Ellenbarrie Industrial Gases Limited (ELLEN)
₹339.05 +1.06% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)Ellenbarrie Industrial Gases Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Ellenbarrie Industrial's revenue was ₹99.0 Cr (+17.9% year on year, +13.8% on the previous quarter), and net profit ₹35.0 Cr (+84.2% year on year); the operating margin was 38.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹99.0 | +17.9% | +13.8% |
| Operating profit | ₹38.0 | +22.6% | +40.7% |
| Net profit | ₹35.0 | +84.2% | +52.2% |
| EPS (₹) | 2.48 | +86.5% | +53.1% |
| Operating margin | 38.4% | — | — |
ELLEN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.64% of the ELLEN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.27%. That is close to its usual level. Volume was 0.2 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 52.5% · 40.2% · 43.3% · 50.7% · 51.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ellenbarrie Industrial Gases has won a massive ₹481 crore contract from Bharat Heavy Electricals Limited (BHEL) for a 1,200 TPD cryogenic Air Separation Unit (ASU). The project will support BHEL's Coal to Ammonium Nitrate project at Bandhabal, Odisha, and is scheduled to be executed over eight quarters with commissioning expected in FY29. The order value is more than triple Ellenbarrie's TTM revenue of ₹159 crore and exceeds its current market cap of ₹236 crore. The contract is strictly on a Build and Transfer (B&T) basis without long-term operational ownership.
- Secured ₹481 crore turnkey contract from BHEL, representing ~303% of TTM revenue (₹159 cr)
- Scope includes turnkey execution of a 1,200 TPD cryogenic Air Separation Unit (ASU)
- Contract to be executed over eight quarters with scheduled commissioning in FY29
- Model is Build and Transfer (B&T), with no long-term ownership or plant operations
Ellenbarrie Industrial Gases Limited has been awarded a massive contract worth ₹480.73 crore (excluding GST) by Bharat Heavy Electricals Limited (BHEL). The order entails the design, engineering, supply, erection, and commissioning of a 1,200 TPD Cryogenic Air Separation Unit (ASU) on a turnkey basis for a Coal to Ammonium Nitrate project in Jharsuguda, Odisha. Relative to Ellenbarrie's TTM revenue of ₹159 crore, this single order represents ~302% of its trailing sales and exceeds its market capitalization of ₹236 crore. The project has an execution timeline of 24 months from the award date of September 28, 2026.
- Order value of ₹480.73 crores (excluding GST) awarded by Bharat Heavy Electricals Limited (BHEL)
- Contract represents ~302% of Ellenbarrie's TTM revenue of ₹159 crore
- Scope covers turnkey supply and erection of a 1,200 TPD Cryogenic Air Separation Unit
- Execution timeline is stipulated at 24 months
Ellenbarrie Industrial Gases Limited received a rating confirmation from CRISIL Ratings Limited on September 28, 2026, for Rs 50 crore of bank loan facilities. The long-term facilities of Rs 25 crore (Cash Credit from HDFC Bank) were rated 'Crisil A/Stable', while the short-term facilities of Rs 25 crore (Bank Guarantee from HDFC Bank) were rated 'Crisil A1'. The rating outlook remains stable and matches the rating that was outstanding between April 01, 2026, and September 27, 2026. The rating letter is valid through March 31, 2027.
- Total bank loan facilities rated stand at Rs 50 crore
- Long-term rating reaffirmed at 'Crisil A/Stable' for Rs 25 crore Cash Credit
- Short-term rating reaffirmed at 'Crisil A1' for Rs 25 crore Bank Guarantee
- Rating letter remains valid until March 31, 2027
Ellenbarrie Industrial Gases Limited has submitted the Scrutinizer's Report and voting results for its 52nd Annual General Meeting held on September 26, 2026. The company confirmed that all resolutions detailed in the AGM notice dated September 02, 2026, were passed with the requisite majority. Promoter holding remains at 77.15% as of recent filings, while the company has a market cap of Rs 239 Cr. This is a standard statutory compliance filing with no operational or financial surprises.
