset, the gross asset stands at around 6,000 crore. I’ve already. We have already doing executing projects of 1675 crore at GNPA and we are doing another 200 crore odd at Kandla. We have just announced additional liquid capacity at Mangalore Pipawa Kochi. We are also doing a 525 crore project of ammonia at Pipawa. So all of this gives a signal that we are on course to reach 10,000 crore capex by FY27 which is $1.2 billion.
Sunidhi Joshi
Okay, understood. And at that scale, just wanted to understand how will our revenue and EBITDA look like?
Murad Moledina
It depends on how soon the assets mature in terms of utilization. That is gas liquids are of course from day 100%. So depending on how quickly the assets mature, let’s say after six months or so we expect to earn 25% kind of an EBITDA out of the assets that we put up. That’s the general thumb rule that we expect.
Sunidhi Joshi
Okay. And also if you can provide some color on the India’s deal with us for lpg Import, how do you see the benefits to Aegis? What are the costing variants and where shipping from Middle east, which is our main market versus say US or Canada? Because that they would require vlgc.
Murad Moledina
I assume so. We are based in. All our terminals based in ports are now VSDC compliant. That’s number one. So we can take the ships coming from us. Number two, the deal with us by government is commercial. It’s not a country to country deal. It’s that they would purchase. They have started purchasing LPG from America just like we are doing. So we also have opportunity to buy LPG and we have been doing it month on month. Last maybe last four months or six months. We’re getting cargoes from America also getting cargoes from Middle east also depending on the value proposition that it brings to us.
Sunidhi Joshi
Understood. And can you help me with our gas and liquid realizations for this particular quarter and nine months?
Murad Moledina
So we on a consolidated basis have 2 million CBM liquid space. So you divide the water revenue by 2 million and multiply by four. That will give you the yearly realizations. Similarly if you look at, you know, logistics throughput, so that gives you somewhere around 1100 as revenue. So you have the volumes of logistics you can multiply by 1100. And then if you want the EBITDA, we have always said distribution EBITDA are between 3500 to 4000. So that will give you, give you the math.
Sunidhi Joshi
Got it. And lastly, liquid margins expanded this quarter like you highlighted in the speech. Want to check what is the sustainable margins for this segment? And is there for the scope of margin expansion due to the product mix?
Murad Moledina
Yes, it is there. And this is sustainable margin. The increase is sustainable because of the product mix as well as the location. So as we will build liquid capacities in locations which have higher realization because they are in huge consumption zone like Mumbai or jnpa. It will give higher revenues which will pull up the average realization on a consolidated basis. Also when we keep changing product mix that will also provide the increase in average realization. So both are happening that the locations where capacities are coming up are high realization locations. And also the new capacities that are coming up are also for more complex products.
So those also give you higher realizations. I think going forward the realizations will see only a way up. In that sense it will keep improving. Hopefully quarter and quarter.
Sunidhi Joshi
Understood sir. Thank you so much. All the best.
operator
Thank you. Our next question comes from the line of Vishal Mehta from IIFL Capital. Please go ahead.
Vishal Mehta
Hi. Thanks. Thanks for giving me the opportunity. And congratulations. On continued strong set of numbers from your end, especially on the liquid storage and the distribution front. My question first would be on, you know, this 15 year take or pay, you know, contract which you’ve signed with this large conglomerate for storing petroleum products at Pipao. For this, you know, will we have to build more capacity or we replace some of our existing, you know, low realization volumes with this customer. Because this I guess will block probably around 50k CBM of our capacity which is around 40, 50% of our existing capacity at the port.
So yeah, I just wanted to check on that.
Murad Moledina
Yes, you are right. We will be replacing and there will be no immediate addition to the liquid storage capacity. You are aware that P power was the in case of liquid only, not lpg. But in liquid, Pipawa lagged behind in terms of realizations. So now this will change completely. We are also building for this purpose a liquid rail gantry so that in addition to whatever we have already agreed upon will also open doors for more such products which we will move in case of liquid. So at that time, if there is a demand rush, maybe we may have to build more capacity for which of course land is there with us and it can be done very quickly.
So yes, this is the turning point as far as liquid business is concerned in Pipawa. We’re very excited, very happy that this has finally happened.
Vishal Mehta
So realization for petroleum would be in the range of 300, 400 per month?
Murad Moledina
Absolutely. Yep.
Vishal Mehta
Okay. And sir, on our JNPT we said that first phase we will commission by 1QFY27. How much of that would be of that? 303, 20, maybe 25, 30%. Okay. And lastly sir, distribution growth. You know, we have been clocking spectacular growth there last two, three quarters, you know what has. So I understand that we now have a lot of holdings capacity in our kitty. But on the demand side, you know, is there any change what is, if you can elaborate, you know, what is really driving this growth?
Murad Moledina
And you know, we still think, we still are of a belief that this is tip of the iceberg. So we still have a long way to go as far as industrial demand is concerned. And in spite of that, we are making so much headway, we are very confident, very excited for this distribution business. As now we have like you said, holding capacity. We have capacity at many locations. So the, you know, most of this is riding on industrial demand. Okay. So that’s what is very important to note. And I think there is a lot more to go.
So we need to also do a lot of work on this and we believe this, this is going to last a while, the growth.
Vishal Mehta
So safe to say that we are penetrating into newer industrial clusters across regions in India.
Murad Moledina
Yes. Or replacing. It’s not, we can’t call it new industrial clusters. We say that we are shifting the use to LPG from maybe dirty fuel, maybe natural gas, maybe anything else, you know. So yeah, it’s, it’s, it’s a fuel, it’s becoming a fuel of choice because of its unique advantages. Portability, less investment needed availability, price stability, Many, many, many, many benefits that come for gas, for propane. Yeah.
