Aegis Logistics Limited (NSE: AEGISLOG) India’s leading oil, gas, and chemical logistics provider, reported a robust third-quarter performance today. While consolidated revenue growth remained flat, the company’s bottom line saw a significant surge, driven by record-breaking throughput in its Gas division and massive one-off gains in its standalone books.
The Financial Dashboard: Q3 FY26 vs Q3 FY25
The company’s results highlight a sharp expansion in operational efficiency and margins, even as the top-line revenue underwent a post-festive normalization.
| Key Metric (Consolidated) | Q3 FY26 (Current) | Q3 FY25 (Year-Ago) | Change (%) |
| Revenue from Operations | ₹1,725.4 Crore | ₹1,706.9 Crore | 1.10% |
| Normalized EBITDA | ₹326 Crore | ₹252 Crore | 29.40% |
| Profit After Tax (PAT) | ₹233 Crore | ₹160 Crore | 45.80% |
| EBITDA Margin | 18.90% | 14.80% | +410 bps |
| Basic EPS | ₹5.04 | ₹3.54 | 42.40% |
Division Highlights: Gas Outshines Liquids
The “Gas” story continues to be the primary engine of growth for Aegis.
Gas Division: Recorded its highest-ever Q3 EBITDA of ₹202 crore (+30% YoY). This was propelled by a 44% YoY jump in logistics volumes, reaching 1.36 million tonnes.
Liquid Division: EBITDA grew by 31% YoY to ₹124 crore. Despite a smaller revenue contribution compared to gas, high-margin chemical storage contracts improved the division’s overall yield.
The Standalone “Anomaly”: Standalone PAT witnessed a jaw-dropping 178.7% surge to ₹183 crore. However, analysts noted this was heavily skewed by a ₹114 crore exceptional gain from the slump sale of the Pipavav gas storage terminal to its subsidiary, Aegis Vopak Terminals Limited (AVTL).
Con-Call & Strategic Takeaways: The “FY27 Pipeline”
During the earnings call, management focused on the transition from “Terminal Operator” to a “National Energy Infrastructure Provider.”
Capacity Expansion Updates: The company is currently executing its largest-ever capex cycle.
Mumbai Port: An additional 61,000 KL of liquid capacity is nearing completion.
Kandla-Gorakhpur Pipeline: Management expects significant volume ramp-up once the pipeline connections to JLP-L are fully operational.
Green Ammonia: Development of the Ammonia terminal at Pipavav. 36,000 MT capacity is progressing well, targeting the green energy transition by Q1 FY27.
IPO Proceeds & Debt Management
Aegis Vopak Terminals (AVTL) successfully utilized nearly ₹2,800 crore from its IPO proceeds this quarter. The bulk of this (₹2,016 crore) went toward debt repayment, significantly strengthening the consolidated balance sheet and reducing interest costs by 50% YoY.
Dividend Announcement
Rewarding shareholders for the stellar profit growth, the board declared an interim dividend of 200% (₹2 per share).
Market Analysis
The stock reacted positively, gaining over 5.9% to trade at ₹738 following the result announcement. The real story of Q3 isn’t the 1% revenue growth; it’s the 358 bps jump in operating margins. Aegis is effectively moving away from low-margin “sourcing” trading toward high-margin “terminalling” infrastructure. While the ₹114 crore standalone gain is a one-off, the record gas logistics volumes are sustainable and will likely grow once the Kandla VLGC berth becomes fully operational next quarter.
The Road Ahead & Conclusion
The Q3 FY26 performance of Aegis Logistics is a definitive signal that the company is successfully transitioning from a volume-driven trader to a margin-rich infrastructure powerhouse. While the sequential revenue drop might look startling on paper, the underlying profitability metrics suggest a company that is becoming leaner and more “moat-heavy.”
The most critical takeaway for the long term is the 50% reduction in interest costs. By using IPO proceeds to pay down nearly ₹2,000 crore in debt, Aegis has cleared the deck for its next phase of growth. The company is now a “debt-light” infrastructure player, which is rare in a capital-intensive sector.
Investors should keep a close eye on the Q1 FY27 commissioning of the new liquid terminals. These assets are expected to be the next major catalyst for revenue growth, potentially ending the “flat revenue” phase seen in FY25-26.