- 52nd Annual General Meeting conducted on September 26, 2026
- All business items transacted and approved by members with requisite majority
- Filing covers results pursuant to Regulation 44(3) of SEBI LODR Regulations
- Notice of the AGM was originally dated September 02, 2026
Ellenbarrie Industrial Gases has successfully commissioned a 325 Tons per day (TPD) Air Separation Unit (ASU) at Jai Balaji Industries' manufacturing facility in Durgapur, West Bengal on September 25, 2026. The plant was established under a 15-year onsite industrial gas supply agreement signed on February 14, 2025. Commercial operations have begun, and plant revenues will start accruing from September 2026 under a take-or-pay contractual model. This addresses Ellenbarrie's existing near-full capacity constraints and provides long-term recurring revenue visibility.
- Commissioned a 325 TPD Air Separation Unit (ASU) on September 25, 2026
- Under a 15-year long-term onsite take-or-pay supply agreement with Jai Balaji Industries Limited
- Revenue generation commences immediately from September 2026
- Plant located at customer manufacturing facility in Durgapur, West Bengal
Ellenbarrie Industrial Gases Limited has issued the notice for its 52nd Annual General Meeting (AGM), scheduled to be held virtually on September 26, 2026, at 12:00 PM IST. Key business items include the adoption of audited financial statements for the fiscal year ended March 31, 2026, and the re-appointment of Managing Director Mr. Padam Kumar Agarwala, who holds 6,88,26,011 equity shares. Additionally, shareholders will vote on ratifying a remuneration of ₹1,00,000 plus taxes for the Cost Auditors for FY27.
- 52nd Annual General Meeting scheduled for Saturday, September 26, 2026 at 12:00 PM IST via VC/OAVM
- Adoption of Audited Financial Statements for the financial year ended March 31, 2026
- Re-appointment of Managing Director Mr. Padam Kumar Agarwala (holding 6,88,26,011 equity shares of ₹2 each) retiring by rotation
- Ratification of ₹1,00,000 remuneration plus applicable taxes for Cost Auditors M/s Datta Ghosh Bhattacharya & Associates for FY27
Ellenbarrie Industrial Gases Limited has scheduled an in-person Non-Deal Road Show with analysts and institutional investors in Mumbai on September 7 and September 8, 2026. The sessions are set to run between 9:00 AM and 7:00 PM IST in both one-on-one and group meeting formats. The company stated that no unpublished price sensitive information (UPSI) will be discussed during these interactions.
- Non-Deal Road Show scheduled for September 07 and September 08, 2026
- Format: In-person meetings in Mumbai (one-on-one and group)
- Timing: 9:00 AM to 7:00 PM IST across both days
- Confirmation that no unpublished price sensitive information (UPSI) will be shared
Ellenbarrie reported a strong Q1 FY27 with revenue growing 18% YoY to ₹98.7 cr and PAT surging 87% YoY to ₹35.0 cr. The performance was driven by the ramp-up of Kurnool and Uluberia 2 plants, alongside EBITDA margins expanding to 39%. A new 320 TPD on-site plant in East India is currently being commissioned, with revenue expected to start in Q2 FY27. Management highlighted a robust inquiry pipeline for large-scale plants exceeding 600 TPD, signaling continued expansion momentum.
- Revenue for Q1 FY27 reached ₹98.7 cr, representing approximately 62% of the total TTM revenue in just one quarter.
- PAT increased 87% YoY to ₹35.0 cr, supported by lower finance costs and improved operating efficiency.
- EBITDA margins improved significantly to 39% from 30% in the preceding quarter (Q4 FY26).
- Commissioning of a 320 TPD on-site plant in East India is underway, targeting revenue contribution from Q2 FY27.
- Argon production and pricing recovery contributed to a 50% sequential increase in EBITDA to ₹38.7 cr.
Ellenbarrie Industrial Gases has released the audio recording of its Q1 FY27 earnings conference call held on August 10, 2026. The company currently operates with a TTM revenue of Rs 159 Cr and a thin PAT of Rs 1 Cr, resulting in a high P/E of 132.6. Management is focused on a 20-25% CAGR target, driven by capacity expansions and increasing the mix of high-margin Argon. This filing is a standard regulatory disclosure providing transparency into management's recent commentary.
