Analysts/Institutional Investor Meet/Con. Call Updates

November 10, 2026 National Stock Exchange of India Limited BSE Limited Listing Department Corporate Relation Department Exchange Plaza, C-1, Block G Listing Department Bandra Kurla Complex Phiroze Jeejeebhoy Towers Bandra (East), Mumbai - 400 051 Dalal Street, Mumbai - 400 001 Symbol: AEGISVOPAK Scrip Code: 544407 Sub. : Transcript of the earnings conference call Dear Sir/Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call held on Tuesday, November 03, 2026 at 04:00 P.M. (IST) for your information and records. The above communication is also available on the website of the Company at www.aegisvopak.com. The above is for your information. Thanking you. Yours faithfully, For AEGIS VOPAK TERMINALS LIMITED Priyanka Vaidya Company Secretary and Compliance Officer M. No. A64156 Encl: as above “Aegis Logistics & Aegis Vopak Terminals Limited Q2 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. RAJ CHANDARIA – CHAIRMAN AND MANAGING DIRECTOR – AEGIS LOGISTICS & AEGIS VOPAK TERMINALS LIMITED MR. MURAD MOLEDINA – CHIEF FINANCIAL OFFICER – AEGIS LOGISTICS | NON-EXECUTIVE DIRECTOR - AEGIS VOPAK TERMINALS LIMITED MS. PAYAL DAVE – INVESTOR RELATIONS – CYGNUS PARTNERS Page 1 of 17 Aegis Logistics & Aegis Vopak Terminals Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Aegis Logistics and Aegis Vopak Terminals Limited Q2 FY27 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company and may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Raj Chandaria, Chairman and Managing Director. Thank you, and over to you, sir. Raj Chandaria: Okay. Thank you very much, and good afternoon, everybody. Today, I have with me our CFO, Mr. Murad Moledina; and Ms. Payal Dave from our Investor Relations team. Today, I'm going to cover four main things. First is our planned acquisition of Tristar Holdings Limited, secondly, the performance of Aegis Logistics, third is the performance of Aegis Vopak Terminals or AVTL, and fourth, a brief update on the progress of our port-by-port expansion projects. Murad can then take you through the financial performance in more detail. So let me start with Tristar. Many of you would have heard about this transaction. So I'm really pleased to announce this landmark development for Aegis Logistics. So on the 13th of October 2026, we signed a definitive agreement to acquire 89.8% stake in Tristar Holdings Limited for a consideration of US$809 million. Tristar is an integrated energy logistics company headquartered in Dubai, but with global operations. The acquisition is a transformational step in Aegis' journey from a predominantly India-focused business to a global integrated energy logistics platform. This transaction will bring together our domestic infrastructure and integrated logistics capabilities with Tristar's international network, its diversified service offerings and established global customer relationships. And we think that this will significantly enhance our scale, obviously, our geographic diversification and earnings potential and create meaningful operational and commercial synergies. Subject to regulatory approvals and the customary closing conditions, we expect to complete this transaction in Q4 of FY27. And we expect to have much more to report on the benefits of this move as we work to complete the transaction. Now moving on. We are halfway through the year -- through the financial year, and it is -- the halfway mark always brings into perspective how we have done and gives a good indication of where we are heading. So, I'm pleased to report a record-breaking profit in the first half of this Page 2 of 17 Aegis Logistics & Aegis Vopak Terminals Limited November 03, 2026 year, FY27. We had a revenue of INR4,570 crores, generating an EBITDA of INR1,184 crores and a profit after tax of INR866 crores. In comparison to where we were this time last year, H1 FY26, profit after tax has doubled, reflecting the strong operating and financial performance. Earnings per share for the first half of FY 2027 was at INR21.23, which is up 141% -- 140% from H1 FY26. For the quarter FY27, we delivered revenue of INR2,213 crores, EBITDA of INR456 crores and profit after tax of INR321 crores. And both EBITDA and profit after tax grew 32% year-on-year, underscoring the strength of our business fundamentals. And earnings per share for the quarter was at INR7.42, up 45% year-on-year. This is obviously better than what we normally expect. And our Liquid Division delivered its highest performance ever in the first half of the year with revenues of INR366 crores, EBITDA of INR284 crores, representing a margin of 78%. As we've emphasized in the past, this is a well- diversified, stable and cash-generating business for the company, and we will continue to expand capacity here. In our Gas Division, the business delivered an exceptional performance during this period. We achieved the highest first -- highest ever first half EBITDA of INR900 crores in the first half of this year, which is up INR137 crores -- 137% year-on-year. This reflects the strength of our integrated business model and our ability to consistently capitalize on market opportunities. Looking at the individual segments, the logistics volume grew by 19% over the previous quarter, which is a very healthy improvement. Our distribution business continued to deliver an exceptional growth with volumes up 25% in the second quarter and 54% in the first half on a year-on-year basis. What makes this particularly noteworthy is that we've achieved this growth even as global supply conditions have largely normalized, and it shows that our growth is not mainly the result of favourable market conditions, but is increasingly driven by new and large capacity additions in the previous year, our increased geographic reach and new product addition, namely ammonia and structural strengths and the competitive advantages of our business model. In the Sourcing business, volumes were lower during the year on account of some contracts expiring. We need to keep in mind, of course, that sourcing volumes do not include our own distribution volumes. In distribution, we expanded our customer base over the year by onboarding several new private sector customers, and this momentum has continued into the current financial year. And our ability to consistently add customers, deepen the existing relationships and scale our volumes is a direct reflection of our integrated business model. Overall, we are confident that the business -- that the Gas Division is well positioned to sustain this growth trajectory and continue delivering strong operating performance and long-term value. Page 3 of 17 Aegis Logistics & Aegis Vopak Terminals Limited November 03, 2026 Now let me turn to Aegis Vopak Terminals, which I'll take through on a port-by-port progress. Turning to AVTL, we delivered another strong operating performance in Q2 FY27 with revenues of INR271 crores, which are up approximately 17% year-on-year and an EBITDA of INR212 crores, which is up by 22%. Profit after tax was INR96 crores, slightly lower than last year, mainly due to higher finance costs and tax, and I'm sure Murad will go into a little more d [Showing first 8,000 characters — download PDF for full document]