Financial Performance Summary

Ellenbarrie Industrial Gases Ltd. reported strong unaudited financial results for Q1 FY27 (quarter ended June 30, 2026), showing significant growth across all key metrics.

Key Financial Metrics:

| Metric | Q1 FY27 | Q1 FY26 | YoY Change | Q4 FY26 | QoQ Change |

| Revenue from operations (₹ million) | 987 | 836 | 18% | 874 | 13% |

| Total income (₹ million) | 1,158 | 905 | 28% | 1,020 | 14% |

| EBITDA (₹ million) | 387 | 318 | 21% | 258 | 50% |

| EBITDA margin | 39% | 38% | 100 bps | 30% | 900 bps |

| Profit before tax (₹ million) | 465 | 278 | 67% | 333 | 40% |

| Profit after tax (₹ million) | 350 | 187 | 87% | 229 | 53% |

| PAT margin | 30% | 21% | 900 bps | 22% | 800 bps |

Operational Performance Drivers

Core Gases Business Performance:

  • Revenue from gases, related products and services reached ₹973 million in Q1 FY27
  • Increased 20% YoY and 13% QoQ
  • Growth primarily driven by higher volumes from merchant plant ramp-ups

Volume and Pricing Trends:

  • Volume growth driven by ramp-up of merchant plants at Kurnool and Uluberia 2
  • Argon prices continued to recover, rising sequentially (though still below H1 FY26 levels)
  • Oxygen and Nitrogen prices remained stable

Margin Expansion Factors:

  • Higher production volumes from newer energy-efficient plants
  • Disciplined cost control and cost rationalization
  • Firmer Argon prices contributing to margin improvement
  • Savings from renewable energy expected to provide additional margin tailwind

Expansion and Capital Expenditure

Current Projects:

  • East India onsite plant is ready for commissioning
  • Scheduled to commence operations in Q2 FY27
  • Revenue contribution expected from Q2 FY27

Future Expansion Plans:

  • Further merchant plants planned in North India and West/Central India
  • Expansion aimed at increasing geographical presence

Capex Guidance:

  • FY27 capital expenditure guidance of ₹2,500 million

Business Outlook

  • Company expects momentum to continue into H2 FY27
  • Capacity utilization at merchant plants set to improve through FY27
  • Ramp-up at Kurnool and Uluberia 2 merchant plants continues
  • Broad-based growth expected across revenue, EBITDA and profit after tax

Company Background

Ellenbarrie Industrial Gases Ltd. has more than 50 years of operating history and supplies industrial gases through bulk, packaged and onsite models. Their portfolio includes Oxygen, Nitrogen, Argon, Acetylene, Hydrogen, Carbon Dioxide, Helium, Nitrous Oxide, specialty gases and related products, along with project engineering services.

The company is a market leader in West Bengal, Andhra Pradesh and Telangana, serving customers across industries including steel, pharmaceuticals and chemicals, engineering and infrastructure, defence and other end-use sectors.