Target: ₹1,369

CMP: ₹1,006.95

Aegis Logistics has gone through three strategic pivots across six decades, executed with patient capital and without a single major safety incident across millions of tonnes of hazardous material handling. The company’s infrastructure expertise, port locations and Vopak partnership create a credible pathway to serve the next generation of energy molecules alongside its existing

It took over 40 years for Aegis to build a terminal network spanning Mumbai, Mangaluru, Kandla, Pipavav, JNPA, Kochi and Haldia. It operates 22 terminals across seven major ports, commanding about 61 per cent private LPG import share and over 30 per cent bulk liquid market share.

We see four converging tailwinds: India’s coal-to-clean-fuel transition, non-linear earnings inflection from new capacity and multi-modal pipeline evacuation, sustained volume growth in LPG distribution by rural and industrial consumption and Project GATI’s ₹40,000-crore capex adding upto five ports and unlocking ammonia and Natural gas optionality.

Aegis is entering peak operating leverage, with distribution volumes growing 45 per cent year on year and EBITDA/mt structurally re-rating from ₹4,000-5,000 to ₹7,000.

We value Aegis at 30x FY28E EPS of ₹45.6, arriving at a TP of ₹1,369, and initiate with BUY. We estimate a revenue CAGR of 25 per cent to achieve a turnover of ₹12,918 crore and EBITDA/PATAMI (PAT after Minority Interest) of ₹2,684 crore/₹1,601 crore by FY28.

Published on June 19, 2026