Q1 26/27

Aug 14, 2026

Summary

Q1 revenue rose 12.4% YoY and operating EBITDA 15.6%, led by liquid terminaling. Expansion, pipeline connectivity and a $5 billion CapEx plan underpin the growth ambition, while geopolitical disruption remains a risk.

Ladies and gentlemen, good day and welcome to Q1 FY 2027 earnings conference call of Aegis Vopak Terminals Limited. Before we begin, a short disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants 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 the conference call, please signal by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I would now hand the conference over to Mr. Raj Chandaria from Aegis Vopak Terminals Limited. Thank you, and over to you, sir. Okay, thank you very much, and good afternoon, everybody. A very warm welcome to all the participants to the Aegis Vopak Terminals Limited Q1 FY 2027 financial results discussion. My name is Raj Chandaria. I am the Chairman and Managing Director of Aegis Vopak Terminals Limited, and I am joined today by Mr. Murad Moledina and Ms. Maya Dave, who is from the MUFG Corporate Markets. I hope everyone's had a chance to review our investor presentation, which has been uploaded on the exchanges and our company website. I would like to begin by highlighting some of the key developments during the quarter. We have continued to make good progress across our existing terminals while also announcing new capacity additions that further strengthen our long-term growth platform. During the first quarter of this year, we announced two important projects, a 51,998 or approximately 52,000 metric ton refrigerated double wall steel LPG storage tank at JNPA and 49,577 cubic meters of additional liquid storage capacity at Kochi. These investments are aligned with our strategy of building capacity in line with demand, strengthening our presence at key ports, and deepening our role in India's energy and logistics infrastructure. Before I take you through to the operational developments, let me just briefly touch on the highlights of the financial performance for the quarter. Of course, Mr. Murad Moledina will go into the details, but I will just give you a highlight. The first quarter reflected healthy momentum in our business. The revenue from operations increased 12.4% year on year to INR 233.8 crore. Within this, the liquid terminaling business contributed INR 126.5 crore, growing 31% year on year, and gas terminaling contributed INR 107.2 crore. At the operating level, the operating EBITDA increased by 15.6% year on year to INR 179.4 crore, reflecting the benefits of higher liquid volumes, capacity additions, and operating leverage. The cash PAT stood at INR 124.9 crore, demonstrating our continued ability to generate strong cash flows from our business. Overall, we are in a strong financial position with healthy cash generation and a balance sheet that provides us with the flexibility to execute the significant growth and expansion program ahead. Let me just take you through the key developments across all the various ports. As far as JNPA is concerned in Maharashtra, the port has emerged as India's highest revenue-generating major port in FY 2026, highlighting the strategic importance of this location. At this port, our liquid storage capacity stands at approximately 101,900 cubic meters. We are executing a major expansion at this port comprising 318,100 cubic meters of additional liquid storage and 77,236 metric tons of LPG capacity and an LPG bottling plant with an annual capacity of 35,000 metric tons. The total capital outlay for this expansion is INR 1,675 crore. The first phase of the liquid storage expansion, comprising approximately 100,000 cubic meters, is expected to be commissioned in Q3 of FY 2027 and will start contributing as the capacity becomes operational. As we've mentioned during our previous earnings call, we are also evaluating additional LPG storage capacity at this port. I'm pleased to share, as stated earlier, that the board has now approved the development of a 52,000 metric ton refrigerated double wall steel LPG storage tank at JNPA. This is an important investment that will further enhance our gas handling capabilities on the West Coast and deepen our presence at JNPA and strengthen our ability to serve the growing LPG demand in the region. Turning to Haldia Port. We have completed the acquisition of the 75% stake in Hindustan Aegis LPG Limited at Haldia, giving us a strong foothold in the East Coast LPG market. This acquisition added approximately 25,000 metric tons of LPG storage capacity to our portfolio. Importantly, this asset is backed by an exclusive terminaling agreement with HPCL extending through 2038, providing strong long-term revenue visibility. In addition to the LPG infrastructure, we operate 226,890 cubic meters of liquid storage capacity at Haldia. Now, looking forward, we continue to see opportunities to expand at this location. We have acquired an additional 3 acres of land, which provides us with the opportunity to further expand our liquid storage and allied handling capabilities. Moving on to Kandla Port. This port remains one of our largest and most strategically important terminals, serving a large hinterland across