Aegis Vopak Terminals Outlines ₹10,000 Crore Expansion and $5 Billion Capex Plan Through FY31
Aegis Vopak Terminals Limited (AVTL) has outlined an aggressive expansion strategy, with management reiterating its long-term objective of investing $5 billion in capex by 2030-31. The company is expanding its liquid and gas storage infrastructure while also exploring inland depots, strategic storage, industrial terminals and opportunities across additional ports.
Q1 FY27 Financial Results
Aegis Vopak Terminals reported a healthy performance in Q1 FY27, with revenue from operations rising 12.4% year-on-year to ₹233.8 crore, driven by strong growth in the liquid terminaling business, which contributed ₹126.5 crore and grew 31% YoY. Operating EBITDA increased 15.6% YoY to ₹179.4 crore, with the EBITDA margin at approximately 76.7%, while cash profit after tax stood at ₹124.9 crore. Management said robust cash generation and a healthy balance sheet provide the company with the financial flexibility to execute its ongoing expansion and capex programme.
₹10,000 Crore Gross Block Target by FY27
During the Q1 FY27 earnings call, management said the company expects to reach its previously stated ₹10,000 crore gross block target by March 2027, or at the latest by June 2027.
The investment includes projects such as the JNPA expansion, ammonia terminal and liquid storage capacity additions across locations.
Management indicated that these projects should largely be commissioned and operational during FY27-28.
Liquid Storage Capacity to Rise Sharply
Aegis Vopak is targeting rapid growth in its liquid storage capacity.
Management said liquid capacity is expected to increase:
- From around 1.7 million cubic metres to 2.2 million cubic metres by FY27
- From around 2.2 million cubic metres to nearly 3 million cubic metres by FY28
The company expects the new capacity, along with improved utilisation of existing infrastructure, to support its growth trajectory.
₹1,675 Crore JNPA Expansion
One of the company’s largest ongoing investments is at JNPA in Maharashtra.
The expansion includes:
- 318,100 cubic metres of additional liquid storage
- 77,236 metric tonnes of LPG capacity
- An LPG bottling plant with 35,000 tonnes annual capacity
- Total capital outlay of approximately ₹1,675 crore
The first phase of the liquid storage expansion, involving approximately 100,000 cubic metres, is expected to be commissioned in Q3 FY27.
The company has also approved a new 52,000-metric-tonne refrigerated double-wall steel LPG storage tank at JNPA.
₹49,577 Crore? Correction: ₹49,577 Cubic Metres Kochi Expansion
At Kochi, the company has approved an additional 49,577 cubic metres of liquid storage capacity.
The expansion is expected to be commissioned by early FY28. Once completed, total liquid storage capacity at Kochi is expected to increase from approximately 82,545 cubic metres to 132,122 cubic metres.
Mangalore Investment and Further Expansion
At Mangalore, Aegis Vopak is developing an LPG rail loading gantry and bottling infrastructure with an investment of ₹52.5 crore.
The company has also secured additional land and is evaluating a further 60,000 cubic metres of liquid storage capacity at the location.
$5 Billion Capex Objective Through 2030-31
The bigger strategic target is substantially larger than the ₹10,000 crore near-term program.
Management reiterated its objective of undertaking approximately $5 billion of capex by 2030-31.
Importantly, the company said the future investment will not be limited to traditional port-based terminals. The opportunity pipeline now includes:
- Port-based liquid and gas terminals
- Inland depots
- Strategic storage
- Industrial terminals
- Multimodal evacuation infrastructure
- Rail gantries
- Cross-country pipeline connectivity
- New port opportunities
- Organic and inorganic expansion
Management described the business as being at an inflection point, with multiple opportunities being evaluated.
How Will Aegis Vopak Fund the Capex?
The company expects to use a mix of debt, equity and internal accruals to fund the long-term expansion.
Management said it intends to maintain a debt gearing limit of around 0.6, with debt capped at approximately 3.5 times EBITDA.
For the $5 billion capex objective, management indicated that up to $3 billion could potentially come from debt, while the remaining funding would need to come through equity and internal accruals.
The company also expects its mandatory equity dilution by June 2, 2028 to support its equity funding requirements.
Management stressed that the funding mix will not necessarily remain fixed. Depending on the timing of equity infusion, debt repayment and internal cash generation, the proportion of debt and equity could vary from year to year.
Vadhavan Port Could Become a Major Opportunity
Aegis Vopak is also evaluating participation in the development of Vadhavan Port, where it has signed a non-binding MoU.
Management had earlier indicated a potential investment of approximately ₹20,000 crore, subject to approvals, land allocation and regulatory clearances.
If pursued, the project could allow the company to develop large-scale liquid and gas handling infrastructure and significantly expand its presence on India’s west coast.
Growth Beyond the Existing Port Network
The company currently has a presence across several major ports but management indicated that its expansion strategy is not restricted to its existing locations.
With more than 200 ports in India, the company sees opportunities to establish infrastructure at additional ports depending on demand.
The company is also exploring infrastructure for newer products and business models, including ammonia, strategic storage, inland depots and industrial terminals.
Strong Q1 FY27 Performance Supports Expansion
The expansion strategy comes against the backdrop of healthy Q1 FY27 operating performance.
Aegis Vopak reported:
- Revenue from operations: ₹233.8 crore, up 12.4% YoY
- Liquid terminal revenue: ₹126.5 crore, up 31% YoY
- Operating EBITDA: ₹179.4 crore, up 15.6% YoY
- Operating EBITDA margin: approximately 76.7%
- Cash PAT: ₹124.9 crore
The company said strong cash generation and its balance sheet provide flexibility to execute its ongoing capex program.
Key Takeaway for Investors
Aegis Vopak Terminals is entering a major expansion phase. The immediate focus is on completing the ₹10,000 crore gross block program by FY27, while the much larger objective is to deploy $5 billion of capex by 2030-31.
The company’s expansion is increasingly moving beyond conventional storage terminals into multimodal logistics, pipelines, rail infrastructure, ammonia, inland depots, strategic storage and industrial terminals.
The key factors to monitor going forward will be the pace of commissioning, utilisation of new capacity, funding mix, leverage and the conversion of the company’s identified opportunities into binding projects.
Source: Aegis Vopak Terminals Limited Q1 FY27 Earnings Conference Call transcript dated August 14, 2026.