Q3 25/26

Jan 31, 2026

Summary

9M FY26 revenue rose 18.3% and operating EBITDA 18.1% YoY; Q3 revenue advanced 22.3%. Capacity additions, Haldia’s acquisition and new LPG infrastructure support further growth, with management expecting a Q4 volume step-up.

Ladies and gentlemen, good day and welcome to the Aegis Vopak Terminals Limited Q3 and nine-month 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 the 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 on our beliefs and expectations as of today. The statements are not to guarantee a future performance and involve risks and uncertainties. With this, I would now like to hand over the conference to Mr. Raj Chandaria for his opening remarks. Thank you, and over to you, sir. Okay. Thank you very much. Good afternoon, everybody. I extend a warm welcome to all the participants in the Q3 FY 2026 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, the Director of the company and the head of MUFG Corporate Markets. I hope everyone had a chance to review our investor presentation, which was uploaded on the exchanges and our company website. It gives me satisfaction to address all of you again this quarter following our successful listing this year. I would like to thank our investors and stakeholders for their continued trust and confidence that you have placed in our long-term vision, our management team, and in our strong operations. Aegis Vopak Terminals Limited is today India's largest independent operator and owner and operator of tank storage terminals for LPG and liquid products. With strategically located assets across six major ports on the coastline of India and seamless, multimodal connectivity to pipelines, road, and rail, we are uniquely positioned at the heart of India's energy and chemical logistics ecosystem. Our joint venture heritage, which combines the deep local expertise of Aegis Logistics Limited with the global operating excellence of Royal Vopak, continues to be a powerful differentiator. This partnership enables us to deliver world-class standards of safety, sustainability, and efficiency, even as India's energy demand accelerates at a good pace. I am pleased to report that we are making excellent progress on our long-term growth strategy, which is being executed under Project GATI, Gateway Access to India, GATI. This initiative is driving the expansion of our storage footprint. It is improving our throughput efficiency and diversifying our portfolio. These efforts are not only strengthening our leadership position in the market, but laying the foundation for sustainable profitable growth in the years ahead. I am pleased to report that the new LPG terminals, which were commissioned last year at Pipavav and Mangalore, are now fully operational and contributing to revenues from this quarter onward. These additions have already started driving incremental volumes and therefore profitability. Before moving to the port-wise business update, I would just like to highlight one major strategic development from last year. The last quarter, sorry. AVTL has now completed the acquisition of a 75% stake in Hindustan Aegis LPG Limited, HALPG, which was acquired from our parent, one of the shareholders, Aegis Gas Private Limited, and Vopak India B.V., resulting in Hindustan Aegis LPG becoming a subsidiary of AVTL. This acquisition brings an additional 25,000 metric tons of LPG storage capacity at Haldia, marking AVTL's entry into the east coast market. HALPG operates a leading terminal along with an attached bottling plant and maintains an exclusive terminaling agreement with HPCL, which is valid until 2038. This strengthens the long-term revenue visibility and expands AVTL's footprint in a high-potential use. With that introductory comments done, I'll take you through the port-by-port developments. As stated, Haldia port has a liquid storage capacity of 226,890 cubic meters, with all operations running at a high capacity utilization level, which is driven in turn by the steady demand. To facilitate future growth in this area, we've acquired an additional 3 acres of land for expanding our liquid activities there. With the integration of Hindustan Aegis LPG, AVTL has established a nationwide footprint of 4 LPG terminals, located at Pipavav, Kandla, Mangalore, and Haldia, together offering a combined static capacity of 225,800 metric tons. Coming to JNPA port, the current operational liquid capacity is 109,900 cubic meters with improved average realization driven by a strong product is underway to add an additional 318,100 cubic meters of liquid capacity and 77,250 metric tons of LPG capacity, marking a significant expansion. Alongside this, construction of an LPG bottling plant with an annual capacity of 35,000 metric tons, so that's also in the books. The overall project, which