Northern and Western India. We currently have approximately 952,000 cubic meters of liquid storage capacity and 48,000 metric tons of static LPG capacity at this port. During last year, Kandla became a VLGC, that's Very Large Gas Carrier compliant terminal, enabling us to handle larger LPG vessels and further enhancing the capabilities of this terminal. Our CRL4 liquid terminal, which will add approximately 94,148 cubic meters of capacity, is progressing well and is targeted for commissioning later next year. We've also signed a non-binding memorandum of understanding with Larsen & Toubro for the potential development of ammonia terminals at Kandla. This provides us with another opportunity to participate in the emerging energy transition value chain. Now, I'd also like to highlight two important pipeline developments that we believe will support the volume growth at our Kandla and Pipavav terminals. The Jamnagar-Loni LPG pipeline is now complete and operational. The Kandla-Gorakhpur LPG pipeline is progressing well and is now expected to be connected during the first half of FY 2027. These pipeline connections will strengthen our evacuation infrastructure, improve turnaround and capacity utilization, and support higher throughput at our terminals. Moving to Pipavav Port, we have commissioned our 48,000 metric ton cryogenic LPG terminal in June 2025, taking the total capacity at this site to approximately 70,800 metric tons. This terminal continues to ramp well, and we expect this to be an important one for Pipavav with several infrastructure developments in process that will strengthen the overall evacuation ecosystem and enable us to handle higher volumes more efficiently. There are three specific developments that I'd like to highlight. First, the jetty. APM Terminals, who manages the port, is developing a new VLGC-compliant liquid jetty, which is expected to be completed during the year. This will enhance vessel handling capabilities and support larger cargo movements. Second, the rail infrastructure. We are developing an additional rail gantry, liquid rail gantry. We have secured a 15-year take-or-pay agreement with a leading conglomerate for petroleum product handling, with committed volumes exceeding 0.5 million metric tons per annum. Operations are expected to commence by the end of the year, providing strong long-term revenue visibility. Third, the pipeline connectivity that I mentioned. The Kandla-Gorakhpur pipeline connectivity is also expected now finally during the year. We have better visibility on that now, and once operational, it will enable more efficient evacuation and distribution of LPG from Pipavav and further support throughput growth. Now with these developments, Pipavav is evolving into a highly integrated logistics platform comprising VLGC handling capabilities, liquid and LPG storage, a bottling plant, LPG rail loading facilities, 16 truck loading bays, and pipeline connectivity into central India. Collectively, these initiatives should materially improve the efficiency and competitiveness of this terminal, and strengthen our position in the region. A very important development at Pipavav is our entry into the ammonia business. We have officially commissioned our specialized ammonia storage and terminaling facility at Pipavav with a static storage capacity of 36,000 metric tons, marking an important milestone in our infrastructure expansion journey. The terminal strengthens our position in specialized chemicals and gas logistics, and provides critical infrastructure to support the growing demand from the fertilizer, industrial, and emerging energy transition segments. In this context, we have signed a 15-year take-or-pay agreement with Hindustan Zinc for part of the capacity to service its upcoming DAP plant. This provides, again, strong long-term revenue visibility and a strong foundation for this asset from the first day. Moving on to Kochi Port, we currently operate 82,545 cubic meters of liquid storage at the port. As we've mentioned during our previous call, we were evaluating the development of additional storage capacity on newly allotted land at Kochi. I'm pleased to share that the board has now approved this expansion and sanctioned the construction of a further 49,577 cubic meters of liquid capacity at this site. This is expected to be commissioned by early in next financial year. So with this, our total liquid storage capacity will increase to 132,122 cubic meters, further strengthening our ability to serve the growing demand in South India. Moving on to Mangalore Port. At Mangalore, you may recall, we commissioned our 82,000 metric ton cryogenic LPG terminal in June 2025. We are also developing an LPG rail loading gantry and bottling infrastructure at New Mangalore Port with an investment of INR 52.5 crores. The 75,000 cubic meters of liquid capacity added last year is now fully operational and utilized fully again, taking our total liquid storage capacity to 193,000 cubic meters. We have, again, secured additional land at this site and are evaluating a further 60,000 cubic meters of liquid storage at this site. This provides us with another opportunity to expand our presence at an important location on the West