Ladies and gentlemen, good day and welcome to the Aegis Logistics Limited Q1 FY 2026 Earnings Conference Call hosted by MUFG Intime Private Limited. 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 touch-tone phone. Please note that this conference is being recorded. Before we begin with the main call, I would like to give a short disclaimer. This call may contain some forward-looking statements, which are completely based upon our beliefs and expectations as of today. These statements are not to guarantee a future performance and involve unforeseen risk and uncertainties. With this, I would now like to hand over the conference to Mr. Raj Chandaria for his opening remarks. Over to you, sir. Okay. Thank you very much, and welcome to our Q1 FY 2026 Conference Call. This evening, I'm joined by our CFO, Mr. Murad Moledina, and Ms. Payal Dave from our Investor Relations team. We will be presenting the performance for the first quarter ended June 2025. I'm sure most of you would have attended the Aegis Vopak Terminals Limited, AVTL, earnings call earlier this afternoon. We are pleased to share that our subsidiary, AVTL, was successfully listed in June 2025. Aegis Logistics continues to hold 44.71% equity in AVTL, and it's important to note that given Aegis Logistics' management control over the company, AVTL financials continue to be consolidated into Aegis Logistics' financial statements. Before we dive into the business overview, I'm pleased to announce that our ESG rating from MSCI has been upgraded from A to AA in this calendar year. There are several developments underway at Aegis that we'd like to explain in greater detail. Perhaps I can go port by port. As far as Mumbai Port is concerned, Aegis continues to own and operate our assets in Mumbai Port. The liquid storage capacity at Mumbai Port is 275,000 kL, and the LPG static capacity is 21,000 metric tons. We also have an upcoming liquid capacity of 125,000 kL, 50% of which is expected to be operational in the ensuing quarter and the balance by the end of this fiscal year. This project of roughly INR 250 crores was announced in the last fiscal year. In the JNPT port, during the past year, we added a terminal with a total storage capacity of approximately 102,000 kL for liquid products, and we have been allotted an additional 30 acres of land at this port on which a capital expenditure project of INR 1,675 crores is being set up for liquids, LPG, as well as an LPG bottling plant. This project is now officially underway. As far as Kandla Port is concerned, the existing facilities at Kandla are operating with improved utilization, and this asset will see a jump in the volumes with the operationalization of the KGPL and JLPL pipelines, which is expected in the second quarter of this financial year, to which we are connected to both of these pipelines. Another positive initiative at this port is that finally, VLGCs will start working at Kandla Port, which will also benefit the operations, as we shall be able to unload larger size cargos. In Kandla, we have acquired an additional plot of land, which we are calling CRL-4, where a liquid terminal with a capacity of about 94,148 cu m will be set up. This is expected to come into operation next year. As we had announced earlier, we are expanding our footprint in the ammonia terminal business in addition to the terminal at Pipavav, which we had already announced. I'm pleased to state that a non-binding memorandum of understanding with Larsen & Toubro, L&T has been signed up to set up ammonia terminals at Kandla for their upcoming green ammonia manufacturing facility at Kandla. As far as Kochi is concerned, the liquid capacity at Kochi is operating at a high utilization, and further capacity will come up in the near future at the additional land that we have been allotted at this port. At Pipavav, the LPG capacity with 48,000 metric tons of static cryogenic capacity has been added last month. With this expansion, the total LPG terminal static capacity at Pipavav has reached 70,800 metric tons. The liquid terminal at Pipavav is progressing well with a high utilization. In the future, it is our intention to set up a rail gantry for evacuation of liquid products as well, similar to the ones that we have for gas. India's first independent ammonia terminal at Pipavav, of course, as I mentioned, is being set up with a static capacity of 36,000 metric tons. This project is expected to be completed before the first quarter of the next fiscal year. This ammonia terminal has a take-or-pay contract for 15 years to service the upcoming DAP plant of Hindustan Zinc in Kandla. At Mangalore Port, we added the cryogenic LPG storage terminal with an 82,000 metric ton static capacity last month. The first vessel was welcomed last month with the inauguration of the LPG loading arm, which made its first pilot discharge. This was a flawless operation. Further capacity in the liquid side will be set up in the near future