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Miss due to a lower-than-estimated EBITDA margin

• The company’s 1QFY26 revenue stood in line at INR17.2b, while EBITDA missed our estimate by 14%, coming in at INR2.4b.
• EBITDA margin stood 1.8% below our estimates at 14% (1QFY25 margin: 14.5%).
• APAT came in at INR1.3b, 12% below our estimate.
• In 1QFY26, standalone revenue stood at INR8.4b (+14% YoY, -8% QoQ).
• Standalone PAT came in at INR0.7b (-58% YoY, -69% QoQ).
• During the quarter, Aegis Vopak Terminals Ltd. (AVTL), a subsidiary, completed its IPO of 119.1m equity shares at INR235/sh, raising INR28b. Post listing, Aegis Logistics’ stake was reduced from 50.10% to 44.71%. Despite the dilution, Aegis Logistics retains control, and AVTL remains a consolidated subsidiary.

Segmental performance during the quarter

• The Liquids division’s revenue was INR1.4b (flat YoY, -40% QoQ), and EBIT was INR0.8b (-6% YoY, -54% QoQ).
• The Gas division’s revenue stood at INR15.8b (+8% YoY, +8% QoQ), and EBIT was INR1.3b (flat YoY, -38% QoQ).

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