Aegis Logistics Q2 FY27 Results Analysis: PAT Jumps 45%, Margins Expand Sharply (AEGISLOG)
Aegis Logistics Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 2,213.34 Cr (-3.52% YoY) and PAT growth of +45.07% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 2,213.34 Cr (-3.52% YoY) |
| PAT (Q2) | Rs. 260.59 Cr (+45.07% YoY) |
| EBITDA margin | 19.62% (+695 bps YoY) |
| EPS (Q2) | Rs. 7.42 (+44.92% YoY) |
| Market cap | Rs. 45,214.29 Cr |
| CMP | Rs. 1,291.10 |
Quarter Snapshot
Q2 FY27 delivered 45.07% YoY owners' PAT growth on margin expansion (EBITDA margin 19.62% vs 12.67%) despite revenue declining 3.52% YoY, with Liquid Terminal revenue up 21.20% YoY at a 64.31% EBIT margin. Key watch items are the sharp sequential margin normalization from Q1's inventory-flattered peak, finance costs up 135.25% YoY, weak cash conversion (CFO/PAT 0.19x), and the US$809mn Tristar acquisition closing Q4 FY27 alongside a stretched $1.2bn capex target.
Key Investment Insights
Key Positives
- Owners' PAT grew 45.07% YoY to Rs.260.59 Cr; EPS rose to Rs.7.42 from Rs.5.12
- EBITDA margin expanded ~695 bps YoY to 19.62% from 12.67%
- Liquid Terminal revenue grew 21.20% YoY to Rs.187.33 Cr with EBIT margin rising to 64.31% from 61.53% QoQ
- Gas Terminal segment result rose 41.58% YoY on EBIT margin expansion from 9.17% to 13.71%
- Net cash position of Rs.3,077.99 Cr (cash, bank balances and investments Rs.6,131.77 Cr vs borrowings Rs.3,053.78 Cr)
- H1 EPS of Rs.21.23 vs Rs.8.86 YoY (+139.62%), tracking ahead of management's 25%+ EPS CAGR target
- 35,000 MTPA LPG bottling plant at JNPA commissioned Oct 15, 2026; Pipavav 36,000 MT ammonia terminal commissioned Aug 10, 2026
Risk Factors
- Revenue declined 3.52% YoY and 6.09% QoQ, with Gas Terminal (91.5% of revenue) down 5.30% YoY and 7.00% QoQ
- Finance costs rose 135.25% YoY and 19.90% QoQ to Rs.57.19 Cr as borrowings increased 26.4% since Mar-26
- H1 CFO/PAT of 0.19x with negative FCF of −Rs.345.41 Cr due to Rs.335.42 Cr inventory build and Rs.131.63 Cr receivables increase
- Subsidiaries were a Rs.79.05 Cr drag on consolidated owners' PAT; NCI absorbed 18.69% of consolidated PAT
- CARE placed the AA (RWD) long-term rating on Rating Watch with Developing Implications (Oct 21, 2026)
- Normalized standalone PAT fell 51.68% QoQ to Rs.190.47 Cr after excluding the Rs.198.52 Cr slump-sale gain
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.