involves a capital expenditure of INR 1,675 crores, is advancing well with the first phase of the new liquid capacity scheduled to come online in Q1 of FY 2027. In addition to this, the company is discussing the development of a 36,000 metric ton cryogenic gas tank, to further enhance its gas infrastructure on the West Coast. Turning to Kandla port, the Jamnagar-Loni LPG pipeline is nearing completion and is expected to be operational within the next month. The Kandla-Gorakhpur LPG pipeline is scheduled to be connected by June 2026. This is our latest information. The VLGC berth at the Kandla port began operations in the third quarter. Very significant development, by the way. On the final day of the year, December 31st, the first ever VLGC docked at Kandla port, making it a VLGC compliant facility. As a result of this, we anticipate a sharp increase in the volumes at Kandla, followed by a further increase once the KGPL and JLPL pipelines are complete. Alongside these developments, construction of a new CRL4 liquid terminal, with a 94,148 cubic meters capacity, is progressing and is slated for commissioning next year. In further developments, we have entered into a non-binding memorandum of understanding with Larsen & Toubro to jointly develop ammonia terminals at Kandla. This collaboration is designed to support L&T's upcoming green ammonia facilities and further strengthen AVTL's role in India's evolving green energy ecosystem. At this moment, the MOU remains non-binding, but discussions are progressing to finalize the agreement in 2023. At Kochi port, our liquid capacity stands at 82,545 cubic meters, which again, is operating at a high capacity utilization rate. In our earlier call, we had outlined plans to develop an additional 60,000 cubic meters of liquid capacity on newly allotted land. I am pleased to say that this development is now actually underway. This expansion will not only expand capacity to meet future demand, but will also support the growing requirements of the whole of Southern India and further reinforce AVTL's presence along the West Coast. Turning to Pipavav port, the cryogenic LPG terminal with a capacity of 48,000 metric tons was commissioned in June 2025, taking the port's total LPG capacity to 70,800 metric tons. The port has also undergone an infrastructure upgrade to the existing jetty, making it VLGC enabled and capable of handling larger cargoes, while enhancing rail-based evacuation of LPG. In addition to that, work on a new VLGC compliant jetty is underway by the port and is expected to be completed in this calendar year. At the end of that period, the port will have world-class infrastructure to handle LPG through VLGCs. It will have cryogenic storage tanks, it will have bottling plants and LPG rail gantry and 16 truck loading bays for efficient evacuation, and it will have the pipeline to Central India. It is a big development at Pipavav. The liquid terminal at Pipavav continues to operate at a high utilization level. We are in the process of developing further infrastructure in the liquid business there to cater to other large Indian and global corporate customers. In a very significant development, I am very proud to announce that we have entered into a 15-year long-term take-or-pay agreement with a large conglomerate, whose name we are not disclosing at this moment, for handling their petroleum products at Pipavav. Under this arrangement, AVTL will manage over half a million metric tons annually starting at the end of this calendar year, providing strong volume visibility and reinforcing our position as a reliable logistic partner for one of India's largest energy players. This agreement not only secures a stable revenue stream, but also strengthens our position on the West Coast. We will provide more details once this arrangement begins operation. In addition to that, 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. The project is backed by a 15-year take-or-pay with Hindustan Zinc to support its upcoming diammonium phosphate plant. This positions AVTL to meet the growing domestic demand for ammonia and aligns with India's broader green hydrogen ambitions. We are currently in talks to introduce a strategic partner into this asset to help us create upscale this segment of the business to the next level. At Mangalore Port, the cryogenic LPG terminal with a capacity of 82,000 metric tons was commissioned in June, and the port has successfully received its first LPG vessel last quarter. In addition, 75,000 cubic meters of liquid capacity that we have added last year is also revenue accretive, contributing to stronger performance. With additional land recently allotted at that site, we anticipate we are developing another 60,000 cubic meters of liquid capacity. This upcoming expansion will further