Aegis margin jumps 6.84 points as revenue outpaces costs
Year-on-year profit rose +43.05%, but a higher tax rate and other income shaped the quality of the increase.
Filed 29 May 2026, 12:09 IST · Aegis Logistics Ltd (AEGISLOG)
Key takeaways
- Consolidated operating margin expanded 6.84 percentage points sequentially to 24.06% as revenue grew +50.36% while expenses rose +37.94%.
- Net profit rose +43.05% year on year, but the tax rate increased 7.10 percentage points and other income contributed 14.66% of pre-tax profit.
- The stock gained +4.82% on the results day, almost matching the 4.81% median absolute move after the last eight results.
Price around the results
Q4 operating leverage lifts consolidated margin
Aegis Logistics reported a sharp sequential improvement in consolidated operating performance, with revenue up +50.36% while expenses increased +37.94%. That gap lifted operating margin by 6.84 percentage points to 24.06%. Year on year, revenue and expenses grew at a similar pace of +52.16% and +52.00%, leaving the margin only 0.08 percentage points higher.
Higher tax and other income temper profit quality
Pre-tax profit grew faster than revenue year on year, helped by operating profit growth of +52.68%, but interest expense also rose +20.14%. The tax rate increased 7.10 percentage points to 23.69%, limiting net profit growth to +43.05%. Other income accounted for 14.66% of pre-tax profit, so reported earnings were not solely operating-led.
Margin recovery extends for a second straight quarter
Operating margin rose from 12.67% in Q2FY26 to 17.22% in Q3FY26 and 24.06% in Q4FY26, marking two consecutive quarterly increases after the Q2 trough. Among 15 Energy peers that had reported, Aegis's margin was 9.47 percentage points above the 14.59% median. This places the quarter's operating margin well above the reported sector comparison.
Management links gas performance to record Q4 volumes
Management said the gas division delivered its highest-ever Q4 EBITDA, driven by its highest-ever Q4 distribution volume. The presentation describes the company as India's largest LPG terminal operator. Management also said commissioning of the 61,000 KL Mumbai Port liquids capacity is expected in H1 FY27.
The 4.82% stock rise was ordinary by recent history
The stock rose +4.82% on the results day, broadly in line with the 4.81% median absolute move after the last eight results; three of those reactions were positive and five were negative. A corporate-action overlap is flagged, so the move is not a clean earnings-only signal.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹2,594 cr | ₹1,725 cr | +50.36% | +52.16% |
| Other income | ₹87 cr | ₹81 cr | +8.23% | +33.53% |
| Expenses | ₹1,970 cr | ₹1,428 cr | +37.94% | +52.00% |
| Operating profit | ₹624 cr | ₹297 cr | +110.09% | +52.68% |
| Operating margin (%) | 24.06% | 17.22% | — | — |
| Interest | ₹63 cr | ₹26 cr | +145.66% | +20.14% |
| Depreciation | ₹53 cr | ₹53 cr | -0.11% | +29.46% |
| Profit before tax | ₹596 cr | ₹299 cr | +99.00% | +56.36% |
| Tax | ₹141 cr | ₹67 cr | +111.45% | +123.29% |
| Net profit | ₹455 cr | ₹233 cr | +95.43% | +43.05% |
| EPS (₹) | ₹11.69 | ₹5.04 | +131.94% | +45.76% |
Operating margin of 24.06% compares with a Energy sector median of 14.59% across 15 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +4.82% | +6.33% |
| Next session | +8.44% | — |
| 5 sessions | +7.90% | +10.16% |
| 15 sessions | +41.15% | — |
| 30 sessions | +81.18% | — |
Volume on the results session was 12.26× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The gas division's highest-ever Q4 EBITDA was driven by its highest-ever Q4 distribution volume.
Guidance & outlook
- Commissioning of the 61,000 KL Mumbai Port liquids capacity is expected in H1 FY27.
Competition
- The company describes itself as India's largest LPG terminal operator.
What to watch
- Whether consolidated operating margin holds above 24.06% after its second straight quarterly rise.
- The next tax rate relative to 23.69%, following the 7.10-percentage-point year-on-year increase.
- Commissioning of the 61,000 KL Mumbai Port liquids capacity in H1 FY27, as stated by management.