Aegis Vopak Terminals Limited · NSE:AEGISVOPAK
Aegis Vopak Terminals — Q2 FY26 Earnings Presentation
39 slides from Aegis Vopak Terminals's earnings presentation, Nov 7, 2025
Slide 1: Revised Investor Presentation (Errata) cover letter
November 07, 2025 National Stock Exchange of India Limited BSE Limited Listing Department Corporate Relation Department Exchange Plaza, C-1, Block G Listing Department Bandra Kurla Complex Phiroze Jeejeebhoy Towers Bandra (East), Mumbai - 400 051 Dalal Street, Mumbai - 400 001 Symbol: AEGISVOPAK Scr
Slide 2: Aegis Vopak Terminals Limited Investor Presentation November 2025
AEGIS VOPAK TERMINALS LIMITED I nv e s t o r P re s e n t a t i o n – N o v e m b e r 2 0 2 5
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Aegis Vopak Terminals Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any
Slide 4: Table of Contents
Table of Contents 1 Company Overview 2 Fundamental Value Driver 3 Growth Strategy 4 Q2 FY26 Financial Performance 3
Slide 5: Overview
Overview Q2FY26 Financial & Aegis Vopak AVTL Joint Venture Overview of Business Operational Terminals Limited Operations Strengths Segments Highlights (“AVTL”) Overview Overview
Slide 6: Q2FY26 Financial & Operational Highlights (Y-o-Y)
Q2FY26 Financial & Operational Highlights (Y-o-Y) Revenue from Operations EBITDA PAT Revenue Share Break-Up Rs. 1,876.3 Mn Rs. 1,374.5 Mn Rs. 539.4 Mn 43.5% 56.5% Gas Terminalling +26 % +26 % +142 % Liquid Terminalling Operational Highlights ➢ Board-approved acquisition of 75% stake in Hindustan Aeg
Slide 7: Strategic Expansion: Acquisition of HALPG & LPG Capacity Consolidation
Strategic Expansion: Acquisition of HALPG & LPG Capacity Consolidation This acquisition enhances AVTL’s national LPG infrastructure footprint and positions it for long-term growth in India’s expanding energy logistics sector. Transaction Snapshot ▪ AVTL to acquire 75% stake in Hindustan Aegis LPG Lt
Slide 8: Aegis Vopak Terminals Limited ("AVTL") Overview
Aegis Vopak Terminals Limited (“AVTL”) Overview Company Overview AVTL Shareholders ▪ Largest Indian third-party liquid and gas storage tank terminal owner and operator1 ▪ Offers secure storage and associated infrastructure for products including petroleum, chemicals, lubricants, vegetable oil and LP
Slide 9: Joint Venture Strengths
Joint Venture Strengths India's leading integrated oil, gas & chemical Vopak is the world’s leading independent tank logistics company and importers of LPG storage company, storing oil, chemicals, amongst private players gases, biofuels and edible oils Benefits from Global technical Services custome
Slide 10: AVTL Operational Overview
AVTL Operational Overview Port / Jetty Transfer of Liquid / Gas from jetty to AVTL Tanks via self-owned pipelines AVTL Terminals Multimodal Evacuation Infrastructure from AVTL Terminals Rail Road through road, rail and pipeline Pipeline Rail Road Liquids Gas Customer Facility / Bulk & Industrial Aut
Slide 11: Snapshot of Business Segments
Snapshot of Business Segments Liquids Gas Ammonia 2.1 mn cbm 278,100 MT 36,000 MT Capacity Liquid Storage Capacity Static Capacity Static Capacity (Petroleum, lubricants chemicals, (LPG) (including announced and vegetable oil) Ammonia Storage capex) 1.8 mn MT Terminal FY25 Gas Throughput 0.68 mn MT
Slide 12: Fundamental Value Drivers
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Slide 13: Fundamental Value Drivers
Fundamental Value Drivers India’s Largest Third-Party Owner and Operator of Tank Storage Terminals1 with Strategically A Located Necklace of Terminals across the Indian Coast2 B Track Record of Consistently Expanding Capabilities and Well-Equipped Storage Infrastructure C Strong Financial Metrics wi
Slide 14: India's Largest Third-Party Owner and Operator of Tank Storage Terminals
India’s Largest Third-Party Owner and Operator of Tank Storage Terminals Overview Kandla 952k cbm +94k cbm 48k MT Chemicals, gas (LPG) and veg oils Pipavav 117k cbm 71k MT 36k MT Chemicals, gas (LPG), veg oils and upcoming ammonia terminal Mumbai (JNPA) ▪ India’s largest third-party owner and operat
Slide 15: Track Record of Consistently Expanding Capabilities (1/2)
Track Record of Consistently Expanding Capabilities (1/2) Liquid Capacity Expansion AVTL is the largest multi-port independent player providing liquid bulk Liquid Capacity 3.0x terminalling services1 (in ‘000 cbm) 176 1,673 74 808 1,497 102 Kandla Kochi Haldia JNPA would cater to the Maharashtra, Hy