enhance the company's capabilities and reinforce its presence in that port. Aegis Vopak Terminals has also entered into a non-binding memorandum of understanding to invest in the proposed Vadhavan port with a potential project outlays of approximately INR 20,000 crores. This move is part of a wider plan to establish operations at two new port sites. Following the receipt of the necessary approvals and allocation of land, construction of fresh liquid and gas handling facilities will begin, which will add quite significant scale to the company's network. This development will broaden both the geographic coverage and service offering, ushering in AVTL's standing as India's leading integrated energy infrastructure provider. By next year, our aggregate capital expenditure is projected to reach US dollars 1.2 billion. In line with our long-term vision, we have charted a CapEx roadmap of approximately $5 billion to be achieved by 2030. These achievements will be financed through a carefully balanced approach, which will leverage internal accruals alongside with the disciplined use of debt. Our financial strategy remains firmly anchored in prudence, with a commitment to maintaining a debt gearing ratio of 0.6 times and ensuring that overall leverage does not exceed 2.5 times EBITDA. I have the strategic opportunity to thank all our employees and partners, and stakeholders for their continued support as we execute this roadmap. With a strong balance sheet, an expanding asset base, and a growing demand for LPG, ammonia, and other liquid products, we are really well-placed to develop consistent growth and strengthen our leadership in India's energy logistics sector. With that, I am going to hand over to Mr. Murad Moledina to take you through the financial performance for this particular quarter. Thank you, Mr. Rones. Hello, everyone. Starting with our 9 months performance, revenue from operations for 9 months for FY 2026 increased by 18.3% year-on-year, totaling to INR 549.1 crores. Revenue from liquid terminalling was INR 309.4 crores, up 36.6% year-on-year. While revenues from gas terminalling division reached INR 229.7 crores, an increase of 8.4% year-on-year. Cumulative gas throughput as of 9 month FY 2026 crossed last year's throughput of 1.89 million metric tons. Operating EBITDA for the 9 months rose by 18.1% year-on-year to INR 403.2 crores, and profit growth was particularly strong, up by 90% year-on-year to INR 163.2 crores. Moving to the third quarter of FY 2026, revenue from operations rose by 22.3% year-on-year, reaching INR 197.5 crores. Revenue from liquid terminalling segment stood at INR 116.5 crores, reflecting a year-on-year increase of 37%. This growth was primarily driven by higher volumes supported by capacity additions and improved product mix. Revenue from gas terminalling division came at INR 81 crores with an increase of 6% and gas throughput was 0.67 million metric tons. Operating EBITDA for Q3 FY 2026 grew by 23% year-on-year reaching INR 145.9 crores, while profits surged by 62.7% year-on-year to INR 61.5 crores. Overall, the company's financial position remains solid, underpinned by low debt, strong cash flow, and a resilient balance sheet, which has been confirmed by the rating agencies upgrading our group credit rating of double A to positive outlook from stable outlook. Thank you. I will request the moderator to open the floor for question and answer session. Thank you. 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 is from the line of Yash Nandwani from IIFL Capital. Please go ahead. Thank you for the opportunity. Sir, my first question is on the liquid terminal realization. We have seen a significant improvement in the blended realization in the liquids segment. Just wanted to understand, is it all related to product mix improvement or also a function of improved turnaround, or is there any take-or-pay in that? Would it be reasonable to assume same realizations going forward? Yes, Yash Nandwani. This is not on account of any take-or-pay. This is on account of better product mix and increased realization rate, especially from our JNPA terminal, which has now stabilized operations, and we are in a position to improve the product mix and increase the realization, which has taken the overall average realization up. This is expected to stay and further improve going forward. Sure, sir. Secondly, sir, same on the liquids side, we are currently expanding at JNPA and Kandla, and we also have land at Kochi, Mangalore, and Haldia. So when do expansions start there, and what should we expect the liquid capacity to hit by, let's say, FY 2027 end? You know that we are expanding at Kandla around 100,000, and then we are also expanding at Mangalore, as well as Kochi, as well as Haldia, which is 60-60-60. That is around 200,000 