WEBSITE BSE:500003 NSE: AEGISLOG Inc. Year: 1956 Industry: Trading My Bucket: Add Stock
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1. Business Overview
Aegis Logistics Ltd. is a leading integrated logistics company in India, primarily focused on the oil, gas, and chemical sectors. The company operates through two main divisions: Logistics and Sourcing & Distribution. In its Logistics division, Aegis provides comprehensive infrastructure services including storage, handling, and transportation of bulk liquids (petroleum products, chemicals) and gases (LPG, Propane, Ammonia) through a network of port-based terminals, pipelines, and tank farms. The Sourcing & Distribution division involves procuring, marketing, and distributing LPG, Propane, and other chemicals to industrial, commercial, and domestic customers, often leveraging its own logistics infrastructure. The company makes money by charging for storage and handling services in its logistics segment and through trading margins in its sourcing and distribution segment.
2. Key Segments / Revenue Mix
Aegis Logistics operates primarily in two key segments:
Oil, Gas, and Chemical Logistics: This segment encompasses the company's port-based terminal infrastructure for storing and handling bulk liquids and gases. It typically generates revenue through tariffs for storage, handling, and other value-added logistics services. This segment is generally characterized by stable, asset-backed income streams and higher EBITDA margins.
Sourcing and Distribution (Trading): This segment involves the sourcing, marketing, and distribution of LPG, Propane, and other specialty chemicals. It generates revenue through the sale of these products, with margins dependent on commodity price volatility and supply-demand dynamics. While contributing significantly to the top line, this segment usually has lower operating margins compared to the logistics segment.
Contribution information is variable based on market conditions, but typically, the Logistics segment contributes a larger share to the company's profitability (EBITDA), while Sourcing & Distribution can contribute a larger share to revenue.
3. Industry & Positioning
Aegis Logistics operates in the capital-intensive Indian logistics and infrastructure sector, specifically catering to the oil, gas, and chemical industries. This industry is characterized by high entry barriers due to significant capital investment requirements for terminals, land acquisition, regulatory approvals, and specialized expertise. Aegis is a well-established player with a strong presence at strategic port locations across India (e.g., Mumbai, Pipavav, Kandla, Kochi, Haldia). It competes with other independent third-party logistics providers, port authorities, and integrated energy companies that have their own logistics infrastructure. Aegis positions itself as a comprehensive integrated logistics solution provider, offering both infrastructure and product distribution services.
4. Competitive Advantage (Moat)
Aegis Logistics possesses several competitive advantages:
Strategic Assets & Location: Ownership and operation of large-scale liquid and gas terminals at key Indian ports provide a significant advantage, as these are critical infrastructure assets that are difficult and expensive to replicate.
High Capital Intensity & Regulatory Hurdles: The business requires substantial capital expenditure and navigating complex regulatory environments for port operations and handling hazardous materials, creating high barriers to entry for new competitors.
Integrated Model: The combination of logistics infrastructure with sourcing and distribution capabilities creates synergies, allowing the company to offer end-to-end solutions and optimize asset utilization.
Established Client Relationships: Long-standing relationships with major oil marketing companies, chemical producers, and industrial customers provide a stable revenue base and repeat business.
5. Growth Drivers
Key factors that can drive Aegis Logistics' growth over the next 3-5 years include:
Increasing Energy Demand: India's growing economy and population continue to drive demand for petroleum products, LPG, and industrial gases.
Government Focus on Gas Economy: The Indian government's push for greater adoption of natural gas and LPG as cleaner fuels (e.g., through Ujjwala Yojana, expansion of City Gas Distribution networks) will boost demand for gas logistics and distribution.
Infrastructure Expansion: Continued investment in expanding its terminal capacity and network at existing and new port locations will cater to rising demand and expand market share.
Outsourcing Trend: Large oil and chemical companies increasingly prefer to outsource logistics and storage operations to specialized players, driving demand for Aegis' services.