in this port as we have been allotted some additional land. At Haldia, the liquid capacity is operating at a high utilization. We participated in various tenders to get additional land at Haldia to expand our capacity. The Haldia LPG terminal continues to do well and increase its utilization slowly and steadily. We are looking to extend our presence to a seventh port. Once we are allotted some land, at the moment, we're not able to disclose where we are building. Once we are allotted some land, we will, of course, be able to set up some additional capacity in the liquid side there soon. We'll be informing everybody of that. In summary, Aegis possesses really strong, in which we have demonstrated, in-house expertise in identifying opportunities and executing infrastructure projects that are cost-effective, fast, and flexible, while at the same time maintaining the highest quality standards that ensure the long-term durability of these assets. We've also been structured at the lowest cost for a designated number of frequent turns. All these projects are housed and operated under Aegis Vopak Terminals Limited. We will already reach a CapEx of $1.2 billion by the end of next year. We expect to reach $5 billion aggregate CapEx by 2030, which would be funded by a mix of internal accruals and utilization of debt, with a debt-gearing ratio, a proven debt-gearing ratio of 0.6 x capped to 3.5 x of EBITDA. With the recently concluded phase I equity infusion by way of the IPO, and as you know, we are legally obliged to have a phase II equity infusion within the next three years under the SEBI regulations. The CapEx, therefore, will be largely funded. Coming to the distribution side, this is, of course, a key focus for us as we utilize our existing terminal facilities and infrastructure to reach the end customers. In the case of LPG, we manage the entire value chain from sourcing, storage, to distribution across India. Since distribution is a B2C segment, it offers a significantly higher earnings per ton compared to our other segments, while requiring relatively little investment. We distribute LPG directly to industrial customers and also to our partners to serve both existing and new customers in the retail segment, especially with auto gas LPG stations where we can cross-sell other products. I'm really pleased to announce that we have just signed a. Ladies and gentlemen, the line for the management is disconnected. Please hold while we reconnect them again. Ladies and gentlemen, thank you for being on hold. The line for the management is now reconnected. Thank you, and over to you, sir. Thank you. Sorry about that. Yeah. I'm pleased in case you missed it. I'm really pleased to announce that we have just signed a cross-selling of fuel agreement with Jio-bp, which I think really could be a very interesting development for our distribution business. I just provided you a detailed port by port update on each of the terminals. Really, just to summarize before I hand over, there are numerous investment opportunities across our businesses and the related segments. Aegis has very strong cash reserves, a robust balance sheet, which is positioning us well for future growth. Our management team is actively evaluating multiple projects that align with our internal IRR benchmarks. With AVTL now being listed, we recognize our responsibility to shareholders has doubled, and we are committed to delivering long-term value to all stakeholders. With that, I'll conclude and hand over to our Chief Financial Officer, Mr. Murad Moledina, to present the quarterly financial highlight. Murad? Yeah. Thank you. Now, before we get into the financials, I'd like to briefly explain the rationale behind the AVTL's IPO. The primary objective was to reduce debt and strengthen the balance sheet, enabling us to seize future growth opportunities and continue our GATI strategy. For Aegis Logistics, the IPO has been EPS accretive, where now a portion of the profit will be shared with minority shareholders. However, the returns generated from reinvesting the proceeds will more than compensate for this. Coming to the operational parameters of the business, both the Aegis segments, LP Gas and liquids, performed as per our expectations in the first quarter of FY 2026. Q1 FY 2026 normalized EBITDA stood at INR 256 crore, an increase of 2% year on year. Profit after tax increased by 11% to INR 175 crore for the first quarter this year versus INR 158 crore in Q1 of FY 2025. Now, coming on to the individual segments, liquid Q1 FY 2026, revenue from liquid segments stood at INR 144 crore compared to INR 143 crore a year earlier, an increase of 1%. We delivered a stable Q1 EBITDA of INR 106 crore in liquid. LPG business Q1 FY 2026 EBITDA was INR 150 crore as compared to INR 142 crore in Q1 FY 2025, an increase of 6% YoY. The revenue from LPG business stood at INR 1,575 crore, achieving an 8% YoY growth. Now, volume details. Support revenue in Q1 FY 