Coast. I'd just like to remind everybody that we are looking at entering into new ports. We had previously mentioned Vadhavan. I'll just refresh everyone's memory. We had signed a non-binding memorandum of understanding to participate in the development of this port with a potential investment of approximately INR 20,000 crores, subject to the necessary approvals, land allocation, and other regulatory clearances. This opportunity is well aligned with our long-term vision of developing large-scale, world-class infrastructure assets across India's energy and logistics value chain. If taken forward, this project would enable us to develop modern liquid and gas handling facilities, significantly expanding the infrastructure platform and our presence on the West Coast. As you can see, across our businesses, we continue to see multiple growth drivers taking shape. The investments we have made over the past years, together with the announced capacity expansions currently underway and the new projects that we are pursuing, really position us well to capitalize on increasing demand across our key markets. Our focus, as is evident, remains on expanding capacity, improving connectivity and efficiency, and gradually broadening our presence across the energy and logistics value chain. Now, we remain confident in our growth trajectory and committed to creating sustainable long-term value for all our stakeholders. That concludes my remarks. I'd like to now hand over to Mr. Murad Moledina, Director, who will take you through the financial performance for the quarter in great detail. Murad, over to you. Thank you, Mr. Raj, and hello to everyone. Let me take you through the key highlights of our Q1 FY 2027 performance. The first quarter continued to reflect healthy business momentum. Revenue from operations increased 12.4% year-on-year to INR 233.8 crores. Within this, liquid terminal revenue stood at INR 126.5 crores, registering a growth of 31% year-on-year, while gas terminaling revenue stood at INR 107.2 crores, a decline of 3.5% year-on-year. In terms of revenue mix, liquid terminaling contributed 54.1%, while gas terminaling contributed 45.9% during the quarter. The growth in liquid terminaling was driven by higher volumes, capacity additions, and a more favorable product mix. On the gas side, quarterly throughputs stood at approximately 0.9 million metric tons. At the operating level, operating EBITDA increased 15.6% year-on-year to INR 179.4 crores. This translates into an EBITDA margin of approximately 76.7%, reflecting the strong operating characteristics of our terminalling business and the benefit of additional capacity coming online. Our cash PAT stood at INR 124.9 crores during the quarter. The continued generation of healthy cash flow provides us with a strong foundation to support the significant capacity expansion and the growth investments that Mr. Raj has outlined. Overall, our financial position remains strong, supported by healthy cash generation, prudent leverage, and a resilient balance sheet. This provides us with the financial flexibility to execute our ongoing CapEx program while continuing to invest in new growth opportunities. To summarize, Q1 FY 2027 was a quarter of continued operational and financial momentum with strong growth in liquid terminalling, healthy operating profitability, and robust cash generation. With the capacity additions and infrastructure projects currently underway, including multimodal evacuation, which we are undertaking, we remain well-positioned to participate in the next phase of growth. Thank you. I will now request the moderator to open the floor for the question and answer session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star and one on the touchtone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handset for asking a question. Please and gentlemen, wait for a moment while the question queue assembles. The first question is from the line of Siddharth Chauhan from 360 ONE Capital. Please go ahead. Hi, Karans. Thank you for the opportunity. I have a couple of questions. Firstly, when you look at gas throughput charges for a specific terminal, let's say Kandla terminal, are they fixed on a counterparty basis, or the charge is same for all the customers at Kandla? We generally follow a standard rate of INR 1,175 across our customer profile, but our principals may pay us a little bit more, maybe INR 25 more to INR 1,200. Otherwise, we have a standard rate across our customers in the industry. Okay. Are they fixed for a specific term, let’s say like 6 months or on an annual basis with some escalation, or these are based on market conditions? They are based on per metric ton. Please remember, these products do not stay in the tank for long. They could very well stay for not more than 3 or 4 days also if the turnaround is fast. So these are called throughput charges and not storage charges. They go through your tank, and they are always on metric ton basis. The emphasis and the focus is on the volume growth, not on escalation of differential rates time to time. So they are more volume-focused. Understood. You know why I ask is because their distribution margins in, let's say, the logistics segment, they have