Goal: ₹1,369
CMP: ₹1,006.95
Aegis Logistics has gone via three strategic pivots throughout six many years, executed with affected person capital and with out a single main security incident throughout hundreds of thousands of tonnes of hazardous materials dealing with. The corporate’s infrastructure experience, port places and Vopak partnership create a reputable pathway to serve the subsequent technology of power molecules alongside its current
It took over 40 years for Aegis to construct a terminal community spanning Mumbai, Mangaluru, Kandla, Pipavav, JNPA, Kochi and Haldia. It operates 22 terminals throughout seven main ports, commanding about 61 per cent personal LPG import share and over 30 per cent bulk liquid market share.
We see 4 converging tailwinds: India’s coal-to-clean-fuel transition, non-linear earnings inflection from new capability and multi-modal pipeline evacuation, sustained quantity development in LPG distribution by rural and industrial consumption and Challenge GATI’s ₹40,000-crore capex including upto 5 ports and unlocking ammonia and Pure fuel optionality.
Aegis is coming into peak working leverage, with distribution volumes rising 45 per cent 12 months on 12 months and EBITDA/mt structurally re-rating from ₹4,000-5,000 to ₹7,000.
We worth Aegis at 30x FY28E EPS of ₹45.6, arriving at a TP of ₹1,369, and provoke with BUY. We estimate a income CAGR of 25 per cent to attain a turnover of ₹12,918 crore and EBITDA/PATAMI (PAT after Minority Curiosity) of ₹2,684 crore/₹1,601 crore by FY28.
Revealed on June 19, 2026
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