2026, the LPG volume handled at all our terminals was 1.16 million tons versus 1.01 million metric tons in Q1 FY 2025, an increase of 15%. The distribution volumes of auto, commercial, and industrial bulk handled was 1.45 lakh metric tons in Q1 FY 2026 against 1.28 lakh metric tons in Q1 FY 2025. The sales volume of sourcing was 1.19 lakh metric tons versus 1.24 lakh metric tons in the same quarter last year. The financial position of the company remained robust with low debt, strong cash flow, and a solid balance sheet. We achieved the highest liquid revenue in Q1 ever. We also achieved the highest gas EBITDA in Q1 ever. We also achieved the highest throughput in Q1, LPG throughput volume ever. We continue to do many firsts all the time. With this, I hand over this line to the moderator to start the question and answer session. Thank you. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jolyon from Amiral Gestion. Please go ahead. Hello. Am I audible? Yes, please. Thank you for the opportunity to ask a question. I have a few questions. Maybe first, if you could just talk about your revenue and margin, maybe on a sequential basis because it did come down quite significantly, maybe from the first quarter of last year to this year. Mr. Jolyon, your voice is not very clear. I'm sorry. Can you hear me? No, just about the liquid segment from the first quarter to the first quarter this year, why did the revenue decline so much and also the margins? No, sir, sorry, Jolyon, we can't hear you properly. Mr. Jolyon, we can't hear you properly. Hello. Is this better? Yes, yes, it's better. Please continue. No, no. I was just asking about liquid. Maybe from a sequential basis from the first quarter to the first quarter, why did the revenue and margins decline so much? In liquids, every time, Q1 is always a little softer. Like I said, we have achieved the highest ever liquid revenue lifetime of what we have done in Q1. We are okay as far as liquid is concerned. From ensuing quarters, you will see, as the product mix improves in the newly commissioned liquid terminals, we would be doing better as the year progresses. Sir, for this year's first quarter, should we also expect like a seasonal increase in liquids revenue and margins? Historically, Q1 and Q2 is softer than Q3 and Q4. Capacities added also make a difference and a change of product mix. If you look at all together, then you will be able to gauge correctly what happens in the ends of quarters. Okay. Maybe this question pertains to the margins for gas distribution. I mean, if I would just do like a back-calculated estimate of the margins on EBITDA per ton, gas distribution actually declined on the Q-on-Q basis. You know, any color on that? Yeah. Yeah. So distribution margins, please look at on a yearly basis, they are generally around INR 3,000. Last year, we clocked INR 3,500. This year also, we expect to be around the same. On an average, we will always end at around INR 3,000 to INR 3,500 per ton. Currently, in Q1, we have done around INR 2,500. You will see there has been a push on volumes because we have entered new geography, on account of our upcoming Mangalore terminal. We are now pushing, and that has averaged out the margins a bit. We are confident that we will again end between INR 3,000 to INR 3,500 per metric ton. On a yearly basis, you will, of course, see a better volume growth as compared to last year, which we have always said in the previous year that in the current year, on account of two cryogenic terminals coming up and a new geography, we will see better volumes. Margins, like I said, we should be able to achieve what we did last year on an average. We should be better off in distribution business this year, back on track. Okay. Maybe just one last question. On JNPT, as I understand, actually, one of our competition has announced an LPG terminal, and I think they have started construction in February this year. With that in mind, do we anticipate like an overcapacity situation over there? Are there any assumptions on their capacity? After all, I think it's too easy to combine the two capacities that we have announced and the peer has announced. You know, then there seems to be a lot of capacity in JNPT. I don't know. Any color for that? Yeah. JNPT, please keep in mind that there are two partners involved in the JNPT infrastructure, which we are setting up: Aegis and Vopak. Both are very experienced infrastructure players in the storage business, one a leader in India and one a world over. We have examined all the macro market conditions, competition, everything. After having confidence in all the parameters, we have decided to go ahead. Another thing which you can note is that the so-called LPG infrastructure that you have referred to, there are news items saying that BW has, of course, withdrawn, so we don't know the fate of that particular infrastructure. In spite of that, like I said, we do our own calculations, and we