increased during this period of disruption, but the terminal throughput charges have not. Just wanted to understand why haven't we been able to increase the charges? That is because of the fact that distribution involves sourcing, shipping, terminalling, as well as reaching out to the final client and taking a position of inventory, even though it is not for long. It is a completely different business. Terminalling is just an infrastructure usage business. It does not change with the scarcity or excess of any product availability in that sense. Of course, currently with the geopolitics, there was a lot of uncertainty and difficulty in sourcing energy, and therefore, the margins were higher on account of the difficulty that was there in sourcing products from a geography as far as America and other places. Those are for different efforts, not for infrastructure usage. Infrastructure usage remains more or less the same. Understood. Secondly, is there any impact you are seeing on the residential LPG consumption, given government has been trying to promote the use of piped natural gas, and secondly, they have reduced their subsidized retails to four per annum versus nine earlier? Yes. No, we do not. We in fact from month to month, from March onwards, we have seen situation improving. Please understand that on account of the geopolitics that has happened, we had ramped up the country. When I say we, not Aegis, but the country had ramped up refinery production of LPG, which is not cheap. It is costlier than imports. That has to come back, or else you will find subsidies will be increasing every month. I think we are seeing some sort of reduction in the shortfall that we have seen month on month. In July, probably we were down. Now, we are almost just about 80%-85% of the normal that we were there earlier. We are already back. I cannot comment on cooking gas usage. Please understand, India, 60% is rural. You have not even laid pipeline all across the country. Forget about all across the country, not even in all cities. PNG was already there in Tier 1 cities like Mumbai for the last 15 years. I think the energy consumption per capita also being so low and income effect growing year-on-year, you will see all energies, not just natural gas, not just LPG. Every other energy product will show increase, maybe differently product by product in the growth rate that they see. But you will see, we have to still get over our usage of wood and other dirty fuel. It is a long way. Macro-wise, we do not see any much concern as far as LPG is concerned. These are much cleaner fossil fuel and have a very high energy conversion coefficient. Understood. Lastly, if I can squeeze in one more question. In your presentation, you have mentioned how India is expected to witness strong industrial LPG demand similar to China. Can you explain your views on which industries you are expecting to increase their consumption of LPG? Across whoever uses energy. You see, LPG has 25% more calorific value, that is energy content inherent in it. Second, it is portable. It does not need very high-cost pipeline and connection charges. The only thing needed to reach LPG to different corners of the country is a cylinder, which would cost around INR 800 to INR 1,000 only. Not just having more energy content, also being portable, it is also cheaper amongst the cheapest fossil fuel that you can get, having one of the lowest carbon footprint, having zero global warming potential, no methane. There are so many inherent advantages that we believe that industry, now that they have seen how shortage can lead to industry closing down, will make proactive steps to do infrastructure needed for energy custody. We will definitely see a more positive growth trajectory as far as LPG is concerned going forward. Again, I say India is a very large country. Energy required is huge. Per capita consumption is still very low. All energy products, whatever you can get and reach out. We have varied geography, deserts of Rajasthan, hills of Assam, backwaters of Kerala. We have to reach energy to stop wood cutting, to stop wood burning, cow dung burning. There is so much out there to substitute. Understood. Thank you so much, sir. This was really helpful, and all the best for the future. Thank you. Thank you. The next question is from the line of Priyanka Biswas from JM Financial. Please go ahead. Yeah. Good afternoon, sir. I would say that under the circumstances, quite a strong performance, first of all. My first question is regarding the performance. What I see is that, at least from whatever PPAC reports, it seems that we have meaningfully gained market share quarter-on-quarter. From that perspective, what are you doing different from an LPG sourcing strategy that, let’s say, the OMCs or the others are not able to do? I mean, what explains your relatively much lower decline than, let’s say, of the overall Indian LPG imports? What exactly are you doing right, and what exactly others are not doing? If you can say that. Yes. So Priyanka, very good question, and the very simple answer is, none of our ships were stuck in Middle East. We always were diversified in our sourcing. We have a very good partner in Itochu. We just don’t source