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Investor Presentation Q2 FY2026 November 2025 AEGIS LOGISTICS LTD.
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INVESTOR PRESENTATION: Q2 FY2026 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Aegis Logistics Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward- looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. Safe Harbour 2
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INVESTOR PRESENTATION: Q2 FY2026 Vision To support India’s transition towards a more sustainable future. Mission To store and distribute bulk liquids and gases in a safe, sustainable manner. 3
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INVESTOR PRESENTATION: Q2 FY2026 4 Third Party Gas Logistics (3PL) Gas Distribution Gas Sourcing Third Party Liquid Logistics (3PL) EPC Services Liquid Division Gas Division Aegis at a Glance
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INVESTOR PRESENTATION: Q2 FY2026 Q2 FY26 Highlights
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INVESTOR PRESENTATION: Q2 FY2026 6 Q2FY26: Performance at glance LIQUIDS DIVISION Recorded Highest ever Q2 Revenues Delivered Highest ever Q2 EBITDA GAS DIVISION Recorded Highest ever Q2 Revenue and EBITDA driven by Highest ever Logistics Volume Highest ever Distribution Volume Normalized EBITDA Rs. 347 Cr. +46% GROWTH PAT Rs. 244 Cr. +61% GROWTH Liquid Division EBITDA Rs. 116 Cr. +25% GROWTH Gas Division EBITDA Rs. 231 Cr. +60% GROWTH KEY HIGHLIGHTS Addition of 61,000 KL Liquids Capacity at Mumbai Port Additional Land allotted at Haldia Port
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INVESTOR PRESENTATION: Q2 FY2026 *Normalized EBITDA: before Forex, hedging-related expenses Liquids Performance: Highest Q2 Revenue & EBITDA Revenue EBIDTA* 7 130 155 Q2FY25 Q2FY26 93 116 Q2FY25 Q2FY26 Rs. In Cr. Rs. In Cr. +19% +25%
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INVESTOR PRESENTATION: Q2 FY2026 LPG: Record Volume Growth Drives Highest Q2 Performance Logistics Distribution 8 1064 1407 Q2FY25 Q2FY26 129 192 Q2FY25 Q2FY26 Sourcing 194 208 Q2FY25 Q2FY26 ‘000 MT ‘000 MT ‘000 MT +32% Highest ever Volume +7% +49% Highest ever Volume
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INVESTOR PRESENTATION: Q2 FY2026 Rs. in Cr. Q2 FY26 Q2 FY25 Y-o-Y % Revenue 2,294 1,750 31% Cost of Sales 1,896 1,441 Others 51 72 Normalised EBITDA (Segment)* 347 237 46% Finance, Hedging & Forex-related Expenses (Net) -21 -6 Depreciation 52 37 Unallocated Expenses 6 10 Profit Before Tax 310 196 58% Tax 66 44 Profit After Tax 244 152 61% *Normalised EBITDA – Before Forex, Hedging-Related Expenses Q2FY26 - Consolidated Profit Statement 9
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INVESTOR PRESENTATION: Q2 FY2026 Rs. in Cr. H1 FY26 H1 FY25 Y-o-Y % Revenue 4,013 3,352 20% Cost of Sales 3,284 2,721 Others 127 143 Normalised EBITDA (Segment)* 602 487 24% Finance, Hedging & Forex-related Expenses (Net) -45 -11 Depreciation 94 74 Unallocated Expenses 17 21 Profit Before Tax 538 404 34% Tax 119 94 Profit After Tax 419 310 35% *Normalised EBITDA – Before Forex, Hedging-Related Expenses H1FY26 - Consolidated Profit Statement 10