are confident of what we are doing at JNPT. We expect good and solid utilization going forward. As far as JNPT is concerned, it's in Western India and near to the high consumption north of India. Thank you. The next question is from the line of Abhishek Jain from AlfAccurate Advisors. Please go ahead. Thanks for the opportunity and congrats for the sense set of numbers here. Sir, you have added two capacities. One is the Mangalore, and another is the Pipavav ports. After adding these two capacities, what would be the total throughput capacity right now? In FY 2025, it was 960. We don't give outlook on the throughput that we are going to achieve. Please keep in mind that what we have always said, and the only guidance that we have given is that we strive for a 25% CAGR growth in our EPS year on year. That's the bare minimum that we try. I think from the last three years, probably we have done around 23% of CAGR growth. What would be the increase in the static capacity, sir? Static capacity put up in Mangalore is 82,000 metric ton, equivalent to around 6 million tons of throughput capacity. Pipavav is 48,000 metric ton, which would be where we would be able to do a 4 million kind of throughput. The total static capacity will increase by 1.1 x, and the same line growth can be possible in the throughput capacity. In the throughput utilization, you're prorating it. Yeah. Yes. Oh, how it happens is that every new terminal, you are combining a matured terminal which is operating for years along with a new terminal. You cannot do that. Every new terminal, we have always said, a gas terminal is built with a capacity that should last the customer for five, seven years. It starts with a 25%, 30% utilization, then scales up. In five, seven years, you then see almost close to 100% utilization. The life of the asset, both of liquid and gas, is 40 years. A very long life. The utilization, I've just explained how it happens. That means we can assume that a 25% kind of the volume growth, CAGR growth in a gas terminal? Yeah, typically that's how it happens. What was your throughput, capacity, and utilization in the first quarter, sir, in the LPG segment? Throughput, we did 1.16 million tons, right? 1.16 million. Yeah. Your utilization, sir? Sorry? Utilization? Utilization, we don't do like that. Okay. Before we did, before these two cryogenic terminals in Aegis, we had a capacity of 9.6 million tons. You can do the. Okay. This is quarterly 1.16, mind you. Okay. This quarter, we did not get any benefit of this incremental capacity. We gained the benefit from the second quarter only. Yes, you are right. Just one quick question was that if you see the average utilization in the liquid division and EBITDA per ton in the gas sector, that was very high in Q4. Was it in this quarter? Was there any one-offs in the first quarter, sir? Sometimes you get take-or-pay contracts and you earn money. Those, I cannot say they are one-offs. They could repeat, but they do come once in a while. These are because of that, you have completed two terminals in the last quarter, Mangalore and Pipavav, and got the revenue? Yeah, last quarter, the revenues and the per CBM rate might be higher because we get sometimes contracts which are contracted but not utilized. You get those revenues. Like I said, we cannot say it's one-off, but it's once in a while. It does come. Can you give that number, sir, how much it was? I don't have it. We don't keep a track of all of that. You have to take it together. If you look at the yearly realization in liquid, they are always around INR 3,000 per CBM. That is how it comes on an average. Okay, thank you. On average, they're doing realization rather than go quarter to quarter. They even out, balance out. Okay. Thank you. The next question is from the line of Yash Nandwani from IIFL Capital. Please go ahead. Can you please be a little louder? Yeah. Thanks for the opportunity, sir. Sir, my first question is on the distribution segment. One of the city gas distribution companies has recently announced its entry into the propane and LPG marketing. They are in the Morbi as well as other industrial clusters, and they are targeting 25% market share. How do you see this impacting our distribution business? You should know. Do we have a—I'm sorry. This is an echo. Hello. Hello. Can you hear me? Yes, sir. Hello. Yeah. Hello. Yeah. You should be happy that finally what we have been saying over a number of years is happening, that you will find a city gas, natural gas player wanting to get into the LPG business. The more, the merrier. That's what I always believe. Probably they would come. They don't have their own terminals. Probably they would be coming to store at our terminals only because you need terminals to be able to trade. At the end of the day, they are going to trade. Mind you, we have partners who are global leaders like ITOCHU with us. Let's see. There are so many other companies who do trade in