only from source of convenience. You see, Middle East is 3 days journey, very convenient, and most of the company tend to rely on convenience source rather than source of economy. All of our ships were free. They could cart cargo from Argentina, Canada, America, Nigeria, all over the place. I think that was number one. Number two, we were ramping up our distribution. That also helped in usage of our fleet, because now fleet was relatively free. We could then hold and sell more out of more locations. Then only Mumbai and Kandla earlier. That also helped. I think these were the two key reasons of us going unscathed in spite of very gruesome geopolitics that happened. Should we assume that even if, let's say, tomorrow the Hormuz crisis doesn't ease for the next one or two quarters a year. Is our sourcing strategy robust enough that because I joined the call slightly late, I heard something like the Kandla pipeline is also connecting up the LPG pipelines. Then maybe eventually the Pipavav pipeline also connects up the LPG gantry in Mangalore. All of this, even despite all this, we should still be able to maintain a growing trajectory at least. From a business sustainability. Yes. Very hopeful of doing good. We like to at least grow in our volumes 25% year on year every year. That's our hope. That's how we work for. I can tell you there are four pipeline connections getting online this year. One has already happened, Jamnagar-Loni. We are operational. Kandla-Gorakhpur at Kandla-Gorakhpur at Pipavav should be up and running and operational within next two to three months. Fourth one, which is Haldia-Panagarh, is also expected to get up and running probably in another two to three months' time. Then we look forward for the Pipavav liquid rail gantry and the Mangalore LPG rail gantry and also Mangalore-Hassan-Cherlapalli pipeline. Lot of big stuff coming up as we go forward. We have already commissioned our ammonia cryogenic terminal and yes, you're right, that in spite of Strait of Hormuz remaining a problem, we continue to see. Even in the month of July, we have seen an improvement, in fact, over what was there in the previous quarter. I think with all of this multimodal evacuation that we are working on and also the capacities that we are working on in liquid as well as in gas, we are very happy about how those things stand. War apart, geopolitics apart, we, I think, continue our journey of growth year in, year out, with adding capacities and maturing utilizations in our already established capacities. Looking at both organic and inorganic growth, we remain hopeful of a good year in spite of all the difficulties that came. Just one clarification. You said that the Haldia-Panagarh LPG pipeline is almost on the verge of connecting with that plant? Yes. 60 kilometer being laid by HPCL is expected to be commissioned in October, November. Because if I recall, I remember there could have been a possibility that I guess you would have highlighted maybe on a conf call a couple of years back, that it can give a 1 million tonnes type upswing once it connects to the Panagarh bottling plant. Does that still hold true? No. Priyank, that plant is capable to do bottling of half a million in a year, and it is currently operational, though not in full capacity. I think it should enable a quarter million or so, depending on how it shapes up ultimately. Because even now, probably it is going by trucks, but pipeline makes it even more better for the customer. It is the customer who's laying the pipeline, of course, not without a reason, right? It should make a difference to them. It should make a difference to our throughput. We are, again, very happy about this development. This is the fourth cross-country pipeline, of course, that we are getting connected into during the year itself. Then Mangalore-Hassan follows later in the year. Pradiip, if I can just squeeze one more in. During the IPO, we had spoken about INR 10,000 crores of gross block that you will develop out in the first phase after the IPO. Where are we in progress with respect to that? Let's say once we are done, I guess the CapEx will be done by FY 2028 is what I get. What comes next? I also heard a lot of plans regarding the liquids capacity. A lot of this was told, I couldn't exactly follow. In end of FY 2027, what is the capacity you are expecting? At end of FY 2028 in liquids, what is the capacity you are expecting? Finally, on the Pipavav, you also told about 0.5 million tonnes additional take-or-pay volumes. What is exactly the revenue or EBITDA model for this? Because Pipavav, does this mean that you will need to put another 0.5 million tonnes of liquids capacity in Pipavav? No. Okay, let me go one by one. What you said, INR 10,000 crore, I think we should reach by March or worst case, June 2027. You will see all of that commissioned and all cylinders firing in 2027, 2028. This INR 10,000 crores comes out of JNPA expansion, ammonia commissioning, liquid commissioning all over the place. We are adding half a million by March, one or two months here and there, half a million in liquid, another half a million to 1 million in FY 2028. We jump from 1.7 to 2.2.2 to maybe close to 3 by FY 2028 end. We are going at