Diversification & Value-Added Services: Potential for offering more specialized logistics services or entering new chemical/petrochemical logistics niches.
6. Risks
Commodity Price Volatility: Fluctuations in crude oil, LPG, and chemical prices directly impact the margins and profitability of the Sourcing & Distribution segment.
Regulatory Changes: The oil, gas, and chemicals sector is highly regulated. Adverse changes in government policies, tariffs, or environmental norms could impact operations and profitability.
Capital Expenditure Intensity: The business requires continuous high capital expenditure for capacity expansion and maintenance, which can strain finances if not managed efficiently.
Competition: Intense competition from other logistics providers, port operators, and even clients developing their own infrastructure could put pressure on pricing and utilization rates.
Economic Slowdown: A general economic downturn could reduce industrial activity and energy consumption, impacting demand for logistics services.
Environmental & Safety Risks: Handling hazardous materials carries inherent risks of accidents, spills, and environmental damage, which could lead to significant financial penalties and reputational damage.
7. Management & Ownership
Aegis Logistics is promoted by the Chandaria family, with Mr. Anish Chandaria serving as the Managing Director. The management team generally possesses significant experience in the oil, gas, chemicals, and logistics sectors. Promoter holding typically remains substantial, indicating commitment to the business. The company also has a healthy mix of institutional investors (FIIs, DIIs) and public shareholding, reflecting broader market confidence.
8. Outlook
Aegis Logistics is well-positioned to benefit from India's structural growth in energy demand and the increasing reliance on specialized logistics for oil, gas, and chemicals. The company's strategic port-based assets and integrated business model provide a stable foundation. The ongoing shift towards a gas-based economy and the expansion of LPG consumption are strong tailwinds for its gas logistics and distribution segments. However, the business is capital-intensive, requiring continuous investment, and profitability in its sourcing and distribution segment remains susceptible to commodity price volatility. Regulatory changes and competition are also factors to monitor. Overall, the company's outlook is tied to India's economic growth trajectory and its ability to execute its expansion plans efficiently while managing commodity price risks.
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Market Cap ₹23663 Cr.
Stock P/E 30.1
P/B 3.8
Current Price ₹674.2
Book Value ₹ 175.9
Face Value 1