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INVESTOR PRESENTATION: Q2 FY2026 Consolidated Balance Sheet Assets (Rs. In Cr.) Sep-25 Mar-25 Non-Current Assets Property, Plant and Equipment 6,373 5,070 Capital Work in Progress 436 1,308 Other Intangible Assets 2 1 Goodwill 15 15 Financial Assets Investments 488 0 Loan 45 45 Other Financial Assets 386 22 Current Tax Assets (Net) 45 38 Deferred Tax Assets (Net) 325 238 Other Non-Current Asset 192 193 Total Non-Current Assets 6,306 6,930 Current Assets Inventories 115 185 Financial Assets Investments 437 0 Trade Receivables 539 693 Cash and Cash Equivalents 783 1,411 Bank Balance Other Than Above 1,606 1,780 Other Financial Assets 118 96 Other Current Assets 146 138 Total Current Assets 3,744 4,303 Total Assets 12,050 11,233 11 Equities & Liabilities (Rs. In Cr.) Sep-25 Mar-25 Equity Equity Share Capital 35 35 Other Equity 5,906 4,596 Equity Attributable to Owners 5,941 4,631 Non-Controlling Interest 2,631 1,091 Total Equity 8,572 5,722 Liabilities Non-Current Liabilities Financial Liabilities Borrowings 425 2,353 Lease Liabilities 1,568 1,586 Other Financial Liabilities 54 59 Provisions 18 17 Deferred Tax Liabilities (Net) 172 153 Other Non-Current liabilities 1 1 Total Non-Current Liabilities 2,239 4,169 Current Liabilities Financial Liabilities Borrowings 317 531 Lease Liabilities 129 136 Trade Payables 439 444 Other Financial Liabilities 167 97 Other Current Liabilities 109 70 Provisions 12 12 Current Tax Liabilities (Net) 66 52 Total Current Liabilities 1,240 1,342 Total Equities & Liabilities 12,050 11,233
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INVESTOR PRESENTATION: Q2 FY2026 Rs. In Cr. Sep-25 Sep-24 Profit Before Tax 538 404 Operating Profit Before Working Capital Changes 565 462 Net Cash Inflow from Operating Activities (A) 639 159 Net Cash Inflow/(Outflow) from Investing Activities (B) -1,398 -584 Net Cash Outflow from Financing Activities (C) 131 803 Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) -628 377 Cash and Cash Equivalents at the Beginning of Year 1,411 1,032 Cash and Cash Equivalents at the End of Year 783 1,409 Consolidated Cash Flow 12
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INVESTOR PRESENTATION: Q2 FY2026 FY25 Highlights
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INVESTOR PRESENTATION: Q2 FY2026 • Successfully listing of AVTL and Bank borrowing fully paid in AVTL Objects of the Issue: Proceeds of Rs. 2,800 crores to • Repayment of bank borrowings • Funding capital expenditure towards the contracted acquisition of the cryogenic LPG terminal at Mangalore • General Corporate Purpose ▪ Largest Capex implementation in LPG by Aegis completed ▪ Foothold into second port of Mumbai JNPT port with full commissioning of 101,900 KL Liquids Terminal ▪ Connection to LPG pipelines grids secured and progressing well for Pipavav & Kandla terminals ▪ Kandla, Mangalore and Kochi Liquids expansion completed ▪ Started Ammonia storage terminal development at Pipavav for the capacity of 36k MT ▪ Additional land allotted in Kandla, JNPA and Mangalore 14 FY25: Key Events Listed on exchanges on 02nd Jun’25
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INVESTOR PRESENTATION: Q2 FY2026 *Normalized EBITDA: before Forex, hedging-related expenses Liquids: Strong Growth 15 Rs. In Cr. Rs. In Cr. 549 650 FY24 FY25 396 498 FY24 FY25 +18% +26% Highest Ever Highest Ever
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INVESTOR PRESENTATION: Q2 FY2026 LPG: Continued Volume Growth Logistics Distribution 16 Sourcing ‘000 MT ‘000 MT ‘000 MT 4105 4523 FY24 FY25 560 521 FY24 FY25 798 597 FY24 FY25 -07% +10% Highest FY25 Volume -25%
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INVESTOR PRESENTATION: Q2 FY2026 Liquid Division Business Performance 17
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INVESTOR PRESENTATION: Q2 FY2026 *Normalized EBITDA: before Forex, hedging-related expenses Liquids: Continued Growth Revenue EBIDTA* 18 234 270 418 549 650 FY21 FY22 FY23 FY24 FY25 Rs. In Cr. 173 195 272 396 498 FY21 FY22 FY23 FY24 FY25 Rs. In Cr.
