Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: ₹114.3 crore (up 28.1% from ₹89.2 crore)
  • EBITDA: ₹40.7 crore (up 20.8% from ₹33.7 crore)
  • EBITDA margin: 35.6% (down 220 bps from 37.8%)
  • Profit before tax: ₹47.9 crore (up 19.8% from ₹40.0 crore)
  • Profit after tax: ₹35.6 crore (down 3.0% from ₹36.7 crore, due to a deferred tax credit of ₹4.5 crore recognized in Q2 FY26)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from operations: ₹213.0 crore (up 23.3% from ₹172.8 crore)
  • EBITDA: ₹79.4 crore (up 21.2% from ₹65.5 crore)
  • EBITDA margin: 37.3% (down 60 bps from 37.9%)
  • Profit before tax: ₹94.4 crore (up 39.2% from ₹67.8 crore)
  • Profit after tax: ₹70.6 crore (up 27.4% from ₹55.4 crore)

Operating and Project Highlights

Core Business Performance:

  • Core gases business reported revenue of ₹112.1 crore in Q2 FY27, up 27% year-on-year
  • Gas segment margins improved sequentially to 39% in Q2 FY27 from 38% in Q1 FY27

Capacity Expansion:

  • Kurnool and Uluberia II merchant facilities continued to ramp up
  • New 320 TPD onsite plant in East India commissioned during Q2 FY27
  • Fuller revenue contribution from new plant expected from Q3 FY27
  • Installed capacities as of September 30, 2026: Bulk capacity 915 TPD, Onsite capacity 1,018 TPD
  • Additional merchant plants being developed in North and West/Central India for FY28

Major Order:

  • Received ₹480.7 crore order to supply and erect a 1,200 TPD cryogenic Air Separation Unit on turnkey basis
  • Project for a coal-to-ammonium nitrate project in Jharsuguda, Odisha
  • Execution timeline: FY28 and FY29

Capital Expenditure and Balance Sheet

Capital Expenditure Plan:

  • FY27 planned capex: ₹250 crore (on track)
  • FY28 planned capex: ₹200 crore (on track)
  • Primary purpose: Augmentation of merchant capacity

Financial Position:

  • Cash and equivalents: ₹424 crore as of September 30, 2026
  • Company described as "well capitalized"

Management Commentary

Mr. Padam Kumar Agarwala, Chairman and Managing Director:

  • Quarter saw continued growth in gases business as recently commissioned capacities increased contribution
  • New East India onsite plant commenced operations during the quarter
  • Focused on improving utilization across the network
  • BHEL turnkey ASU order adds to project engineering business
  • Remain attentive to freight and power costs
  • Progressing planned capacity investments

Business Overview

Ellenbarrie Industrial Gases Limited manufactures and supplies industrial, medical and specialty gases including oxygen, nitrogen, argon and hydrogen. Operations comprise:

  • Bulk, packaged and onsite gas supply
  • Project engineering services for air separation units and related applications