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Ellenbarrie Industrial Gases Q3 FY26: EBITDA Margins Dip to 31% Amid Low Argon Realizations
Ellenbarrie Industrial Gases reported a sequential decline in Q3 FY26, with revenue from operations falling 9% to ₹813 million and EBITDA margins contracting to 31% from 38% in Q2. The performance was primarily impacted by a 25% drop in Argon realizations and softness in the steel sector, alongside elevated one-off expenses. Despite these headwinds, the company commissioned its 220 TPD Uluberia 2 plant and maintains a strong net cash position of ₹3,550 million. Management remains optimistic about returning to 40% EBITDA margins as new, more efficient capacities come online and market conditions normalize.
Key Highlights
Revenue from operations stood at ₹813 million, a 9% sequential decline due to steel sector softness.
EBITDA margins contracted to 31% from 38% in Q2, driven by a >25% drop in Argon prices.
Commissioned the Uluberia 2 merchant plant (220 TPD) and guided for ₹2,500 million Capex in FY26.
Maintains a robust balance sheet with a net cash position of ₹3,550 million.
Upcoming capacities include a 320 TPD on-site plant in Q1 FY27 and a 220 TPD North India plant in H2 FY27.
💼 Action for Investors
Investors should monitor the ramp-up of the newly commissioned Uluberia 2 plant and the recovery of Argon pricing, which is critical for margin expansion. The company's strong cash position and aggressive expansion plans offer long-term growth potential despite short-term cyclical headwinds in the steel sector.
Ellenbarrie Industrial Gases Q3 FY26: Revenue Up 20% YoY, EBITDA Margins Compress to 31%
Ellenbarrie Industrial Gases reported a 20% YoY revenue growth in Q3 FY26 to ₹813 mn, though EBITDA margins saw a significant compression to 31% from 42% in the previous year. The margin drop was primarily driven by lower Argon realizations due to oversupply and one-off high-value repair costs. Despite this, PAT grew 26% YoY to ₹261 mn, aided by higher other income. The company maintains a robust balance sheet with ₹3,550 mn in net cash and has committed to a ₹4,500 mn capex plan for FY26 and FY27 to expand its footprint in North and East India.
Key Highlights
Revenue from operations grew 20% YoY to ₹813 mn in Q3 FY26, while 9M FY26 PAT rose 25% to ₹815 mn.
EBITDA margins declined to 31% from 42% YoY due to Argon price softness and one-off legal and repair expenses.
Strong liquidity position with ₹3,550 mn net cash and a healthy ROCE of 26% as of H1 FY26.
Aggressive expansion underway with a new 220 TPD merchant plant in North India expected by H2 FY27.
Signed a 25-year PPA for a 6 MW wind-solar hybrid plant to reduce power costs starting FY27.
💼 Action for Investors
Investors should monitor the stabilization of Argon prices and the timely commissioning of the North India plant, which are critical for margin recovery. The company's strong cash position and high ROCE provide a safety margin for long-term holders.
Ellenbarrie Industrial Gases Q3 PAT Grows 36% YoY to ₹260.87M; Uluberia-II Plant Commissioned
Ellenbarrie Industrial Gases reported a strong year-on-year performance for Q3 FY26, with PAT rising 35.8% to ₹260.87 million compared to ₹192.01 million in Q3 FY25. Revenue from operations grew 19.6% YoY to ₹813.46 million, although it saw a sequential decline from Q2 FY26. A major milestone was achieved with the commissioning of the 220 TPD Uluberia-II plant, funded via IPO proceeds. The company also expanded its footprint through the ₹54 million acquisition of Truair Industrial Gases in Bengaluru and a new ₹70.80 million investment in renewable energy for captive power.
Key Highlights
Net Profit (PAT) increased 35.8% YoY to ₹260.87 million in Q3 FY26.
Revenue from operations rose 19.6% YoY to ₹813.46 million, driven by the Gases segment.
Commissioned the Uluberia-II Air Separation Unit with a 220 TPD capacity using ₹689.53 million of IPO funds.
9M FY26 PAT reached ₹815.16 million, nearly matching the entire previous financial year's profit of ₹832.85 million.
Acquired Bengaluru-based Truair Industrial Gases for ₹54 million to expand geographic presence.
