Aegis Vopak Terminals Limited

Energy — Oil & Gas Equipment & Services · NSE

₹274.90−₹7.00 (−2.48%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, short-term liabilities exceed short-term assets, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Aegis Vopak Terminals Limited engages in the business of storage and terminalling facilities for LPG and chemical products in India. The company operates through Gas Terminal Division and Liquid Terminal Division segments.

IndustryOil & Gas Equipment & Services

SectorEnergy

Employees477

Annual revenue₹923 Cr

How does it make money?

Turns over ₹923 Cr a year. Of every ₹100 of sales, about ₹34 reaches shareholders as profit, with ₹77 left at the operating level before interest, tax and depreciation. Each of its 477 employees supports ₹1.94 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin76.6%

Net margin33.6%

Revenue / employee₹1.94 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 7.9% 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.

ROCE7.9%

ROE7.2%

Peer median ROE15.4%

What is the outlook?

3 analysts covering the stock expect revenue to grow about 52.7% and earnings to grow about 87.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+52.7%

Est. earnings growth+87.6%

Analysts3

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +161% while net margin moved -158554% 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+161%

Margin effect-158554%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 121.1x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 129.7x
✗ P/B of 7.10x is a steep premium to book

Quality vs. Valuation

Company Quality

72/ 100

Good

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

Valuation

32/ 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

121.1x

2Y Median

129.7x

18 monthly readings · mean 143.0x · range 89.4x–314.1x

Sector Median

6.9x

median of 4 sector peers

🟡Currently trading close to its 2y median of 129.7x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 1663% above the peer median of 6.9x.

vs. its own history

Fair

129.7x median over 18 months · -7%

vs. sector peers

Expensive

6.9x median of 4 peers · +1663%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

121.1x

P/B

7.10x

EV/EBITDA

47.9x

PEG

3.98

Dividend Yield

0.07%

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 65.7% to 76.6% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -0.0% to 7.2%.
Return on capital is rising
ROCE has improved from 4.2% to 7.9%.

🔴 What Needs Attention2

Debt is rising
Total debt is up 57% over 3 years — worth checking what it funded.
Short-term liquidity is tight
Current ratio of 0.37 — near-term obligations exceed near-term assets.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 57% over 3 years, from ₹2,374 Cr to ₹3,731 Cr.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.37 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 65.7% to 76.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 5.3x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
A premium to the sector to defend
It trades 1663% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.

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

1Revenue growth stays above 28% a year✓ 37.7% CAGR
Latest reported year was 42.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 75%✓ 76.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 5.3x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 7.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 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

4 good · 3 neutral · 4 weak

Market Cap

₹30,459 Cr

Mid Cap

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

P/E (Trailing)

121.1x

Expensive

Expensive — verify against sector peers

P/B Ratio

7.10x

Rich

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

EPS (TTM)

₹2.27

Profitable

Profitable on a per-share basis

ROE

7.2%

Weak

Weak capital efficiency

ROCE

7.9%

Weak

Low return on total capital employed

Debt/Equity

0.84x

Moderate

Moderate leverage

Revenue Growth (YoY)

42.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

30.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.07%

Modest

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

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹274.9

P/E (Forward)

36.3x

Improving

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

Operating Margin

53.0%

Good

Healthy core-business profitability

Net Margin

32.1%

Good

Strong bottom-line conversion

Current Ratio

0.37

Tight

Tight short-term liquidity

52W Range Position

72%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

293.0 / 285.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

40.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹353 Cr	₹562 Cr	₹789 Cr	₹923 Cr	+37.7%
EBITDA	₹232 Cr	₹404 Cr	₹604 Cr	₹707 Cr	+44.9%
EBITDA Margin	65.7%	72.0%	76.6%	76.6%	—
PAT (Net Profit)	-₹0 Cr	₹87 Cr	₹200 Cr	₹310 Cr	—
EPS	₹-0	₹0.78	₹1.81	₹2.85	—
ROE	-0.0%	8.7%	14.9%	7.2%	—
ROCE	4.2%	6.7%	8.4%	7.9%	—
Total Debt	₹2,374 Cr	₹3,273 Cr	₹4,018 Cr	₹3,731 Cr	+16.3%
Free Cash Flow	-₹6 Cr	-₹326 Cr	₹441 Cr	₹1 Cr	—

🟢 Revenue has grown at 37.7% a year over 3 years.

🟢 EBITDA has grown at 44.9% a year over 3 years.

🟢 EBITDA Margin has risen from 65.7% to 76.6% over 3 years (+10.9 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹310 Cr.

🟢 EPS has turned positive, from ₹-0 to ₹2.85.

🟢 ROE has risen from -0.0% to 7.2% over 3 years (+7.2 pts).

🟢 ROCE has risen from 4.2% to 7.9% over 3 years (+3.8 pts).

🔴 Total Debt has grown at 16.3% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹6 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹8,450 Cr

Total Liabilities

₹4,032 Cr

Total Debt

₹3,731 Cr

Cash & Equivalents

₹302 Cr

Operating Cash Flow

₹702 Cr

Capex

-₹701 Cr

Shareholding (proxy)

Institutional Holding

5.0%

Insider Holding

87.3%

Corporate Actions

Dividend Rate

₹0.2

Ex-Dividend Date

10 Jul 2026

Analyst Consensus

Recommendations

2 Buy · 1 Hold · 0 Sell

Target Price (Mean)

₹332.33

+20.9% vs CMP

Target Range

₹280 – ₹380

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

2 positive2 mixed2 general

Aegis Vopak Terminals (NSEI:AEGISVOPAK) Stock Forecast & Analyst Predictions

Simply Wall Street, 08 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Aegis Vopak Terminals Share Price Hits Fresh 52-Week High at Rs 318: Key Reasons Behind the Rally

Univest, 21 Sept

Aegis Logistics zooms 84% in 1 month, hits new high; Aegis Vopak soars 54%

Business Standard, 06 Jul

Aegis Vopak Terminals Q4 Profit Rises 17% to ₹68.6 Crore as Revenues Hit ₹230 Crore

Sahi, 28 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Jefferies upgrades Aegis Vopak shares to Buy, says correction overdone. Here’s why

The Economic Times, 10 JunAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

Aegis Vopak, Aegis Logistics shares jump 6%; what analysts said on near-term risk, LPG supply outlook

Upstox, 10 JunPrice 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 QualityStrong14.3/20

🟡Financial HealthAdequate10.9/20

🟢GrowthStrong18.4/20

🟢ProfitabilityStrong10/15

🔴ValuationDemanding5.3/15

🔴RiskHigh4.3/10

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

✓Revenue growth stays above 28% a year37.7% CAGR
✓EBITDA margin holds above 75%76.6%
✗Debt / EBITDA falls below 3x5.3x
✓Free cash flow remains positive₹1 Cr
✗ROCE stays above 8%7.9%