Aegis Logistics financials and balance sheet

NSE: AEGISLOGBSE: 500003GasSmall Cap

Formerly Aegis Chemicals

₹1,247.20₹56.90 (4.36%)BSE ₹1,250.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,304.10.

52-week range of traded prices to 23 Oct 2026

₹576.10Low, 23 Mar 2026₹1,528.70High, 22 Sep 2026

Next results date: the board meets on 26 Oct 2026 to consider: financial results.

Market cap: ₹43,777 Cr301st largest listed
P/E: 35.0
P/B: 7.2
Dividend yield: 0.54%
ROE: 23.4%
ROCE: 15.3%
Debt to equity: 0.28
Volume, NSE: 7,00,48046.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Aegis Logistics annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹8,627 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 7.8% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue8,333
Materials and goods−6,414
Employee costs−97
Other expenses−370
Operating profit1,452
Depreciation−199
Other income+327
One-off items0.0
Finance costs−146
Profit before tax1,433
Tax−327
Net profit1,107

What the company owns

Plant, investments and other assets₹8,861 Cr
Cash and bank₹4,195 Cr
Current investments₹826 Cr
Receivables₹481 Cr
Inventory₹129 Cr

What pays for it: net worth and liabilities

Net worth₹8,784 Cr
Other liabilities₹2,583 Cr
Borrowings₹2,417 Cr
Owed to suppliers₹707 Cr

Aegis Logistics business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Aegis Logistics segment results by quarter

Revenue by segment

₹8,333 CrTotal

Gas Terminal Division₹7,689 Cr92.3% of total
Liquid Terminal Division₹644 Cr7.7% of total