Slide 16: Track Record of Consistently Expanding Capabilities (2/2)
Track Record of Consistently Expanding Capabilities (2/2) LPG Static Capacity Ramp-up LPG Capacity (in ‘000 MT) 3.0x Among multi-location third party players in LPG port terminalling business, AVTL has one of the highest ‘design throughput turns’ of 130 201 ~84.75x1 (as of December 31, 2024) Kandla
Slide 17: Connectivity to Multiple Gas Evacuation Modes
Connectivity to Multiple Gas Evacuation Modes Focus on Kandla - Gorakhpur Pipeline States Covered by Kandla Gorakhpur Rail Connectivity in West Pipeline Lucknow Gorakhpur Kanpur Palanpur To Unnao Delhi Jhansi Mahesana Loni Kandla Allahabad Mithi Varanasi Kandla Ahmedabad Rohar Gandhinaga Ujjain Gora
Slide 18: Successfully Built Relationships with Diversified Customer Base
Successfully Built Relationships with Diversified Customer Base Indian OMCs National Oil Marketing Companies Indian OMCs Relationship of >15 years Relationship of >5 years Indian Indian OMCs Corporates Relationship of >10 years Relationship of 5-10 years Relationship of <5 years MNCs Relationship of
Slide 19: Backed by Established Promoters
Backed by Established Promoters… Strategic Positioning in the LPG Ecosystem of Aegis Logistics Multiple Benefits of Vopak Parentage to AVTL Access to Global Customers Relationships AVTL owns & operates LPG LPG storage Sourcing Import Port Storage terminals Tankers Technical Know-How to Store New Pro
Slide 20: Supported by a Strong Board of Directors
…and Supported by a Strong Board of Directors… Aegis L Representation Vopak Representation Independent Directors 25+ 28+ 25+ 33+ Raj Chandaria1 Wimal Samlal2 Kanwaljit S Lars Johansson4 Chairman and Non-Executive Nagpal3 Independent Managing Director Director8 Independent Director Director 22+ 30+ 3
Slide 21: and Management Team
…and Management Team 34+ Sudhir Malhotra1 President 31+ 40+ 25+ Prakash Hiranandani2 Sukumar Nandi Rathin Sarkar Chief Commercial Officer Senior Vice-President Vice-President (Liquid Business) (Operations West) (Operations East) 29+ 29+ 20+ Priju Thomas Sudhish Pandey Manoj Sharma Vice-President (Ga
Slide 22: Attractive Market Opportunity - Liquids
Attractive Market Opportunity - Liquids Robust Growth in Bulk Chemicals Trade Overall Liquid Bulk Trade Mix Across India India Bulk Chemicals Trade (MMT) Key Clusters Port Locations CAGR: ~3.0% 18.0 – 19.0 15.8 15.7 Kandla Pipavav Haldia Mumbai FY19 FY24 FY29E South-East1 Mangaluru Growth to be Driv
Slide 23: Attractive Market Opportunity - LPG
Attractive Market Opportunity - LPG Rise in Domestic …will be met by imports, given relatively static Key Growth Drivers for LPG LPG Consumption… domestic LPG production1… Domestic LPG Consumption (in mn Domestic LPG Production (in mn LPG Imports (in mn MT) i Lower Carbon Emission and a Cleaner Fuel
Slide 24: Attractive Market Opportunity - Ammonia
Attractive Market Opportunity - Ammonia Imports of ammonia will help meet the increasing demand-supply DAP fertilizer plants near ports are major consumption hubs for deficit… ammonia imports2 Supply Demand Imports 3.3 2.3 2.3 2.7 22.3 18.3 19.1 17.3 17.2 15.0 14.5 16.0 Kandla – FY17 FY19 FY22 FY29E
Slide 25: Growth Strategy
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Slide 26: Growth Strategy
Growth Strategy Strategically Expand our Network of Terminals at Existing Locations ✓ By expanding its capacities, AVTL aims to increase the market share, positioning it for sustained growth ✓ Leverage economies of scale and synergies with current operations with the ability to manage newer products
Slide 27: Quarterly Performance
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Slide 28: Strong Financial Metrics
Strong Financial Metrics Key Financial Metrics - Quarterly Performance Revenue (INR mn) and Revenue Growth Operating EBITDA (INR mn) and Operating EBITDA Margin 73.5% 73.3% +26% +26% 1,876.3 1,374.5 1,486.5 1,092.9 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 PAT (INR mn) and PAT Margin Revenue Share of Liquid a
Slide 29: Profit and Loss Statement
Profit and Loss Statement INR mn Q2 FY26 Q2 FY25 Y-o-Y Q1 FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y FY25 Revenue from Operations 1,876.29 1,486.54 26.2% 1,640.11 14.4% 3,516.40 3,026.82 16.2% 6,210.82 Revenue from Liquid 1,060.35 826.68 28.3% 968.65 9.5% 2,029.00 1,672.71 21.3% 3,447.28 Revenue from Gas 815.