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INVESTOR PRESENTATION: Q2 FY2026 Gas Division Business Performance 19
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INVESTOR PRESENTATION: Q2 FY2026 *Normalized EBITDA: before Forex, hedging-related expenses LPG Terminalling Capacity Static Throughput 20 119 FY19 FY20 FY21 FY22 FY23 FY24 FY25 9600 FY19 FY20 FY21 FY22 FY23 FY24 FY25 ‘000 MT ‘000 MT
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INVESTOR PRESENTATION: Q2 FY2026 21 LPG Distribution Drives Volume Growth 165 115 160 494 560 521 FY20 FY21 FY22 FY23 FY24 FY25 -07% YoY ‘000 MT
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INVESTOR PRESENTATION: Q2 FY2026 Record Gas Division EBITDA* 22 423 362 390 532 612 675 FY20 FY21 FY22 FY23 FY24 FY25 600 500 400 300 200 *Normalized EBITDA: before Forex, hedging-related expenses
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INVESTOR PRESENTATION: Q2 FY2026 Strategy
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INVESTOR PRESENTATION: Q2 FY2026 24 Pipavav Mumbai Haldia Kandla Mangalore Kochi Liquid Terminals Gas Terminals Kandla Pipavav * Mumbai Mangalore Kochi - Haldia JNPT Build, own, and operate India’s leading network of tank terminals and distribution facilities, incorporating the highest safety and environmental standards. Necklace of Terminals JNPT *includes upcoming Ammonia Terminal
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25 Our Tank Storage Infrastructure Largest LPG Terminal Operator in India Gujarat Maharashtra Karnataka Telangana Tamil Nadu Madhya Pradesh Uttar PradeshRajasthan Odisha Bihar Jammu & Kashmir Himachal Pradesh Punjab Uttarakhand Arunachala Pradesh Assam Manipur Mizoram West Bengal Jharkhand Chhattisgarh Sikkim Kerala Haryana Delhi Nagaland Tripura Meghalaya Goa Andhra Pradesh Kandla 48,000 MT Pipavav 22,500 MT 48,000 MT Mumbai 21,000 MT JNPT Mangalore 82,000 MT Haldia 25,000 MT Aegis owns, operates and builds terminals for open markets, providing tailored solutions to bridge gaps in the gas value chain, enabling faster, more efficient access to all our customers. We are the only 3rd party terminal to have Railway connectivity for LPG evacuation Pressurized Tanks LPG Bottling PlantCryogenic Tanks Rail Loading Facility Upcoming Capacities Pipeline Jetty Facility Road Ports Product Evacuation Infrastructure (incl. upcoming) Kandla Pipavav Mumbai JNPT Mangalore Kochi Haldia 9,52,000 KL 1,17,000 KL 64,000 KL 3,34,000 KL 1,93,000 KL Kochi 83,000 KL 2,27,000 KL 94,000 KL 1,02,000 KL Existing LPG Existing Liquid Liquid Upcoming 36,000 MT 3,18,000 KL 77,000 MT 25 Ammonia
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INVESTOR PRESENTATION: Q2 FY2026 Our LPG Distribution Network 26 Gujarat Maharashtra Karnataka Telangana Tamil nadu Madhya Pradesh Uttar PradeshRajasthan Odisha Bihar Jammu & Kashmir Himachal Pradesh Punjab Uttarakhand Arunachala Pradesh Assam Manipur MizoramWest BengalJharkhand Chhattisgarh Sikkim Kerala Haryana Delhi Nagaland Tripura Meghalaya Goa Andhra Pradesh We are rapidly expanding the footprint of LPG products and services across major Indian cities through our wide range of Domestic, Commercial, Industrial cylinders, Transport Fuel Stations, Bottling Plants and other services. Bottling Plants LPG Cylinders (Commercial & Domestic) Transport Fuel Stations Aegis - Your one-point contact for all your energy solutions Imported High Quality Product Uninterrupted and assured supply from own Terminals & Bottling Plants Competitive price and Value-added Services Spotless Safety Record Experienced & Professional Team Positive Environmental Impact & Sustainable Brand Image
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INVESTOR PRESENTATION: Q2 FY2026 The brand names mentioned are the property of their respective owners and are used here for identification purpose only Diverse Business Relationships 27