52W High ₹946.5
Dividend Yield 1.08%
52W Low ₹ 576
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1235 | 1873 | 1837 | 1601 | 1750 | 1707 | 1705 | 1719 | 2294 | 1725 |
| Other Income | 44 | 45 | 63 | 44 | 39 | 60 | 65 | 63 | 96 | 81 |
| Total Income | 1279 | 1918 | 1900 | 1645 | 1790 | 1767 | 1770 | 1782 | 2390 | 1806 |
| Total Expenditure | 1027 | 1662 | 1530 | 1369 | 1526 | 1474 | 1296 | 1479 | 2003 | 1428 |
| Operating Profit | 253 | 256 | 370 | 276 | 263 | 293 | 474 | 302 | 387 | 378 |
| Interest | 27 | 30 | 29 | 31 | 30 | 51 | 52 | 33 | 24 | 26 |
| Depreciation | 34 | 34 | 33 | 37 | 37 | 37 | 41 | 42 | 52 | 53 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 192 | 192 | 307 | 208 | 196 | 204 | 381 | 228 | 310 | 299 |
| Provision for Tax | 42 | 40 | 70 | 50 | 44 | 45 | 63 | 53 | 66 | 67 |
| Profit After Tax | 150 | 152 | 237 | 158 | 152 | 160 | 318 | 175 | 244 | 233 |
| Adjustments | -23 | -22 | -41 | -27 | -26 | -35 | -36 | -44 | -64 | -56 |
| Profit After Adjustments | 127 | 130 | 196 | 131 | 126 | 124 | 282 | 131 | 180 | 177 |
| Adjusted Earnings Per Share | 3.6 | 3.7 | 5.6 | 3.7 | 3.6 | 3.5 | 8 | 3.7 | 5.1 | 5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 3916 | 2213 | 3930 | 4791 | 5616 | 7183 | 3843 | 4631 | 8627 | 7046 | 6764 | 7443 |
| Other Income | 42 | 8 | 6 | 8 | 10 | 33 | 37 | 39 | 187 | 190 | 208 | 305 |
| Total Income | 3958 | 2222 | 3936 | 4799 | 5626 | 7216 | 3880 | 4670 | 8814 | 7236 | 6972 | 7748 |
| Total Expenditure | 3773 | 2028 | 3727 | 4525 | 5247 | 6907 | 3456 | 4097 | 7955 | 6123 | 5666 | 6206 |
| Operating Profit | 186 | 194 | 209 | 274 | 379 | 309 | 425 | 573 | 859 | 1112 | 1306 | 1541 |
| Interest | 20 | 18 | 16 | 15 | 26 | 33 | 17 | 22 | 88 | 116 | 165 | 135 |
| Depreciation | 23 | 23 | 24 | 34 | 51 | 69 | 72 | 79 | 126 | 135 | 152 | 188 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 142 | 153 | 169 | 225 | 302 | 208 | 336 | 472 | 645 | 861 | 989 | 1218 |
| Provision for Tax | 30 | 27 | 36 | 11 | 50 | 74 | 86 | 87 | 134 | 189 | 201 | 249 |
| Profit After Tax | 112 | 126 | 133 | 214 | 252 | 134 | 249 | 385 | 511 | 672 | 787 | 970 |
| Adjustments | -9 | -13 | -14 | -16 | -31 | -34 | -26 | -27 | -48 | -103 | -124 | -200 |
| Profit After Adjustments | 103 | 113 | 119 | 198 | 221 | 100 | 223 | 358 | 463 | 569 | 663 | 770 |
| Adjusted Earnings Per Share | 3.1 | 3.4 | 3.6 | 5.9 | 6.6 | 2.9 | 6.4 | 10.2 | 13.2 | 16.2 | 18.9 | 21.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -4% | 13% | -1% | 6% |
| Operating Profit CAGR | 17% | 32% | 33% | 22% |
| PAT CAGR | 17% | 27% | 42% | 22% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -19% | 23% | 16% | 19% |
| ROE Average | 18% | 18% | 18% | 19% |
