#SALES #GROWTH

In FY25, the sales declined by 4% YoY to ₹6,764 cr due to decline in gas terminal division sales. Segment wise, the liquid terminal division grew by 18% YoY to ₹650 cr led by volume growth in existing capacity and capacity additions from acquisition. The gas terminal division declined by 6% YoY to ₹6,114 cr because of decrease in sourcing volumes and distribution segment volume and lower LPG prices. Under gas terminal division, the LPG throughput volumes increased by 10% YoY to ~45,23,000 MT in FY25. The sourcing volume declined by 25% YoY to 5,97,000 MT and distribution segment volumes declined by 7% YoY to 5,20,000 MT in FY25.

#EBITDA #GROWTH 5 Year CAGR 31.7%

In FY25, the EBITDA grew by 19% YoY to ₹1,098 cr. The normalized EBITDA (before forex, hedging related expenses) grew by 16% YoY to ₹1,173 cr supported by profit growth in both the divisions. Segment wise, the normalized EBITDA of liquid division grew by 26% YoY to ₹498 cr and gas division grew by 10% YoY to ₹675 cr supported by record volume in logistics business.

#PAT #GROWTH 5 Year CAGR 42.5%

In FY25, the PAT grew by 17% YoY to ₹787 cr. The growth was led by continued volume growth in Kandla terminal and growth in liquid division through the addition of new capacity and full utilization of newly commissioned tanks. Excluding minority interest of ₹124 cr in FY25, the consolidated PAT grew by 17% YoY to ₹663 cr.

#EBITDA #MARGIN

In FY25, the EBITDA margin expanded by 314 bps YoY to 16.2%. The normalized EBITDA margin (before forex, hedging related expenses) expanded by 304 bps YoY to 17.3%. The margin expansion was led by lower low margin sourcing business volume as compared to previous year and high increase in profit margin of liquid business due to change in product mix, new capacity as well as acquisitions of liquid terminals. Segment wise, during the year the liquid division normalized EBITDA margin expanded by 460 bps YoY to 76.6% and gas division normalized EBITDA margin expanded by 162 bps YoY to 11%.

#PAT #MARGIN

In FY25, the PAT margin expanded by 210 bps YoY 11.6%. Excluding minority interest, the consolidated PAT margin expanded by 173 bps YoY to 9.8% (v/s 8.1% in FY24).

#ROCE

In FY25, the ROCE declined slightly YoY due to higher increase in capital employed. The capital employed increased because of higher increase in long term borrowings and lease liabilities.

#ROE

In FY25, the ROE slightly improved to ~18.5% because of higher increased in net profit for the year led by new capacity as well as acquisitions of liquid terminals at Kandla, Kochi, Haldia and Mangalore and increase in LPG quantities handled as compared to previous year.

#SECTOR #POTENTIAL

• The Government of India is planning to invest ~₹70,000 cr (US $9.97 billion) to expand the gas pipeline network across the country. The total length of authorized natural gas pipelines in India was 33,764 km, of which the total length of operational natural gas pipelines (including sub-transmission pipelines) of 19,998 km as on 31st March 2021, as per Petroleum and Natural Gas Regulatory Board (PNGRB). • India’s energy demand is expected to almost double to 1,516 mega tonnes of oil equivalent (mtoe) by 2035 from 753.7 mtoe in 2017. The country’s share in global primary energy consumption is projected to increase by two-fold by 2035. It creates opportunities for upstream, midstream and downstream logistics companies to expand. • Increasing oil consumption in India would require safe and sophisticated logistics services which will be positive for the sector going forward. • Building adequate infrastructure for terminalling, retail and distribution with necessary technical and safety credentials is quintessential for imports and exports of oil products, chemicals and liquefied gases.

#Company #OUTLOOK

• The company maintained its earnings per share growth guidance of 25% CAGR over the next three years supported by new capacity addition. • The Kandla-Gorakhpur pipeline construction is under way. The expected date of completion is December 2024. The pipeline is expected to link up with Pipavav which will significantly enhance the Pipavav LPG terminal growth. The company has reserved 1.5 MT (million tons) out of the total capacity of 8.25 MT. • The company is planning for one additional LPG terminal in South India, subject to land approval. • In liquid division, the company anticipates to add additional liquid storage capacity of ~3,00,000 KL in FY25. • The new capacity expansion at JNPT (Jawaharlal Nehru Port Trust) port for the liquid terminal of 1,10,000 kilo litres (KL) is progressing well. The company expects to commission in early FY25. In Mangalore port, the company is constructing 71,000 KL of liquid capacity. It is expected to be operational within the next 12-15 months. In Kandla port, the company had aggressively expanded its capacity. The current capacity has now reached to 9,70,000 KL. The company is currently adding 25,000 KL of capacity. It is expected to be commissioned by next year. In Kochi port, the company acquired 16,000 KL liquid storage terminal in FY24 and additional capacity of 25,000 KL operational in FY25. • In gas division, two major cryogenic LPG projects at Pipavav and Mangalore of 45,000 metric tons (MT) and 85,000 MT respectively, are progressing well. The company expects to commission by Q1 FY26. • During the quarter, the company had allocated land by the port in Mumbai for future expansion. It plans to build storage terminal with a capacity of ~1,50,000 KL with an estimated project cost of ~₹250 cr. • The company anticipates Pipavav and Mangalore LPG terminal will be commissioned as per schedule with revenue expected to start from Q1 FY26.