further. We are also doing 318,000 at JNPA. We are at 1.7 million. So I think we should be around 2.5 million plus by FY 2027 end. Perfect. Okay, sir. Thank you. Thank you. The next question is from the line of Siddharth Chauhan from B&K Securities. Please go ahead. Hi, sir. Thank you for the opportunity. Firstly, on the 15-year take-or-pay agreement which you signed at Pipavav, I just wanted to understand, is it with an existing customer or it is a new customer which we have touted? We have already said the details we will share with the investors when the operations on this account start. So you will get the details in this calendar year. It is expected to start somewhere around October 2026. Okay. All right. Secondly, any reason for the weakness in LPG volume and the LPG EBIT? What particularly happened in this quarter? Yeah. Usually, across the board, quarter 1 is the least, quarter 2, quarter 3 are always similar, and quarter 4 is the surge. That is how this is happening. This is almost similar to Q2 in terms of volume handled. As far as EBIT is concerned, as you know, the revenues are reduced by INR 1 crore. Depreciation has increased by INR 1 crore, and therefore the EBIT to that extent is affected and some costs. As the maturity of utilization will happen from Q4 onwards, you will see a sudden change, a step-up in step. I think the takeoff happens Q4 onwards as far as gas volumes and gas EBIT and gas revenues are concerned. You will start seeing step-up changes in all volumes, revenue, EBITDA, and EBITDA from Q4 of FY 2026. Understood. Lastly, can you share your CapEx plans for the next year? Do we have a roadmap on that? After the IPO, we were sitting on an assets commissioned. If you strip out the ROU, which is right of use, these in the six assets, we are sitting on INR 5,000 crores. We have already bought Haldia assets at INR 1,000 crores. We are executing INR 1,675 crore at JNPA. We intend to spend around another INR 500 crores on the liquid assets at Kandla, Mangalore, Kochi. In fact, more. You see, we are well geared to reach a CapEx of INR 10,000 crores by the time we end FY 2027. All right. Understood. We doubled the CapEx. Thank you. Understood. Sir, thanks a lot, and all the best for the future. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Neel Sahu from JM Financial. Please go ahead. Hi, sir. Good evening. Thank you for the opportunity. First question is, would you like to provide some outlook on the volumes for FY 2026, given that Haldia will be added for this next quarter? I am sorry, Nivrta, I did not get your question correctly. Can you help us with the volume outlook for FY 2026, with Haldia being added for the fourth quarter? Same with Q4? Yes, for Q4. Q4, typically, Haldia is at the utilization of 65% of proposed capacity. Probably the volumes of Haldia will be added, that is number one, to the volumes which already we did in Q3. Second, VLGC jetty at Kandla has started operating. In fact, in January, there were 5 VLGCs which came and unloaded cargos. Of course, January was a little bit affected by some incidents, but that was not really major, in the Middle East. But we expect a volume increase, quite a volume increase at Kandla also for Q4. We expect to do well in Q4 in terms of volume. Should definitely cross a million and more. We will have to see where we end, but we are very positive on the volume growth as far as Q4 is concerned, yes. Sure, sir. Secondly, you have talked about exclusive agreement with HPCL at the Haldia terminal. Can you help us with the annual volume rendered for the Haldia LPG terminal, and what is the quantum of this agreement with HPCL? HPCL agreement is not a take-or-pay agreement, it is an exclusive agreement. HPCL has to bring the cargo on the East Coast at our Haldia terminal. The terminal has been constructed for their use. However, as their market share grows from when we started, their volumes were 0.4 million. Now, it has reached more than 1.5 million from the time we started, and it continues to grow. In addition, they are also laying a pipeline from this Haldia LPG terminal all the way to their Panagarh bottling plant. That, as and when it gets commissioned, you will see again a step up. Now, we are getting very close to the capacity or proposed that we can do there. We have already crossed 1.5 million. The capacity most we can do is 2.5 million. I think there will come a time very soon when we should get saturated at Haldia. That would open doors for us to look into expansion possibilities at that particular point of time. Thank you, sir. One last question from me. Can you help us with an update on KGPL and JLPL pipeline connections to Kandla and Pipavav? Yeah, surely. Mr. Raj already spoke that we expect JLPL. Now, full swing work is on Jamnagar-Loni pipeline from our