JM Financial maintains a ‘Buy’ rating on both Aegis Logistics and Aegis Vopak Terminals, but the two stocks currently present different investment profiles. While the brokerage sees up to 65% upside potential in Aegis Vopak, Aegis Logistics is expected to rally 33.7%.
Here is a detailed analysis of the brokerage house’s investment rationale for the two stocks and the potential ahead.
JM Financial on Aegis Logistics: The resilient parent
JM Financial raised the target price on Aegis Logistics to Rs 1,200 from Rs 935 due to exceptional strength in its distribution segment.
The distribution segment saw volume growth of 72% YoY in Q4FY26, with profitability coming in at Rs 15,000 per tonne, significantly exceeding the usual run rate. JM Financial also raised its consolidated EBITDA estimates by 36% for FY27 and 15% for FY28.
The brokerage believes that the company is benefiting from government priorities that restrict industrial LPG usage, placing its distribution segment at a competitive advantage.
However, JM Financial said, “We had earlier expected supply disruptions to persist in Q1FY27. However, with no resolution to traffic bottlenecks in the Strait of Hormuz so far, we expect these disruptions to persist in H1FY27 (35–40% supply disruption), partially alleviate in Q3FY27 and normalise by Q4FY27.”
JM Financial on Aegis Vopak Terminals: The high growth stock
JM Financial maintained its target price of Rs 330 on Aegis Vopak Terminals, noting that while the stock faces near-term headwinds, it remains in a “strong growth phase”.
Aegis Vopak’s throughput volumes are being impacted by LPG import disruptions caused by the blockade at the Strait of Hormuz. Following this, JM Financial cut the company’s consolidated EBITDA estimates by 6% for FY27 and 4% for FY28.
Despite current challenges, JM Financial expects the company to attain a mature asset mix similar to its parent company by FY30, supported by infrastructure projects like the Kandla-Gorakhpur LPG pipeline.
Comparison summary
| Metric | Aegis Logistics | Aegis Vopak Terminals |
| Rating | Buy | Buy |
| Target price | Raised to Rs 1,200 (from 935) | Unchanged at Rs 330 |
| Upside potential | 53.30% | 71.90% |
| Estimate change | Upgraded EBITDA by 36% for FY27 | Cut EBITDA by 6% for FY27 |
To conclude, JM Financial sees Aegis Logistics, the parent firm, as the more stable performer currently benefiting from segment-specific tailwinds, while Aegis Vopak Terminals is positioned as a higher-upside growth stock that has already factored in its current operational headwinds through an 18% stock correction.
Aegis Logistics share price performance
The share price of Aegis Logistics has risen 20% in the last five trading days. The stock has given a return of 31% in the last one month and 22% in the past six months. Aegis Logistics’ stock price has raised investors’ wealth 12% over the previous 12 months.
Aegis Vopak Terminals share price performance
The share price of Aegis Vopak Terminals surged 5.6% in the last five trading sessions. The stock has, however, declined 4.5% in the past one month and almost 18% in the last six months. Aegis Vopak Terminals’ stock price has erased 19.4% of investors’ wealth over the past one year.