| ROCE Average | 18% | 19% | 19% | 20% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 427 | 505 | 837 | 1207 | 1391 | 1655 | 1936 | 2180 | 3532 | 3894 | 4631 |
| Minority's Interest | 26 | 39 | 29 | 70 | 75 | 91 | 109 | 83 | 514 | 568 | 1091 |
| Borrowings | 132 | 109 | 77 | 62 | 57 | 49 | 112 | 64 | 978 | 1432 | 2353 |
| Other Non-Current Liabilities | 37 | 45 | 72 | 31 | 22 | 315 | 379 | 465 | 830 | 908 | 1579 |
| Total Current Liabilities | 314 | 201 | 979 | 779 | 789 | 764 | 506 | 1167 | 1133 | 1043 | 1342 |
| Total Liabilities | 937 | 899 | 1994 | 2149 | 2333 | 2873 | 3042 | 3959 | 6988 | 7846 | 10995 |
| Fixed Assets | 454 | 472 | 748 | 1282 | 1329 | 1699 | 1711 | 2376 | 3661 | 4139 | 5086 |
| Other Non-Current Assets | 103 | 180 | 403 | 240 | 246 | 323 | 729 | 399 | 568 | 857 | 1606 |
| Total Current Assets | 380 | 247 | 843 | 627 | 758 | 852 | 602 | 1183 | 2759 | 2850 | 4303 |
| Total Assets | 937 | 899 | 1994 | 2149 | 2333 | 2873 | 3042 | 3959 | 6988 | 7846 | 10995 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 30 | 90 | 12 | 15 | 95 | 353 | 222 | 297 | 94 | 833 | 1032 |
| Cash Flow from Operating Activities | 122 | 138 | 177 | 191 | 556 | 146 | 442 | 280 | 358 | 656 | 558 |
| Cash Flow from Investing Activities | 15 | -64 | -220 | -296 | -155 | -151 | -428 | -179 | -931 | -712 | -1463 |
| Cash Flow from Financing Activities | -77 | -83 | 47 | 184 | -143 | -126 | 61 | -304 | 1311 | 256 | 1283 |
| Net Cash Inflow / Outflow | 61 | -9 | 4 | 80 | 258 | -131 | 74 | -203 | 738 | 200 | 378 |
| Closing Cash & Cash Equivalent | 90 | 82 | 15 | 95 | 353 | 222 | 297 | 94 | 833 | 1032 | 1411 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 3.1 | 3.39 | 3.57 | 5.92 | 6.63 | 2.93 | 6.36 | 10.19 | 13.19 | 16.22 | 18.9 |
| CEPS(Rs) | 4.05 | 4.48 | 4.69 | 7.43 | 9.06 | 5.97 | 9.14 | 13.23 | 18.13 | 23 | 26.77 |
| DPS(Rs) | 0.75 | 0.9 | 1.05 | 1.25 | 1.4 | 1.7 | 2 | 2.5 | 5.75 | 6.5 | 7.25 |
| Book NAV/Share(Rs) | 12.79 | 15.1 | 25.07 | 36.15 | 41.65 | 44.99 | 55.17 | 62.1 | 100.64 | 110.95 | 131.93 |
| Core EBITDA Margin(%) | 3.66 | 8.37 | 5.18 | 5.55 | 6.57 | 3.85 | 10.09 | 11.53 | 7.77 | 13.07 | 16.21 |
| EBIT Margin(%) | 4.16 | 7.7 | 4.72 | 5.01 | 5.85 | 3.35 | 9.18 | 10.66 | 8.48 | 13.84 | 17.04 |
| Pre Tax Margin(%) | 3.63 | 6.9 | 4.3 | 4.69 | 5.38 | 2.89 | 8.73 | 10.19 | 7.46 | 12.2 | 14.6 |
| PAT Margin (%) | 2.87 | 5.7 | 3.38 | 4.46 | 4.49 | 1.87 | 6.48 | 8.31 | 5.91 | 9.52 | 11.62 |
| Cash Profit Margin (%) | 3.45 | 6.76 | 3.99 | 5.18 | 5.39 | 2.82 | 8.35 | 10.02 | 7.36 | 11.43 | 13.87 |
| ROA(%) | 12.32 | 13.74 | 9.19 | 10.32 | 11.25 | 5.15 | 8.43 | 11 | 9.33 | 9.06 | 8.36 |
| ROE(%) | 28.89 | 27.07 | 19.82 | 20.92 | 19.4 | 9.18 | 14.39 | 18.7 | 17.88 | 18.1 | 18.47 |