- Earnings conference call for the quarter ended June 30, 2026, was conducted on August 10, 2026
- Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Company is currently managing a TTM revenue of Rs 159 Cr with an operating profit margin of 26.9%
- Management strategy involves increasing Argon mix from the current 10-13% to reach a 40% EBITDA margin target
Ellenbarrie Industrial Gases reported a strong Q1 FY27 with PAT surging 87% YoY to ₹35 Cr and revenue growing 18% YoY to ₹98.7 Cr. The company achieved a high EBITDA margin of 39%, supported by operational efficiencies and a recovery in Argon pricing. A significant growth phase is underway with a total capex guidance of ₹450 Cr over FY27-28, which is approximately 2.3x the company's current market cap of ₹192 Cr. A new 320 TPD onsite plant in East India is scheduled to begin operations in August 2026, providing immediate revenue visibility for Q2.
- Q1 FY27 PAT increased 87% YoY to ₹350 Mn, driven by lower finance costs and operational efficiency.
- Revenue from operations grew 18% YoY to ₹987 Mn, led by ramp-ups at Kurnool and Uluberia 2 plants.
- Announced massive Capex guidance of ₹2,500 Mn for FY27 and ₹2,000 Mn for FY28.
- EBITDA margins expanded to 39% in Q1 FY27 from 30% in Q4 FY26.
- New 320 TPD East India onsite plant is under commissioning with revenue expected to start in Q2 FY27.
Ellenbarrie Industrial Gases reported a strong Q1 FY27 with revenue rising 18% YoY to ₹98.7 cr and PAT surging 87% YoY to ₹35 cr. Growth was driven by the ramp-up of merchant plants at Kurnool and Uluberia 2, with EBITDA margins expanding to 39%. The company announced a massive FY27 capex guidance of ₹250 cr, which represents approximately 130% of its current market cap of ₹192 cr. A new East India onsite plant is also scheduled for commissioning in Q2 FY27, providing immediate growth visibility.
- Revenue from operations increased 18% YoY to ₹987 million (₹98.7 cr)
- Profit After Tax (PAT) surged 87% YoY to ₹350 million (₹35 cr)
- EBITDA margins expanded to 39% from 30% in the previous quarter
- FY27 Capex guidance set at ₹2,500 million (₹250 cr)
- Core gases revenue grew 20% YoY to ₹973 million
Ellenbarrie Industrial Gases delivered a strong Q1 FY27 performance with revenue from operations rising 18% YoY to ₹98.72 Cr. Net profit surged 86.8% YoY to ₹34.96 Cr, supported by a significant increase in other income to ₹17.06 Cr. The company has successfully utilized ₹314.96 Cr of its ₹373.14 Cr IPO proceeds, primarily for debt repayment and ongoing capacity expansion. The Gases segment remains the primary driver, contributing over 98% of total revenue.
- Revenue from operations grew 18% YoY to ₹98.72 Cr from ₹83.63 Cr in Q1 FY26
- Net profit (PAT) increased 86.8% YoY to ₹34.96 Cr compared to ₹18.71 Cr in the previous year
- Utilized ₹62.36 Cr of IPO proceeds toward the 220 TPD Air Separation Unit at Uluberia-II plant
- Other income rose sharply to ₹17.06 Cr from ₹6.83 Cr in the year-ago period
- Basic and Diluted EPS improved to ₹2.48 for the quarter from ₹1.42 YoY
Ellenbarrie Industrial Gases reported a strong Q1 FY27 with revenue from operations rising 18% YoY to ₹98.72 Cr. Net profit surged 86.8% YoY to ₹34.96 Cr, significantly aided by a 57.6% reduction in finance costs following debt repayment from IPO proceeds. The core Gases segment remains the primary driver, contributing ₹97.36 Cr to revenue. The company has utilized ₹314.96 Cr of its ₹373.14 Cr fresh IPO proceeds, with the Uluberia-II plant expansion currently underway.
- Revenue from operations increased 18% YoY to ₹98.72 Cr from ₹83.63 Cr.
- Net profit (PAT) grew 86.8% YoY to ₹34.96 Cr, up from ₹18.71 Cr in the year-ago period.
- Finance costs dropped to ₹1.95 Cr from ₹4.61 Cr YoY due to ₹210 Cr debt repayment from IPO funds.
- Gases segment profit improved to ₹36.70 Cr compared to ₹30.38 Cr in Q1 FY26.
- Company has spent ₹62.36 Cr out of ₹104.50 Cr allocated for the 220 TPD Uluberia-II plant expansion.
