Shares of Aegis Logistics Ltd slid 2% to ₹1,339 on Monday, September 28, after the board approved a fund raise of up to ₹6,000 crore across equity, NCDs, and preferential issues. The move coincided with a fresh borrowing limit of ₹6,000 crore, setting the stage for potential expansion.
But Aegis’ operating cash flow last fiscal year was ₹2,000 crore, and its balance sheet sits on a net cash cushion, giving it room to finance growth. Analysts note that the company is targeting a gearing ratio of 0.6 and a net debt‑to‑EBITDA of 3.5, comfortably within industry norms.
JPMorgan retained an "Overweight" rating, eyeing a target of ₹1,670, while flagging advanced talks to acquire Tristar Group. Tristar, which drew $257 million EBITDA on $1.4 billion revenue in 2025, would bring a 5.8x EV/EBITDA multiple— a sweet spot for Aegis’ valuation.
The broker believes the financing will not dent Aegis’ credit profile and that a debt‑plus‑internal‑accrual structure could cover the acquisition. With the central government eyeing a 30‑day LPG storage buffer, market sentiment remains cautiously optimistic, though shares remain shy of the year‑to‑date 88% rally.