AEGISVOPAK — earnings call

The transcript as filed. Every paragraph is addressable: its link names the page and the position it sits at in the call.

Prepared remarks

Moderator · Conference Operator

MS. PAYAL DAVE – MUFG CORPORATE MARKETS Aegis Vopak Terminals Limited November 07, 2025

Questions and answers

Moderator · Conference Operator

Thank you very much.

We will now begin the question-and-answer session.

The next question is from the line of Jainis Chheda from Kemfin Family Office.

Please go ahead.

Jainis Chheda

I just wanted to understand, can you share the volume numbers for FY '25 and H1 FY '26?

That is possible, both in liquids as well as in LPG?

Aegis Vopak Terminals Limited November 07, 2025

Murad Moledina

No, we do not give for liquid as it is not relevant.

But what you can see is that the last year, we had 1.5 million CBM liquid space as against the current year where we are now operating 1.7 million CBM.

So, this is the liquid capacity.

We have already given throughput capacity in our presentation where in the first quarter it was 0.52 million metric tons and in the current quarter, it has risen to 0.68 million metric tons.

For H1, it is 1.2 million metric tons.

Jainis Chheda

And what will be for FY '25 that is handy?

Murad Moledina

We will have to look at, please refer our presentation.

I do not have it offhand.

Jainis Chheda

No issues.

Thank you.

I will join back with you.

Moderator · Conference Operator

Thank you.

The next question is from the line of Neeloptal Sahu from JM Financials.

Please go ahead.

Neeloptal Sahu

Hi, sir.

Good evening.

Sir, can you give us a split of EBITDA between liquids and gases?

Murad Moledina

Neeloptal, we give it always at the year end.

But what I can guide you is that the gas EBITDA per ton remains just a shade under 1100.

Now, this is because the new cryogenic terminals have just come on stream.

So, going ahead, we will come back to our realization of EBITDA of 1200 that we talk about.

But in this quarter, it is just a shade under 1100.

And then you can calculate the liquid EBITDA accordingly.

The liquid realization, if you look at the revenue, we have improved to 2500 now, as against around 2250 the previous quarter as well as the last year.

And the EBITDA in liquid also has remained, the realization of EBITDA is almost the same per CBM.

However, with JNPA product mix improving, you will see from next quarter again a jump in the EBITDA per CBM as far as liquid is concerned.

As of now, this is all that I can help you with.

Neeloptal Sahu

Sure.

That is helpful.

Secondly, the depreciation number seems to have risen quite a bit.

Is this now like the normalized run rate we should consider for the rest of the year?

Murad Moledina

You please note that the depreciation number has not just increased on account of the asset addition, but also on account of JNPA coming on stream.

So, JNPA carries a little higher lease rent with under INDAS 116 is non-cash, but it comes under depreciation as well as interest.

So, a little part of that increase is INDAS 116.

But yes, I think you can take this run rate because this index is not going to go away in any case.

But it is not actually depreciation.

Neeloptal Sahu

Understood.

Also, sir, you have talked about KGPL and JLPL getting connected to AVTL’s Kandla Terminal.

How much capacity is allocated to the AVTL terminal for these two pipelines together?

Murad Moledina

There is no capacity allocation.

Now, let me tell you one thing.

JLPL is 3.5 million and KGPL is 8.25 million of which 1 million is Dahej, 1.5 million is Pipavav.

So, what is left is 5.75 million Aegis Vopak Terminals Limited November 07, 2025 and 3.5 million JLPL.

JLPL is being upgraded to 6.5 million.

So, eventually, there will be a pipeline evacuation of around 12 million going forward.

Three terminals are hooked into which is IOC Kandla, Adani Mundra, both LPG terminal and Aegis Terminal.

I suspect that all three of us going forward will not be able to keep up with 12 million and we will have to expand.

But of course, that may happen in 28-29.

Building a tank will not take much time.

It will be possible very quickly.

But we need to get to that point.

Also, distribution is a very important element from Kandla.

So, in addition to this 12 million going forward, of course, JLPL upgradation will still take some time.

But with the distribution growing at the pace at which it is growing, we will need a lot of capacities going forward.

But in short term, I think we have a good sight on the ramp up that is going to happen.

I suspect very fast.

Neeloptal Sahu

Understood.

And last question from my side.

Can you help us understand the nature of the other comprehensive income, seems to be a large number?

Murad Moledina

Yes, so most of it is interest, which was there.

So, that is there.

Other income in AVTL is Rs.

1 crore 45 lakhs, right?

Neeloptal Sahu

No, other comprehensive income?

Murad Moledina

Yes, other comprehensive income is the margin which the parent is charging on the Pipavav Terminal that has commissioned.

So, this is a net of tax.

So, you like what we have been always saying 20%-25%.

So, if you look at this, how much is it?

Rs.

88 crores, right?

Yes, Rs.

86.68 crore, you will need to divide by 0.75.

And if you equate it on the Rs.

