The first question is from the line of Yash Nandwani from IIFL Capital.

So, my first question is on the liquid terminal realization. So, we have seen a significant improvement in the blended realization in the liquid segment. Just wanted to understand, is it all related to product mix improvement or also a function of improved turnaround, or is there any take or pay in that? And would it be reasonable to assume same realization going forward?

Yes, Yash. This is not on account of any take or pay. This is on account of better product mix and increased realization rate, especially so from our JNPA terminal, which has now stabilized operations, and we are in a position to improve the product mix and increase the realization, which has taken the overall average realization up. This is expected to stay and further improve going forward.

Sure, sir. And secondly, sir, same on the liquid side. We are currently expanding at JNPA and Kandla, and we also have lands at Kochi, Mangalore, and Haldia. So, when do expansions start there, and what should we expect the liquid capacity to hit by, let's say, FY27 end?

So, you know that we are expanding at Kandla around 100,000, and then we are also expanding at Mangalore, as well as Kochi, as well as Haldia, which is 60-60-50, that is around 200,000 further. And we are also doing 318,000 at JNPA. We are at 1.7 million. So, I think we should be around 2.5 million plus by FY27 end.

The next question is from the line of Siddharth Chauhan from B&K Securities.

Now, we have already said the details we will share with the investors when the operations on this account starts. So, you will get the details in this calendar year. It is expected to start somewhere around October 2026.

Okay. All right. And secondly, you know, any reason for the weakness in LPG volume and the LPG EBIT? What particularly happened in this quarter?

Yes. So, usually across the Board, quarter one is the least, quarter two, quarter three are always similar, and quarter four is the surge. So, that is how this is happening. This is almost similar to Q2 in terms of volumes handled. As far as EBIT is concerned, as you know, the revenues have reduced by INR1 crores, depreciation has increased by INR1 crores. And therefore, the EBIT to that extent is affected and there are some costs. So, as the maturity of utilization will happen from Q4 onwards, you will see a sudden change, a step up. In fact, I think the takeoff happens Q4 onwards as far as gas volumes and gas EBIT and gas revenues are concerned. You will start seeing step up changes in all volumes, revenue, EBIT and EBITDA from Q4 of FY26.

Understood. And, you know, lastly, can you share your capex plans for the next year? Do we have a roadmap on that?

So, we were, after the IPO, we were sitting on an assets commissioned, if you strip out the ROUs, which is, you know, right-of-use fees in the fixed assets. We are sitting on INR5,000 crores. We have already bought Haldia assets at INR1,000 crores. We are executing INR1,675 crores at JNPA. We intend to spend around another INR500 crores on the liquid assets at Kandla, Mangalore, Kochi, in fact more. So you see, we are well geared to reach a capex of INR10,000 crores by the time we end FY27. We’ll double the capex.

Understood. And so, thanks a lot and all the best for the future.

Thank you.

Thank you. The next question is from the line of Neelotpal Sahu from JM Financial. Please go ahead.

Hi, sir. Good evening. Thank you for the opportunity. First question is, would you like to provide some outlook on the volumes for FY '26, given that Haldia will be added for the fourth quarter?

Sorry, Neelotpal, I did not get your question correctly.

Can you help us with the volume outlook for FY '26, with Haldia being added, like, for the fourth quarter?

You are saying about Q4?

So, Q4, typically, Haldia is at the utilization of 65% of throughput capacity. So, accordingly, the volumes of Haldia will be added, that's number one, to the volumes which already we did in Q3. Second, VLGC jetty at Kandla has started operating. In fact, in January, there were five VLGCs which came and unloaded cargoes. Of course, January was a little bit affected by some incidents, but that was not really major in the Middle East. But we expect a volume increase, quite a volume increase at Kandla also for Q4. So, yes, we expect to do well in Q4 in terms of volume, should definitely cross a million and more. We'll have to see where we end, but we are very positive on the volume growth as far as Q4 is concerned.

Sure, sir. Sir, secondly, you have talked about an exclusive agreement with HPCL at the Haldia terminal. Can you help us with the annual volume run rate for the Haldia LPG terminal? And what is the quantum of this agreement with HPCL?

