Ellenbarrie Industrial Gases Ltd — earnings calls

Ellenbarrie Industrial Gases reported Q1 FY27 revenue of Rs 987 million, up 18% year-on-year and 13% sequentially, driven by ramp-up at the Kurnool and Uluberia 2 plants. EBITDA grew 21% year-on-year to Rs 387 million with margin at 39%, while profit after tax rose 87% year-on-year to Rs 350 million aided by lower finance costs and a lower effective tax rate. Management discussed capacity expansion plans in North India and West Central India, argon pricing trends, and the commissioning of a new East India on-site plant expected to contribute revenue from Q2 FY27.

Ellenbarrie reported Q4 core gases segment revenue growth of 9% sequentially, with reported EBITDA margin of about 30%, impacted by three one-off items totalling around Rs 46 million. Management said the Ulluberia 2 merchant plant of 220 tons per day was commissioned during the quarter and is ramping up, while an East India on-site plant is expected to be commissioned the following month. For FY26, the core gases business grew 14.2% over FY25, with segment EBITDA margin at 38.4% for the year, up 500 basis points from FY25.