600 crores Pipavav Terminal that we just commissioned, you will understand that it is a shade about 20% margin for the infrastructure development that we do.

So, you have to bring it under consolidation, you have to bring it back.

So, you have to first take the actual cost of construction and then through this comprehensive income, you have to take it to the amount that you have paid for.

So, this is the way in which your asset goes and is slated in your fixed asset schedule at the amount at which you have paid.

Neeloptal Sahu

Those are my questions.

Moderator · Conference Operator

Thank you.

The next question is from the line of Koundinya from Jeffries.

Please go ahead.

Koundinya

Yes.

Hi, sir.

Thanks for the opportunity.

Firstly, a bookkeeping question.

The gas realizations look a tagged lower at 1200.

You partly explained that the new ones have lower realizations at the moment.

So, how low those can be, that is one.

And two, even on the throughput turns, even if it is just for the months of operation look lower.

So, how should we read that number?

How should we look forward to maybe from 3Q onwards, these two numbers?

Murad Moledina

Yes.

So, for throughput turnarounds, we have explained there are 5 very important things happening in near term.

And those have to happen for the turns to come at the levels at which we always talk about our terminals being capable to handle.

Number one, JLPL connection, Aegis Vopak Terminals Limited November 07, 2025 which is right now today under getting hooked up.

The work is going on.

We expect it to be operational next quarter.

So, that is JLPL Kandla.

So, that we have already explained the 3.5 million ton pipeline and is presently being upgraded by GAIL probably that will take some more time.

But anyway, so JLPL will start operating next quarter.

Then from Kandla-Gorakhpur pipeline, we have just received PNGRB permission, which was awaited and of course, Kandla- Gorakhpur itself is getting commissioned.

We expect that to happen and get completed, sometime in Q4. So, that also will start giving, not only in Kandla, but also in Pipavav, where in our own premises, a manifold for the hookup of Kandla-Gorakhpur is being constructed by IHB.

So, that is the third one.

The fourth one is Kandla was only able to handle medium gas carriers up till now.

But we have prevailed upon the port and we are now under the process of starting to operate to unload very large gas carriers.

That means the load which comes in doubles from 22,000 metric tons to 45,000 metric tons.

So, the load which comes in is a larger load.

So, it will help in the turnaround that you can do with the VLGC jetty enabling.

Fifth one is Mangalore.

We have just started construction of LPG Rail Gantry in Mangalore, as well as constructing LPG Bottling Plant in Mangalore.

Further, JNPA work is in full swing for setting up 77,000 tons of LPG cryogenic storage terminal, as well as the 35,000 metric tons of bottling plant.

There also we have a window to connect into Uran-Chakan pipeline.

So, all of these are going to be the enablers for a higher turnaround.

Now we await, especially JLPL, KGPL to begin with, and then Mangalore also we have an opportunity to hook up into Mangalore-Hassan-Cherlapally pipeline.

All of these pipelines which I have just talked about, in addition to the upgradation of JLPL in terms of capacity, they are also extending the reach.

So, that also is a work going on.

So, it is a very exciting time going ahead.

It is just the timing which we have to wait for the connections and operations.

Koundinya

Sure, sir.

Actually, my question was specific to the quarter only, because it looks like I implied throughput anyway close to 14-15 tons.

So, the question is how quickly can they go back to that 25-30 tons at least?

Can it happen in the next quarter itself or is it like at least 6 months?

Murad Moledina

You will see that from Q4 onwards.

Koundinya

Q4 onwards.

So, Q3 will also be a bit subdued and Q4 onwards it will be?

Murad Moledina

Yes, because then JLPL and a bit of KGPL will come into play as well as VLGC in Kandla.

Koundinya

Understood.

So, my second question is on the CAPEX plan.

You did speak about 1.2 billion USD next year and also 5 billion by 2030.

Is it possible to do some kind of breakup between different projects and project wise possible, the kind of CAPEX that is planned out?

Murad Moledina

What I can tell you is that the number of ports where we are present will increase.

We are already in 6 ports.

Two additional ports.

Vadhavan port, we have already signed a non-binding MoU, of course.

But we are very much wanting to start work as soon as we get the land, etc. at Vadhavan.

Then there is one more port which I think in the coming quarters you will hear more.

Now, this is 6-8, 8-12 ports we could go by 2030.

So, that is number one is increasing presence in number Aegis Vopak Terminals Limited November 07, 2025 of ports.

Second is increasing liquid capacity.

We were at 1.5 million CBM.

We are at 1.7 with JNPA, Haldia, Mangalore, Kandla expansion.

We would be jumping to 2.5 million and then probably by December 26, maybe 3 million odd.

And then this 3 million going further at the same rate till 2030.

So, that is increasing liquid CBM till 2030.

Also, we have said that LPG, we are building in JNPA, 77,000 MT.

We are also looking at another 36,000.

Now that is gas, whether LPG, propane or ammonia, we need to still zero in on.

Plus, on top of that, I just said that Kandla, we may have short capacity.

So, we may need to put up more tanks in Kandla.

