Thank you very much, and welcome to our Q3 FY '26 conference call. This evening, I'm joined by our CFO, Mr.

Murad Moledina, and Ms. Payal Dave from our Investor Relations team.

We appreciate you taking the time to join us today to review the company's performance and discuss our ongoing strategic developments. We're pleased to share that the company continues to maintain its strong growth trajectory, which has been underpinned by expanding volumes and enhanced operating performance.

For the 9 months FY '26, we have once again delivered a record performance, achieving all-time high revenue and EBITDA in the Liquids division along with record EBITDA in the Gas division, which was driven by the highest-ever volumes in the logistics and distribution business. In the 9 months ended 31st December 2025, revenue from operations reached ₹5,739 crores, reflecting a 13% year-on-year growth.

Normalized EBITDA for the period stood at ₹929 crores, making a robust 26% increase over the previous year. Profit after tax rose 39% to ₹652 crores compared to ₹470 crores in the 9 months ended FY '25.

In third quarter of FY '26, our consolidated revenues stood at ₹1,725 crores with the normalized EBITDA showing a robust 29% increase, rising from ₹252 crores to ₹326 crores. Profit after tax also grew sharply by 45%, moving from ₹160 crores to ₹233 crores.

This performance highlights the benefits of operating leverage and a strong product mix across our terminals. At the same time, the company remains firmly fixed on optimizing costs and enhancing throughput through our ports, ensuring that our growth momentum continues.

We've also effectively utilized the IPO proceeds and paid down outstanding debt during the financial year. I'll now take you through the key operational and project updates port-by-port to give you a comprehensive overview of the ongoing infrastructure developments at Aegis Logistics Limited.

At Mumbai Port, we continue to operate at high utilization levels and leverage our infrastructure and operational capacity. Our liquid storage capacity stands at 334,000 kiloliters, supported by a static LPG capacity of 21,000 metric tons.

In line with our growth plans, an additional 64,000 kiloliters of liquid capacity is under development at a project cost of ₹125 crores, as previously discussed. I'm pleased to report that work on these new capacities progresses steadily and remains on track with commissioning targeted for first quarter FY '27.

At the JNPT Port, our operational liquid capacity stands at 101,900 kiloliters with an average realization improving due to a better product mix. In addition to this, we are developing 318,100 cubic meter capacity of new liquid capacity with 77,286 metric tons of LPG capacity, further expanding our footprint.

An LPG bottling plant with a capacity of 35,000 metric tons is also under construction, and the overall project with a planned capex of ₹1,675 crores is progressing well, and the first phase of the new liquids capacity at JNPA is expected to be commissioned in first quarter of FY '27. To further strengthen our presence on the West Coast, we're evaluating the addition of an additional 36,000 metric ton cryogenic gas tank.

At the Kandla Port, our liquid capacity stands at 952,276 cubic meters, while gas capacity is at 48,000 metric tons. The port is operating at improved utilization levels, reflecting stronger demand and efficiency.

Work on the Jamnagar-Loni LPG pipeline is in full swing and just a month away from operationalization, with the Kandla-Gorakhpur LPG pipeline connection expected to be completed by June now of 2026, this is our latest update, both of which will drive significant volume. The VLGC berth at Kandla became operational in the third quarter, and on the final day of 2025, the port received its first-ever VLGC vessel, officially establishing Kandla as a VLGC-compliant facility.

Now, this development, along with the commissioning of the two pipelines, is expected to significantly enhance volumes at this port. In addition, a 94,148 cubic meter liquid terminal is planned at the CRL-4 plot and is expected to be operational next year.

As you're already aware, we have also signed a non-binding memorandum of understanding with Larsen & Toubro to develop an ammonia terminal for their upcoming green ammonia project in Kandla, further strengthening our growth pipeline and strategic partnership. At Kochi Port, our liquid capacity stands at 82,000 cubic meters, operating at high utilization levels as well.

In our previous calls, we had shared plans for developing an additional 60,000 cubic meters of liquid capacity on newly allotted land. I'm pleased to announce that this development is now underway, and, of course, it will increase capacity to meet the future demand that we expect.