LPG. All the NOCs, us, SHV, Total, Confidence, there are so many of them. We compete and we sell. We have the advantage of being vertically integrated in LPG business. We source, store, distribute all ourselves. We capture the entire value chain as such, which may not be there with others. Sure, sir. Sir, secondly, apart from the expansions already announced in AVTL, do you plan to enter any new terminal or have any product or service in this company in the near future? Yash, please. Yash, please Yash, please understand. Again, it's echoing. Hello. Yash, please understand. Aegis Logistics Limited is a consolidated financial statement that we are talking about. It's inclusive of AVTL. It does not exclude AVTL. All of the CapEx of AVTL are included line by line into this company. It's inclusive of whatever Aegis Vopak will house. For example, we have Mumbai Terminal Number 2 housed in Sea L ord. We have our packed cylinder business housed in Aegis Gas. We have liquid and LPG terminal housed in Aegis Vopak. All of this gets combined and consolidated. Aegis Logistics is a whole. It's what includes everything. Like we have said, in addition to INR 2,500 crore projects that we are doing, which will be housed in Aegis Vopak, another INR 250 crore of Mumbai expansion in liquid will be housed in our parent individual standalone company. We will be inclusive of all of it. Sir, that means if you enter any new product, let's say hydrogen, that will be housed in Aegis Vopak only? Or any other sort of product, sir? Yes. I'm sorry, there's some problem with the system. There is an echo. Let me say it this way: as and when the opportunity comes in any new energy, any new port, or any other infrastructure, the company will decide whether it falls within our benchmark returns that we expect. Secondly, we'll decide where it will bring the maximum value. It also depends on whether there are partners in those opportunities. It will be done as the opportunity will call for. You know, it depends. Yes, most of the standard port terminals will be housed under the strategic GATI in Aegis Vopak, for sure. If I can just add here, I think the classic example is ammonia, right? That would be an example, just like, you know, 18 months ago when we first announced that we were getting into the ammonia business. Today, you know, that is a reality. The first ammonia terminal is under construction. The second ammonia terminal, I just announced in the call in Kandla with Larsen & Toubro and so on. New opportunities like ammonia will come, and when they do come, we will assess where to house them correctly. Sure, sir. Thanks a lot. Thank you. The next question is from the line of Neelotpal Sahu from JM Financial. Please go ahead. Hi, good afternoon. Am I audible? Yes. Thank you. Just a few questions from my end. First of all, is the Haldia LPG terminal going to be included in AVTL? Yeah. I wish I knew the answer. It all depends on, you know, we continuously keep reviewing all our assets. Like Mr. Raj just said, where housed would bring maximum value. It depends. As of today, there's nothing more to speak about on this. Yeah, never say no to anything. We are always assessing, reviewing, and looking at what brings maximum value to the group assets. Okay, sir. The second question, can you give us some ballpark differential of what is the price differential between propane and natural gas for the industrial clusters in Morbi? I think as of today, it stands at around 16%. If you look at electricity, it is 53%. It depends on each fuel. For LG, Morbi, I think it's 16% in favor of propane. That's what. Generally, it's always 15% or so. That's what it is. Okay, sir. Thank you both so much. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Harssh Shah from Dalal & Broacha. Please go ahead. Yeah. Thanks for the opportunity. A few questions from my side. Firstly, on the announcement that the company made on 19th of June with respect to the various business transfer agreements which the company has kind of signed between the subsidiaries, right? I just wanted to check here, I mean, how is the accounting treatment done in terms of shares when your shares are doing a slump share from Sea Lord containers to AVTL, right? I mean, how is it accounted in the books of the holding team? Like you said, in AVTL, the gain on the transfer of assets is recorded in other comprehensive income, right? I mean, is it going to impact? Harsh, we will need a session, a whole day session to sit and completely talk on consolidation. It's a complex subject. To say it in a very simple manner, when you consolidate all of this, the profits are eliminated. In the profit and loss account, the profits will not appear. That's what the accounting standard requires. If you look at the individual companies, you will see those profits. For example, the Mangalore terminal which we transferred will be reflected in the Sea Lord Containers Limited, which is a 100% subsidiary of