So, that is LPG.

Ammonia, already we have said.

We have started first Ammonia Terminal development.

We have signed a non-binding MoU for Kandla and we definitely are looking at Kandla as the second port.

We probably would have around 8-10 terminals by 2030 as far as Ammonia is concerned.

Then there are some more gases where we could start having presence, whether it is natural gas, ethane, there are lots and lots.

Plus, on top of that, industrial terminals.

We are really talking for getting a presence in industrial terminals, which are customer-centric and, of course, getting into jetties.

So, there is so much to do.

I think 5 billion is quite, we would be there.

Koundinya

I was trying to understand it on the project level.

At least the 1.2 billion, is it possible to identify where is it being spent for different projects or it is difficult at this point in time?

Murad Moledina

1.2 billion is Rs.

10,000 crores.

We are already at Rs.

6,000 crores.

We have just announced Rs.

1,675 crores in JNPA, Rs.

525 crores in Pipava Ammonia.

We have announced Rs.

165 crore for Kandla.

And now, like I said, Hindustan Aegis acquisition.

And plus on top of that, I just said there is a new port, which you will hear in a quarter or so.

And then Haldia, Mangalore, Kandla and Kochi, surplus land, which we are planning to develop.

So, all of this put together will take us to Rs.

10,000 crores very easily which is 1.2 billion by December 26 or March 27.

We should be there.

Koundinya

Understood, sir.

Just one small request.

If you can, I know you said that you will share the numbers on an annual basis.

But it will be helpful if you can share the EBITDA numbers on a quarterly basis.

Because as you add new plants, your depreciation shoots up and EBIT is a moving number.

So, it becomes really difficult for us to track the company.

But a small request from our end, sir.

Thank you and all the best.

Murad Moledina

Noted.

Thank you.

Moderator · Conference Operator

Thank you.

The next question is from the line of Vishal Mehta from IIFL Capital.

Please go ahead.

Vishal Mehta

Good evening.

So, thanks for the opportunity again.

My question was this expansion of liquid in Mangalore and Kochi, 60K CBM each.

By when do we expect the commissioning by?

Murad Moledina

It will be done quickly.

So, it should be by December 26, all done and finished.

Maybe much before that, but definitely by December 26.

Aegis Vopak Terminals Limited November 07, 2025

Vishal Mehta

So, sir, just reconciling the numbers here, we are 1.7 right now on liquid.

We have plans for additional 0.6 odd million.

So, we are saying that we will reach probably 3 million by December 26.

So, where is that additional 0.6 going to come from?

Murad Moledina

I told you there are two more land parcels, which we are at the stage of finalization, a new port.

So, once those come in, probably we should be very close to that number.

Vishal Mehta

And once those come in, probably by December 26, we should quickly have those up and running?

Murad Moledina

Yes.

We are very quick in as far as liquid terminals, which generally if everything goes well, we can finish in between 9-12 months, yes, even if we start in January 26, we should be able to finish it off.

Vishal Mehta

And I am sorry, I probably got disconnected at the time when you were giving EBITDA per ton numbers for liquid and gas.

If you could provide that again, it would be helpful?

Murad Moledina

So, like I said, we have improved the realization as far as revenue is concerned in case of liquid from 2,200 odd to 2,500.

And as far as EBITDA is concerned, of course, it remains almost the same, 1,700.

That will change quickly once JNPA mix, which has changed and will contribute more.

So, you will see an upside probably from next quarter onward.

We have already improved on the revenue rate per CBM on liquid.

As far as LPG is concerned, because these two terminals have come up and remember, Mangalore terminal is again 1,175, not like Pipavav.

So, now Kandla and Mangalore are 1,175.

So, you will see a revenue rate, a shade over 1,200 and EBITDA rate just a little shade under 1,100.

But this again is going to improve once the throughput and the turnaround increases on account of multimodal evacuations.

The five of them, which are 5 or 6 of them, which are just listed and which are expected in near term to happen.

Vishal Mehta

So, on sustainable basis right now, we should probably, at a blended level, build in a LPG realization of around 1,200 odd, a shade about 1,200?

Murad Moledina

Yes, a shade above 1,200 and EBITDA a shade over 1,100.

This is where we will be operating at.

Vishal Mehta

Thanks and all the best.

Thank you.

Murad Moledina

Thank you.

Moderator · Conference Operator

Ladies and gentlemen, in the interest of time, that was the last question.

I would now like to hand the conference over to Mr. Raj for closing comments.

Aegis Vopak Terminals Limited November 07, 2025

Raj Chandaria

Thank you very much for those interesting questions.

I just like to summarize by saying that AVTL is really on track.

We are very clear strategically what we have to do.

And I look forward to interacting with all of you next quarter to continue the rollout of our network.

Thank you very much.

Murad Moledina

Thank you.

Moderator · Conference Operator

On behalf of Aegis Vopak Terminals, that concludes this conference.

Thank you for joining us and you may now disconnect your lines.

Thank you.