side. Everything is in place. We are doing the construction. Construction is at sense, the last few meters that are left to be connected. We expect by February end to be able to commission. As far as Kandla-Gorakhpur is concerned, I think the worst case scenario is June 2026. It should happen before, but I think by June, we expect it to be operationalized, both at Kandla as well as at Pipavav. Pipavav might be a little earlier because the manifold is right there in our premises. That's all, sir. Thank you, sir. Thank you. The next question is from the line of Dr. Amit Vora from The Homoeopathic Clinic. Please go ahead. Good afternoon, everyone. Yeah. Good afternoon. Yeah. Sir, my question is regarding the recent EU signing agreement with India. Will that benefit in any way to our company? Sorry, your voice is a little muffled. Can you repeat the question? Yes, the EU agreement, yes. In that sense, we are a storage terminal keeper. These agreements do not affect us directly. Whatever benefits the customer will derive, for example, I think specialty chemicals export now the duty being reduced probably to zero, as and when it is implemented. It is still some time away. The agreements are not yet in operation. They may take six, nine months. I think it will help because there will be more exports of specialty chemicals to Europe, so terminals would definitely be required for that rush. Okay. One more question, sir, about the rail banking at Mangalore. Is it operational? Rail banking work has started. It will take nine months. Probably by September 2026, it will be operational. Okay. That is it, sir, from my side. Thank you so much. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Keshav from Modify Investments. Please go ahead. Hi, Saurav. Yes. Hi. Yes. Sir, my first question would be a bookkeeping one. Just to check on the realization of the liquid, can you please give me the capacity which we were having for liquids in Q3 FY 2026, and what was the utilization level of that capacity? Yes. It is 1.7 million. What you do is the Q3 number, run rate if you want to see, you multiply by 4 and you divide by 1.7 million, so you will get a yearly average rate realization. Occupancy has got no relevance here because we also sometimes hire out capacity without any relevance to the volume. If you want to technically understand what is the occupancy, then it is 77% physical occupancy, not revenue generating occupancy. Revenue generating occupancy is always close to 100%. That is what it stands. Okay. Understood. Sir, the second question would be on gas realization. If I just look at the Q1, Q2, and Q3 numbers. In Q1, we had approximately 1,290 million tons. It reduced to 1,200. Now it is at 1,210. Sir, what can be the ballpark number for the gas realization which we can model in our projection? Yes, that is around 1,250. Yeah. 1,250. Sir, lastly, on the throughput side, we are expecting Kandla-Gorakhpur to come live in the next 6 months. The worst-case scenario which you have mentioned is June. Currently, we are doing approximately 10%-12% of our capacity term, I mean, the throughput term. What can be the number for that? The throughput, how can it improve? It can go up to 20%-25%, or it can go more above that also. Yes. Look, the capacity of Kandla-Gorakhpur pipeline is 8.25 million tons. There are three points of input in the Kandla-Gorakhpur pipeline. One is Kandla port, where 5.75 million tons are earmarked. 1.5 million from Pipavav and 1 million from Dahej. You can do the math. This all will not happen all at once. This will take probably 2, 3 years' time to reach the full utilization of the pipeline. There are 23 bottling plants, currently operational, which are connected to use the LPG pumps from these three source points. Yes, it's a significant number. What will be our share? Pipavav, we are exclusively only us. In Kandla, we share the port with IOC, and Dahej we are not there. You can then see. Let's see how much a share we are able to gather from the throughput that takes place. Mind you, the throughput is going to be done by the National Oil Companies, HPCL, BPCL, IOC. If you look at Jamnagar-Loni pipeline, Jamnagar-Loni pipeline, I think currently has a capacity of 3.25 million tons, which has now been approved to upgrade it, to fully upgrade it to double. That is, of course, going to take 2, 3 years' time. Currently, this 3.25 also we would tap as our customers would use other terminals to pump into Jamnagar-Loni from Kandla. Yeah, let's see. But it's going to be quite significant uptick in the throughput that we do at these source points, as far as Jamnagar-Loni connection and Kandla-Gorakhpur connection that we are able to do at both Kandla and Pipavav. It's going to be definitely of significance. Completely understood. Do you want to