Ellenbarrie Industrial Gases reported a strong start to FY27 with Q1 revenue growing 18% YoY to ₹98.72 Cr. Net profit (PAT) surged 86.8% YoY to ₹34.96 Cr, significantly aided by a rise in other income to ₹17.06 Cr. The core gases segment remains the primary driver, contributing ₹97.36 Cr to the top line. Additionally, the company appointed a former Linde plc veteran as Chief Information Officer, signaling a focus on digital transformation and operational scale.
- Revenue from operations grew 18% YoY to ₹98.72 Cr in Q1 FY27.
- Net Profit (PAT) increased by 86.8% to ₹34.96 Cr compared to ₹18.71 Cr in Q1 FY26.
- Other income rose to ₹17.06 Cr, up from ₹6.83 Cr in the same quarter last year.
- Gases and related services segment revenue stood at ₹97.36 Cr, accounting for 98.6% of total operational revenue.
- Appointed Sujoy Sen, previously Head of IT for South Asia & ASEAN at Linde plc, as Chief Information Officer.
Ellenbarrie Industrial Gases (Market Cap: Rs 184 Cr) has scheduled its Q1FY27 earnings conference call for August 10, 2026, at 4:00 PM IST. This follows the Board of Directors meeting on August 07, 2026, to approve the financial results. Investors will look for updates on the company's 20-25% CAGR target and the status of its capacity expansions, including the East on-site plant. Given the high P/E of 126.0, management's outlook on margin expansion through increased Argon sales (currently 13%) will be a key focus.
- Earnings call scheduled for August 10, 2026, at 4:00 PM IST.
- Board meeting for Q1FY27 results approval on August 07, 2026.
- Company targeting 20-25% CAGR in core gases over the next 4-5 years.
- Argon sales mix currently at 13%, aimed at driving 40% EBITDA margins.
Financial Performance
Revenue Growth by Segment
Core gases revenue grew by nearly 10% YoY in Q2 FY26 on a like-for-like basis. Total revenue for FY25 reached INR 3,124.8 million, a 15.9% increase from INR 2,694.8 million in FY24. Project Engineering revenue is lumpy, contributing INR 200 million in FY25 compared to INR 433 million in FY24, a 53.8% decrease, which impacts overall growth volatility.
Geographic Revenue Split
The company has Pan-India ambitions with a strong presence in East India (Kolkata headquarters). While specific regional percentage splits are not disclosed, the company is expanding with a new North India capacity and an 'East on-site' project expected to commence by the end of FY26.
Profitability Margins
Gross margins stood at 69% in H1 FY26 compared to 64% in H1 FY25. Profit After Tax (PAT) margin improved significantly to 29% in FY25 from 26% in FY24. Q2 FY26 PAT was INR 367.2 million, representing a 96.3% YoY increase from INR 187.0 million, driven by operational discipline and higher-margin gas sales.
EBITDA Margin
EBITDA margin remained stable at 38% in Q2 FY26. For FY25, EBITDA was INR 655.2 million (38% margin), up 12.7% from INR 581.1 million (36% margin) in FY24. The company targets a long-term EBITDA margin of 40% by increasing the sales mix of high-margin gases like Argon.
Capital Expenditure
The company is investing in three new plants to drive growth. While the specific total INR Cr for the current cycle is not explicitly totaled, the focus is on merchant plants and on-site capacities, with one merchant plant pushed to the second half of the next financial year due to execution delays.
Credit Rating & Borrowing
The company maintains a comfortable financial risk profile with an interest coverage ratio of 6.5 times and a net cash accrual to adjusted debt ratio of 0.4 time for fiscal 2025. Finance costs increased to INR 171.4 million in FY25 from INR 80.3 million in FY24, reflecting increased borrowing for capacity expansion.
Operational Drivers
Raw Materials
The primary 'raw material' for atmospheric gases is ambient air; however, chemical inputs and stock-in-trade purchases accounted for INR 333.0 million in FY25, representing 10.6% of total revenue. Power is the most critical operational input.
Import Sources
Not specifically disclosed in the documents, though the business operates primarily within the Indian domestic market for production and distribution.
