Question 1 : What is the overview of the company?

Aegis Vopak Terminals Ltd (AVTL) is a joint venture between India’s Aegis Logistics Ltd and the Netherlands-based Royal Vopak, combining local expertise with global best practices in tank storage and logistics. The company specializes in the storage and handling of liquefied petroleum gas (LPG), chemicals, and petroleum products, operating a network of strategically located terminals across India’s major ports.

AVTL has been actively expanding its infrastructure to meet the growing demand for energy and chemical storage solutions in India. In recent years, the company has undertaken several significant projects:

• Kandla Port Expansion: AVTL commissioned an additional 80,000 kiloliters (KL) of liquid storage tanks, increasing the total capacity to 970,000 KL. Additionally, an LPG bottling plant was established to enhance distribution capabilities.
• Haldia Terminal Enhancement: A 50,000 KL expansion of liquid terminals was completed, bolstering the company’s presence on India’s eastern coast.
• Pipavav Developments: The company commissioned an LPG bottling plant and expanded its liquid storage facilities, reinforcing its infrastructure on the western coast.
• Mangalore Terminal Acquisition: AVTL acquired specialized storage terminals, adding 44,168 KL to its capacity, with plans to build an additional 41,000 KL. This move is set to make the Mangalore facility the largest LPG terminal in India upon completion.

These expansions align with AVTL’s strategic objective to strengthen its role in India’s energy infrastructure, ensuring efficient storage and distribution of essential commodities across the nation.

Service Portfolio:

Terminal and Storage Capacity:

Terminals:

Capacity and Capacity Utilization:

Gas Terminal Division:

Liquid Terminal Division:

Question 2: Who are the promoter of the company?

Aegis Logistics Limited is primarily promoted by key individuals and promoter entities who have played an instrumental role in shaping the company’s growth in the energy logistics sector.

1. Raj K. Chandaria

• Designation: Chairman & Managing Director
• Role:
  Raj Chandaria is the founder and driving force behind Aegis Logistics. With decades of experience, he has led the company’s strategic expansion into oil, gas, and chemical logistics. Under his leadership, Aegis has developed a pan-India network of terminals and infrastructure supporting liquid and gas storage, distribution, and transportation. He sets the company’s vision, oversees high-level decision-making, and nurtures key partnerships domestically and internationally.

2. Sudhir Malhotra

• Designation: Chief Executive Officer (CEO)
• Role:
  Sudhir Malhotra heads the company’s day-to-day operations and strategic business execution. As CEO, he manages operational efficiencies, growth initiatives, and client relations, ensuring that the company’s services maintain high standards of safety and quality in logistics and storage.

3. Rajiv Chohan

• Designation: President (Business Development)
• Role:
  Rajiv Chohan focuses on expanding the company’s market presence, identifying new business opportunities, and forging partnerships. His role is critical in driving revenue growth and diversification in logistics services across India.

4. Murad Moledina

• Designation: Chief Financial Officer (CFO)
• Role:
  Responsible for financial planning, budgeting, and maintaining investor relations, Murad ensures the financial health and compliance of the company, enabling sustained growth and expansion.

Question 3: How company performed in the past?

Note: Company posted losses of INR 1 Cr and INR 8 Lakh in FY22 and FY23, respectively.

Question 4: How much money is the company raising and why?

In the IPO, the company is offering 11.92 Cr Shares, priced at INR 223-235 per share, aggregating to total of INR 2,800

Cr, with a lot size of 63 shares. For the purpose of:

Repayment of borrowings – INR 2,015.9 Cr

Funding capital expenditure towards contracted acquisition of the cryogenic LPG terminal at Mangalore _ INR 671.3 Cr

General corporate Purposes – INR 112.8 Cr

Question 5: Valuation of the company and comparison with other companies

Question 6: Summary of Outstanding Litigations

Criminal proceedings and Tax Proceedings of the Company:

Criminal Proceedings initiated against the Directors : Mr. Kanwaljit Singh Sudarshan Nagpal (Independent Director)

and Mr. Raj Kapurchand chandaria (Chairman and M.D) are involved in multiple pending criminal proceedings related to industrial accidents and regulatory non-compliance, including a factory fire (2020), LPG accidents (2024 and 2025), and non-compliance with licensing norms (2024)

Strengths

1. Strategic Port-Based Infrastructure

Aegis operates terminals at key Indian ports like Mumbai, Kandla, Haldia, Mangalore, and Pipavav. These locations provide access to both domestic and international markets, enabling efficient import, storage, and distribution of LPG and chemicals.

2. Strong Joint Venture with Royal Vopak

The joint venture with Royal Vopak—one of the world’s largest independent tank storage companies—brings global best practices, technological expertise, and credibility to the operations of Aegis Vopak Terminals Ltd.