At Pipavav, our liquid capacity stands at 116,620 cubic meters, complemented by an LPG capacity of 70,800 metric tons and an ammonia capacity of 36,202 metric tons. The liquid terminal at Pipavav continues to operate at very high utilization levels, catering to demand across Western India.

This port has a very strategic importance in the portfolio for us. It has world-class infrastructure to handle LPG via the VLGC jetty.

We have cryogenic tanks, we have a bottling plant, we have an LPG rail gantry and 16 loading bays for efficient road evacuation and Central India pipeline connection. The port is also working on establishing a new VLGC-compliant jetty, which construction is underway and is expected to be completed in this calendar year.

We are now in the process of developing world-class infrastructure in the liquids business as well to cater to a large Indian and global conglomerate. In that context, we have entered into a 15-year long-term take-or-pay contract with a large conglomerate for handling their petroleum products at Pipavav.

Under this arrangement, Aegis Vopak Terminals, our subsidiary, will manage over 0.5 million metric tons annually at the end of this calendar year, providing strong volume visibility and reinforcing our position as a reliable logistics partner for one of India's largest energy conglomerates. Construction of India's first independent ammonia terminal with a static capacity of 36,000 metric tons is progressing well and is expected to be completed before the first quarter of the next fiscal year.

At Mangalore Port, the LPG terminal with 82,000 metric tons of static capacity was successfully commissioned in June '25, and the port currently has a liquid capacity of 194,382 cubic meters. Looking ahead, plans are underway to add a further 60,000 cubic meters of liquids on the newly allotted land as part of the next phase of development.

In Haldia Port, one of the key strategic developments in this fiscal year has been the completion of AVTL's acquisition of 75% stake in Hindustan Aegis LPG Limited from Aegis Gas LPG Private Limited and from Vopak India, resulting in Hindustan Aegis LPG Limited becoming a subsidiary of AVTL. This acquisition sort of transfers 25,000 metric tons of LPG storage capacity at Haldia to AVTL, sort of cementing AVTL's position in the East Coast market.

Our liquid capacity at this port stands at 226,890 cubic meters, alongside a gas capacity of 35,000, and our operations continue at a high utilization level, reflecting consistent demand. We have recently acquired an additional 3 acres of land in Haldia to support the expansion of liquids at this port.

The LPG terminal is performing well, and the utilization continued to increase steadily. In the month of December, we achieved the highest throughput ever at this port.

As far as new ports are concerned, we are actively pursuing expansion at two new locations. We have entered into a non-binding memorandum of understanding for potential investment of around ₹20,000 crores in the proposed Vadhavan Port.

We await land allotment and formal approvals. Once these are in place, we plan to initiate the development of a new gas and liquid complex at these sites.

Now, with that overall perspective, I will now hand over to our CFO, Mr. Murad Moledina, to present the detailed financial highlights.

Thank you. Thank you, Mr.

Chairman. Aegis Logistics Limited together with Aegis Vopak Terminals is expected to reach an aggregate capital expenditure outlay of USD 1.2 billion by next year.

Looking further ahead, we have laid out a long-term capex roadmap of USD 5 billion by 2030. All investments will continue to be funded through a balanced mix of internal accruals, prudent debt, ensuring financial discipline.

We remain committed to maintaining a conservative debt-to-equity ratio of 0.6x, with an overall leverage capped at 3.5x EBITDA. Coming to the operational parameters of the business, profitability of both the segments, LPG and Liquid, demonstrated a strong growth in 9-month FY '26.

For the 9 months ended 31st December 2025, revenue from operations reached ₹5,739 crores, reflecting a 13% year-on-year growth. Normalized EBITDA for 9 months stood at ₹929 crore, registering a strong 26% increase compared to the previous year.

Profit after tax rose handsomely by 39% to ₹652 crores, up from ₹470 crores in 9 months of the previous year. For the quarter, revenue from operations is ₹1,725 crores.