a very fast pace as far as liquid is concerned. When we say in Pipavav 0.5 million liquid, that is utilizing our already current capacity. It means higher utilization of the capacity that we are already operating at Pipavav. The multimodal evacuation of rail liquid gantry enables that. Yes, I think I've answered all three of your questions. INR 10,000 crores, definitely we are looking at by March 2027, a month or two here and there. Liquid, we jump from 1.7 to 2.2 in this year, 2.2 to close to 3 by next year. Pipavav Liquid, of course, like I just mentioned, 0.5 is utilization. More utilization of an existing capacity. Hope it answers all your questions. The last one was, what comes after this 10,000 crores? That was what I asked. Yes. We are looking at several opportunities, organic as well as inorganic, and we are very close to closing a lot of those opportunities. As and when we enter into binding agreements, we will come up and share the news with our investors. Also, please understand that we are talking about now more things than we have been doing in the past. We are accustomed to believe that AVTL will only be port-based terminals, but now we are looking to add inland depots. We are talking very seriously for participating in strategic storage that is needed for the country. We are also talking for industrial terminals, doing a build-up. The canvas of opportunity is now varied. It is no more port-based only. We are talking about multimodal evacuation, like putting up rail gantries, connecting into cross-country pipelines, getting and putting inland depots. Also doing bigger stuff like strategic storage, industrial terminals. These all, you cannot time it. It happens, then you just get on with it. We, I think, still remain very positive on that $5 billion CapEx objective that we have to complete by 2030, 2031. Only thing is, we will not be able to exactly say the spread of this expansion beyond 10,000 crores to 45,000 crores. It may be lumpy. It may be simultaneous. Time will tell. We will of course share as and when, but we are working very aggressively, not just on organic, but also inorganic. It is actually what Mr. Raj Chandaria was telling me this morning. It is an inflection point, I think, with the kind of opportunities that we are looking at. Probably we are very positive on the growth journey of AVTL making, or I would say owning, operating infrastructure in India across. Thank you so much. That was very comprehensive. You are welcome. Thank you. The next question is on the line of Siraj Pokaiya from Broking Finance. Please go on. Sir, I wanted to know for current quarter, your gas segment is down vis-à-vis sequentially and year-over-year. What explains this? The geopolitics, the war. We have managed to be stable, and we are there still in spite of LPG, because this infrastructure is used by National Oil Companies also who have suffered big time because their ships got struck in Strait of Hormuz. In spite of that, we have been able to do good. In spite of that, our revenue has increased year-over-year or quarter-over-quarter, I think. We have done a decent job in spite of very difficult times for any business which is infrastructure and energy. I think we have managed to come out unscathed and hope to remain so. In fact, build on. We have always demonstrated growth year on year, both in EBITDAs and our revenue as well as our PAT, and we hope to maintain that this year also. Growth coming out of new capacity, growth coming out of utilization of our existing capacity. We are very hopeful that we will be able to deliver. Sir, on the liquid side, can you throw some light on occupancy? I mean, how is the occupancy? Occupancy is not what Liquid works on. The rate is on CBM basis. It is like if I give a capacity, whether it is occupied by the customer or not, I get paid. You do not have to look at it as per the occupancy. We have improved Liquid revenue and EBITDA in this quarter. Right. That comes out of the capacities which were commissioned last year maturing even more, especially JNPA Plot One. We expect more capacities coming on screen during the year. Liquid, as always, will deliver a very good performance during the- Coming to it, sir, are we seeing improved realization and margin? That is what I am trying to understand in the Liquid area. Oh, yes, of course. Because our capacities which have come up last year are in better locations, you will see better realization, not just in this quarter, but going forward also. You will see improvement in- Yeah. Ammonia, sir, what would be the capacity of 33,000, and how many tons, and throw some light on the mechanism. Ammonia terminal can do 3 tons. It would probably be able to do 1 million tons, theoretically. Okay. Again, like LPG, we are projecting 20%-25% in the first year. Of course, first full year of operations, we have to prorate it because it has come up in August. But the realizations are 2.5-3 times the LPG realization. So that helps in spite of the lower ton that it is able to do. Sir, just one last thing, sir. What is Vopak Liquid EBITDA and Gas EBITDA? That is already mentioned in our. Vopak is Royal Vopak, my partner? No, sir. Aegis Vopak, sir. Aegis Vopak is already there in the