💼 Action for Investors
Investors should note the successful execution of IPO-funded expansion and the strong YoY growth trajectory. The commissioning of the Uluberia-II plant is expected to drive future volume growth, making the stock a 'Watch' for margin sustainability.
Ellenbarrie Industrial Gases Q3 PAT Rises 36% YoY to ₹260.87M; Revenue Up 19.6% YoY
Ellenbarrie Industrial Gases reported a strong year-on-year performance for Q3 FY26, with revenue from operations growing 19.6% to ₹813.46 million. Net profit for the quarter stood at ₹260.87 million, a significant jump from ₹192.01 million in the previous year's corresponding quarter. The company has successfully utilized ₹2,790 million of its IPO proceeds, focusing on debt repayment and capacity expansion. While sequential performance (QoQ) showed a slight dip in revenue and profit, the overall nine-month trajectory remains positive with a 25% increase in PAT.
Key Highlights
Revenue from operations increased 19.6% YoY to ₹813.46 million.
Net Profit (PAT) grew 35.8% YoY to ₹260.87 million from ₹192.01 million.
Utilized ₹2,100 million of IPO proceeds for debt repayment, significantly reducing finance costs.
Acquired Bengaluru-based Truair Industrial Gases for ₹54 million to expand geographic footprint.
Invested ₹70.80 million for a 26% stake in Pattikonda Renewables to secure captive power in Andhra Pradesh.
💼 Action for Investors
Investors should view the debt reduction and strategic acquisitions in South India as long-term value drivers. The stock remains a 'Hold' with a focus on the commissioning of the new 220 TPD air separation unit at Uluberia.
Ellenbarrie Q3 PAT Rises 36% YoY to ₹260.87 Mn; Commissions 220 TPD Uluberia-II Plant
Ellenbarrie Industrial Gases reported a strong year-on-year performance for Q3 FY26, with Profit After Tax (PAT) rising 35.8% to ₹260.87 million. Revenue from operations grew 19.6% YoY to ₹813.46 million, although performance saw a slight sequential dip compared to Q2 FY26. A major growth catalyst was the commissioning of the 220 TPD Uluberia-II plant in West Bengal. Additionally, the company has strengthened its balance sheet by utilizing ₹2,100 million of IPO proceeds for debt repayment and is investing in renewable energy to optimize power costs.
Key Highlights
Net Profit increased 35.8% YoY to ₹260.87 million for the quarter ended December 31, 2025.
Revenue from operations reached ₹813.46 million, up from ₹680.19 million in the same quarter last year.
Successfully commissioned the new Uluberia-II plant in West Bengal with a capacity of 220 TPD.
Utilized ₹2,100 million from fresh IPO proceeds for full/partial repayment of outstanding borrowings.
Acquired a 26% stake in Pattikonda Renewables for ₹70.80 million to secure captive power supply.
💼 Action for Investors
Investors should take note of the significant capacity expansion and debt reduction which improve long-term profitability. The stock remains a watch for how the new Uluberia-II capacity utilization reflects in the next two quarters' revenue.
Ellenbarrie Signs PPA for 6 MW Hybrid Power Project; To Invest Rs 7.08 Cr for 26% Stake
Ellenbarrie Industrial Gases has entered into a 25-year Power Delivery and Offtake Agreement with Pattikonda Renewables for a 6 MW Wind-Solar Hybrid project in Andhra Pradesh. To facilitate this captive power arrangement, the company will invest approximately Rs 7.08 crore to acquire a minimum 26% equity stake in the project entity. This strategic move is designed to secure a long-term renewable energy source, potentially reducing operational costs and improving the company's sustainability profile. The investment will be executed in one or more tranches at a face value of Rs 10 per share.
Key Highlights
Execution of a 25-year PPA for a 6.00 MW Wind-Solar Hybrid Power Facility in Andhra Pradesh
Investment of approximately Rs 7.08 crore to acquire at least a 26% equity stake in Pattikonda Renewables
Project aimed at meeting the captive power requirements of Ellenbarrie Industrial Gases
The agreement ensures long-term energy security with a fixed-term contract of 25 years from commercial operations
💼 Action for Investors
Investors should view this as a positive step towards operational efficiency and ESG compliance, which may lead to long-term power cost savings. Monitor the project's commissioning timeline to assess when these cost benefits will begin to reflect in the financial statements.