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HDFC Securities Institutional Equities
We initiate coverage on Aegis Logistics Ltd. with a Buy rating and a target price of Rs 1,050, based on 40 times FY26E earnings per share.
Aegis Logistics is currently trading at ~21 times FY26E enterprise value/Ebitda and ~33 times FY26E price-to-earning. The company's focus on capacity expansion, commissioning of key pipelines and high entry barriers, opens avenues for stronger growth prospects for the company.
Additionally, despite aggressive capex plans over the next two-three years, we expect the company's net debt/equity to remain at comfortable levels (peaking at 0.3 times) and delivering 20%+ return on equity/return on capital employed.
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