Profit by segment

Gas Terminal Division₹997 Cr72.9% of total
Liquid Terminal Division₹371 Cr27.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Gas Terminal Division
Revenue, ₹ crore
5,434
6,976
3,609
4,361
8,209
6,497
6,114
7,689
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
287
390
326
352
475
560
611
997
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Liquid Terminal Division
Revenue, ₹ crore
184
208
234
270
418
549
650
644
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
78
105
136
155
199
315
404
371
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	5,619	7,183	3,843	4,631	8,627	7,046	6,764	8,333
Company revenue, as in its results	5,616	7,183	3,843	4,631	8,627	7,046	6,764	8,333
Revenue	5,434	6,976	3,609	4,361	8,209	6,497	6,114	7,689
Revenue growth	–	28.4%	−48.3%	20.8%	88.2%	−20.9%	−5.9%	25.8%
Profit	287	390	326	352	475	560	611	997
Profit growth	–	36.0%	−16.4%	8.0%	34.7%	18.0%	9.2%	63.0%
Margin	5.3%	5.6%	9.0%	8.1%	5.8%	8.6%	10.0%	13.0%
Return on capital	44.4%	54.1%	27.2%	26.1%	23.0%	26.3%	15.0%	22.3%
Assets	1,164	1,339	1,406	2,301	3,212	3,004	5,227	6,130
Liabilities	518	618	208	953	1,145	874	1,153	1,654
Capital employed	646	721	1,198	1,348	2,067	2,130	4,073	4,476
Revenue	184	208	234	270	418	549	650	644
Revenue growth	–	12.6%	12.9%	15.3%	54.8%	31.4%	18.3%	−0.9%
Profit	78	105	136	155	199	315	404	371
Profit growth	–	34.1%	29.5%	13.9%	28.5%	58.1%	28.4%	−8.2%
Margin	42.5%	50.6%	58.1%	57.4%	47.7%	57.3%	62.2%	57.7%
Return on capital	7.3%	9.8%	12.9%	12.8%	9.5%	12.9%	19.4%	14.8%
Assets	1,154	1,309	1,352	1,493	2,916	3,286	3,298	3,740
Liabilities	76	234	296	282	825	847	1,218	1,231
Capital employed	1,077	1,075	1,056	1,210	2,090	2,439	2,081	2,508
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	111	–	–	–	–	–	–	–
Liabilities	129	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Aegis Logistics quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 23 Jun	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 25 May	Mar 2025Filed 19 Jun	Mar 2026Filed 29 May
Revenue from operations	3,933	4,791	5,616	7,183	3,843	4,631	8,627	7,046	6,764	8,333
	3,726	4,525	5,245	6,907	3,456	4,097	7,955	6,123	5,666	6,881
Materials and goods bought	3,567	4,355	5,038	6,472	3,166	3,882	7,581	5,769	5,297	6,414
Employee costs	46	47	52	51	46	66	83	101	96	97
Other expenses	113	123	155	384	243	148	292	253	273	370
Operating profit before depreciation	207	266	371	277	388	534	672	923	1,098	1,452
Operating margin	5.3%	5.6%	6.6%	3.8%	10.1%	11.5%	7.8%	13.1%	16.2%	17.4%
Materials, % of revenue	90.7%	90.9%	89.7%	90.1%	82.4%	83.8%	87.9%	81.9%	78.3%	77.0%
Employee costs, % of revenue	1.2%	1.0%	0.9%	0.7%	1.2%	1.4%	1.0%	1.4%	1.4%	1.2%
Other expenses, % of revenue	2.9%	2.6%	2.8%	5.3%	6.3%	3.2%	3.4%	3.6%	4.0%	4.4%
Depreciation and amortisation	24	34	51	69	72	79	126	135	152	199
Operating profit after depreciation	183	232	320	208	316	455	546	787	946	1,253
Other income	5	8	8	33	37	39	187	190	208	327
Finance costs	16	15	26	33	17	22	88	116	165	146
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	172	225	302	208	336	472	645	861	989	1,433
	38	11	50	74	86	87	134	189	201	327
Current tax	–	–	71	81	45	130	144	216	213	374
Deferred tax	–	–	−21	−8	42	−43	−10	−27	−11	−47
	120	214	252	134	249	385	511	672	787	1,107
Belonging to the company's shareholders	120	214	221	100	223	358	463	569	663	898
Belonging to outside owners of subsidiaries	–	–	31	34	26	27	48	103	124	208
Other comprehensive income	–	–	0	−1	0	0	0	0	−1	5
Total comprehensive income	–	–	252	133	250	385	511	672	787	1,112
Net margin	3.1%	4.5%	4.5%	1.9%	6.5%	8.3%	5.9%	9.5%	11.6%	13.3%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 23 Jun	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 25 May	Mar 2025Filed 19 Jun	Mar 2026Filed 29 May
	1,466	1,745	2,045	2,262	4,047	4,462	5,721	8,784
	1,391	1,655	1,936	2,180	3,532	3,894	4,631	6,055
Share capital	33	34	35	35	35	35	35	35
Reserves	1,358	1,621	1,901	2,145	3,497	3,859	4,596	6,020
Belonging to outside owners of subsidiaries	75	91	109	83	514	568	1,091	2,729
	187	216	343	383	995	1,663	2,884	2,417
Repayable after a year	57	49	112	64	978	1,432	2,353	347
Repayable within a year	130	167	231	318	17	231	531	2,070
	789	764	506	1,167	1,133	1,043	1,342	3,468
Trade payables	485	402	75	675	871	435	444	707
Other financial liabilities	125	138	151	81	140	281	232	231
Other liabilities	27	37	41	39	64	69	70	337
Provisions	3	4	3	5	10	10	12	7
Tax owed	19	16	5	49	31	17	52	116
	174	411	531	605	1,983	2,568	4,169	2,238
Other financial liabilities	20	316	324	452	898	975	1,645	1,654
Other liabilities	2	1	1	1	2	2	1	1
Provisions	12	14	13	15	11	15	17	15
Deferred tax	83	31	81	73	93	144	153	221
Total assets	2,429	2,921	3,082	4,034	7,163	8,073	11,233	14,491
	1,649	1,995	2,445	2,815	4,380	5,192	6,930	8,572
Plant in use, after depreciation	1,327	1,697	1,709	2,374	3,645	4,123	5,070	6,344
Plant being built	121	220	488	253	412	697	1,308	764
Intangible assets	1	1	1	1	1	1	1	4
Goodwill	1	1	1	1	15	15	15	15
Investments	0	0	0	0	0	0	0	919
Loans given	0	0	151	0	0	0	45	45
Other financial assets	13	13	14	19	17	19	22	33
Deferred tax	95	47	40	76	174	227	238	329
Other assets	91	16	41	93	115	109	231	119
	780	926	637	1,219	2,783	2,881	4,303	5,919
Inventories	34	42	52	91	147	64	185	129
Trade receivables	229	454	94	738	839	513	693	481
Cash and cash equivalents	353	222	297	94	833	1,032	1,411	2,512
Other bank balances	60	41	39	56	433	742	1,780	1,683
Current investments	10	7	0	0	204	194	0	826
Other financial assets	65	65	32	41	178	156	96	146
Tax paid in advance	22	26	36	36	24	31	–	–
Other assets	8	68	87	164	125	148	138	143
Net debt	−237	−55	7	233	−474	−305	−306	−2,604