Normalized EBITDA for Q3 FY '26 stood at ₹326 crores, making a strong 29% growth compared to the last year. Profit after tax for the third quarter stood at ₹233 crores, reflecting a 45% year-on-year increase.

Now, coming on to the individual segments. For the 9 months ended 31st December 2025, Liquid revenue reached ₹460 crores, a 13% increase from ₹408 crores in 9 months of last year.

Liquid EBITDA stood at ₹346 crore, marking a 17% year-on-year growth. LPG business revenue rose 13% to ₹5,279 crores, and Gas EBITDA grew by 31% to ₹582 crores, once again propelled by record logistics and distribution volumes.

Looking at the 9 months performance, LPG volumes handled across terminals totaled 3.93 million tons, up 19% from 3.3 million tons in the 9-month period of the previous year. Distribution volume expanded by 35%, reaching 5.2 lakh metric tons compared to 3.85 lakh metric tons last year.

Sourcing sales volume stood at 4.78 lakh metric ton, reflecting a 4% increase over the previous 9-month period. In Q3 FY '26, Liquid revenue stood at ₹161 crore, up 19% from ₹135 crore in Q3 FY '25.

Liquid EBITDA came in at ₹124 crores, reflecting a 31% year-on-year growth. Segment EBITDA margin expanded by 670 bps to 77%, supported by favorable mix towards higher realization products.

LPG business reported a revenue of ₹1,564 crore, while Gas EBITDA surged 30% to ₹202 crores, the highest ever for the third quarter, driven by record volumes in logistics and distribution. In the third quarter of FY '26, we have delivered an all-time Q3 throughput volumes, marking the second highest in our operating history.

LPG volumes handled across terminals stood at 1.36 million tons compared to 1.22 million tons in Q3 FY '25, an increase of 11%. Our distribution volumes in auto, commercial, and industrial bulk grew sharply by 44%, reaching record Q3 levels of 1.83 lakh metric tons versus 1.27 lakh metric tons last year.

Sourcing sales volume also registered growth, rising 7% to 1.51 lakh metric tons compared to 1.4 lakh metric tons in the same quarter of FY '25. Overall, the company's financial position remains robust, supported by low debt, strong cash flows, and a solid balance sheet.

With this, I hand over this line to the moderator to start the question-and-answer session. Thank you so much.

Yes, hi. Thanks for the opportunity, and congratulations on the strong quarter.

First question is on the KGPL pipeline timelines. Sir, what is the confidence that this will get commissioned by June, because there has been some newsflow about some challenges in respect to land compensation.

We were expecting it to get commissioned by March, and now the timeline is June. Just some thoughts on your confidence level.

Thank you.

We have been given to understand that most of the 3,900-kilometer pipeline is done, except for the last 8 or 12 kilometers, which is underway. Work is currently on.

We expect, and there is reasonable confidence that by June it should get operationalized. We believe in some stages even gas fill has happened, namely, I think Kandla-Ahmedabad so to say.

It's there almost the last bit is left. Which is why we said June and not April or March, because just keeping in mind some contingency, June appears to be fairly realistic as of now.

Okay. Got it.

Just a follow-up question on the LPG imports. If I look at the ministry data now, it looks like October to December was down.

This could be largely led by base of last year, because December is now seeing again a pickup. In general, if I look at the YTD number, it looks like LPG imports have slowed a little bit to just around 8%.

Any thoughts on why this November data was a bit slow, and how you generally expecting the next few months going forward?

No, I think it's quite robust, and 8 8% is what you're saying is a growth, right, year to date?

Mm.

Yeah. That's pretty good.

We expect around 8% to 10% import growth. If you look at H1, it's already up than last year's H1.

Of course, month-on-month it's not spread evenly. There's inventory management, and it all depends on stock management, etc.

by the oil companies. If you look at year-to-year data, yeah, it's quite good.

We don't see any downside as far as imports is concerned, even for the current year.

Okay. Great.

That's On top of that, it all then boils down to what about our terminals? Like you can see, we are growing our logistics volume quarter-on-quarter if you compare year-on-year.

We are fairly good in our business.

Sure, sure. That's very comforting.