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INVESTOR PRESENTATION: Q2 FY2026 Our integrated logistics services include sourcing, storing, moving, and distributing products. LPG Sourcing LPG Sourcing JV with Itochu in Singapore Strategic Port Location Key gateway ports: Mumbai, Haldia, Pipavav, Kandla and Mangalore Storage Terminals Refrigerated gas terminal in Mumbai, Haldia, Kandla and Mangalore, and pressurised gas terminal in Pipavav Pipelines & Rail Connectivity Pipelines, road, and rail connectivity Autogas, Commercial & Industrial Distribution Network of Autogas stations and LPG distributors 28 Integrated LPG Supply Chain
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INVESTOR PRESENTATION: Q2 FY2026 29 Project GATI: Gateway Access to India 01 Greenfield Expansion 02 Brownfield Expansion 03 Mergers & Acquisitions 04 New Energy 05 Big Ticket Projects
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INVESTOR PRESENTATION: Q2 FY2026 Annexure 30
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INVESTOR PRESENTATION: Q2 FY2026 Rs. in Cr. FY25 FY24 YoY% Revenue 6764 7046 -4% Cost of Sales 5297 5769 Others 294 269 Normalised EBITDA (Segment)* 1173 1008 16% Finance, Hedging & Forex-related Expenses (Net) -20 -3 Depreciation 150 133 Unallocated Expenses 53 17 Profit Before Tax 989 861 15% Tax 201 189 Profit After Tax 788 672 17% *Normalised EBITDA – Before Forex, Hedging-Related Expenses FY25 - Consolidated Profit Statement 31
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INVESTOR PRESENTATION: Q2 FY2026 Consolidated Balance Sheet Assets (Rs. In Cr.) FY25 FY24 Non-Current Assets Property, Plant and Equipment 5,070 4,123 Capital Work in Progress 1,308 697 Other Intangible Assets 1 1 Goodwill 15 15 Financial Assets Investments – Loan 45 – Other Financial Assets 22 19 Current Tax Assets (Net) 38 31 Deferred Tax Assets (Net) 238 227 Other Non-Current Asset 193 109 Total Non-Current Assets 6,930 5,223 Current Assets Inventories 185 64 Financial Assets Investments 0 194 Trade Receivables 693 513 Cash and Cash Equivalents 1,411 1,032 Bank Balance Other Than Above 1,780 742 Other Financial Assets 96 156 Other Current Assets 138 148 Total Current Assets 4,303 2,850 Total Assets 11,233 8,073 32 Equities & Liabilities (Rs. In Cr.) FY25 FY24 Equity Equity Share Capital 35 35 Other Equity 4,596 3,859 Equity Attributable to Owners 4,631 3,894 Non-Controlling Interest 1.091 568 Total Equity 5,722 4,462 Liabilities Non-Current Liabilities Financial Liabilities Borrowings 2,353 1,432 Lease Liabilities 1,586 919 Other Financial Liabilities 59 56 Provisions 17 15 Deferred Tax Liabilities (Net) 153 144 Other Non-Current liabilities 1 2 Total Non-Current Liabilities 4,169 2,568 Current Liabilities Financial Liabilities Borrowings 531 231 Lease Liabilities 136 83 Trade Payables 444 435 Other Financial Liabilities 97 198 Other Current Liabilities 70 69 Provisions 12 10 Current Tax Liabilities (Net) 52 17 Total Current Liabilities 1,342 1,043 Total Equities & Liabilities 11,233 8,073
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INVESTOR PRESENTATION: Q2 FY2026 Rs. In Cr. FY25 FY24 Profit Before Tax 989 861 Operating Profit Before Working Capital Changes 1,107 955 Net Cash Inflow from Operating Activities (A) 558 656 Net Cash Inflow/(Outflow) from Investing Activities (B) -1,463 -712 Net Cash Outflow from Financing Activities (C) 1,283 256 Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 378 200 Cash and Cash Equivalents at the Beginning of Year 1,032 833 Cash and Cash Equivalents at the End of Year 1,410 1,032 Consolidated Cash Flow 33
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INVESTOR PRESENTATION: Q2 FY2026 Dividend Growth 34 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 FY19 FY20 FY21 FY22 FY23 FY24 FY25 7.25 Rs. per Share *Declared 1st Interim Dividend for FY 2025-26 of Rs. 2.00 per share
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INVESTOR PRESENTATION: Q2 FY2026 Aegis Logistics Limited CIN: L63090GJ1956PLC001032 Mr. Murad Moledina, CFO murad@aegisindia.com 35 MUFG Intime India Private Limited (A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services) Ms. Payal Dave +91 9819916314 Payal.dave@in.mpms.mufg.com Mr. Irfan Raeen +91 9773778669 irfan.raeen@in.mpms.mufg.com Thank You