| ROCE(%) | 26.32 | 25.46 | 20.42 | 18.22 | 20.92 | 13.5 | 16.46 | 20.09 | 20.68 | 19.38 | 17.66 |
| Receivable days | 18.97 | 24.6 | 37.29 | 40.1 | 18.7 | 17.34 | 26.03 | 32.79 | 33.29 | 34.94 | 32.51 |
| Inventory Days | 2.11 | 2.63 | 1.55 | 1.82 | 1.94 | 1.93 | 4.49 | 5.63 | 5.03 | 5.45 | 6.68 |
| Payable days | 19.24 | 26.23 | 38.63 | 44.28 | 31.3 | 25.01 | 27.45 | 35.23 | 37.22 | 41.33 | 30.31 |
| PER(x) | 19.63 | 28.68 | 54.44 | 43.71 | 30.62 | 47.51 | 46.79 | 20.18 | 28.73 | 27.48 | 42.54 |
| Price/Book(x) | 4.75 | 6.44 | 7.75 | 7.16 | 4.87 | 3.1 | 5.4 | 3.31 | 3.77 | 4.02 | 6.09 |
| Dividend Yield(%) | 1.23 | 0.93 | 0.54 | 0.48 | 0.69 | 1.22 | 0.67 | 1.22 | 1.52 | 1.46 | 0.9 |
| EV/Net Sales(x) | 0.55 | 1.51 | 1.71 | 1.83 | 1.18 | 0.66 | 2.74 | 1.61 | 1.51 | 2.2 | 4.13 |
| EV/Core EBITDA(x) | 11.54 | 17.24 | 32.09 | 32.03 | 17.42 | 15.35 | 24.81 | 12.99 | 15.17 | 13.96 | 21.37 |
| Net Sales Growth(%) | -22.16 | -43.48 | 77.58 | 21.9 | 17.22 | 27.91 | -46.49 | 20.49 | 86.29 | -18.33 | -4 |
| EBIT Growth(%) | 65.38 | 4.69 | 8.88 | 29.42 | 36.86 | -26.74 | 46.63 | 39.9 | 48.45 | 33.3 | 18.12 |
| PAT Growth(%) | 63.53 | 12.32 | 5.41 | 60.79 | 17.91 | -46.86 | 86.03 | 54.46 | 32.67 | 31.63 | 17.14 |
| EPS Growth(%) | 69.36 | 9.59 | 5.21 | 65.9 | 11.92 | -55.76 | 117.05 | 60.05 | 29.49 | 22.95 | 16.55 |
| Debt/Equity(x) | 0.51 | 0.37 | 0.34 | 0.25 | 0.17 | 0.18 | 0.22 | 0.18 | 0.28 | 0.43 | 0.62 |
| Current Ratio(x) | 1.21 | 1.23 | 0.86 | 0.81 | 0.96 | 1.11 | 1.19 | 1.01 | 2.44 | 2.73 | 3.21 |
| Quick Ratio(x) | 1.14 | 1.17 | 0.84 | 0.77 | 0.92 | 1.06 | 1.09 | 0.94 | 2.3 | 2.67 | 3.07 |
| Interest Cover(x) | 7.94 | 9.63 | 11.35 | 15.76 | 12.54 | 7.27 | 20.39 | 22.7 | 8.31 | 8.44 | 6.98 |
| Total Debt/Mcap(x) | 0.11 | 0.06 | 0.04 | 0.04 | 0.04 | 0.06 | 0.04 | 0.05 | 0.07 | 0.11 | 0.1 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.1 | 58.1 | 58.1 | 58.1 | 58.1 | 58.1 | 58.1 | 58.1 | 58.1 | 58.1 |
| FII | 17.97 | 18.18 | 17.65 | 17.93 | 18.22 | 18.06 | 16.79 | 16.88 | 17.87 | 19.56 |
| DII | 5.09 | 4.93 | 6.72 | 6.68 | 6.68 | 6.3 | 6.39 | 6.25 | 5.4 | 3.66 |
| Public | 18.84 | 18.8 | 17.53 | 17.29 | 17 | 17.54 | 18.72 | 18.77 | 18.64 | 18.68 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 20.39 | 20.39 | 20.39 | 20.39 | 20.39 | 20.39 | 20.39 | 20.39 | 20.39 | 20.39 |
| FII | 6.31 | 6.38 | 6.2 | 6.29 | 6.39 | 6.34 | 5.89 | 5.92 | 6.27 | 6.87 |
| DII | 1.79 | 1.73 | 2.36 | 2.35 | 2.35 | 2.21 | 2.24 | 2.19 | 1.9 | 1.28 |
| Public | 6.61 | 6.6 | 6.15 | 6.07 | 5.97 | 6.16 | 6.57 | 6.59 | 6.54 | 6.56 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 35.1 | 35.1 | 35.1 | 35.1 | 35.1 | 35.1 | 35.1 | 35.1 | 35.1 | 35.1 |
* The pros and cons are machine generated.
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