Ladies and gentlemen, good day, and welcome to the earnings call of Aegis Logistics Limited Q3 and 9 months FY 2026 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Before we begin the call, I would like to give a short disclaimer. This call may contain some forward-looking statements, which are completely based upon our beliefs and expectations as of today. The statements are not to guarantee a future performance and involve unforeseen risks and uncertainties. With this, I would now like to hand the conference over to Mr. Raj Chandaria for his opening remarks.
Thank you, and over to you, sir.
Thank you very much, and welcome to our Q3 FY 2026 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 is underpinned by expanding volumes and enhanced operating performance. For the nine months FY 2026, we have once again delivered a record performance, achieving all-time revenue and 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 nine months ended 31 December 2025, revenue from operations reached INR 5,739 crore, reflecting a 13% year-on-year growth. A normalized EBITDA for the period stood at INR 929 crore, making a robust 26% increase over the previous year. Profit after tax rose 39% to INR 652 crore, compared to INR 470 crore in the nine months ended FY 2025. In the third quarter of FY 2026, our consolidated revenues stood at INR 1,725 crore, with a normalized EBITDA showing a robust 29% increase, rising from INR 252 crore to INR 326 crore. Profit after tax also grew sharply by 25%, moving from INR 160 crore to INR 233 crore.
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 development at Aegis Logistics Limited. At Mumbai Port, we continue to operate at higher 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 liquids are under...
Liquid capacity is under development at a project cost of INR 125 crore, as previously discussed. I'm pleased to report that work on these new capacities is progressing steadily and remains on track, with commissioning targeted for first quarter FY 2027. At the JNPT port, our operational liquid capacity stands at 101,900 cubic meters, with an average realization improving due to a better product mix. In addition to this, we are developing a 318,100 cubic meter capacity of new liquid capacity with 77,200 and 86,000 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 this, the overall project with a planned CapEx of INR 1,675 crore is progressing well. The first phase of the new liquid capacity at JNPA is expected to be commissioned in first quarter of FY 2027. To further strengthen our presence on the West Coast, we are evaluating the addition of an additional 36,000 metric ton cryogenic gas tank. At our 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 a stronger demand and efficiency.
Work on the Jamnagar-Loni pipeline is in full swing, and 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 DRL4 plot and is expected to be operational next year.
As you are 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 at 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 nearby lot of land, and I'm pleased to announce that this development is now underway, and of course, it will increase the 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 its portfolio, 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 is under construction and is expected to be completed in this calendar year.
You know, we are now in the process of developing world-class infrastructure in the liquid business as well to enter to cater to large Indian and global conglomerates. 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, the Aegis Vopak Terminal, our subsidiary, will manage over 500,000 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 2025, and the port currently has a liquid capacity of 194,380 cubic meters. Looking ahead, plans are underway to add a further 60,000 cubic meters of liquids on the nearby lot of 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 a 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 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 continuing 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 2 new locations....
We have entered into a non-binding memorandum of understanding for potential investment of around INR 20,000 crore in the proposed Vadhavan Port. We await the 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, Murad Moledina, to present the detailed financial highlights.
Thank you. Thank you, Mr. Raj. So Aegis Logistics Limited, together with Aegis Vopak Terminals Limited, is expected to reach an aggregate capital expenditure outlay of INR 1.2 billion by next year. Looking further ahead, we have laid out a long-term CapEx roadmap of INR 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 carrying 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, performed, demonstrated, strong growth in nine months FY 2026.
For the 9 months ended December 31, 2025, revenue from operations reached INR 5,739 crore, reflecting a 30% year-on-year growth. Normalized EBITDA for 9 months stood at INR 929 crore, registering a strong 26% increase compared to the previous year. Profit after tax rose handsomely by 39% to INR 652 crore, up from INR 470 crore in 9 months of the previous year. For the quarter, revenue from operations is INR 1,725 crore. Normalized EBITDA for Q3 FY26 stood at INR 326 crore, making a strong 29% growth compared to the last year. Profit after tax for the third quarter stood at INR 233 crore, reflecting a 45% year-on-year increase. Now, coming on to the individual segments.
For the nine months ended thirty-first December 2025, liquid revenue reached INR 460 crore, a 13% increase from INR 408 crore in nine months of last year. Liquid EBITDA stood at INR 346 crore, marking a 17% year-on-year growth. LPG business revenue rose 15% to INR 5,279 crore, and gas EBITDA grew by 31% to INR 582 crore, once again propelled by record logistics and distribution volumes. Looking at the nine months performance, LPG volumes handled across terminals totaled 3.93 million tons, up 19% from 3.3 million tons in the nine months period of the previous year. Distribution volumes expanded by 35%, reaching INR 5.2 lakh metric tons, compared to INR 3.85 lakh metric tons last year.