presentation. Please look into it. I do not have it offhand. Okay. It is there. Okay, sir. Okay, thank you, sir. Thank you. Thank you. Thank you. The next question is from the line of Monader from Jefferies. Please go ahead. Yeah. Hi, sir. Monader here from Jefferies. My first question I think you partly answered to the previous participant. Can you help us understand the sharp rise in Liquid revenues a bit better? Because obviously capacity hasn't gone up. So what has changed here on a year-over-year basis? As you are aware, the capacities that came up last year were for the part of the year, and now they have matured. Once the capacities come up, the mix of product change takes some time. So now you have JNPA One fully firing and delivering on its performance. You know JNPA gives you a realization of INR 6,000 a year against your average blended rate of INR 3,000. So that is what makes a difference. Understood, sir. My second question is on the capacity expansion plans, more so on the gas side. I think to one of the questions earlier you indicated that you intend to grow 25% year-on-year for the foreseeable future. When I compare that with about 4.5%-5% annual growth in LPG volumes, which is also articulated in your presentation, right? So at some point, your market share will be, I think today you're at around 19%-20% if I were to look at in FY 2026. So what do you think is the peak market share that you can garner? And is that also one of the reasons why you are looking at strategic storage and inland terminal? Can you spend some time on this, please? Yes. So well, LPG, when I am growing, look at my base and look at your 4% of strategy, it is very misleading. When you are applying 4%, 5% you are applying on 33 million tons. Okay? Right? That is 1.65 million tons. When I am growing 25%, what is the base on which I am growing? You see, my volumes are 10% of the total demand. When I am growing at 25% it is actually 2.5% of that 5% that I am getting. The incremental growth is coming to me because the capacity addition is what I have made recently. No one else is adding capacity, right? And the capacity which is already there might be saturated in terms of turning around. Their terminals are not capable to turn around as much as I can turn around my terminal. For example, the ones which are in existence and which are old turn around 26 to 30 times a year. My terminal can do and handle by turning around maybe 70 to 100 times. From the same capacity, I can keep doing more, whereas they get saturated, right? The incremental growth comes more to me because I have a capacity which can handle. I have also commissioned two very big cryogenic terminal last year at Pipavav, 48,000 metric tons capable to do 4 million, and at Mangalore, 82,000 metric tons capable to do 6 million tons. So I have capacity which is ready to handle products. Also the fact, please understand, you know what happened with the geopolitics and the war when the ships came out one by one. What was done by National Oil Company is to ration it to different locations. Whereas I had terminals at different locations. I was not restricted by having facility only at one location. So I could get the drops. The different small drops which were done. There are several reasons. Also, the fact that I get into a location where there is an operator who is very inefficient. He is costing the customer tons of money because he is small scale, he is inefficient, his infrastructure is old. When my infrastructure comes up, it replaces the throughput which this old inefficient terminal is doing. And thereby, I am actually replacing some of the existing demand which was handled hitherto by inefficient operators by an efficient infrastructure which saves cost and saves money for the customer and for the country. So these are some of the reasons by which you will see 25% growth versus a 5% growth maybe. Yeah. Sure, sir. Thank you very much for the detailed answer. Sir, have you heard anything incrementally between last phone call and now on the strategic storage initiatives by the government? Is there some progress? Progressing as we speak, and it takes time. These are big decisions and there are a lot of factors to be considered by the National Oil Companies, government, and everyone, all stakeholders who are involved. It is not an easy decision. It will happen. If it happens and we are called for to do it, we are there, all equipped to undertake such infrastructure. We await and see how it unfolds. Sure, sir. Thank you very much and all the best. Thank you. Thank you. The next question is from the line of Kunal Nath of HDFC. Please go ahead. Yeah. Hi, sir. Very good afternoon. Am I audible? Yes. Please go ahead. Yeah. Hi, sir. First of all, sir, congrats on the amazing set of results despite the macro situation. Just wanted to know, the 21% growth in liquid, which maybe I think Aegis handles, I think 40 plus types of liquids, which is a mix of faster and slower moving. So has the change in mix led to the improvement in higher volumes and higher utilization? There are many things which lead to increase. There are also new capacities that have come up in the last year. Also change of mix, also higher occupancy. Not higher