Aegis Logistics Limited standalone. There, in Sea Lord, you will see the profit, reflecting on sale of the whole asset to AVTL. When we consolidate, that profit is going to get eliminated on consolidated wages. It is not that when the subsidiary earns something, the standalone holding company will also reflect that. That cannot be so, because that's how accounting is done. It is only aggregated on a consolidated basis, but there is the requirement of law that you don't need to reflect or actually show the profit because they have come from the companies you control or those that are your subsidiaries. They get eliminated. Correct. No, I get the point of consolidation. I just want to check. For example, Sea Lord is transferring. When you are doing accounting for Sea Lord, is the profit reflected within other income? Is it that case, or how is it? Yeah, yeah. Only when it is sold, you know, income minus expense, that's the profit. No, no. That is reflected in other income. I add from where I'm coming is that if I look at the base quarter, the standalone operation of Aegis Logistics, there is an other income of [INR 153] odd crore, right? That is where I'm trying to understand how the other income in the base quarter is so high. Oh, you're talking about standalone. No, we discuss here only consolidated. Standalone would be interest income. Other income will include even interest received. It is probably because of interest received. You have a very large cash balance of around INR 4,130 crore as of 3oth of June. You can look at 7% per annum, which is INR 290 crore. Divided by 4, it would be somewhere around INR 80 crore, 90 crore, which would be interest received only. I get the point of the translation. Can you hear me? Your voice is not really clear. Can you please check? Is it better now? Yeah, is it better? Can you continue? Yeah, yeah. Yeah, it's better. Basically, what I was trying to understand is in the base quarter, INR 153 crore of other income. Is there any portion wherein any assets which may have been created or built by Aegis Logistics Limited have been transferred and that is getting reflected in other income, or is it just the adversary interest? In the quarter, Aegis Logistics Limited has not transferred any asset. It is Sea Lord that has done so. Yes, got it. Okay. I don't know. Yeah, got it. Okay, sure. I mean, we have to take it post the call only for the accounting. For now, that's it from my side. Thanks. Thank you. The next question is from the line of Abhishek Jain from AlfAccurate Advisors. Please go ahead. Thanks for the opportunity again. Sir, why is the average license per CBM basis used to be higher in the fourth quarter in liquid division? As you mentioned, that it is averaged around INR 300 CBM per month. If we see the number in the first quarter for 2026, which is around INR 223 crore- INR 224 crore, and the earlier quarter also, except fourth quarter, it is used to be INR 224 crore-INR 230 crore per month basis. I just wanted to understand the math, sir. What I said was INR 3,000 per year, not INR 300 per month. If you translate INR 3,000 per year, it comes to INR 250. If we had done INR 225 in Q1, I'm sure the average by year-end would again come back to INR 250, which is generally the standard benchmark we look at. Last quarter, [INR 398 crore] includes also a lot of. You have to look at yearly average. Okay. Got it. It's on the gas, it is usually around INR 1,560. It is usually INR 1,280- INR 1,300 per ton basis. What is the average EBITDA per ton guidance going ahead? It is generally INR 1,000 per ton EBITDA margin in case of Aegis. INR 1,000. Yeah. This time it is around INR 1,290, and earlier also it was in the range of INR 1,270-INR 1,280. It is like this, that in case if, for example, in some of the ports, we get a higher revenue rate, and also the EBITDA is higher. If the throughput increases in that particular port, the average, but again, over the whole year, it will balance out, and you will see generally INR 1,000- INR 1,100 max is what may be the EBITDA per ton in case of throughput of Aegis. Okay, sir. As you mentioned, around 20% volume growth is expected in the gas division. I just wanted to understand what is your outlook for the liquid division, sir? How is the revenue projecting to improve because of this addition of JNPT capacity? No, we do not. For example, I have never said 20% growth in throughput, which is we don't give outlook both in gas and liquid. How we have to generally look at it is, again, I repeat, the CBM, the capacity in liquid that we have, INR 3,000 is what would be generally the revenue rate. You have to take INR 2,000 per CBM in liquid as the EBITDA margin. You can work for yourself looking at the capacity growth that the liquid will have during the year. If you achieve something more than that, we are doing good. In case of LPG, as we have said, the revenue rate, like you have said, is INR 1,250 per ton, and the EBITDA rate is INR 1,100 per ton, INR 1,000- INR 1,100 EBITDA margin rate. In case there is a new capacity coming up, it generally starts with a 25% utilization and then scales up. The terminals which are five, seven years old, or probably seven years old, you would find those terminals being utilized almost 75%- 100%. Accordingly, you have to work out your maths. Thank you, sir. That is clear. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Vishal Mehta from IIFL Capital. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity again. I think going forward, probably we can look at combining the calls for both the entities. You know, just taking forward the discussion on that accounting treatment, just one clarification that I needed. In the books of AVTL, the CapEx that will be recorded would be cost to the group plus margin. In the consolidated group, it will all get eliminated, and the CapEx that will be recorded would be just the cost to the group, right? Perfect. I would just like to reword it. In AVTL, it will be accounted. The cost will be accounted what it has paid for, which is what you have described differently, but it amounts to the same thing. In consolidated, whatever margin the holding company charges will be eliminated, and it will be shown net of that margin. Okay. Okay. Okay. Cool. Thanks. That was the only question. All the best. Thank you. The next question is from the line of Amit Vora from The Homeopathic Clinic. Please go ahead. Yeah. Hi, good afternoon, everyone. My question is again for the related only. Is this work to have the portfolio for June 2025 net profit? The complete net profit is reflected in Aegis Logistics or the cash flow or some other component? I'm sorry. I was not able to clearly hear you. We can't hear you properly. Just a minute. Just a minute. Hold on. Hello? Am I audible now? Better. Yes, much better. Yeah, my question was if Aegis Vopak had made a profit of INR 48 crore in this last quarter, this current quarter, June 2025, is the complete INR 48 crore reflected in Aegis Logistics or the cash flow component or some other component? You know. The complete profit is reflected, except intercompany transactions are eliminated. The complete, but it won't affect the profit as such. It is line by line consolidation, and all the profits will get embedded. Whatever is the minority interest in the consolidation of Aegis will be shown as a deduction after PAT. It will come before EPS. That's minority interest, which. Got it. Got it. Thank you so much. My question is answered. Thank you. Thank you. The next question is from the line of Vinith Jain from Siddh Capital. Please go ahead. Thank you, sir. My question is regarding the distribution volumes, which we have seen fraction after, say, five to six quarters. How do you see the growth trajectory here going ahead? Will you be able to give us some kind of a color? How much has the volume come from Mangalore in the recent quarter? How is the higher position shaping up at Morbi? I may not be able to give you a territory-wise breakup, including Mangalore, but I can tell you for sure that we will see an upside in this year as compared to the previous year. Previous year was a showdown between NG and propane. Now the dust has settled, and we are also moving into new geography. New capacities have come. We will see a good, healthy growth in the current year, which is well reflected in the Q1, which is generally soft, where we have seen a 13% - 14% increase in the distribution volume already. We expect to end the year good as far as distribution volumes are concerned, and like I have said earlier, try and retain the margins. You concur that this quarter has some volumes from Mangalore, right? Oh, it's not Mangalore. T erminal has not started. What we are, again, you know, pushing into that market. Okay. We are sitting on a large pile of cash. What are the other growth opportunities we are seeing apart from home? You have mentioned that major projects are going to be parked into the JV. Ex-JV, what are the other growth prospects the company has? There is nothing like major projects housed in the JV or not. Like we have said, every opportunity is to be seen in isolation, and then decisions have to be taken based on a lot of factors. There could be multiple, multiple scenarios. There could be a scenario where Aegis Standalone and AVTL together are investing in an asset. There could be a scenario where we are investing both of us together along with a partner. There could be a scenario where Aegis Vopak is doing on its own. There could be a scenario where Aegis Logistics is doing it on its own. There are multiple, multiple variables and multiple ways in which our infrastructure can be structured. The opportunities are coming thick and fast. They are becoming bigger and bigger. I think whatever cash we may have will not suffice for the kind of growth that we are looking at. $5 billion by 2030 is a tall order, and we will need