Sourcing sales volumes stood at INR 4.78 lakh metric tons, reflecting a 4% increase over the previous nine months period. In Q3 FY 2026, liquid revenue stood at INR 161 crore, up 19% from INR 135 crore in Q3 FY 2025. Liquid EBITDA came in at INR 124 crore, reflecting a 31% year-on-year growth. Segment EBITDA margin expanded by 674 basis points to 77%, supported by favorable mix towards higher realization products. LPG business reported a revenue of INR 1,564 crore, while gas EBITDA surged 30% to INR 202 crore, the highest ever for the third quarter, driven by record volumes in logistics and distribution. In the third quarter of FY 2026, 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 2020, by an increase of 11%. Our distribution volumes in auto, commercial, and industrial bulk grew sharply by 44%, reaching record Q3 levels of INR 1.83 lakh metric tons versus INR 1.27 lakh metric tons last year. Sourcing sales volume also registered growth, rising 7% to INR 1.51 lakh metric tons, compared to INR 1.4 lakh metric tons in the same quarter of FY 2025. 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 the slide to the moderator to start the question and answer session. Thank you so much.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Vibhav Zutshi from JP Morgan. Please go ahead.
... Yes, hi. Thanks for the opportunity, and congratulations on the strong quarter. First question is on the KGPL pipeline timelines. So what is the confidence that, you know, this will get commissioned by June? Because, you know, there has been some news flow about some challenges with respect to land compensation. So yeah, I mean, we were expecting it to get commissioned by March, and now the timeline is June. So just some thoughts on your confidence level. Thank you.
So we have been given to understand that most of the 3,900 km pipeline is done, except for the last 8 km-12 km , which is underway. Work is currently on. So we expect, and, there's reasonable confidence that by June, it should get operationalized. We believe in some stages, even gas fill has happened, mainly I think Kandla, Ahmedabad, so to say. So, 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. And just a follow-up question on the LPG imports. So 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. But in general, if I look at the YTD number, it looks like LPG imports have slowed a little bit to just around 8%. So any thoughts on why, you know, this November data was a bit slow, and how was, you know, generally expecting the next few months, going forward?
No, I think it's quite robust and 8% is what you are saying is the growth, right? Year to date?
Mm-hmm.
Yeah, that's what we think. We expect around 8%-10% import growth. And, if you look at H1, it's already up than last year's H1. And, yeah, of course, month-on-month, it's not spread evenly. So there's inventory management, and it all depends on stock management, et cetera, by the oil companies. But 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.
And on top of that, sorry, on top of that, it all then boils down to what about our terminals? So like you can see, we are growing our logistics volume quarter-on-quarter, if you compare year-on-year. So we are fairly good, in a good space.
Sure, sure. That's very comforting. And just a second question, if you can just highlight, you know, broadly guide to CapEx for, you know, FY 2026 and FY 2027, maybe just sort of ballpark.
We have said on record that by FY 2027, we should reach INR 10,000 crore gross CapEx. We are already at INR 5,000 crore; currently around INR 3,500 crore sort of projects are underway. So we should, we should reach by FY 2027, somewhere close to INR 10,000 crore, which is what we have been saying, $1.2 billion.
Okay, sure. Thank you so much. I'll come back to you.
Thank you. Our next question comes from the line of Neelotpal Sahu from JM Financial. Please go ahead.
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? And what does the near-term outlook look like in terms of distribution volumes?
So, Nilotpal, we remain with the cost advantage versus NG. And, I can tell you, January volumes are also very healthy, and we don't expect 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 priced at M minus one. However, because we are vertically integrated, we have got a lot of flexibility about when to import, when to, where from to import. We have already started importing from USA. Lots of ships have already come.
It's becoming 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 import and sell in the same month. So there is a huge amount of flexibility that we have versus else, you know. So we remain confident on the volumes growing every quarter, as well as on our margins. There is nothing as on the difference.
Got it. So how much is now U.S. contributing to, say, our volume share? And, what is the price discount that we get if we import like from the U.S.?
...It's not a question of discount, it's question of pricing. So the pricing of American LPG cargo is different. It doesn't follow Saudi CP. So 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. Thank you.
Thank you. Our next question comes from the line of Sunidhi Joshi, NM Capital Advisors. Before we move ahead with the question, a reminder for all the participants, please press star and one for more questions. Please go ahead, Sunidhi.
Hello, am I audible?
Yep.
So 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. So 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, et cetera?