Just a second question. If you can just broadly guide to capex for FY '26 and FY '27, maybe just a rough ballpark.

We have said on record that by FY '27, we should reach ₹10,000 crore gross capex. We are already at ₹5,000.

Currently, around ₹3,500 crore sort of projects are underway. We should reach by FY '27 somewhere close to ₹10,000 crore, which is what we have been saying, $1.2 billion.

Okay. Sure.

Thank you so much. I'll come back in the queue.

Hi, sir. Good evening.

Thank you for the opportunity. I wanted to understand can you give us some color on how is the LPG versus PNG price differential going on currently?

What does the near-term outlook look like in terms of distribution volumes?

Nilotpal, we remain we remain with the cost advantage versus NG. I can tell you January volumes are also very healthy.

We don't expect any any difference than what we have been doing in previous quarters. The advantage remains.

You see, month-on-month I think is not so important, because it all depends on when the cargo has been brought in. It is assumed that all cargo will be from Middle East.

It is assumed that all the cargo will be of price at M minus 1. However, because we are vertically integrated, we have got a lot of flexibility of when to import, when to where from to import.

We have already started importing from USA. Lots of ships have already come.

It's it's becoming a now a balance between LPG coming from America and LPG coming from Middle East, whether we want to import, hold, sell next month, or we can import and sell in the same month. There are there is a huge amount of flexibility that we have versus else, you know?

We we are we remain confident on the volumes growing quarter every quarter, as well as on our margins. There is nothing as on date different.

Got it. How much is now US contributing to, say, our volume share?

What is the price discount that we get if we import from the US?

It's not the question of discount. It's question of pricing.

The pricing of American LPG cargo is different. It doesn't follow Saudi CP.

We get some discount, probably than the Saudi CP, it's $10, $15 or more cheaper at the end if you look at the net price.

Got it, sir. Thank you.

Hello. Am I audible?

Yep.

Aegis Vopak Terminals and Aegis Logistics together will achieve a capital expenditure outlay of $1.2 billion with a long-term plan to reach around $5 billion by 2030. Can you share the path to $1.2 billion first and where do you see incremental capex for potential in existing and new ports, products, etc.?

If you look at my assets, the gross assets stands at around ₹6,000 crore. We're already executing projects of ₹1,675 crore at JNPA.

We are doing another ₹200 crore odd at Kandla. We have just announced an additional liquid capacities at Mangalore, Pipavav, Kochi.

We're also doing a ₹525 crore project of ammonia at Pipavav. All of this gives a signal that we are on course to reach ₹10,000 crore capex by FY '27, which is $1.2 billion.

Okay. Understood.

At that scale, just wanted to understand how will our revenue and EBITDA look like?

It depends on how soon the assets mature in terms of utilization, that is gas. Liquids are, of course, from day one, 100%.

Depending on how quickly the assets mature, let's say after 6 months or so, we expect to earn 25% kind of an EBITDA out of the assets that we put up. That's the general thumb rule that we expect.

Oh, okay. Also, if you can add some color on the India's deal with US for the LPG import.

How do you see the benefits to Aegis? What are the costing variants, and where shipping from Middle East to This is our main market versus, say, US or Canada, because they would require VLGC, I assume.

All our terminals based in ports are now VLGC-compliant. That's number one.

We can take the ships coming from US. Number two, the deal with US by government is commercial.

It's not a country-to-country deal. They've started purchasing LPG from America just like we are doing.

We are also have opportunity to buy LPG, and we have been doing it month-on-month maybe last 4 months or 6 months. Getting cargoes from America also, getting cargoes from Middle East also, depending on the value proposition that it brings to us.

Understood. Can you help me with our gas and liquid realizations for this particular quarter and 9 months?

We on a consolidated basis have 2 million CBM liquid space. You divide the quarter revenue by 2 million and multiply by 4.

That will give you the yearly realizations. Similarly, if you look at logistics throughput, so that gives you somewhere around 1,100 as revenue.

You have the volumes of logistics. You can multiply by 1,100.