So, HPCL agreement is not a take-or-pay agreement. It is an exclusive agreement. So, HPCL has to bring the cargo on the East Coast at our Haldia terminal. The terminal has been constructed for their use. However, you know, as their market share grows, so when we started, their volumes were 0.4 million. Now, it has reached more than 1.5 million from the time we started, and it continues to grow. In addition, they are also laying a pipeline from this Haldia LPG terminal all the way to their Panagar bottling plant. So that, as and when it gets commissioned, you will see again a step up. Now, we are very close. We are getting very close to the capacity of throughput that we can do there. We have already crossed 1.5 million. The capacity most we can do is 2.5 million. I think there will come a time very soon when we should get saturated at Haldia. That would open doors for us to look into expansion possibilities at that particular point of time.

Thank you, sir. And one last question from me. Can you help us with an update on KGPL and JLPL pipeline connections to Kandla and Pipavav?

Yes, surely. Mr. Raj already spoke that we expect JLPL. So now, the full swing work is on Jamnagar-Loni Pipeline from our side. So everything is in place. We are doing the construction. Construction in the sense, the last few meters that are left to be connected, we expect by February end to be able to commission. As far as Kandla-Gorakhpur is concerned, I think the worst case scenario is June '26. It should happen before, but I think by June, we expect it to be operationalized, both at Kandla as well as at Pipavav. Pipavav might be a little earlier because the manifold is right there in our premises.

That's all from me. Thank you, sir.

Yes. Good afternoon, everyone.

Good afternoon.

Sir, my question is regarding the recent EU signing agreement with India. Will that benefit anyways to our company?

Sorry, your voice is a little muffled. Can you repeat the question?

EU?

Yes, the EU agreement, yes. I mean, in that sense, we are a storage terminal keeper. So these agreements do not affect us directly. But whatever benefits the customer will derive, for example, I think specialty chemicals export now being the duty being reduced probably to zero. As and when it is implemented, it's still some time away. The agreements are not yet in operation. They may take 6, 9 months. But I think it will help because there will be more exports of specialty chemicals to Europe. And port terminals would definitely be required for that rush.

Okay. And one more question, sir, about the rail gantry at Mangalore. Is it operational?

Rail gantry work has started. It will take 9 months. So probably by September '26, it will be operational.

Okay. That's it, sir, from my side. Thank you so much.

Thank you.

Thank you. The next question is from the line of Keshav from Modifi Investment. Please go ahead.

Yes. So my first question would be a bookkeeping one. So just to check on the realization of the liquid, can you please give me the capacity which we were having for liquid in Q3 FY '26 and what was the utilization level of that capacity?

Yes. So it's 1.7 million. So what you do is the Q3 number run rate, if you want to see, you multiply by four and you divide by 1.7 million. So you'll get a yearly average rate realization. Occupancy has got no relevance here because we also sometimes hire out capacity without any relevance to the volume. But if you want to technically understand what is the occupancy, then it is 77% physical occupancy, not revenue generating occupancy. Revenue generating occupancy is always close to 100%. So that is what it stands.

Okay. understood. So the second question would be on gas realization. So if I just look at the Q1, Q2 and Q3 numbers, in Q1 we had approximately 1,290 per metric ton. It reduced to 1,200. Now it is at 1,210. So, sir, what can be the ballpark number for the gas realization which we can model in our projections?

Yes, that's around 1,250. Yes.

1,250. And sir, lastly, on the throughput side. So we are expecting Kandla-Gorakhpur to come live in the next 6 months. Like the worst case scenario which you have mentioned is June. Currently, we are doing approximately 10 to 12 times of our asset turn. I mean the throughput turn. So what can be the number for that? The throughput can, how can it improve? Like it can go up to 20-25 times or it can go more above that also?