So if you look at my assets, the gross assets stand at around INR 6,000 crore. I've already, we're already doing executing projects of INR 1,675 crore at JNPA, and we are doing another INR 200 crore on at Kandla. We have just announced a additional liquid capacity at Mangalore, Pipavav, Kochi. We are also doing a INR 525 crore project at ammonia of ammonia at Pipavav. So all of this gives a signal that we are on course to reach INR 10,000 crore CapEx by 2027, which is $1.2 billion.
Okay, understood. And at that scale, just wanted to understand how will our revenue and EBITDA look like?
So it depends on how soon the assets mature in terms of utilization, that is gas. Liquids are, of course, from day one, 100%. So depending on how quickly the assets mature, or let's say, after six 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. And also, if you can provide some color on the India's deal with U.S. for the LPG import. How do you see the benefits to Aegis? What are the costing variants and where shipping from Middle East, which is our main market, versus, say, U.S. or Canada, because that, they would require VLGC, I believe.
So we are based in... All our terminals based in ports are now VLGC compliant. That's number one. So we can take the ships coming from U.S. Number two, the deal with U.S. by government is a commercial. It's not a country-to-country deal. It's like they, they would purchase, they have started purchasing LPG from America, just like we have, we are doing. So we also have opportunity to buy LPG, and we have been doing it month on month, last, maybe last four months or six months. We're 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 nine months?
So we, on a consolidated, basis, have 2 million CBM liquid space. So you divide the quarter revenue by 2 million and multiply by 4, that will give you the yearly realizations. Similarly, if you look at, you know, logistics throughput, so that gives you somewhere around, 1,100, as revenue. So you have the volumes of, logistics. You can multiply the 1,100, and then if you want the EBITDA, we have always said distribution EBITDA are three, between 3,500-4,000, so that will give you, give you the math.
Got it. And 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, it is there, and these are, this is sustainable margin. The increase is sustainable because of the product mix as well as the location. So as we will build, liquid, capacities in locations which have, higher realization because we are in huge consumption zone, like Mumbai or JNPA, it will, it will give higher, revenues, which will pull up the average realization, on a consolidated basis. Also, when we keep changing product mix, that will also provide the increase in average, realization. So both are happening. With 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. So those also give you higher realizations.
I think going forward, the realizations, you know, will see only again up in that sense. It will keep improving, hopefully, quarter on quarter.
... Understood, sir. Thank you so much. All the best.
Thank you.
Thank you. Our next question comes from the line of Vishal Mehta from IIFL Capital. Please go ahead.
Hi. Thanks, 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, you know, this 15-year take or pay, you know, contract which you've signed with this large conglomerate for storing petroleum products at Pipavav. For this, you know, will we have to build more capacity, or we replace some of our existing, you know, low realization volumes with this customer? Because this, I guess, will block probably around 50 ,000 CBM of our capacity, which is around 40%-50% of our existing capacity at the port. So yeah, just wanted to check on that.
Yes, you are right. We'll be replacing, and there will be no immediate addition to the liquid storage capacity. You are aware that Pipavav was the, in case of liquid only, not LPG, but in liquid, Pipavav lags behind in terms of realizations. So now this will change completely. We are also building, for this purpose, a liquid rail gantry. So that, in addition to whatever we have already agreed upon, will also open doors for more such products which we will move in, in case of liquid. So at that time, if there is 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.
So yes, this is the turning point as far as liquid business is concerned in Pipavav. We're very excited, very happy that this has finally happened.
Realization for petroleum would be in the range of INR 300-INR 400 per month?
Absolutely. Yep.
Okay. And, sir, on our JNPT, we said that first phase will be commissioned by 1Q FY 2027. How much of that would be, of that 300, 3-
Maybe 25%-30%.
Okay. And lastly, sir, distribution growth. You know, we have been clocking spectacular growth there, last two, three quarters. You know, so I understand that we now have a lot of holding capacity in our kitty. But on the demand side, you know, is there any change? What is, if you can elaborate, you know, what is really driving this growth-
We-
You know.
We still think we still are of a belief that this is tip of the iceberg. So we still have a long way to go as far as industrial demand is concerned. And in spite of that, we are making so much headway, and 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. So, you know, most of this is riding on industrial demand, okay? So that's what is very important to note. And I think there is a lot more to go. So 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, or replacing. It's not, we can't call it new industrial clusters. We'd say that we are shifting the use to LPG from maybe dirty fuel, maybe natural gas, maybe anything else, you know? So yeah. No, it's a fuel, 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 the gas called propane. Yeah.
Service levels.
Service levels, yeah.
Sure. Okay. Thank you. Thanks a lot, and all the best.
Thank you.