Then if you want EBITDA, we have always said distribution EBITDA are between ₹3,500 to ₹4,000. That will give you the maths.

Got it. Lastly, liquid margins expanded this quarter, like you highlighted in the speech.

Want to check what is the sustainable margins for this segment, and is there further scope of margin expansion due to the product mix?

Yes. It is there, and this is sustainable margin.

The increase is sustainable because of the product mix as well as the location. As we will build liquid capacities in locations which have a higher realization, because we are in huge consumption zone like Mumbai or JNPA, it will give higher revenues, which should pull up the average realization on our consolidated basis.

Also, when we keep changing product mix, that will also provide the increase in average realization. Both are happening.

The locations where capacities are coming up are high realization locations, and also the new capacities that are coming up are also for more complex products. Those also give you higher realization.

I think going forward, the realization will see only a way up in that sense. It will keep improving, hopefully, quarter-on-quarter.

Understood, sir. Thank you so much.

All the best.

Thank you.

Hi. Thanks for giving me the opportunity, and congratulations on continued strong set of numbers from your end, especially on the liquid storage and the distribution front.

My question first would be on this 15-year take-or-pay contract which you've signed with this large conglomerate for storing petroleum products at Pipavav. For this, will we have to build more capacity or we replace some of our existing low-realization volumes with this customer?

Because this, I guess, will block probably around 50k CBM of our capacity, which is around 40%, 50% of our existing capacity at the port. Just wanted to check on that.

Yes, you're right. We'll be replacing, and there will be no immediate addition to the liquid storage capacity.

You are aware that in case of liquid only, huh, not LPG, that in liquid, Pipavav lagged behind in terms of realizations. Now this will change completely.

We are also building for this purpose a liquid rail gantry. That, in addition to whatever we have already agreed upon, will also open doors for more such products which we will move in case of liquid.

At that time, if there's a demand rush, maybe we may have to build more capacity, for which, of course, land is there with us, and it can be done very quickly. Yes, this is the turning point as far as liquid business is concerned in Pipavav.

We're very excited, very happy that this is finally happened.

Realization for petroleum would be in the range of 300, 400 per month?

Absolutely. Yep.

Okay. Sir, on our JNPT, we said that first phase we will commission by 1Q FY '27.

How much of that would be of that 300 3?

Maybe 25%, 30%.

Okay. Lastly, sir, distribution growth, we have been clocking spectacular growth there last two, three quarters.

I understand that we now have a lot of holding capacity in our kitty. On the demand side, is there any change?

If you can elaborate, what is really driving this growth

See, we still are of a belief that this is tip of the iceberg. We still have a long way to go as far as industrial demand is concerned.

In spite of that, we are making so much headway. We are very confident, very excited for this distribution business as now we have, like you said, holding capacity.

We have capacity at many locations. Most of this is riding on industrial demand, okay?

That's what is very important to note. I think there is a lot more to go.

We need to also do a lot of work on this, and we believe this is going to last a while, the growth.

Safe to say that we are penetrating into newer industrial clusters across regions in India?

Yes, you can't call it new industrial clusters. We'd say that we are shifting the use to LPG from maybe dirty fuels, maybe natural gas, maybe anything else.

It's becoming a fuel of choice because of its unique advantages: portability, less investment needed, availability, price stability, many, many, many, many benefits that come for gas called propane, yeah.

Service levels.

Service levels. Yeah.

Sure. Okay.

Thank you. Thanks a lot, and all the best.

Thank you.

Yeah. Good evening, everyone.

Good evening. Yeah.

Yeah. My question was about the business of Aegis Logistics minus AVTL, Aegis Vopak.

What my question is, apart from Aegis Vopak's business, what would be the businesses of Aegis Logistics? One is Mumbai Port, one is distribution.

What else do we have, or something in future?

We have Mumbai Liquid, we have Mumbai LPG, we have distribution, we have infrastructure development, we have sourcing, and we have treasury.

Okay. This distribution

Of course, just to add here, in addition to distribution of LPG, now we are on verge of starting distribution of ammonia, which we expect to grow fast in coming times.

