Aegis Logistics Ltd. shares surged 6.5% to a high of ₹1,371.70 on the NSE on Tuesday following reports of a potentially major acquisition. As of 11:09 a.m., the shares had pared some gains to trade 5.32% higher at ₹1,355 against a 0.4% decline in the Nifty index. The stock has demonstrated remarkable momentum with a surge of nearly 89% year-to-date and has doubled in the last 12 months, significantly outperforming broader market indices.
According to The Economic Times, Aegis Logistics is in advanced discussions to acquire UAE-based Tristar for $1.5 billion, which could be one of the industry's largest consolidation efforts. The Mumbai-based company, with a market capitalisation of ₹45,156.15 crore ($4.75 billion), has initiated discussions with a group of European and Indian private sector lenders for acquisition financing. Tristar operates across 30+ countries with 60+ fuel sites, providing transportation and storage services to customers including Abu Dhabi National Oil Company (ADNOC), TotalEnergies, and Dow. The acquisition would significantly expand Aegis' global logistics footprint with over 2,000 transport assets and 20+ vessels.
According to Motilal Oswal's research report dated August 15, 2026, Aegis Logistics delivered impressive first quarter results that significantly exceeded analyst expectations. The company's revenue reached ₹2,357 crore, up 37% year-on-year, while EBITDA of ₹714 crore was significantly higher than ₹240 crore in the previous year. The strong performance translated into an EBITDA margin of 30.3%, a substantial improvement from 14% in Q1FY26. Net profit came in at ₹484 crore, which was nearly 3.7 times higher than ₹131 crore in the corresponding quarter last year. As per The Economic Times, the Aegis stock has run up 79.49% year to date, primarily driven by the strength in the LPG distribution segment margin.
According to the latest reports, Tristar's revenue for calendar year 2025 stood at ₹13,400 crore, nearly 1.6 times higher than Aegis' ₹8,333 crore. Similarly, Tristar's earnings before interest, taxes, depreciation and amortisation came in at around ₹2,460 crore, compared to Aegis' ₹1,560 crore. The acquisition would complement Aegis' ongoing international expansion strategy, with Tristar bringing global energy logistics capabilities and key customers including ADNOC, TotalEnergies and Dow. The deal could provide significant synergies and scale advantages for the combined entity.
According to The Economic Times, the company is looking to refinance or roll over the existing $600 million of debt at the target as well as raise another $400-$500 million debt to finance the takeover. The rest will be equity financed. The final expected debt structure aligns with our commitment to maintaining a diversified and sustainable capital structure while providing flexibility for future expansion. Motilal Oswal maintains a Neutral rating on the stock with a target price of ₹1,230, valuing the company at 35x December 2027E EPS of ₹35.1. The brokerage believes current valuations at 36x FY28E EPS already factor in the strong expansion in capacity and earnings.
