Aegis Vopak margin expands as tax rise cuts sequential profit
Revenue fell 3.98% sequentially, but sharper expense control lifted operating margin by 3.16 percentage points; other income was only 4.9% of pre-tax profit.
Filed 05 Aug 2026, 16:25 IST · after market close · Aegis Vopak Terminals Ltd (AEGISVOPAK)
Key takeaways
- Consolidated operating margin rose 3.64 percentage points year on year to 76.75% as revenue grew 42.53% while expenses increased 23.19%.
- Sequentially, net profit fell 6.04% because the tax rate rose 6.81 percentage points, despite profit before tax increasing 2.16%.
- Aegis Vopak's 76.75% operating margin was 62.3 percentage points above the 14.45% median for 15 reported Energy peers.
Price around the results
Revenue dipped sequentially, but operating profit held up
This was a consolidated quarter in which revenue declined 3.98% sequentially, while operating profit still increased 0.15%. Expenses fell 15.48%, so the larger reduction in costs offset the softer revenue and lifted operating margin by 3.16 percentage points. Year on year, revenue growth of 42.53% outpaced expense growth of 23.19%, expanding operating margin by 3.64 percentage points.
Higher tax rate, not operations, drove the sequential profit decline
Profit before tax rose 2.16% sequentially as interest expense fell 4.19% and depreciation was broadly unchanged. Net profit nevertheless declined 6.04% because the tax rate increased 6.81 percentage points to 21.99%. Other income contributed 4.9% of pre-tax profit, so the quarter's earnings were mainly operating-led rather than dependent on non-operating income.
Margin rebounded to its highest level in the reported trend
Operating margin had moved between 73.11% and 74.12% across Q4FY25 to Q4FY26, before reaching 76.75% in Q1FY27. This reverses the modest decline from 74.12% in Q4FY25 to 73.11% in Q1FY26 and places the company 62.3 percentage points above the 14.45% median margin of 15 Energy peers that have reported.
No market reaction yet after the post-close filing
The results were filed after market close, so there is no current trading reaction to assess. After the last five results, the stock rose twice and fell three times, with a median absolute move of 1.06%; the recorded moves ranged from -4.67% to +3.33%.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹234 cr | ₹243 cr | -3.98% | +42.53% |
| Other income | ₹4 cr | ₹4 cr | +0.23% | -53.27% |
| Expenses | ₹54 cr | ₹64 cr | -15.48% | +23.19% |
| Operating profit | ₹179 cr | ₹179 cr | +0.15% | +49.65% |
| Operating margin (%) | 76.75% | 73.59% | — | — |
| Interest | ₹39 cr | ₹41 cr | -4.19% | +30.74% |
| Depreciation | ₹55 cr | ₹55 cr | +0.20% | +52.64% |
| Profit before tax | ₹89 cr | ₹87 cr | +2.16% | +41.67% |
| Tax | ₹20 cr | ₹13 cr | +47.92% | +29.69% |
| Net profit | ₹69 cr | ₹74 cr | -6.04% | +45.45% |
| EPS (₹) | ₹0.60 | ₹0.62 | -3.23% | +30.43% |
Operating margin of 76.75% compares with a Energy sector median of 14.45% across 15 peers that have reported Q1FY27.
What to watch
- Whether operating margin holds above the current 76.75% after the 3.16-percentage-point sequential expansion.
- Whether revenue recovers from Rs 233.77 cr after the sequential decline of 3.98%.
- Whether the tax rate moves back from 21.99% after rising 6.81 percentage points sequentially.