Aegis Vopak Terminals
Aegis Vopak Terminals
Oil & GasKey Fundamentals
SmallcapOil Storage & TransportationOil & GasTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
3- Stock is trading at 7.62 times its book value
- Company has a low return on equity of 12.0% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAegis Vopak Terminals Ltd operates in the oil & gas storage infrastructure space with a market cap of ₹32,021 Cr. The company has delivered strong TTM sales growth of 26% and TTM profit growth of 43%, but trades at a PE of 112.8x and 9.46x book value, while carrying a 3-year average ROE of just 12%.
- TTM revenue growth of 26% indicates strong top-line momentum in the terminal storage business
- TTM profit growth of 43% significantly outpaces sales growth of 26%, suggesting improving operating leverage and margins
- 3-year compounded profit CAGR of 1,472% reflects a dramatic earnings recovery from a low base, showing the business has turned around meaningfully
- 3-year compounded sales CAGR of 38% demonstrates sustained demand for storage and terminal infrastructure over a multi-year period
- Joint venture with Royal Vopak — a global leader in independent tank storage — provides operational expertise, global best practices, and credibility with multinational clients
- India's growing energy import dependency and expanding refining capacity provide a structural tailwind for liquid storage terminal operators
- Dividend yield of 0.07% is minimal but signals the company has reached a stage of distributing profits to shareholders
- PE ratio of 112.8x is extremely elevated, pricing in years of future growth and leaving very little margin of safety
- Price-to-book ratio of 9.46x is steep for an asset-heavy infrastructure business — the known cons flag it at 7.54x book value, both well above sector norms
- 3-year average ROE of 12% is modest given the premium valuation; capital efficiency does not justify a 112.8x PE multiple
- Last year ROE of 11% shows no improvement over the 3-year average of 12%, indicating returns on equity are stagnating rather than expanding
- The 3-year profit CAGR of 1,472% is from an extremely depressed base, making forward growth rates unlikely to sustain anywhere near this level
- Potential capitalization of interest costs (flagged in known concerns) could be inflating reported asset values and understating true expenses, flattering earnings
- Dividend yield of just 0.07% offers negligible income return, meaning investors are almost entirely dependent on capital appreciation at a 112.8x PE
- Limited long-term data — 5-year and 10-year CAGR figures for sales, profit, and stock returns are unavailable, making it difficult to assess the company's track record through full business cycles
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Strong Q1 revenue and margins Aug 19
Q1FY27 revenue rose 12.4% YoY to ₹233.8 crore with EBITDA margin at 76.7%, driven by liquid terminal growth and capacity expansion across key ports.
- ₹525Cr ammonia terminal acquisition Aug 25
Subsidiary acquires 36,000 MT ammonia terminal at Pipavav Port for ₹525 crore via slump sale from promoter, effective Aug 24, 2026. Disclosed as related-party transaction under SEBI Regulation 30.
TL;DR: Aegis Vopak is delivering healthy top-line growth with exceptionally strong EBITDA margins near 77%, reflecting the capital-light, annuity nature of its terminal business. The ₹525 crore ammonia terminal acquisition adds future capacity but is a related-party deal that warrants governance scrutiny. No material headwinds are visible in the current news cycle. The trend is positive, with earnings momentum and strategic capacity additions pointing to continued growth, though execution on the Pipavav asset post-2026 handover will be worth watching.
Quarterly Results
| Particulars | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 154 | 149 | 162 | 199 | 208 | 188 | 239 | 243 | 234 |
| Expenses | 41 | 39 | 43 | 55 | 53 | 50 | 61 | 64 | 54 |
| Operating Profit | 114 | 109 | 119 | 144 | 155 | 137 | 179 | 179 | 179 |
| OPM % | 74% | 74% | 73% | 72% | 75% | 73% | 75% | 74% | 77% |
| Other Income | 2 | 2 | 8 | 16 | 11 | 1 | 4 | 4 | 4 |
| Interest | 48 | 47 | 50 | 48 | 30 | 18 | 20 | 41 | 39 |
| Depreciation | 31 | 32 | 32 | 37 | 42 | 50 | 56 | 55 | 55 |
| PBT | 37 | 32 | 45 | 75 | 95 | 71 | 107 | 87 | 89 |
| Tax % | 29% | 31% | 16% | 15% | 17% | 24% | 17% | 15% | 22% |
| Net Profit | 26 | 22 | 38 | 64 | 79 | 54 | 89 | 74 | 69 |
| EPS in Rs | 234 | 0.23 | 0.38 | 0.59 | 0.64 | 0.49 | 0.74 | 0.62 | 0.6 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 0 | 353 | 562 | 789 | 923 | 904 |
| Expenses | 1 | 124 | 164 | 214 | 237 | 230 |
| Operating Profit | -1 | 229 | 398 | 575 | 687 | 675 |
| OPM % | — | 65% | 71% | 73% | 74% | 75% |
| Other Income | 0 | 3 | 8 | 32 | 37 | 14 |
| Interest | 1 | 138 | 171 | 193 | 110 | 119 |
| Depreciation | 0 | 91 | 114 | 148 | 208 | 216 |
| PBT | -1 | 3 | 121 | 265 | 406 | 354 |
| Tax % | 0% | 103% | 28% | 15% | 16% | — |
| Net Profit | -1 | 0 | 87 | 225 | 342 | 286 |
| EPS in Rs | -21.37 | -0.8 | 865 | 2.03 | 2.8 | 2.45 |
| Div. Payout % | 0% | 0% | 38% | 0% | 71% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 0.51 | 1 | 1 | 989 | 1,108 |
| Reserves | 1 | 952 | 996 | 354 | 3,183 |
| Borrowings | 98 | 2,374 | 3,273 | 4,018 | 3,731 |
| Other Liabilities | 2 | 152 | 253 | 1,387 | 400 |
| Total Liabilities | 103 | 3,479 | 4,523 | 6,747 | 8,421 |
| Fixed Assets | 20 | 3,030 | 3,491 | 5,046 | 6,650 |
| CWIP | 8 | 152 | 53 | 167 | 210 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 75 | 297 | 980 | 1,534 | 1,560 |
| Total Assets | 103 | 3,479 | 4,523 | 6,747 | 8,421 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 0 | 172 | 337 | 576 | 702 |
| Investing | -92 | -1,786 | -857 | -381 | -3,077 |
| Financing | 99 | 1,629 | 603 | 385 | 1,956 |
| Net Cash Flow | 7 | 16 | 83 | 581 | -419 |
| Free Cash Flow | -64 | -6 | -325 | 441 | 3 |
| CFO/OP | -88 | 77 | 87 | 108 | 106 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | — | 72 | 85 | 55 | 74 |
| Cash Conversion Cycle | — | 72 | 85 | 55 | 74 |
| Working Capital Days | — | 29 | 31 | -502 | -618 |
| ROCE % | — | 8% | 8% | 9% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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58 extracted metrics + investor summaries across FY15–FY27.
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Company Information
Incorporated in 2013, Aegis Vopak Terminals owns and operates storage terminals for liquefied petroleum gas (LPG) and various liquid products.[1]
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