Aegis Logistics Limited 650-750
Expected level 900
Support 520

#PAT #GROWTH

In FY25, the PAT stood at ₹837 cr, higher by ~40%. Finance costs were lower by 23% as the company continued to reduce debt of its subsidiaries while depreciation was higher by ~15%. Other income was higher by ~178% due to one-offs amounting to ₹85 cr, mentioned during H1 FY25 & forex gain leading to increased profits. PAT in FY24 was ₹599 cr, a rise of 56%. Finance costs witnessed a rise of 70% majorly due to expedition of debt payments. Depreciation costs were higher by 31% due to acquisition effects. Other income was also higher by ~51%. Forex gain stood at ₹16.7 cr as compared to ₹10 cr in FY23.

1680🚀

Good morning

🌠IndiaMART InterMESH (IndiaMART) Report

IndiaMART is India’s largest online B2B product and services platform, set to sustain strong growth momentum as businesses are increasingly leveraging online channels for efficient procurement. A large and growing number of buyers and suppliers on the platform are driving up business enquiries, further increasing its attractiveness. The platform is unique as it enables two-way interactions—suppliers can post their listings and buyers too can post their request for quotations (RFQs). This helps IndiaMART generate high-quality leads for suppliers and gauge supplier behaviour, particularly their responsiveness. While the portal is free for buyers, it charges suppliers for premium listing of supplier storefronts and access to buyer RFQs. Over the years, it has widened listings to 98,000+ product categories spanning 77 lakh supplier storefronts and delivers 9.3 cr unique business enquiries from 19.4 cr registered buyers. The company has successfully acquired 100% ownership of Busy infotech in April 2022 for ₹500 cr. Busy is one of the largest accounting software companies in India. It was incorporated in 1997 and has a pan - Indian presence. It had revenues of ₹42.4 cr and a profit after tax of ₹11 cr in FY21. Apart from this, the company has also made few more acquisitions: (1) 26% stake for ₹104 cr in IB MonotaRO Private Limited, an ecommerce platform for business supplies (2) 16.5% stake for ₹91 cr in Fleetx Technologies Private Limited, a freight and fleet management software helping fleet operators and businesses digitize logistics operations through IoT based analytics services (3) 51% stake for ₹46 cr in Finlite Technologies Private Limited, which offers digital integration with mobile-based applications, analytical tools, and APIs for integration with ecommerce platforms over existing on-premise accounting software.

While most suppliers on their platform are registered for free, the company generate revenues by offering paid subscription packages to 2,14,000 suppliers i.e., less than 3% of their overall suppliers listed on the platform. Most of the subscription paying suppliers first subscribe to a Silver subscription package, and then subsequently upgraded to a higher value package and premium subscription of Gold & Platinum. All their subscription packages are offered on an annual or multi-year basis. Only the Silver package is offered on a monthly subscription. The subscription fees is collected upfront in advance, irrespective of the duration of their package. Higher tier packages provide better visibility and more RFQs to suppliers, leading to an increased number of business enquiries for them. Upgrades to premium subscription packages improve the ARPU (Average Revenue Per User) of their overall business which is ₹53,200 in FY24.

Revenue mix

#SALES #GROWTH

5 Year CAGR: 16.8%

In FY25, the revenue grew by ~16% YoY and stood at ₹1,388 cr. The growth was a combination of increase in the paying subscriber by 1.5% YoY to 2,17,000 and an improvement in ARPU by 14.5% YoY to ₹60,900 mainly due to gold & platinum customers. They continue to witness increased churn rate in the silver monthly and annual plans. However, they have increased focus on onboarding high quality businesses. Busy reported a revenue growth of 23% YoY to ₹66 cr. It sold ~33,000 licenses during FY25. In Q1 FY26, the revenue grew by ~12.3% YoY and stood at ₹372 cr. The growth was backed by increase in ARPU. Customer additions continued to be subdued. The deferred revenue stood at ₹1,735 cr. Busy reported a revenue growth of 58.1% YoY to ₹24.5 cr. It sold ~12,000 licenses during the quarter.

#EBITDA #GROWTH 5 Year CAGR: 25.4%


In FY25, EBITDA stood at ₹523 cr, a growth of 57.8% YoY. The company has reduced making growth investments in manpower, product & technology, sales & servicing. In Q1 FY26, EBITDA increased by 11.7% to ₹133.5 crore. The company has initiated performance marketing spends amounting to ~3% of revenue, with plans to continue this investment over the next three quarters. The initial response has been encouraging. Additionally, annual salary increments during the quarter led to a rise in employee benefit expenses

#PAT #GROWTH 5 Year CAGR: 30.2%

In FY25, PAT increased by ~64% YoY and stood at ₹550 cr. However, adjusting for the loss in share of associates the net profit grew by 79% to ₹600 cr. Other income increased by 29% YoY, on account of gain on investments. In Q1 FY26, PAT increased by 34.6% YoY to ₹153.5 cr, on account of increase in other income due to gain on investments. However, adjusting for the loss in share of associates the net profit grew by 33.9% to ₹167.6 cr.

#EBITDA #MARGIN

In FY25, EBITDA margin was ~37.7%, a significant expansion on a YoY basis due to organic operating leverage, certain cost optimisation initiatives, and saving due to lower customer acquisitions. With pickup in customer acquisitions, margins are expected to normalize. In Q1 FY26, the EBITDA margin contracted by 19 bps YoY to 35.9%, due to increase in advertisement spends.

#PAT #MARGIN

In FY25, PAT margins stood at 39.7% as compared to 28.1% in FY24. However, adjusting for the loss in share of associates the PAT margin stood at 43.2%. In Q1 FY26, PAT margins stood at 41.3% as compared to 34.4% in Q1 FY25. However, adjusting for the loss in share of associates the PAT margin stood at 45%.