give any number to it? Currently we are doing 0.67 million. If we annualize it's coming to 2.4 on a capacity of 200, which is basically 12 times. What can be the ballpark figure for this two lines? Can it go up? We do not give projections of throughput because it depends on our customers. That aside, it will be quite significant in the sense in what we have been doing and what will these two connections lead to. Understood. We should see an uptick starting from Q4. Q4 would be the first. We will see Q4 uptick on account of the VLGC jetty compliance that happened at Kandla as well as partly on account of JLPL connection, probably by February end. Yeah. You will see some- Thank you so much. Efforts going into Q4. Okay. Thank you. Thank you so much, sir. Thank you. The next question is from the line of Siddharth Chauhan from B&K Securities. Please go ahead. Hi, Murad Moollauna. Thank you again for the opportunity. On the JNPA terminal, I believe Uran-Chakan pipeline is the one which is connected. Is it correct or there are other pipelines as well connected to the terminal? The pipeline is Uran-Chakan. You are correct. Our LPG terminal is under construction, so we would be able to tap that once it is commissioned. Yes, you are right. From JNPA, we can hook into Uran-Chakan pipeline. Please remember that we have already connected and hooked into Mumbai-Chakan pipeline, Mumbai to Uran-Chakan pipeline from our Mumbai terminal. In addition to that, which is of course in our parent company, Aegis Logistics Limited. In addition to that, here for our upcoming terminal, we would also hook into Uran-Chakan pipeline from JNPA. What is the capacity utilization of that pipeline? Because I understand it is currently running at its optimum capacity. Again, I repeat, the customers are going to be the same. Even if it is utilized at an optimum capacity, the customers using that pipeline would start storing at our place also if we are connected. Are you getting my point? Instead of Terminal A, they would move to Terminal A with us. There is no need for volumes to increase in Uran-Chakan pipeline. What we need is the customer to start storing at our place, which already using, but they will start using the Uran-Chakan pipeline from our connection rather than someone else's connection. Okay. Because I was reading that the pipeline capacity is, I think, close to 1 million tons per annum, and we already have the Mumbai terminal, and now we are putting up a JNPA terminal with a capacity of, I think, 77,000 metric ton. Yeah. From Mumbai terminal, it is around 350,000 tons out of that 1 million, which will be coming from Mumbai. Right. Then we are putting this 77,000 metric ton, and I am sure our throughput will be much more than this because of the terminal capacity. Yeah, absolutely. Yeah. I want to understand, how will we be able to evacuate the remaining capacity? I just want to understand that. By rail, by road, and by this pipeline connection, all three. Road, I can evacuate 3.5 million tons in a year. Okay. In case of pipeline, whatever we can do, let's say half a million or whatever. Rail is again 1.5 million to 2 million that you can evacuate. So you are in a position to evacuate 6 million with a combination of multimodal evacuation. Okay. Understood. Lastly on this, when you discussed about having a non-binding MOU at Vadhavan Port and about investing INR 20,000 crores. So what are the projects you are envisaging in this figure? What types of projects are you discussing in this INR 20,000 crore investment? There's no limit. The range. Yes. There is no limit. Whatever makes commercial sense at that port, because that is going to be also a distribution model kind of a port in and out. So we would have liquid, gas, and many other products, terminals, even jetties. So there is a lot to do out there. It is going to be one of the largest ports in India, probably 3 times the size of JNPA, and located at West Coast at the border of Maharashtra, Gujarat. It is going to be an amazing opportunity. No, absolutely, as you mentioned. But if I look at investments in liquid terminal or in your gas terminals, which is your forte, the ticket size is very small versus this INR 20,000 crore amount. So I just want to understand what are the other projects which we might actually venture into. There are so many gases or products, like LNG, ammonia, LPG, ethane. There are many products, for which terminals will make sense in a port like Vadhavan. Okay. They are really a big amount. One LNG terminal would cost you maybe INR 8,000 crores. Oh, that is right. So INR 20,000 is very small for Adani. We just have to get the land and the permits to do that. There is a lot to do. Absolutely. Again, thanks a lot for taking my question. Yep. Thank you. Thank you. The next question is from the