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 25 May	Mar 2025Filed 19 Jun	Mar 2026Filed 29 May
	442	263	358	656	558	2,028
	492	350	761	885	758	2,429
	−7	−195	79	−70	−350	900
Receivables	357	−644	−94	325	−181	199
Inventories	−10	−38	−56	84	−121	56
Payables	−322	602	190	−435	13	272
Other working capital	−32	−115	39	−44	−61	373
Tax paid	−50	−87	−403	−229	−199	−401
Capital spending	359	393	538	616	945	821
Free cash flow	83	−130	−180	39	−387	1,207
	−428	−162	−931	−712	−1,463	−2,533
Plant and property sold	0	0	0	3	1	5
Companies bought	0	0	−200	0	0	−330
Interest received	26	27	43	117	185	234
Dividends received	0	0	0	0	0	0
	61	−304	1,311	256	1,283	1,606
Borrowings raised	97	29	966	458	1,061	1,684
Borrowings repaid	2	−126	−131	−8	−11	−2,042
Interest paid	−25	−13	−49	−98	−168	−113
Lease payments	−30	−36	−75	−80	−133	−137
Dividends paid	49	221	215	238	135	377
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	1,098	0	0	0
Net change in cash	74	−203	738	200	378	1,101

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Aegis Logistics dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 23 Jun	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 25 May	Mar 2025Filed 19 Jun	Mar 2026Filed 29 May
Earnings per share	₹3.60	₹6.38	₹7.55	₹2.94	₹6.49	₹10.19	₹13.19	₹16.22	₹18.90	₹25.59
Diluted earnings per share	₹3.60	₹6.38	₹7.55	₹2.84	₹6.36	₹10.19	₹13.19	₹16.22	₹18.90	₹25.59
Dividend per share	₹1.05	₹1.25	₹1.40	₹1.70	₹2.00	₹2.50	₹5.75	₹7.75	₹8.00	₹6.70
Book value per share	–	–	₹41.66	₹48.71	₹55.17	₹62.10	₹100.64	₹110.95	₹131.93	₹172.51
Dividend payout	29.2%	19.5%	21.1%	58.0%	31.4%	24.5%	43.6%	47.8%	42.3%	26.2%
Shareholder yield	–	–	–	–	0.5%	3.1%	−6.6%	1.5%	0.5%	1.8%
Market cap at the year end (₹ crore)	6,500	8,671	6,787	4,737	10,313	7,215	13,301	15,677	28,271	21,013

