Aegis Logistics

What Aegis Logistics does

Aegis Logistics Limited, founded in 1956 and headquartered in Mumbai, is an Indian integrated oil, gas and chemical logistics company listed on the BSE (AEGISLOG) and NSE (AEGISCHEM). It operates two principal divisions: Gas Logistics, which handles LPG import, cryogenic storage, and distribution through terminals at Mumbai, Pipavav, Haldia and Kandla, and Liquid Logistics, which runs shore-based tank farms for petroleum, petrochemicals, and chemicals at Kandla, Pipavav, Mumbai, Mangalore, Kochi and Haldia. Across both divisions Aegis runs 22 terminals at seven major Indian ports with a combined static capacity of approximately 15.7 lakh KL for liquids and 1,14,000 MT for LPG, and handles 3+ million MT of LPG per annum — capturing roughly 61% of India's private LPG import market and over 30% of bulk liquid handling.

The business model spans four revenue streams: (i) throughput-based terminal services to PSU oil majors (HPCL, BPCL, IOCL) and private players (Reliance, SHV Energy, Total Oil); (ii) direct bulk LPG, propane and butane supply to industrial customers in steel (Arcelor Mittal, Jindal Steel), automotive (Piaggio, FIAT), ceramics, glass, pharmaceuticals, aerosol, paper and textiles, including recurring BOOM/BOOT installation contracts; (iii) downstream retail LPG through 150+ cylinder distributors under the Aegis Puregas and Chhota Cikander brands plus 14+ bottling plants; and (iv) autogas retail via 1,100+ dispensing stations across 500+ towns, including unified outlets co-located with Nayara Energy petrol stations. An LPG appliances line and a Singapore JV with Itochu Corporation for global LPG sourcing round out the offering. Pricing is commodity-linked and contract-negotiated; standard price lists are not publicly disclosed.

For FY26 Aegis reported consolidated revenue of Rs 8,333 crore (up 23% YoY) and PAT of Rs 1,107 crore (up 41% YoY), with Q4 FY26 gas-terminal revenue up 65% YoY and distribution volumes up 72% YoY. The company exited FY26 with Rs 5,939 crore in cash, has articulated a ~$5 billion cumulative capex pipeline through FY31, and in June 2026 signed a non-binding MoU for ~Rs 20,000 crore of investment at the proposed Vadhvan Port. Aegis Vopak Terminals (JV with Royal Vopak of the Netherlands) completed its IPO in June 2025, and other vehicles include wholly-owned subsidiaries Aegis Gas (LPG), Hindustan Aegis LPG, Eastern India LPG, Sea Lord Containers, Aegis Terminal (Pipavav), CRL Terminals, and Konkan Storage Systems (Kochi). Leadership is anchored by Chairman & Managing Director Raj K. Chandaria, with Sudhir Malhotra as CEO and Murad Moledina as CFO.

Name

Aegis Logistics

Legal name

Aegis Logistics Ltd.

Website

https://aegisindia.com

Company type

Public

Founded year

1956

Operating status

Operating

Headcount range

101–250 employees

Short description

Aegis Logistics is India's largest private LPG importer (61% market share) operating 22 gas and liquid terminals across seven major ports. It serves PSU oil majors, industrial customers, and 1,100+ autogas stations via subsidiaries and JVs with Royal Vopak and Itochu.

Ownership category

akta.pro rank

Product category

Oil, Gas and Chemical Logistics Services

NAICS

Warehousing and Storage (493)

SIC

Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Liquid Bulk Storage & Tank Farm Operators (Independent Storage) (TLAHABAM)

Keywords

• LPG terminal logistics
• Bulk liquid storage
• Industrial gas supply
• Autogas distribution
• Chemical tank farm services

Headquarters

HQ city

Ahmadabad

HQ country

India

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. LPG Trading & Distribution: Import, trading, and distribution of LPG (propane, butane) through terminals at major ports, with distribution to households (under Chhota Cikander and Aegis Puregas brands), commercial establishments, and industrial customers. Includes autogas sales at company-operated and franchise stations.
2. Terminal & Throughput Services: Providing product handling and storage services at terminals for public sector oil companies (HPCL, BPCL, IOCL) and private players (Reliance, Total Oil, SHV Energy). Revenue generated through throughput fees for receiving, storing, and dispatching customer products.
3. Bulk Industrial LPG Supplies & Installations: Supply of LPG, propane, and butane to industrial sectors including steel, automotive, ceramics, glass, pharmaceuticals, aerosol, paper, and textiles. Includes turnkey BOOM/BOOT solutions for fuel conversions and new LPG installations.
4. Liquid Logistics Terminal Services: Shore-based tank farm operations for handling bulk liquids including petroleum, petrochemicals, chemicals, and vegetable oils at terminals in Kandla, Pipavav, Mumbai, Mangalore, Kochi, and Haldia.
5. LPG Appliances: Sale of LPG appliances including cooktops, pressure cookers, cookware, and accessories under Aegis brand, distributed through dealers and appliance distributors.