line of S Ramesh, an individual investor. Please go ahead. Thank you very much for the call. Just to understand your business model and what is the kind of growth you can deliver on revenue and EBITDA from the existing capitalized assets, what is the headroom you have in terms of additional volume? Any incremental upside in pricing? Yes. In case of LPG, if you look at, let's say I have 15.6 million, and now we have added 2.5 million of Haldia, so we have around 18 million tons of throughput capacity. Okay? For 9 months, we have done 1.89, so that's how far we can go, and how fast we go is the key. That is possible through multimodal evacuation, a world-class LPG infrastructure, and bottling plants, et cetera. All our effort goes into doing things which will quicken the utilization and the EBITDA that accrues with scale. That is how LPG business is concerned. As far as liquid is concerned, we follow demand. We don't let demand follow us. So when you go and put up a liquid terminal, it's there, fully utilized. What is the upside thereafter, in addition to the capacity that you keep adding is that you keep changing the product mix. You get into more complex, more high-value products that you store. You get higher realization even with the same capacity. You find products that move out fast. Your rate is per month rate. Whereas if the product evacuates sooner than the 30-day period, then you can get another set of products. Both of these are the levers which provide you upside as far as liquid business is concerned, in addition to the capacity additions that you can do. Mind you, these terminals arrange of products are stored, petroleum, petrochemicals, chemicals, liquids. There is flexibility of storing products, there is flexibility of handling trades, imports, exports, coastal movements. We have a huge flexibility, and therefore it provides you an opportunity to keep changing and keep increasing the realization. In the gas terminals, what is the gas you are handling now, and what will be the gas you will handle The gas that we are Sorry? Yeah. What is the nature of gas you are handling now, and what will be the gases you will be handling in future? We have cryogenic storage terminals to handle LPG. Though these terminals are propylene rated, I can handle a range of products there also, propylene, ammonia, LPG with some tweaks. But we are currently only focused on LPG. We are vertically integrated as a group, in LPG business. That gives us a very good lever to get the best out of this product. So currently, it is only LPG that we are focused on all the cryogenic terminals that we own and operate along the coastline of India. Okay, so one last one. In terms of your realization, what percentage of that is based on a tolling arrangement, and what percentage of that gives you some kind of pricing power in terms of trading margins or stocking the product? How does it work? We do not take title of products as far as liquid cargo is concerned. We only store for others. So there is no question of storing and earning margins as far as liquid product is concerned. In case of Aegis Vopak, even in gas, we only store LPG. We do not do any trading. It is logistic parent which does distribution of LPG. There also, it is not any other liquid product. So we are only a storage provider, infrastructure provider, and it is only tolling fees sort of what you say. But it is called throughput, it is based on the volume in and out by terminals. So the way in which you fix prices, is it based on a percentage of the value of the product? Or is it based on your ROCE objective? How do you work out the- We have industry benchmark. We follow the industry benchmark and charge the same, of course. Because as my parent is the infrastructure developer, we have a unique advantage of getting the infrastructure in quickest time and cheapest. Being an infrastructure business, we are much more at an advantage than anyone else, because it is our in-house infrastructure development, which gives us this benefit. That is where we score. The ROCEs are really huge. And mind you, these are very long life assets, 40 years of life. Yeah, appreciated. Thanks a lot, and wish you all the best. Thanks. Thank you. Thank you. Due to time constraints, that was the last question for today. I now hand the conference over to the management for closing comments. Over to you, sir. Well, thank you very much. I think it's been a really busy nine months, including acquisitions and new projects and so on. We look forward to continuing to inform all of you about the progress that the company's making. We will speak again, I guess, in month of May, when we'll have our final year-end results. Thank you so much. Thank you. On behalf of Aegis Vopak Terminals Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.