Ratios

Consolidated, years to March.Aegis Logistics PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 23 Jun	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 25 May	Mar 2025Filed 19 Jun	Mar 2026Filed 29 May
Revenue growth	77.7%	21.8%	17.2%	27.9%	−46.5%	20.5%	86.3%	−18.3%	−4.0%	23.2%
Operating profit growth	11.7%	28.6%	39.4%	−25.4%	40.2%	37.8%	25.7%	37.4%	19.0%	32.2%
Net profit growth	6.1%	77.8%	17.9%	−46.9%	86.0%	54.5%	32.7%	31.6%	17.1%	40.5%
Earnings per share growth	–	77.2%	18.3%	−61.1%	120.7%	57.0%	29.4%	23.0%	16.5%	35.4%
	–	–	15.9%	6.5%	12.4%	17.4%	16.2%	15.3%	15.6%	16.8%
	–	–	–	−9.4 pts	5.9 pts	4.9 pts	−1.2 pts	−0.9 pts	0.2 pts	1.2 pts
From the net margin	–	–	–	−10.3 pts	20.9 pts	4.1 pts	−5.3 pts	8.2 pts	3.3 pts	1.5 pts
From asset turnover	–	–	–	0.9 pts	−14.3 pts	0.3 pts	2.2 pts	−9.8 pts	−4.5 pts	−1.3 pts
From borrowing	–	–	–	0.0 pts	−0.6 pts	0.6 pts	1.9 pts	0.7 pts	1.5 pts	1.0 pts
Return on capital employed	–	–	19.4%	10.6%	13.2%	17.2%	10.8%	12.9%	11.0%	11.2%
Cash conversion	–	–	–	–	177.2%	68.3%	70.2%	97.5%	70.9%	183.2%
Interest cover	11.3	15.2	12.2	6.3	18.3	20.9	6.2	6.8	5.7	8.6
Debt to equity	–	–	0.13	0.12	0.17	0.17	0.25	0.37	0.50	0.28
Receivable days	–	–	15	23	9	58	35	27	37	21
Inventory days	–	–	2	2	6	9	7	4	13	7
Payable days	–	–	35	23	9	63	42	28	31	40
Cash conversion cycle, days	–	–	−18	3	6	3	1	3	19	−12
Working capital days	–	–	−20	3	3	17	8	5	16	−22
Asset turnover	–	–	2.31	2.69	1.28	1.30	1.54	0.92	0.70	0.65
Assets per rupee of net worth	–	–	1.75	1.76	1.67	1.73	1.96	2.05	2.26	2.41
Sales per rupee of plant	–	–	4.23	4.23	2.25	1.95	2.37	1.71	1.33	1.31
Capital spending to depreciation	–	–	–	–	5.01	4.95	4.28	4.56	6.21	4.12
Plant being built, % of plant in use	–	–	9.1%	13.0%	28.5%	10.6%	11.3%	16.9%	25.8%	12.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 7.0%
Cash from operations against operating profit: 139.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	14.2%	16.7%	−1.1%
Profit growth, yearly rate	23.0%	32.1%	24.7%
Return on equity, average	–	16.3%	15.9%
Return on capital employed, average	–	12.6%	11.7%
Operating margin, average	9.7%	13.2%	15.6%
Net margin, average	6.9%	9.7%	11.5%
Asset turnover, average	–	1.02	0.76
Cash conversion cycle, days, average	–	3	4
Interest cover, average	11.2	9.6	7.0
Debt to equity, average	–	0.31	0.38

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,863	3,241	2,028
Cash from investing	−5,801	−4,708	−2,533
Cash from financing	4,153	3,146	1,606
Capital spending	3,313	2,382	821
Dividends paid	1,185	750	377
Shares bought back	0	0	0
Shares issued for cash	1,098	0	0
Borrowings raised	4,198	3,203	1,684
Borrowings repaid	2,317	2,060	2,042

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	6	5	6	7
Altman Z-scorePublished threshold 1.81	–	–	7.77	5.99	8.61	4.75	5.06	4.82	4.91	3.93
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.43	2.71	−1.74	−2.99	−2.08	−3.22
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	7.85	7.98	19.35	9.57	17.53	12.53
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.93	0.81	0.80	1.26
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	70.77	−32.77	663.73	−72.72	−20.45	39.04	−53.82
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−3.88	75.49	50.41	−32.59	−32.98	198.39	−51.41
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.90	−0.10	1.84	1.01	0.11	−1.50	0.66
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.50	5.81	0.34	0.29	1.14	1.19	0.52
Effective tax ratePublished threshold 17.16 per cent	21.96	4.90	16.61	35.45	25.74	18.44	20.79	21.95	20.37	22.79
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.02	−41.65	−4.64	0.21	−5.20

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
17 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Re-affirm	Positive	719.80
25 Mar 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Working Capital Limits	CARE A1+Review, Re-affirm		75.13
25 Mar 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-Long Term	CARE AAReview, Re-affirm	Stable	370
25 Mar 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Proposed fund based limits	CARE AAReview, Re-affirm	Stable	160.82
25 Mar 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		158.85

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.