Capacity Expansion
Current plants are running at near full capacity. Expansion includes an 'East on-site' plant (expected end of FY26) and a new merchant plant (rescheduled to H2 FY27). These delays of approximately one month to two quarters impact short-term revenue realization but support the 20-25% long-term CAGR.
Raw Material Costs
Purchase of stock-in-trade and materials consumed totaled INR 364.9 million in FY25, approximately 11.7% of revenue. This is a decrease from 21.2% in FY24, indicating better backward integration or a shift toward self-produced gases.
Manufacturing Efficiency
Most existing plants are operating at 'pretty much full capacity,' necessitating the current CAPEX cycle to sustain the 20-25% growth target.
Logistics & Distribution
The company utilizes a mix of bulk (62.5% of gas revenue), packaged (16.5%), and on-site (14.6%) distribution models. On-site models are the most efficient as they eliminate transport costs.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved through a 20-25% CAGR in the core gases segment over the next 4-5 years. Key pillars include: 1) Expanding capacity with three new plants; 2) Increasing the mix of high-margin Argon from 13% toward higher levels; 3) Leveraging the 50-year legacy to secure long-term contracts; and 4) Capitalizing on increased manufacturing activity in India (Steel, Pharma, and Aerospace).
Products & Services
Industrial and medical gases including Oxygen (40% of FY25 revenue), Nitrogen (37%), Argon (10%), and other specialty gases. The company also provides Project Engineering/MGPS services (6.4% of FY25 revenue).
Brand Portfolio
Ellenbarrie Industrial Gases.
New Products/Services
Focus on increasing Argon mix (currently 13% of sales) which carries higher margins than Oxygen and Nitrogen. Expected to be a key driver for reaching the 40% EBITDA margin target.
Market Expansion
Expanding into North India and strengthening the East India footprint through new on-site and merchant plant capacities.
Market Share & Ranking
Not disclosed, but the company notes it competes with both large international players and unorganized local players in a consolidating industry.
External Factors
Industry Trends
The industrial gas industry is growing at a steady pace, driven by healthcare, aerospace, and electronics. The industry is consolidating, with large international players merging. Ellenbarrie is positioning itself as a Pan-India player with a 50-year legacy to capture this growth.
Competitive Landscape
Competes with organized international players and unorganized local entities. The industry is commoditized, leading to intense price competition in the bulk segment.
Competitive Moat
Moat is built on: 1) 50-year operational legacy; 2) High switching costs for on-site customers; 3) Capital-intensive nature of the business (entry barrier); and 4) Long-term contracts that provide cash flow visibility. These are sustainable due to the essential nature of gases in industrial processes.
Macro Economic Sensitivity
Highly sensitive to Indian manufacturing GDP. Management views the gases business as a 'direct proxy' for broader manufacturing activity expansion.
Consumer Behavior
Shift toward higher demand for high-purity gases in the electronics and pharmaceutical sectors (31% of revenue).
Geopolitical Risks
Exposure to global supply chains for cryogenic equipment and plant machinery which can cause project delays.
Regulatory & Governance
Industry Regulations
Subject to the Companies Act, 2013 and Indian Accounting Standards (Ind AS). The company faced a minor compliance observation regarding the 'audit trail' feature in its accounting software, which was only enabled from June 21, 2024, rather than the full financial year.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 18.2% (INR 123.6 million tax on INR 677.9 million PBT).
Legal Contingencies
The company has pending litigations disclosed in Note 39(A) of the financial statements. While the specific INR value is not in the summary, the auditors noted these impacts are disclosed in the financial position.
Risk Analysis
Key Uncertainties
Project execution delays (current 1-month delay) could impact short-term revenue targets by 5-10%. Cyclicality in the steel sector (22% revenue) poses a risk to volume growth during economic slowdowns.
Geographic Concentration Risk
While expanding, the company remains heavily concentrated in its core markets in East India, though specific regional % revenue is not provided.
Third Party Dependencies
High dependency on state power utilities for electricity, which constitutes 24% of the cost structure.
Technology Obsolescence Risk
Low risk for core gas separation, but the company must invest in modern cryogenic technology to maintain the 38-40% EBITDA margin.
Credit & Counterparty Risk
Receivables quality is monitored; impairment loss on financial assets was INR 21.3 million in FY25, down from INR 46.4 million in FY24, showing improved collection efficiency.
