Aegis Logistics Limited

Energy — Oil & Gas Refining & Marketing · NSE

₹1,370.00−₹40.60 (−2.88%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

No individual risk factor stands out on this snapshot.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Aegis Logistics Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Aegis Logistics Limited, together with its subsidiaries, operates as an oil, gas, and chemical logistics company primarily in India. It operates in Liquid Terminal Division and Gas Terminal Division segments.

IndustryOil & Gas Refining & Marketing

SectorEnergy

Employees1,143

Annual revenue₹8,283 Cr

How does it make money?

Turns over ₹8,283 Cr a year. Of every ₹100 of sales, about ₹11 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 1,143 employees supports ₹7.25 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin20.8%

Net margin10.8%

Revenue / employee₹7.25 Cr

Who are its competitors?

The closest listed comparisons in its industry are RELIANCE INDUSTRIES LTD, OIL AND NATURAL GAS CORP., BHARAT PETROLEUM CORP LT, INDIAN OIL CORP LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

RELIANCE INDUSTRIES LTDP/E 21.9x · ROE 8.3%

OIL AND NATURAL GAS CORP.P/E 6.4x · ROE 11.7%

BHARAT PETROLEUM CORP LTP/E 7.3x · ROE 17.1%

INDIAN OIL CORP LTDP/E 5.3x · ROE 15.4%

What is its competitive advantage?Little sign of one

Returns on capital of 14.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE14.2%

ROE14.8%

Peer median ROE15.4%

What is the outlook?

5 analysts covering the stock expect revenue to grow about 21.9% and earnings to grow about 2.4% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+21.9%

Est. earnings growth+2.4%

Analysts5

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -4% while net margin moved +102% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-4%

Margin effect+102%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 38.4x already prices in growth
• P/E is close to its own historical median of 46.4x
✗ P/B of 7.94x is a steep premium to book

Quality vs. Valuation

Company Quality

66/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

35/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

38.4x

3Y Median

46.4x

40 monthly readings · mean 43.9x · range 22.2x–67.8x

Sector Median

6.9x

median of 4 sector peers

🟢Current valuation is approximately 17% below its 3y median of 46.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 459% above the peer median of 6.9x.

vs. its own history

Fair

46.4x median over 40 months · -17%

vs. sector peers

Expensive

6.9x median of 4 peers · +459%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

38.4x

P/B

7.94x

EV/EBITDA

28.8x

PEG

1.55

Dividend Yield

0.98%

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 8.5% to 20.8% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 12.1% to 14.2%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Debt is rising
Total debt is up 116% over 3 years — worth checking what it funded.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 116% over 3 years, from ₹1,924 Cr to ₹4,150 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 8.5% to 20.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1,207 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 459% above the peer median. That premium needs a reason that persists, or it closes.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 19%✓ 20.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Free cash flow remains positive✓ ₹1,207 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 11%✓ 14.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 46.4x✓ 38.4x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

10 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹48,087 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

38.4x

Fair

Fairly valued against the generic band

P/B Ratio

7.94x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹35.65

Profitable

Profitable on a per-share basis

ROE

14.8%

Moderate

Moderate capital efficiency

ROCE

14.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.47x

Low

Conservative leverage

Revenue Growth (YoY)

37.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

269.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.98%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹1,207 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹1,370

P/E (Forward)

32.3x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

28.0%

Good

Healthy core-business profitability

Net Margin

13.9%

Good

Strong bottom-line conversion

Current Ratio

1.71

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.49

Defensive

Steadier than the market

52W Range Position

83%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1397.5 / 1347.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

50.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹8,622 Cr	₹7,039 Cr	₹6,569 Cr	₹8,283 Cr	-1.3%
EBITDA	₹729 Cr	₹1,070 Cr	₹1,298 Cr	₹1,725 Cr	+33.3%
EBITDA Margin	8.5%	15.2%	19.8%	20.8%	—
PAT (Net Profit)	₹463 Cr	₹569 Cr	₹663 Cr	₹898 Cr	+24.7%
EPS	₹13.19	₹16.22	₹18.9	₹25.59	+24.7%
ROE	13.1%	14.6%	14.3%	14.8%	—
ROCE	12.1%	13.8%	11.6%	14.2%	—
Total Debt	₹1,924 Cr	₹2,665 Cr	₹4,606 Cr	₹4,150 Cr	+29.2%
Free Cash Flow	-₹180 Cr	₹39 Cr	-₹387 Cr	₹1,207 Cr	—

🟡 Revenue has been broadly flat over 3 years (-1.3% a year).

🟢 EBITDA has grown at 33.3% a year over 3 years.

🟢 EBITDA Margin has risen from 8.5% to 20.8% over 3 years (+12.4 pts).

🟢 PAT (Net Profit) has grown at 24.7% a year over 3 years.

🟢 EPS has grown at 24.7% a year over 3 years.

🟢 ROE has risen from 13.1% to 14.8% over 3 years (+1.7 pts).

🟢 ROCE has risen from 12.1% to 14.2% over 3 years (+2.1 pts).

🔴 Total Debt has grown at 29.2% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹180 Cr to ₹1,207 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹14,491 Cr

Total Liabilities

₹5,706 Cr

Total Debt

₹4,150 Cr

Cash & Equivalents

₹2,512 Cr

Operating Cash Flow

₹2,028 Cr

Capex

-₹821 Cr

Shareholding (proxy)

Institutional Holding

15.9%

Insider Holding

67.5%

Corporate Actions

Dividend Rate

₹13.4

Ex-Dividend Date

10 Jul 2026

Analyst Consensus

Recommendations

3 Buy · 1 Hold · 1 Sell

Target Price (Mean)

₹1,436.8

+4.9% vs CMP

Target Range

₹988 – ₹1,670

Peer Comparison

Company	P/E	ROE
RELIANCE INDUSTRIES LTD	21.9x	8.3%
OIL AND NATURAL GAS CORP.	6.4x	11.7%
BHARAT PETROLEUM CORP LT	7.3x	17.1%
INDIAN OIL CORP LTD	5.3x	15.4%

Recent News

1 mixed5 general

Aegis Logistics Share Price - Live NSE: AEGISLOG Stock Price & Chart

Upstox, 15 Oct

Aegis Logistics (AEGISLOG) Share Price near 52-week high after 7.82% rise

Univest, 14 Oct

What Investors Got Wrong About Aegis Logistics Before A 93% Jump

Simply Wall Street, 17 Oct

Aegis Logistics Share Price: પ્રોફિટમાં ૨૧૧% નો ઉછાળો અને $૮૦૯ મિલિયનમાં મોટા એક્વિઝિશનની જાહેરાત

Whalesbook, 16 Oct

Over 550% Returns In 5 Years: This Logistics Stock Price Rallies 8%; Here's Why

NDTV Profit, 14 Oct

Aegis Logistics shares rise 3% after firm acquires 90% stake worth $809 million in Tristar Holdings

The Economic Times, 14 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong13.3/20

🟢Financial HealthStrong15.6/20

🟡GrowthModest10.5/20

🟢ProfitabilityStrong9.9/15

🔴ValuationDemanding6.5/15

🟢RiskLow7.5/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 19%20.8%
✗Debt / EBITDA stays below 2x2.4x
✓Free cash flow remains positive₹1,207 Cr
✓ROCE stays above 11%14.2%
✓Valuation vs its own median of 46.4x38.4x today