Aegis Vopak Terminals Q2 FY27: Net profit dips 2.3% to ₹86.6 crore
Synopsis
Aegis Vopak Terminals posted a marginal 2.3% profit dip to ₹86.6 crore in Q2 FY27 — but the real story is an EBITDA margin of 72.6% and a ₹142.5 crore propane storage expansion at JNPA. Revenue grew 16.6%, yet the stock is down 15.4% in a month, highlighting a disconnect between operating strength and market sentiment.
Key Takeaways
Aegis Vopak Terminals (AVTL) reported Q2 FY27 net profit of ₹86.6 crore , down 2.3% from ₹88.6 crore in Q2 FY26.
Revenue from operations rose 16.6% year-on-year to ₹271 crore .
EBITDA grew 20.2% to ₹197 crore ; EBITDA margin expanded to 72.6% from 70.5% .
Gas Terminal Division segment results jumped to ₹88.96 crore from ₹59.81 crore year-on-year.
Parent Aegis Logistics signed a ₹142.5 crore framework agreement for a new 51,998 MT propane storage tank at JNPA .
AVTL shares down 15.4% over the past month and 3.5% year-to-date despite strong operational metrics.
Aegis Vopak Terminals Limited (AVTL) on Monday, 26 October 2026, reported a net profit of ₹86.6 crore for the quarter ended September 2026 (Q2 FY27), a marginal 2.3% decline from ₹88.6 crore in the year-ago quarter (Q2 FY26). Despite the dip in bottomline, the company's operational metrics showed robust growth, with revenues and margins expanding meaningfully on a year-on-year basis.
Revenue and Operating Performance
Revenue from operations rose 16.6% year-on-year to ₹271 crore, up from ₹232 crore in the corresponding period of the previous fiscal year, according to the company's exchange filing. Growth was broad-based, driven by both its liquid and gas terminal businesses.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 20.2% to ₹197 crore from ₹163.7 crore a year earlier. The EBITDA margin improved to 72.6% from 70.5% in the same quarter last year — a notable expansion that underscores operational efficiency even as net profit edged lower, likely reflecting higher depreciation or finance costs on expanded infrastructure.
Segment-Wise Breakdown
The Liquid Terminal Division posted revenue of ₹128.88 crore during the quarter, up from ₹106.03 crore a year ago. Segment results for the division improved sharply to ₹72.99 crore from ₹46.58 crore in the year-ago period, according to the filing.
The Gas Terminal Division generated revenue of ₹141.96 crore, compared with ₹126.19 crore in Q2 FY26. Segment results rose to ₹88.96 crore from ₹59.81 crore — a sharp jump that reflects stronger throughput and improved realisations in the LPG and propane storage space.
Infrastructure Expansion at JNPA
AVTL has continued to invest in capacity growth. In August 2026, its parent company, Aegis Logistics, signed a framework agreement with AVTL for the construction of an additional refrigerated propane storage tank and allied facilities at the Jawaharlal Nehru Port Authority (JNPA) tank farm area. The agreement is valued at ₹142.5 crore.
The proposed facility will feature a refrigerated and insulated propane storage tank with a double-steel-wall, full-containment design and a storage capacity of 51,998 metric tonnes. Upon execution of the framework agreement, Aegis Logistics will receive the contract value from AVTL. This expansion is expected to significantly enhance the company's gas storage infrastructure at one of India's busiest port complexes.
Stock Performance
Shares of Aegis Vopak Terminals were trading 0.29% higher at ₹243.40 on the National Stock Exchange (NSE) during Monday's intraday session. However, the stock remains under pressure — it has declined 15.4% over the past month and is down 3.5% year-to-date, suggesting broader market concerns about the stock's near-term trajectory despite healthy operational numbers.
Point of View
Which points to broader investor unease, possibly around rate sensitivity for capital-intensive businesses or near-term earnings dilution from the ₹142.5 crore JNPA expansion. The propane tank investment is strategically sound given India's growing LPG import dependency, but the market appears to be discounting execution risk and near-term debt load rather than rewarding the long-term capacity play.
NationPress
26 Oct 2026
Frequently Asked Questions
What were Aegis Vopak Terminals' Q2 FY27 results?
Aegis Vopak Terminals reported a net profit of ₹86.6 crore in Q2 FY27 (quarter ended September 2026), down 2.3% from ₹88.6 crore in the year-ago quarter. Revenue from operations rose 16.6% to ₹271 crore, while EBITDA expanded 20.2% to ₹197 crore.
Why did Aegis Vopak's net profit fall despite revenue growth?
The company's net profit dipped 2.3% even as revenue rose 16.6%, likely reflecting higher depreciation and finance costs associated with ongoing infrastructure expansion. EBITDA and EBITDA margins both improved, indicating that operational performance remained strong.
What is the JNPA propane tank project announced by Aegis Logistics?
Aegis Logistics signed a ₹142.5 crore framework agreement with AVTL in August 2026 for a new refrigerated propane storage tank at the Jawaharlal Nehru Port Authority (JNPA) tank farm. The facility will have a capacity of 51,998 metric tonnes and a double-steel-wall, full-containment design.
How have Aegis Vopak Terminals' shares performed recently?
AVTL shares were trading 0.29% higher at ₹243.40 on the NSE on Monday, but remain under pressure — declining 15.4% over the past month and 3.5% year-to-date, despite the company's strong operational metrics.
Which business segments drove Aegis Vopak's revenue growth in Q2 FY27?
Both segments contributed to growth. The Liquid Terminal Division's revenue rose to ₹128.88 crore from ₹106.03 crore, while the Gas Terminal Division generated ₹141.96 crore against ₹126.19 crore a year earlier. Gas terminal segment results more than doubled year-on-year.