occupancy, higher turnaround or usage. Okay for that matter. It is not one clear, simple answer to that. What is important is increasing profits EBITDA. That is what we always focus on. We are very bottom line driven company. Okay, sir. My second question is on the evacuation pipelines going live. I think Kandla connects to Jamnagar-Loni as well, and also it connects to the Kandla-Gorakhpur pipeline. I think the capacity at Kandla is 48,000 million metric ton. I think are we maybe going to face kind of capacity constraint in terms of LPG capacity at Kandla, any plans to expand capacity at Kandla for LPG? Never say no. You have heard the name. Never know if the situation demands. We follow demand. If we see there is enough growth that is happening and which is sustainable for long term, nothing stops us from going for expansion in Kandla. But first let us increase the usage on more and more profits and then we will see. As what the customer wants, we are there to support by putting up infrastructure needed for their usage. Okay. And sir, on the tariff for LPG, I think in the previous one of the answers you mentioned that the tariff at Kandla was about INR 1,200 per ton. Is it same across all the terminals, or is it probably JNPA more higher since you mentioned JNPA liquids at JNPA also almost double the average. In terms of LPG, what is the parity in terms of the tariff that follows? No, LPG is a volume driven game and the tariff is same across all terminals across the country. Okay. So Haldia, Kandla, Pipavav, everything will be same? Correct. Because as I mentioned, the product does not stay for long. It just goes through your tank. What is important is to focus on how fast that turn happens, how much more you handle in terms of volume, and that is the key, not the tariff. Is it rational to say that we will be growing at around 40%-45% in volumes from the 5.2 million metric ton we did last year? That was on Aegis as a whole, what you are talking about. Okay. In AVTL, we did 3.9 million. I just said before, we work towards increasing our volumes at least 25% year on year. Happy to have delivered more than 25% growth. But the work is all there. We are doing on multiple fronts. We are simultaneously doing work at so many sites. We were counting, it is more than 25 sites, small, big work that is happening. We are connecting multimodal evacuation. We are putting up bottling plants. We are putting up terminals. We are trying our best to have the infrastructure ready, which will deliver growth for us and make profits. Great, sir. If I could just, again, please, one last question. How will the CapEx ahead be funded from the current around INR 6,500 to about INR 10,000 and then going ahead? Because I think, will it be more through debt or will it be. I know we are due to offload some stake as well. Will it be more towards debt or a mix of everything? So mix of everything. So take it from us that we do not cross the limit of 0.6 debt gearing capped to 3.5 times EBITDA. If I'm talking about a $5 billion CapEx by 2031, it means that $3 billion can max come from debt. So I have to ensure and try my best to reach an equity net worth of $2 billion. I would almost, with my second phase of equity, which I have to do mandatorily to dilute to 25% by 2nd June 2028. We are confident that this $2 billion mark, along with this equity infusion and internal accruals, we will be able to reach. So I think $5 billion CapEx is funded well. Of course, at any point of time, you will see sometimes only equity debt being extinguished. Sometimes you will see debt building up. So it all depends. The spread will not be equal. The spread will not be that I'm doing 40% equity, 60% debt all the time. Sometimes when the equity comes in, then it could only be equity or debt gone away or extinguished, and then again, debt will build up, then internal accruals will add to the equity. But what I can tell you is that the plan is well laid out for fully funding the $5 billion CapEx that we have the objective to achieve going forward in the next five years. And sir, this includes only the existing two ports and the Vadhavan port. Any other ports that we are planning to add apart from those? No, there are 200 odd ports in the country. I am only in seven. Of course, there will be an effort to get more presence in more ports, depending on, again, demand that we see. Then also building infrastructure for more products. Also, like I've just said, trying to put up inland depots, trying for strategic storage, trying to get and do industrial terminals for blue-chip clients. There are so many opportunities out there which we will keep working on and trying to develop infrastructure. Great, sir. All the best. I will talk again with you for more. Thank you. Thank you so much. Thank you. The last question is from the line of Dr. Amit Mehra from Homoeopathic Clinic. Please go ahead. Yeah. My questions are answered. I am so sorry for that. Thank you. No problem. Thank you. Thank you, everyone. Thank you. Thank you. With this, we have the last question. On behalf of Intime, SQI Team Intime that controls this conference, thank you for joining us, and you can now disconnect the line. Thank you. Thank you. Thank you. Bye.