In today’s briefing:
- AVTL: Storage Platform Poised for Growth Amid Demand Visibility
- Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead
- Aegis Vopak Pre-IPO: Expensive Related to Peers
AVTL: Storage Platform Poised for Growth Amid Demand Visibility
- Aegis Vopak Terminals is raising Rs2,800 crore via a fresh issue to repay debt and fund expansion, marking its transition into a listed infrastructure platform.
- LPG capacity is set to triple by FY26, with new industrial terminals planned under a Rs4,500 crore capex; revenue and EBITDA are projected to grow 20–25% CAGR through FY27.
- Key risks include high dependence on group entities for revenue, delayed utilization of new capacity, and exposure to regulatory or energy demand shifts affecting LPG and chemical flows.
Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead
- Ashok Leyland (AL IN) posted 38% YoY PAT growth in Q4, driven by cost efficiency, premium product mix, and strong EBITDA margin improvement.
- HLF IPO and Switch India’s PAT target for FY26 positions for significant value unlocking and improved subsidiary contribution.
- CV demand, export momentum, and alt-fuel investments support a strong FY26 outlook, with valuations supported by improving profitability and resilient balance sheet. 4o
Aegis Vopak Pre-IPO: Expensive Related to Peers
- Aegis Vopak Terminals Ltd (1902844D IN) is looking to raise about US$328m in its upcoming India IPO.
- It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
- In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.
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