Yes, so look, the capacity of Kandla-Gorakhpur pipeline is 8.25 million tons. Okay. There are three points of input in the Kandla-Gorakhpur pipeline. One is Kandla port where 5.75 million tons are marked, earmarked. 1.5 million from Pipavav and 1 million from Dahej. So, you know, you can do the math. And then this all will not happen all at once. So it will take probably 2-3 years’ time to reach the full utilization of the pipeline. There are 23 bottling plants currently operational which are connected to use the LPG pump from these three source points. And yes, so it's a significant number. What will be our share? Pipavav, we are exclusively, only us. In Kandla, we share the port with IOC and Dahej, we are not there. So you can then see, I mean, let's see how much share we are able to gather from the throughput that takes place. Mind you, the throughput is going to be done by the national oil companies, HPC, BPC, IOC. And if you look at Jamnagar-Loni Pipeline, Jamnagar-Loni Pipeline I think currently has a capacity of 3.25 million tons, which has now been approved to be upgraded to double. But that is of course going to take 2-3 years’ time. Currently this 3.25 million ton also we would pack as our customers would use our terminal to pump into Jamnagar-Loni from Kandla. So yes, let's see. But it's going to be quite significant uptick in the throughput that we do at these source points as far as Jamnagar-Loni connection and Kandla-Gorakhpur connection that we are able to do at both Kandla and Pipavav. So it's going to be definitely of significance.

Completely understood, but do you want to give any number to it? Like currently we are doing 0.67 million. So if we analyze it, it's coming to 2.4 on a capacity of 200, which is basically 12 times. So, like, what can be the ballpark figure for this to rise? Can it go up?

We do not give projections of throughput because it depends on our customers. But like I said, it will be quite significant in the sense in what we have been doing and what will these two connections lead to.

Understood. And we should see an uptick starting from Q4. Like Q4 would be the first?

Okay. Thank you. Thank you so much, sir.

Thank you. The next question is from the line of Siddharth Chauhan from B&K Securities. Please go ahead.

Hi, Muradji. Thank you again for the opportunity. On the JNPA terminal, I believe Uran-Chakan is the one which is connected. Is it correct or there are other pipelines as well connected to the terminal?

The pipeline is Uran-Chakan. You are correct. But our LPG terminal is under construction. So we would be able to tap that once it commissions. But yes, you are right. From JNPA, we can hook into Uran-Chakan pipeline. Please remember that we are already connected and hooked into Mumbai Chakan pipeline, Mumbai Uran-Chakan pipeline from our Mumbai terminal. Now, in addition to that, which is of course in our parent company, Aegis Logistics Limited. But in addition to that, here for our upcoming terminal, we would also hook into Uran-Chakan pipeline from JNPA.

But then what is the capacity utilization of that pipeline? Because I understand it's currently running at its optimum capacity.

Again, I repeat, the customers are going to be the same. Even if it is utilized at an optimal capacity, the customers using that pipeline would start storing at our place also if we are connected. Are you getting my point? So instead of terminal A, they would move to terminal AVTL. So there is no need for volumes to increase in Uran-Chakan pipeline. What we need is the customer to start storing at our place who is already using. But they will start using the Uran- Chakan pipeline from our connection rather than someone else's connection.

Okay. Because I was reading that the pipeline capacity is, I think, close to one million tons per annum. And we already have the Mumbai terminal. And now we are putting up a JNPT terminal with a capacity of, I think, 70,000 tons.

Yes. So Mumbai terminal, it's around 350,000 tons out of that one million, which is being pumped from Mumbai.

Right. And then we are putting this 70,000 metric tons. And I'm sure our throughput will be much more than this.

Yes. Absolutely.

So how will we be able to evacuate the remaining capacity? I just want to understand that.

By rail, by road, and by this pipeline connection. All three. By road, I can evacuate 3.5 million tons in a year. Okay. In case of pipeline, whatever we can do, let's say half a million or whatever. And rail is again 1.5 to 2 million that you can evacuate. Siddharth Chauhan So you are in a position to evacuate 6 million with a combination of multimodal evacuation.

Okay. Understood. And, you know, and lastly, when you discuss about having a non-binding MOU at Vadhavan port and about investing INR20,000 crores, so what are the projects you are envisaging in this figure? What types of projects are you discussing in this INR20,000 crores investment?

There's no limit. Whatever the port, whatever makes commercial sense at that port, because that's going to be also a distribution model kind of a port in and out. We would have liquid, gas, and many other products, terminals, even jetties. So there's a lot to do out there. It's going to be one of the largest ports in India, probably three times the size of JNPA and located at West Coast at the border of Maharashtra, Gujarat. It's going to be an amazing opportunity.

No, absolutely, as you mentioned. But, you know, if I look at investments in liquid terminal or in your gas terminals, which is your forte, the ticket size is very small versus this INR20,000 crores amount. So I just want to understand what are the other projects which we might actually venture into?