Slide 30: Balance Sheet
Balance Sheet Assets (INR mn) Sep-25 Mar-25 Equities & Liabilities (INR mn) Sep-25 Mar-25 Non-Current Assets Equity Property, Plant and Equipment 62,546 45,865 Equity Share Capital 11,080 9,888 Other Equity 36,340 9,310 Capital Work in Progress 1,390 1,571 Equity Attributable to Owners 47,420 19,198
Slide 31: Cash Flow
Cash Flow Rs. In Mn, Sep-25 Sep-24 Profit Before Tax 1,338 689 Operating Profit Before Working Capital Changes 2,582 2,243 Net Cash Inflow from Operating Activities (A) 2,814 2,235 Net Cash Inflow/(Outflow) from Investing Activities (B) -13,432 -851 Net Cash Outflow from Financing Activities (C) 5,2
Slide 32: Annual Performance Annexures
Annual Performance Annexures
Slide 33: Strong Financial Metrics with a Growing Margin Profile and Return Metrics
Strong Financial Metrics with a Growing Margin Profile and Return Metrics Key Financial Metrics - Annual Performance Revenue (INR mn) and Revenue Growth Operating EBITDA (INR mn) and Operating EBITDA Margin 587 bps 293 bps 64.9% 70.8% 73.7% +33% 6,210.8 4,576.9 5,617.6 3,975.4 3,533.3 2,293.0 FY23 F
Slide 34: Profit and Loss Statement
Profit and Loss Statement INR mn FY22 FY23 FY24 FY25 Revenue from Operations - 3,533.32 5,617.61 6,210.82 Revenue from Liquid - 2,419.73 3,564.58 3,447.28 Revenue from Gas - 1,113.59 2,053.03 2,763.54 Operating Expenses 5.75 1,240.30 1,642.24 1,633.90 Employee benefit expenses - 305.37 437.97 436.77
Slide 35: Balance Sheet
Balance Sheet INR mn FY22 FY23 FY24 FY25 INR mn FY22 FY23 FY24 FY25 Equity 18.89 9,530.91 9,971.65 19,197.95 Non-current assets 930.92 33,017.30 41,555.78 52,977.83 Equity share capital1 6.10 11.00 11.00 9,888.43 Property, plants and equipment 195.30 30,166.95 34,769.24 45,865.49 Reserve and surplus
Slide 36: Cash Flow Statement (1/2)
Cash Flow Statement (1/2) INR mn FY22 FY23 FY24 FY25 Cash flow from operating activities Profit before tax (10.92) 25.97 1,210.17 1,650.14 Adjustments for: Depreciation and amortisation - 912.02 1,139.90 1,262.42 Finance costs 5.20 1,381.62 1,708.89 1,926.65 Interest income (0.03) (17.61) (24.18) (2
Slide 37: Cash Flow Statement (2/2)
Cash Flow Statement (2/2) INR mn FY22 FY23 FY24 FY25 Cash flow from investing activities Purchase of property, plant and equipment including capital advances (643.67) (1,788.97) (6,708.19) (1,278.32) Purchase of intangible assets - (0.36) (0.24) (0.06) Proceeds from sale of property, plant and equip
Slide 38: Sustainable Business Practices Adopted by Promoters
Sustainable Business Practices Adopted by Promoters Commitment to Health and Safety Security for All Stakeholders Comprehensive Safety Training Environmental Stewardship • Pre-installation risk assessment • Perimeter manning and • Audits and Reviews • Plantation drives • Intensive safety measures su
Slide 39: Investor Relations Contact
MUFG Intime India Private Limited- IR Aegis Vopak Terminals Limited (A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services) CIN: L63030GJ2013PLC075304 Ms. Payal Dave Mr. Irfan Raeen Mr. Murad Moledina, Director +91 9819916314 +91 9773778669 murad@aegisindia.com Payal.dave@in
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