Aegis Vopak margin reaches 78.42% as profit rises 78.74% YoY
Revenue grew +44.35% YoY faster than expenses, while higher interest costs were partly offset by a lower tax rate.
Filed 26 Oct 2026, 13:34 IST · Aegis Vopak Terminals Ltd (AEGISVOPAK)
Key takeaways
- Consolidated revenue grew +44.35% year on year as expenses rose only +16.48%, lifting operating margin by 5.17 percentage points.
- Net profit rose +78.74% year on year, helped by a lower tax rate of 19.36%, while interest expense increased +119.60%.
- The stock initially fell 0.29%, a broadly ordinary move against its six-result history of three rises, three falls and a 1.71% median absolute move.
Price around the results
Revenue growth widened the operating spread
Aegis Vopak’s consolidated revenue rose +44.35% year on year and +15.86% sequentially, while operating profit grew faster at +54.52% and +18.37%, respectively. Expenses increased only +16.48% year on year and +7.56% sequentially, allowing operating margin to expand by 5.17 percentage points year on year and 1.67 percentage points from Q1FY27.
Lower tax aided profit as interest costs surged
Net profit growth of +78.74% year on year and +38.90% sequentially outpaced pre-tax profit growth of +68.37% and +34.37%. The tax rate fell by 4.68 percentage points year on year and 2.63 percentage points sequentially, which supported the net profit increase. Interest expense rose +119.60% year on year, though other income accounted for only 4.74% of pre-tax profit and was not the main earnings driver.
Margin reached a new high in the reported trend
Operating margin has moved up from 73.11% in Q1FY26 to 78.42% in Q2FY27, despite a modest dip in Q4FY26. The current margin is 62.85 percentage points above the 15.57% median among seven Energy peers that have reported the same quarter.
Initial stock reaction was within its recent range
The stock opened down 1.92% and was down 0.29% in the initial reaction, underperforming the market by 0.97%. Its six-result history is evenly split between three rises and three falls, with a 1.71% median absolute move, making the early response broadly consistent with its recent pattern.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹271 cr | ₹234 cr | +15.86% | +44.35% |
| Other income | ₹6 cr | ₹4 cr | +30.05% | +291.03% |
| Expenses | ₹58 cr | ₹54 cr | +7.56% | +16.48% |
| Operating profit | ₹212 cr | ₹179 cr | +18.37% | +54.52% |
| Operating margin (%) | 78.42% | 76.75% | — | — |
| Interest | ₹40 cr | ₹39 cr | +2.54% | +119.60% |
| Depreciation | ₹58 cr | ₹55 cr | +4.85% | +17.45% |
| Profit before tax | ₹120 cr | ₹89 cr | +34.37% | +68.37% |
| Tax | ₹23 cr | ₹20 cr | +18.29% | +35.62% |
| Net profit | ₹96 cr | ₹69 cr | +38.90% | +78.74% |
| EPS (₹) | ₹0.78 | ₹0.60 | +30.00% | +59.18% |
Operating margin of 78.42% compares with a Energy sector median of 15.57% across 7 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -0.29% | -0.97% |
Volume on the results session was 1.64× its 20-day average.
What to watch
- Whether operating margin holds above 78.42%.
- Whether interest expense growth moderates from +119.60% year on year.
- Whether the tax rate remains near 19.36%.