That's it. Thank you so much, sir.

Thank you.

Good evening, sir. Sir, wanted to understand this throughput volume is roughly around 4 13, 14 lakh tons.

Where do you see this volume moving in FY '27, '28? Any guess or ballpark number where you think you aspire to be?

No, we don't give guidance of any kind of projections. We have already said in past that these capacities will keep gradually growing in utilization, starting from 25%, 30% when we put up in 5, 7 years they reach 100%.

This is how one can take a guess about the kind of terminals that we have and the kind of utilization level they already are, and how they would progress in terms of

Sir. Okay.

Thank you.

Hello, sir. Am I audible?

Yes.

Sir, my question is as you have already said that we will have $1.2 billion of capex by the end of FY '27. Can you give us an idea of the capacity that we will have, including Aegis Vopak, in LPG, in ammonia, and in liquid after that ₹10,000 crore of capex?

As of now we have 200,000 metric tons of LPG capacity. Any ballpark number?

We have 225,000 tons of LPG capacity currently, including Haldia, which we have recently acquired. We are building 77,000 at JNPA more.

That makes it around 300,000 tons of LPG. We have around 1.7 million CBM of liquid, which we expect to grow to 2.5 between 2.5 to 3 million.

Then ammonia, the first terminal that we are setting up is capable to do 1 million. This is the kind of spread.

In addition, we have pipeline hookups, we have rail gantries, liquid and LPG that we are putting up, we are putting up bottling plants. These are all additional assets which enables more utilization of our terminals, more revenue, more EBITDA.

Thank you, sir. Sir, one more question.

As you said by 2030, the capex plan is about $5 billion. Where will we see the company in terms of the market share for the LPG and for the liquid?

As of

today Today we are close to around 30% of capacity of India. We are today 1/3 almost 1/3 of liquid as well as LPG capacity.

In LPG, we have JNPA coming up additionally, as well as we may have one more or two more expansions as far as LPG is concerned. I think in LPG, we may remain somewhere around 40%.

As far as liquid is concerned, we will keep growing. We have a vision to reach 5 to 6 million CBM in '29, '30.

However, it is difficult to guess what will be the total capacity at that point of time and what will be our percentage of share. You can expect it should definitely be what we are today at least, 30% plus.

That's what would be liquid. As far as ammonia is concerned, the first terminal that we're putting up is the first third-party storage terminal in India.

We don't have anyone else providing a third-party storage terminal for ammonia as yet other than us. We may probably go for more ammonia terminals going forward, depending on the demand that we assess and the opportunity that we see.

Again, green ammonia is another opportunity that we may look at. I'll leave it at this.

Thank you very much. Thank you.

Sir, my question is the capex which you said $1.2 billion, it is including Aegis Vopak and Aegis Logistics?

Absolutely, and aggregate gross.

Okay. Sir, you said when the assets are matured, it may take 2, 3 years' time, whatever, and so we can do ₹2,500 crore EBITDA?

Why?

If it is 25% and the assets has matured in utilization, then yes, that's what I said. Yeah.

The asset will get matured in how many years, 2, 3 years or

I said 6 months. You can take 2 years.

I have

Okay. Okay.

Sir, below EBITDA, what will only the interest cost and depreciation? Hey,

everyone knows what comes below EBITDA.

[laughs]

So, it will be depreciation in

interest No, no, EBITDA how much and for ₹10,000 crore will require how much debt? I have to calculate the interest from that.

How much debt?

For ₹10,000 crore capex, how much debt will be used?

That's a very tricky question, because I have a second phase equity infusion which is going to happen. If there is a debt, it will get again paid off.

At what point of time you will look at may give a different picture.

Net

might be zero or not. Depends on the timing you look at.

Sir. Okay.

Thank you. That was my question.

Thank you.

Thank you very much. That was very interesting call, and thanks for the questions.

I think we are coming to the end of the fiscal year, and one more quarter to go, which we are very optimistic of the performance. We will I think speak again when we have our final in May of 2026 to review the entire year.

We look forward to speaking at that time. Thank you.