Go-to-market motion2 records

Distribution channels7 records

Marketing channels9 records

Core offering

Aegis Logistics is an integrated Oil, Gas & Chemical Logistics company that imports, stores, and distributes LPG and bulk liquids through a network of terminals across major Indian ports. It provides terminal throughput services to PSU oil majors and private players, bulk industrial LPG supply to manufacturing sectors, branded retail LPG cylinder distribution under Aegis Puregas and Chhota Cikander, autogas retail at 1,100+ stations, and LPG appliance sales and BOOM/BOOT industrial installations.

Product overview

Aegis Logistics operates as an integrated Oil, Gas & Chemical Logistics company with two core business divisions: Gas Logistics (handling LPG imports, storage, and distribution through terminals at Mumbai, Pipavav, Haldia, and Kandla) and Liquid Logistics (operating tank farms for petroleum, petrochemicals, and chemicals at major Indian ports). The company also runs a retail division encompassing LPG cylinder distribution under the Aegis Puregas and Chhota Cikander brands, Auto LPG fueling through Aegis Autogas stations, and LPG appliance sales. Services include bulk industrial installations, interfuel conversions, and LPG trading through a joint venture with Itochu Corporation.

Differentiator

Problem solved

Functional benefit

Brands

• Aegis Puregas: Brand name for domestic, commercial and industrial LPG cylinder distribution
• Chhota Cikander
• Aegis Autogas
• SUPERGAS
• GasXpress

Products and services

• Gas Logistics (LPG Terminal & Storage Services) Integrated LPG import, storage and handling services through cryogenic terminals at Mumbai (2x10,500 MT), Pipavav (~20,000 MT), Haldia (2x12,500 MT), and Kandla (2x24,000 MT); provides throughput and storage to PSU oil majors (HPCL, BPCL, IOCL) and private players (Reliance, SHV Energy, Total Oil). 3+ million MT of LPG handled annually.
• Liquid Logistics (Tank Farm Services) Shore-based tank farm operations handling petroleum, oil, petrochemicals, chemicals, and vegetable oils across six Indian ports (Kandla, Pipavav, Mumbai, Mangalore, Kochi, Haldia). Combined capacity of 15,70,000 KL serves chemical, petrochemical, and edible oil customers.
• LPG for Industries (Bulk Industrial LPG Supply) Bulk LPG, propane, and butane supply with applications including aluminium melting, heat treatment, galvanizing, ceramics, and bulk tank installations. Serves industrial manufacturers (Arcelor Mittal, Jindal Steel, Piaggio, FIAT, Godrej) with BOOM/BOOT installation solutions for fuel conversions from conventional fuels.
• LPG Installation Services (BOOM/BOOT) Turnkey bulk LPG tank installations on BOOM/BOOT (Build-Own-Operate-Maintain/Build-Own-Operate-Transfer) basis including underground tanks, manifold systems, and combustion system design for industrial customers transitioning to LPG fuel.
• Interfuel Conversion Services Fuel conversion services helping industries transition from traditional fuels to LPG with combustion system design, conversion assistance, and technical support from Aegis's in-house technical team.
• Aegis Autogas (Auto LPG) Retail auto LPG fuel brand offering up to 40% savings compared to petrol, available at 1,100+ stations across 500+ Indian towns through standalone gas bunks and unified retail outlets partnered with Nayara Energy.
• Chhota Cikander (Domestic LPG Cylinders) Domestic LPG cylinder brand offering 2kg, 4kg, 12kg, and 15kg cylinders for household cooking needs, distributed through the Aegis Puregas network of 150+ distributors across 14+ Indian states.
• Aegis Puregas (Cylinder Distribution Brand) Master LPG distribution brand serving domestic, commercial, and industrial customers through a network of 150+ cylinder distributors across 14+ Indian states, providing 2kg to 33kg cylinders, VOT/LOT systems, and bulk installations.
• LPG Appliances Sale of LPG-compatible products including cooktops, pressure cookers, cookware, and accessories (e.g., GasXpress LPG iron brand) under the Aegis brand, distributed through dealers and appliance distributors.
• Standalone Autogas Station Franchise Franchise offering for entrepreneurs to set up dedicated standalone Auto LPG retail stations under the Aegis Autogas brand; requires 1000-2000 sqm land and 9-12 month project timeline.

