Aegis Vopak Terminals (AEGISVOP IN) – Initiating Coverage – Anchor of Energy Trade – BUY
Published on 05 Nov 2026
We initiate coverage on AEGISVOP with ‘BUY’ rating and TP of INR323, assigning 22x EV to Sep’28E EBITDA. AEGISVOP, India's largest independent 3rd party LPG terminal operator, has a strategically located tank network across key ports on both the east and west coasts. With ~225,800MT of LPG and ~1.7mn cbm of liquid storage capacity, the company is well positioned to benefit from India's rising energy imports and growing need for storage and evacuation infrastructure across LPG, liquid products and ammonia. AEGISVOP’s a) integrated port network, b) improving pipeline connectivity, c) capital-efficient execution capability, and d) the technical and operational capabilities of its parent companies Aegis Logistics and Royal Vopak provide a strong competitive advantage. Planned expansion into Vadhavan further extends its long-term growth runway. We expect EBITDA CAGR of 48% over FY26-29E, led by capacity additions across segments, higher throughput from improving pipeline/rail/road evacuation, and increasing contribution from higher yield liquid and ammonia businesses. Initiate with ‘BUY’.