Raj Chandaria Arya
Service levels.
Murad Moledina
Service levels. Yeah.
Vishal Mehta
Sure. Okay. Thank you. Thanks a lot. And all the best.
Murad Moledina
Thank you.
operator
Thank you. Ladies and gentlemen, if you wish to ask questions please press star and one at this time. Our next question comes from the line of Dr. Amit Vohra from the Homeopathic clinic. Please go ahead.
Amit Vora
Good evening everyone. Yeah, so my question was about the. Business of Aegis Logistics minus pvtl Aegis. So what my question was is apart. From AG Swat Vopak’s business what would. Be the businesses of Aegis Logistics? One is Mumbai Port, one is distribution. What else do you have or something future.
Murad Moledina
So we have Mumbai Liquid, we have Mumbai lpg, we have distribution, we have infrastructure development, we have sourcing and we have Treasury. And this distribution of ammonia, of course just to, just to add here, in addition to distribution of lpg now we are on verge of starting distribution of ammonia which we expect to grow much in coming times.
Amit Vora
That’s it. Thank you so much, sir.
operator
Thank you. Our next question comes from the line of Chirag Vakaria from Bhadrani Finance. Please go ahead.
Chirag Vakharia
Good evening, sir. Sir wanted to understand this throughput volume is roughly around 1314 lakh tonnes. Where do you see this volume moving in? FY27, 28. Any guess or ballpark number where you think you aspire to be?
Murad Moledina
No, we don’t give guidance of any kind of projections. But we have already said in past that these capacities will keep gradually growing in utilization. Starting from 25, 30% when we put up in 5, 7 years they reach 100%. So this is how one can take a guess about the kind of terminals that we have and the kind of utilization level they already are and how they would progress in compliance.
Okay, sir.
Chirag Vakharia
Okay. Thank you.
operator
Thank you. Participants who wish to ask Questions may press star and 1. Our next question comes from the line of Nandan, an individual investor. Please go ahead.
Nandan
Hello sir. Am I audible? Yes sir. My question is as you have already said that we will have $1.2 billion. Of CapEx by the end of FY27. So can you give us an idea of the capacity that we will have including a ghopak in LPG in ammonia and in liquid. After that, 10,000 crore of capex. I mean as of now we have 200,000 tons of LPG capacity. So any ballpark number?
Murad Moledina
So we have 225,000 tons of LPG capacity currently including Haldia which we have recently acquired and we are building 77,000 at JNPA more. So that makes it around 300,000 tons of LPG. We have around 1.7 million CBM of liquid which we expect to grow to 2.5 to between 2.5 to 3 million.
And then ammonia, the first terminal that we are setting up is capable to do 1 million. This is the kind of spread. In addition we have pipeline hookups, we have rail gantries, liquid and LPG that we are putting up, we are putting up bottling plants so that these are all additional assets which enable more utilization of our terminal, more revenue, more ebitda. Thank you sir. And sir, one more question. So. So as you said, by 2030 the capex plan is about 5 billion US dollar.
Nandan
So where do you see the company. In terms of the market share for the LPG and for the liquid? I mean as of
Murad Moledina
today, yeah, today we are close to around 30% of capacity of India. So we are today one third, almost one third of liquid as well as LPG capacity. And in LPG we have JNPA coming up additionally as well as we may have one more or two more expansions as far as LPG is concerned. So I think in LPG we may remain somewhere around 40% but as far as liquid is concerned we will keep growing. So we have a vision to reach 5 to 6 million CBM in 2930.
However, it is difficult to guess what will be the total capacity at that point of time and what will be our percentage of share. But you can expect it should definitely be what we are today, at least 30% plus. So that’s what would be liquid as far as ammonia is concerned. The first terminal that we are putting up is the first third party storage terminal in India. So we don’t have any, anyone else providing a third party storage terminal for ammonia other than us. We may probably go for more ammonia terminals going forward depending on the demand that we assess and the opportunity that we see.
Then green ammonia is another opportunity that we may look at. Leave it at this. Thank you very much.
Nandan
Thank you.
operator
Thank you. Our next question comes from the line of Rajesh Agrawal from Manior. Please go ahead.
Rajesh Agarwal
My question is the capex which you said 1.2 billion. It is including logistics. Absolutely. And aggregate gross. Aggregate gross. And you said when the, you said when the assets are matured it may take two, three years time, whatever. And so we can do a, do a 2500 crore EBITDA
Murad Moledina
if it is 25 and the asset is, has matured in utilization. Yes, that’s what I said. Yeah. The asset will get matured in how many years? Two, three years. So I said six months. You can take two years. I’m happy. Take it. And for below EBITDA, what will the only the interest cost and depreciation.
Everyone knows what comes below. Will require how much debt. I have to calculate the interest only that how much for 10,000 capex how much debt will be used. So that’s a very tricky question because I have a second phase equity infusion which is going to happen. So if there is a debt it will get again paid off. So at what point, at what point of time you will look at may give a different picture zero or not. Okay. Okay, thank you. That was my question.
operator
Thank you. Due to time constraints that was the last question for today. I would now like to hand the conference over to management for closing comments.
Raj Chandaria Arya
Okay, thank you very much. That was a very interesting poll and thanks for the question. I think we are coming to the end of the fiscal year, one more quarter to go which we are very optimistic of the the performance. So we will I think speak again when we have our final in May of 2026 to review the entire year. So we look forward to speaking at that time. Thank you.
operator
Thank you on behalf of AGI’s Logistics Limited that concludes this conference. Thank you for joining us. And you may now disconnect your line.