There are so many gases or products like LNG, ammonia, LPG, ethane. There are many, many products for which terminals will make sense in a port like Vadhavan. And they are really a big amount. One LNG terminal would cost you maybe INR8,000 crores.

Oh, that's right. Oh, that's right.

So INR20,000 crores is really quite short, don't worry. If at all we get the land and the permits to do that, there is a lot to do.

Absolutely. And again, thanks a lot for taking my question.

The next question is on the line of S. Ramesh, an Individual Investor. Please go ahead.

Thank you very much for the call. So just to understand your business model and what are the kind of growth you can deliver on revenue and EBITDA from the existing capitalized assets?. What is the headroom you have in terms of additional volume, any incremental upside in pricing?

Yes. So in case of LPG, if you look at, let's say I have 15.6 million and now we are added 2.5 million at Haldia. So we have around 18 million tons of throughput capacity. Okay. For nine months, we have done 1.89. So that's how far we can go. And how fast we go is the key. That is possible through multi-modal evacuation of world-class LPG infrastructure and bottling plants, etc., etc., etc. So all our effort goes into doing things which will quicken the utilization and the EBITDA that it throws is crazy. So that is how LPG business is concerned. As far as liquid is concerned, we follow demand. We don't let demand follow us. So when you go and put up a liquid terminal, it's there, fully utilized. What is the upside thereafter in addition to the capacity that we keep adding is, that you keep changing the product mix. You get into more complex, more high-value products that you store. You get higher realization even with the same capacity. Or you find products that move and move out fast. So your rate is per month rate. Whereas if the product evacuates sooner than the 30-day period, then you can get another set of products. So both of these are the levers which provide you upside as far as liquid business is concerned in addition to the capacity additions that you can do day in, day out. Mind you, these terminals, a range of products are stored. Petroleum, petrochemicals, chemicals, veg oil. So there is flexibility of storing products. There is flexibility of handling trade, imports, exports, coastal movement. So you have a huge flexibility and therefore it provides you an opportunity to keep changing and keep increasing the realization.

So in the gas terminals, what is the gas you are handling now and what will be the nature of gas you are handling now and what will be the gases you will be handling in the future?

So we have cryogenic storage terminals to handle LPG. So these terminals are propylene rated. So I can handle a range of products there also. Propylene, ammonia, LPG with some tweaks. But we are currently only focused on LPG. We are vertically integrated as a group in LPG business. So that gives us a very good lever to get the best out of this product. So currently it's only LPG that we are focused on, on all the cryogenic terminals that we own and operate along the coastline of India.

Okay. So one last thought in terms of your realization. How much of that, what percentage of that is based on a tolling arrangement and what percentage of that gives you some kind of pricing power in terms of trading margins or stocking the product? How does it work?

We do not take title of products as far as liquid cargo is concerned. We only store for others. So there is no question of storing and earning margins as far as liquid product is concerned. In case of Aegis Vopak, even in gas, we only store LPG. We do not do any trading. It's Aegis Logistics parent, which does distribution of LPG. There also, it's not any other liquid product. So we are only a service provider, infrastructure provider. And it's only tolling fees sort of what you say. But it's called throughput. It's based on the volume in and out of my terminal.

So the way in which you fix prices, is it based on a percentage of the value of the product or is based on your ROCE objective? How do you work out the storage?

These are industry benchmark. So we follow the industry benchmark and charge the same. Because as my parent is the infrastructure developer, we have a unique advantage of getting the infrastructure in quickest time and cheapest. So being an infrastructure business, we are much more at an advantage than anyone else because it is our in-house infrastructure development, which gives us this benefit. So that is where we score. So the ROCEs are really huge. And mind you, these are very long life assets, 40 years of life.

Thank you.

Thank you. Due to time constraints, that was the last question for today. I now hand the conference over to the management for closing comments. Over to you, sir.

Well, thank you very much. I think it's been a really busy nine months, including acquisitions and new projects and so on. We look forward to continue to inform all of you about the progress that the company is making. And we will speak again, I guess, in the month of May, when we'll have our final year-end results. Thank you so much.

Thank you. On behalf of Aegis Vopak Terminals Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.