Thank you. Ladies and gentlemen, if you wish to ask questions, please press star and one at this time. Our next question comes from the line of Dr. Amit Vora from The Homeopathic Clinic. Please go ahead.
Yeah. Good evening, everyone. Good evening, yeah. Yeah, so my question was about the business of Aegis Logistics minus AVTL, Aegis Vopak. So what my question was is, apart from Aegis Vopak business, what would be the businesses of Aegis Logistics? One is Mumbai Port, one is distribution. What else do you have or something in the future?
So we have Mumbai Liquid, we have Mumbai LPG, we have distribution, we have...
Distribution
... infrastructure development, we have sourcing, and we have freight.
And, this distribution-
Of course, just to, 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 large in coming times.
That's it. Thank you so much, sir. Thank you.
Thank you. Our next question comes from the line of Chirag Vakharia from Budhrani Finance. Please go ahead.
... Sir, good evening, sir. Sir, I wanted to understand this throughput volume is roughly around INK 413, INR 414 lakh tons. Where do you see this volume moving in FY 2027, 2028? Any guess or ballpark number where you think, you know, you aspire to be?
No, we don't give guidance of any kind of projections. But we have already said in past that these capacity will keep gradually growing in utilization, starting from 25%-30% when we put up in 5-7 years to reach 100%. So 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 will progress in some sense.
Okay, sir. Thank you.
Thank you. Participants who wish to ask questions may press star and one. Our next question comes from the line of Nandan, an individual investor. Please go ahead.
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 2027. So 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 INR 10,000 crore CapEx, I mean, as of now, we have 200,000 in terms of LPG capacity. So any ballpark number?
So we have 225,000 tons of LPG capacity currently, including Haldia, which we have recently acquired, and we are building 77,000 at JNPA more. So 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, to between 2.5 million-3 million. And then ammonia, the first terminal that we are setting up is capable to do 1 million. So 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 plant, so that these are all additional assets which enable more utilization of our terminals, more revenue, more EBITDA.
Thank you, sir. And sir, one more question. So, as you said, by 2030, the CapEx plan is about $5 billion. So where do you see the company in terms of the market share for the LPG and for the liquid? I mean, as of-
Today, today we are close to around 40% of capacity of India. So we are today one-third, almost one-third of liquid, as well as LPG capacity. And, in, in LPG, we, we have JNPA coming up additionally, as well as we may have one more or two more expansions, as far as LPG is concerned. So I think in LPG, we may remain somewhere around 40%, but as far as liquid is concerned, we will keep growing. So we, we have a vision to reach, five to six million CBM, in 2029, 2030. 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. But you can expect it should definitely be, what we are today, at least, 30% plus.
So that's what would be liquid. As far as ammonia is concerned, the first terminal that we are putting up is the first third party storage terminal in India. So we don't have any, anyone else providing a third-party storage terminal for ammonia, SCS, 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. Then green ammonia is another opportunity that we may look at. I will leave it at this.
Thank you very much. Thank you.
Thank you. Our next question comes from the line of Rajesh Agarwal from Moneyore. Please go ahead.
Sir, my question is, the CapEx, which you said INR 1.2 billion, it is including Aegis Vopak and Aegis Logistics?
Absolutely, and aggregate, gross. Aggregate gross.
Okay. And sir, you... And you, sir, you said that the assets are matured, it may take 2-3 years' time, whatever. And so we can do an INR 2,500 crore EBITDA?
If it is 25%, then the asset is, has matured in utilization by years. That's what I said. Yeah.
So, assets will get matured in how many years? 2, 3 years, or?
I said 6 months, you can take 2 years, I'm happy.
Okay. Take it. And so, below EBITDA, what will only the interest cost and depreciation?
Everyone knows what comes with the EBITDA.
EBITDA, how much, how much?
So it will be depreciation in.
INR 10,000 crore will require how much debt? I have to calculate the interest only that.
How much? Debt.
For INR 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.
Uh.
If there is a debt, it will get again paid off.
Okay.
At what point, at what point of time you will look at, may give a different picture.
Okay.
This might be zero or not.
Okay.
Depends on the time you look at.
Okay. Okay, okay. Okay, sir. Okay, thank you. That was my question.
Thank you.
Thank you. Due to time constraints, that was the last question for today. I would now like to hand the conference over to management for closing comments.
Okay, thank you very much. That was a very interesting call, and thanks for the questions. I think we are coming to the end of the fiscal year, one more quarter to go, which we are very optimistic of the performance. So, we will, I think, speak again at when we have our final in May of 2026 to review the entire year. So we look forward to speaking at that time. Thank you.
Thank you. On behalf of Aegis Logistics Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.