3. Diverse Business Portfolio

Aegis operates across multiple verticals—LPG distribution, liquid logistics, retail LPG distribution (through brands like Aegis Puregas), and gas terminals—reducing reliance on any single revenue stream.

4. Scalable and Asset-Heavy Business

The company owns significant fixed assets like storage tanks, pipelines, and terminals, which provide long-term revenue visibility through capacity-linked contracts.

5. Experienced Leadership

Led by Raj Chandaria and a seasoned executive team, Aegis has demonstrated a consistent ability to expand operations, form international alliances, and maintain compliance with regulatory standards.

Weaknesses

1. High Capital Intensity

The logistics and terminal business demands heavy upfront capital investments in infrastructure, which can lead to high fixed costs and lower flexibility in downturns.

2. Regulatory Dependence

Being in the energy and gas sector, the company is highly regulated. Changes in environmental norms, safety standards, or taxation (like GST or import duties) could impact operations and margins.

3. Volatility in LPG Prices

LPG pricing in India is influenced by global crude prices and foreign exchange fluctuations. Although storage and handling provide stable revenues, trading and distribution can face margin pressure during price volatility.

4. Customer Concentration Risk

A significant portion of Aegis’s revenue is linked to a limited number of industrial and oil marketing companies (OMCs). Dependency on a few large customers can pose a business risk.

5. Exposure to Infrastructure and Execution Delays

Large-scale expansion projects like terminal construction or pipeline laying often face delays due to land acquisition, environmental clearance, or local-level challenges, which may impact timelines and profitability.

📍 Registered Office

Aegis Logistics Limited
502, 5th Floor, Skylon Co-op Housing Society Ltd,
G.I.D.C., Char Rasta,
Vapi – 396195,
District Valsad, Gujarat, India.

🏢 Corporate Office

Aegis Logistics Limited
1202, Tower B, Peninsula Business Park,
G.K. Marg, Lower Parel (West),
Mumbai – 400013,
Maharashtra, India.

📬 Registrar and Share Transfer Agent (RTA)

MUFG Intime India Pvt. Ltd.
C-101, 247 Park, L.B.S. Marg,
Vikhroli (West),
Mumbai – 400083,
Maharashtra, India.

Website: www.linkintime.co.in

Phone: +91 22 4918 6270 / 4918 6200

Fax: +91 22 4918 6060

Email: rnt.helpdesk@linkintime.co.in

🔹 Frequently Asked Questions (FAQs) – Aegis Logistics Limited

1. What does Aegis Logistics Limited do?

Aegis Logistics is an integrated energy logistics company engaged in the storage and distribution of liquefied petroleum gas (LPG), chemicals, and oil products. It operates through terminals, pipelines, gas distribution networks, and a nationwide logistics infrastructure.

2. Where are Aegis Logistics’ terminals located?

Aegis has strategically located terminals at key Indian ports including Mumbai, Kandla, Haldia, Mangalore, Kochi, and Pipavav. These terminals are designed for bulk liquid and LPG storage and handling.

3. Is Aegis Logistics involved in LPG distribution to households?

Yes, Aegis supplies LPG through its brand “Aegis Puregas” to industrial and commercial clients and also has infrastructure that supports the distribution of LPG to oil marketing companies for household consumption.

4. Who are the promoters of Aegis Logistics?

The company is promoted by entities such as Huron Holdings Ltd and Trans Asia Petroleum Inc., along with individual leadership from Raj K. Chandaria, who serves as the Chairman and Managing Director.

5. Is Aegis Logistics a part of any joint venture?

Yes, Aegis Logistics is part of a joint venture with Royal Vopak, a Netherlands-based global tank storage company. This JV, called Aegis Vopak Terminals Ltd, focuses on expanding India’s port terminal infrastructure.

6. How does Aegis generate revenue?

Aegis earns revenue primarily through:

• Storage fees from liquid and LPG terminals
• Gas distribution and supply
• Handling and logistics services
• Trading of LPG and petroleum products

7. Is Aegis a capital-intensive business?

Yes, the company operates in an asset-heavy sector requiring significant investments in storage tanks, pipelines, and terminal infrastructure. This results in stable long-term revenue but higher upfront costs.

8. What is the company’s expansion plan?

Aegis, through its JV with Vopak, is actively expanding capacities at key ports including Kandla and Mangalore, and developing new terminals in East and South India to capture the rising demand for LPG and chemicals.

9. How can I invest in Aegis Logistics?

You can invest in Aegis Logistics by purchasing its shares listed on the NSE (Symbol: AEGISCHEM) and BSE (Code: 500003) through any registered stockbroker.

10. Who is the Registrar and Share Transfer Agent (RTA)?

The RTA for Aegis Logistics is Link Intime India Pvt. Ltd., located in Mumbai. They handle share transfers, dividend queries, and investor services.