Quantifiable outcome

• 61% private LPG import market share in India
• +5 more outcomes

Named customers15 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Itochu Corporation (Japan)coreStrategic or Co-development PartnerAegis Group has a joint venture with Itochu Corporation of Japan, a global leader in gas trading, providing international expertise and strengthened position in the global LPG supply and trading arena. The JV operates through Aegis Group International Pte. Ltd. based in Singapore, enabling diversified sourcing of LPG from global markets including the US, Norway, Canada, Algeria, and Russia, reducing dependency on traditional Middle Eastern suppliers.
• Royal Vopak (Netherlands)coreStrategic or Co-development PartnerAegis Logistics and Royal Vopak of the Netherlands formed a major joint venture - Aegis Vopak Terminals Ltd. (AVTL) - to grow the LPG and chemicals storage and handling business in India. Royal Vopak, a global leader in tank storage, contributes international expertise in terminal operations and safety standards. The JV operates 20+ terminals across 6 Indian ports and completed its IPO in June 2025.
• Nayara Energy Ltd.coreChannel Partner/ Reseller/ DistributorAegis Autogas has partnered with Nayara Energy Ltd. (formerly Essar Oil Ltd.) to set up MS/HSD (petrol/diesel) facilities alongside autogas stations in unified retail outlets. This partnership enables Aegis to expand its autogas franchise network throughout India, leveraging Nayara's petrol pump infrastructure and brand presence.
• India Ratings & Research (Fitch Group)minorOthersProvides credit ratings services including 'IND AA/Stable' for long-term borrowings and 'A1+' for short-term borrowings. Rating reflects company's established market position and financial stability.
• CARE RatingsminorOthersCredit rating agency providing ratings including 'AA/A1+' with stable outlook, citing comfort in capital structure and debt service coverage.
• Anande FoundationminorOthersAegis is a proud sponsor of Anande Foundation, established in 1979, which works toward eradicating poverty in rural India through integrated rural development programs. Aegis provides substantial donations to support the foundation's operations in areas near import terminals, particularly Gujarat and Maharashtra.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Regional players

• Mahanagar Gas (MGL): City gas distribution company serving Mumbai and adjoining areas — a regional peer in the downstream gas distribution market that overlaps geographically with some of Aegis's Mumbai-area industrial LPG customers.

Direct peers

• Confidence Petroleum India: Indian LPG bottling and distribution company with a nationwide cylinder network and growing autogas presence. Closest direct Indian competitor to Aegis Puregas and Aegis Autogas in retail and commercial LPG distribution.
• Aegis Vopak Terminals Limited: Subsidiary of Aegis Logistics jointly controlled with Royal Vopak; operates 20 tank terminals across 6 Indian ports handling LPG and chemicals. Listed separately since June 2025, AVTL is the most direct comparable for Aegis's terminal/storage business.

Emerging players

• Gujarat Gas: Largest city gas distribution player by volume in India, serving industrial, commercial, domestic, and CNG segments. Overlaps with Aegis on industrial gas supply and competes for similar B2B customers.
• Indraprastha Gas (IGL): Dominant city gas distribution company in Delhi NCR, distributing CNG and PNG. Comparable as a downstream gas distribution peer focused on Indian end-markets, although operating in CNG/PNG rather than LPG.
• Adani Total Gas: Joint venture between Adani Group and TotalEnergies operating city gas distribution (CNG/PNG) across multiple Indian geographies. Comparable as a downstream gas distribution peer serving industrial and retail customers.

Broad incumbents

• Petronet LNG: India's largest LNG import and regasification company, with terminal infrastructure at Dahej and Kochi. Competes indirectly with Aegis in the gas import and downstream industrial customer segments.
• Royal Vopak: Dutch global leader in independent tank storage with terminals across 70+ locations. Vopak is both Aegis's JV partner in AVTL and the broadest incumbent peer in liquid bulk storage worldwide, sharing the same business model but operating at much larger global scale.
• Gulf Oil Corporation (India): Part of the Hinduja Group, Gulf Oil is one of the established private-sector LPG marketers in India with industrial and domestic presence. Comparable as a broader incumbent LPG player with downstream brand and distribution.

Others

• IMC Limited: Indian conglomerate with marine logistics, dredging, and offshore operations, including terminal handling. Adjacent ecosystem participant providing complementary port and marine services to terminal operators like Aegis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/AegisGroupIndia
• Facebookfacebook.com/AegisGroupIndia
• LinkedInlinkedin.com/company/aegis-logistcs-ltd
• Instagraminstagram.com/aegisgroupindia

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aegis Logistics