Synopsis: Aegis Vopak Terminals Limited gets a Hold rating from Jefferies, citing long-term LPG pipeline growth potential, while near-term performance depends on execution and timely project awards.
This Small-Cap Stock, engaged in storage and handling of LPG, chemicals, petroleum products, and ammonia through a network of liquid and gas terminals across major Indian ports, is in focus after Jefferies gave a Buy target of Rs. 255, which has an upside potential of 31.44 percent.
With a market capitalization of Rs. 21,495.03 crore, the shares of Aegis Vopak Terminals Limited were currently trading at Rs. 194 per equity share, down nearly 0.59 percent from its previous day’s close price of Rs. 195.15.
Target & Rationale
Jefferies, a prominent brokerage firm, has recommended a “Hold” call on Aegis Vopak Terminals Limited with a target price of Rs. 255 per share, indicating an upside potential of 31.44 percent from its current price of Rs. 194 per share.
Aegis Vopak Terminals Limited is rated Hold by Jefferies as its upcoming LPG pipeline projects are expected to improve earnings visibility over the long term, especially beyond FY30. These projects can strengthen the company’s infrastructure by improving connectivity and supporting higher throughput, which may drive steady revenue growth over time.
However, near-term performance will depend heavily on execution and timely project awards. Delays or cost overruns could impact returns, making these key factors to watch before expecting a stronger re-rating in the stock.
Business Segments and Capacity
Aegis Vopak Terminals Limited operates across three key business segments, which include liquids, gas, and ammonia. In the liquids segment, the company has a storage capacity of 2.1 million cubic meters and operates 21 terminals across six ports, including Kandla, Haldia, Pipavav, Navi Mumbai, Mangalore, and Kochi. This segment handles products like petroleum, lubricants, chemicals, and vegetable oils.
In the gas segment, the company has a static capacity of 278,100 metric tonnes for LPG, with a throughput of 1.8 million tonnes in FY25 and 0.67 million tonnes in Q3 FY26. It operates five terminals across five ports. Additionally, the ammonia segment has a capacity of 36,000 metric tonnes with one terminal at Pipavav, supporting specialized storage needs.
Client Base
Aegis Vopak Terminals Limited has built strong relationships with a diversified client base, including Indian oil marketing companies, corporates, and global MNCs. Key clients include Nayara Energy, Aarti Industries, Jubilant Ingrevia, Akry Organics Private, SHV Energy, Bunge, ExxonMobil, and Chevron Corporation. These long-standing partnerships, spanning over 5–15 years, reflect strong trust and consistent service delivery.
Revenue Segment (9M FY26)
Aegis Vopak Terminals Limited reported revenue from operations of Rs. 549.1 crore for 9M FY26, reflecting a growth of 18.3 percent. The company’s revenue mix shows strong contribution from liquid terminaling at 59 percent, while gas terminaling accounts for 41 percent. This balanced segment performance highlights steady demand across storage and handling services, supporting overall growth momentum.
Company Overview
Aegis Vopak Terminals Limited was incorporated in 2013 and is an Indian tank storage and logistics company focused on oil, gas, and chemical liquids. It operates a nationwide network of bulk liquid and LPG terminals at major ports, supporting India’s energy and chemicals supply chains.
Aegis Vopak Terminals owns and operates storage terminals for liquefied petroleum gas (LPG), petroleum products, chemicals, and other liquid bulk commodities. Its terminals are located at multiple strategic ports on both the east and west coasts of India, offering multimodal connectivity (pipelines, road, rail) to inland industrial hubs.
Recent Quarter Results
Coming into financial highlights, Aegis Vopak Terminals Limited’s revenue has increased from Rs. 162 crore in Q3 FY25 to Rs. 197 crore in Q3 FY26, which has grown by 21.60 percent. The net profit has also grown by 63.16 percent from Rs. 38 crore in Q3 FY25 to Rs. 62 crore in Q3 FY26.
Aegis Vopak Terminals Limited’s revenue has grown at a CAGR of 32.64 percent over the last two years. In terms of return ratios, the company’s ROCE and ROE stand at 7.01 percent and 8.73 percent, respectively. Aegis Vopak Terminals Limited has an earnings per share (EPS) of Rs. 1.89, and its debt-to-equity ratio is 0.42x.
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