Aegis Logistics Ltd.PAT +212%, LPG Distribution Volume +91%

Aegis Logistics reported record Q1 FY27 results, with profit after tax of ₹545 Cr, up 212%, normalized EBITDA of ₹727 Cr, up 184%, revenue of ₹2,357 Cr, up 37%, and earnings per share of ₹13.80.

LPG EBITDA rose 296% to ₹591 Cr, driven by record distribution volume of 2.77 lakh tons, up 91% year on year and 19% sequentially, while logistics throughput held at 1.124 million tons and liquids EBITDA rose 28% to ₹136 Cr. Management said distribution margins of ₹7,000 or more per ton look sustainable, against about ₹4,000 until FY25, helped by larger volumes and cheaper very large gas carrier freight. The company commissioned a 36,000-ton ammonia terminal at Pipavav with a 15-year take-or-pay agreement with Hindustan Zinc, and ITOCHU holds 10% of that terminal company, with plans to go to 25%.

Capex is about $1.2 billion this fiscal year within a $5 billion pipeline to FY31, with expansions at Mumbai, JNPA, Kandla, Kochi and Mangalore, and a gearing target near 0.6.