every cash that we can lay our hands on, whether in holding company or whether in subsidiary or whether through a partner or whether equity infusion or debt, whatever. We will need it all to be able to carry on our strategy of GATI, which is becoming a gateway access to India for all liquid and gas products, including imports, exports, postal movement, all of it. If I can just add that, you know, our having a strong cash balance and a very strong balance sheet has been a basic philosophy of the company for the last 15 years. It gives us the flexibility to move fast on acquisitions, to move fast on projects, whether it's acquisition of land or even executing projects, which is, I think, why we are seeing such an amazingly fast rollout of all our terminals. It is actually having that cash balance that really gives us that strength. We intend to continue with that policy. Okay. One final question on the logistics part. We're seeing the volumes have been largely in the same range for the last four or five quarters. There has been an upside of 10% and above. With the new two facilities coming, should the traction be much higher in the next few quarters, or how do you see that? Do you think it is only going to move much when the KGPL pipeline is commissioned? I think both, even without the hookup and the commissioning of new capacities, you will see an upside. We have already said that every quarter we are clocking a lifetime high on several fronts. This quarter also, which is the highest throughput ever that we have done in any Q1 historically. Yes, 10%, we have done 15% higher YoY, right? That's a very healthy upside. With the increased capacity, we will see further increase in the ensuing quarters. When the hookup happens and those pipelines, Central India pipelines, get operational, we will see even more. This year is going to be a good and very healthy upside as far as throughput is concerned. I think if I can just add this, as I've mentioned in my earlier comments, the other assets that we are adding, strategic assets like, for example, the railway gantries and so on. Some of you have been following this company for some time. Maybe recall that at Pipavav, the moment we added the railway gantry, the business really accelerated, the volumes and so on. In my remark, I mentioned that we are going to be adding a railway gantry at Mangalore, right, which would be coming up in the next. We can't look every quarter necessarily at the, you know, but if you see the direction of travel, it's very clear that the throughputs are going to be going up quite a bit. On the KGPL pipeline, it was some news item said that it was slated to start by June, and there's again a delay. Also, there's another news item which says that Mundra Port wants to join into the pipeline. What's the delay? If you understand anything on that, please throw some color. You can look at that at the IHB website, and it says that they expect the commissioning of KGPL in Q2 of FY 2026. Probably by September is what they are aiming for. We have heard that the gassing up has already started. Mudra hooking up into KGPL is a common user pipeline. We are also hooking up. Mudra will also hook up. IOC will also hook up. The pipeline throughput capacity is huge, 8.25 million in case of KGPL. We have heard that JLPL also, PNGRB has now approved a step-by-step increase in capacity from 3.5 million to 6.25 million. These pipelines will be the heart for reaching these energy products to all corners of this country, which has got a varied geography. It's so important to reach energy to every corner of the country. In your LPG distribution network, you show most of the states, except most of the northern states. Even the largest state of Uttar Pradesh is not on your map. Do you plan anything for UP or how do you see it? It fits within our framework and benchmark. We do investments. Mind you, this distribution business is a franchise model. What is important is to get franchise to invest into this business. We are currently focusing on wherever we are to improve, you know, volumes out there. Of course, those states which have been left out will also follow when the time is right. Okay, thank you so much. Thank you. Due to time constraints, we will take this as a last question for today. I now hand the conference over to the management for their closing comments. Great. Thank you so much. I just want to conclude by saying that I see that our company, Aegis, has an unparalleled array of assets now in place in the liquids business and in the gas business. We are adding more assets, super high-quality assets. I think the current financial year, FY 2026, is going to be a really excellent year for us. I am really looking forward to sharing some of these developments as we progress through the year. Thank you very much for your attention. Thank you so much. Okay. Thanks. Thank you. On behalf of MUFG Intime Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.