Whalesbook
Toh bhai log, Aegis Logistics ne Q3FY26 mein jo results diye hain, woh expectations ke aas-paas hi hain, par gas division ne toh poora dil jeet liya! Aur company rukne waali nahi hai, bade-bade expansion plans chal rahe hain alag-alag ports par capacity badhaane ke liye. Ye sab FY30 tak $5 billion ke massive capex plan ka hissa hai. Stock market mein thoda volume toh dekha gaya, par price mein koi bhagdaud nahi hui.
Q3 Performance Aur Capacity Badhaao!
Q3 FY26 ki baat karein toh EBITDA ₹3 billion raha, jo analysts ne expect kiya tha. Gas division ka normalized EBITDA toh expect kiya tha usse 5% zyada tha, aur liquid division ne bhi line mein perform kiya. Ab is performance ke dum par company 64,000 kiloliters (kl) liquid storage Mumbai Port mein, 318,100 kl liquid aur 77,000 metric tons (mt) LPG capacity JNPT mein, 36,000 mt ammonia Pipavav mein, aur 64,000 kl liquid storage Kandla Port mein add karne jaa rahi hai.
Big Capex Aur 9MFY26 Ke Numbers
Company ka long-term vision toh bohot bada hai, FY30 tak total $5 billion ka capex karna hai, aur FY27 tak toh $1.2 billion lagane wale hain. Ye sab future energy demand ko catch karne ke liye hai. Haal hi mein jo 9 Mahine (9MFY26) ke results aaye hain, usmein revenue 13% badh kar ₹5,739 Cr ho gaya, normalized EBITDA 26% surge hokar ₹929 Cr pahunch gaya, aur Profit After Tax (PAT) toh 39% jump karke ₹652 Cr ho gaya. Poora 9 mahina hi zabardast raha!
Valuation Ka Scene Aur Sector Ka Context
Ab aata hai sabse important part - analysts ka view. Motilal Oswal ne stock ko 'Neutral' rating di hai aur target price rakha hai ₹750. Yeh valuation 28 times December 2027 ke estimated EPS (₹26.7) par based hai. Toh kehne ka matlab hai ki, growth toh hai, par current valuation mein shayad woh growth already reflect ho raha hai. Indian logistics market toh waise bhi 6.48% CAGR se grow karne wala hai 2034 tak. Agar competitors ki baat karein toh Adani Ports ka model alag hai, jabki Aegis Logistics port spaces mein 'tenant' ki tarah kaam karti hai, jo potentially better returns de sakta hai. Stock ka trailing P/E ratio bhi lagbhag 31.78-33.32 ke aas-paas hai.
Outlook Aur Future Kya Kehta Hai?
Company ka focus terminals badhane par hai aur India mein energy ki demand badh rahi hai, toh growth toh expected hai. Naye liquid aur ammonia terminals FY27 ki shuruat mein commission ho sakte hain, jo aur volume badhayenge. Par Motilal Oswal ki rating se yeh pata chalta hai ki investors ko company ke expansion plans aur uske current valuation ke beech balance bana kar chalna hoga. Stock ka forward P/E bhi lagbhag 28.39 hai, jo target valuation ke kareeb hai. Toh sab kuch theek lag raha hai, bas valuation ko nazar mein rakhna hoga.