India Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

India Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>Aegis Logistics is India’s leading logistics player in Liquified Petroleum Gas (LPG/Propane) and Chemicals.</li>
<li>It has demonstrated a stellar track record over past decade, delivering a 25% CAGR in EBITDA and Net profit, along with a 28% CAGR in dividend payouts.</li>
<li>Given the strength of its partnership with Vopak and various capital expenditure lined up in medium term, it should continue to deliver robust operational and financial performance.</li>
</ul>


Aegis Logistics is India’s leading logistics player in Liquified Petroleum Gas (LPG/Propane) and Chemicals.
It has demonstrated a stellar track record over past decade, delivering a 25% CAGR in EBITDA and Net profit, along with a 28% CAGR in dividend payouts.
Given the strength of its partnership with Vopak and various capital expenditure lined up in medium term, it should continue to deliver robust operational and financial performance.


2025 High Conviction Idea:Aegis Logistics-A Decade Track Record of 25% Growth in Profits & Dividends

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Aegis Logistics’ (AGIS) stock price rallied 97%, outperforming the Sensex by 90% over the last 3M</li><li>Despite this strong performance, we expect the stock to generate strong returns for the investors</li><li>Our optimism on the stock is driven by (1) strong earnings growth potential, (2) balance sheet strength despite heavy capex cycle, and (3) management’s focus on capex for future growth.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aegis Logistics’ (AGIS) stock price rallied 97%, outperforming the Sensex by 90% over the last 3MDespite this strong performance, we expect the stock to generate strong returns for the investorsOur optimism on the stock is driven by (1) strong earnings growth potential, (2) balance sheet strength despite heavy capex cycle, and (3) management’s focus on capex for future growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aegis Logistics (Initiating Coverage): Riding on LPG Consumption

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aegis-logistics-ltd" target="_blank" data-smartkarma-citation="entities:2478:1" rel="noopener">Aegis Logistics (AGIS IN)</a> is significantly expanding its LPG and liquid logistics infrastructure across India with rising demand.</li>
<li>Currently, Aegis has a 15.5% market share in LPG imports in India which they plan to take to 25% in the next few years.</li>
<li>Surpassed INR 1,000 crores in normalized EBITDA for FY '24, planned capex of 4500 Crores by FY27.</li>
</ul>



Aegis Logistics (AGIS IN) is significantly expanding its LPG and liquid logistics infrastructure across India with rising demand.
Currently, Aegis has a 15.5% market share in LPG imports in India which they plan to take to 25% in the next few years.
Surpassed INR 1,000 crores in normalized EBITDA for FY '24, planned capex of 4500 Crores by FY27.


The Beat Ideas: Aegis Logistics: Fueling India's LPG Market

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Western Carriers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/western-carriers" target="_blank" data-smartkarma-citation="entities:39869:1" rel="noopener">Western Carriers (1489172D IN)</a> is looking to raise about US$100m in its upcoming India IPO.</li>
<li>Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Western Carriers (1489172D IN) is looking to raise about US$100m in its upcoming India IPO.
Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.
In this note, we talk about the company’s historical performance.


Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

India

Aegis Logistics Limited distributes liquefied petroleum gas and provides logistics and terminalling services in the oil, gas  and chemicals sectors. The Company also manufactures and distributes oleochemicals and kerosene oil and provides chemical storage facilities.

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Aegis Logistics (AGIS IN)

2025 High Conviction Idea:Aegis Logistics-A Decade Track Record of 25% Growth in Profits & Dividends

Aegis Logistics is India's top player in LPG and chemicals logistics, showing impressive growth in net profit, and dividends. Strong partnerships...

Sreemant Dudhoria

Aegis Logistics (Initiating Coverage): Riding on LPG Consumption

Aegis Logistics’ (AGIS) stock price rallied 97%, outperforming the Sensex by 90% over the last 3M. Despite this strong performance, we expect the...

HDFC Securities

The Beat Ideas: Aegis Logistics: Fueling India's LPG Market

Aegis Logistics is ramping up its LPG and liquid logistics infrastructure in India to meet growing demand, aiming to increase market share and...

Sudarshan Bhandari

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2025 High Conviction Idea:Aegis Logistics-A Decade Track Record of 25% Growth in Profits & Dividends

​Aegis Logistics is India's top player in LPG and chemicals logistics, showing impressive growth in net profit, and dividends. Strong partnerships...

Sreemant Dudhoria

Aegis Logistics (Initiating Coverage): Riding on LPG Consumption

Aegis Logistics’ (AGIS) stock price rallied 97%, outperforming the Sensex by 90% over the last 3M. Despite this strong performance, we expect the...

HDFC Securities

The Beat Ideas: Aegis Logistics: Fueling India's LPG Market

​Aegis Logistics is ramping up its LPG and liquid logistics infrastructure in India to meet growing demand, aiming to increase market share and...

Sudarshan Bhandari

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Aegis Logistics is India's top player in LPG and chemicals logistics, showing impressive growth in net profit, and dividends. Strong partnerships...

Aegis Logistics is ramping up its LPG and liquid logistics infrastructure in India to meet growing demand, aiming to increase market share and...