Ellenbarrie Industrial Gases Limited has informed the Exchange about Transcript
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Ellenbarrie Industrial Gases held its Q4 and FY26 earnings call on May 25, 2026. Q4 reported EBITDA of ₹260 million (30% margin) was impacted by three one-off items totaling ₹46 million (employee provision, legacy investment impairment, and a ₹15 million settlement with an on-site customer). Excluding these, adjusted EBITDA margin was ~35% and core gases segment margin was 40%. For FY26, core gases revenue grew 14.2% with segment EBITDA margins at 38.4%, up 500 basis points from FY25. Key capacity update: Ulluberia 2 (220 TPD merchant plant in West Bengal) was commissioned in Q4 and is ramping up. Current merchant capacity is ~900 TPD and on-site is ~700 TPD, expected to reach 1,130 TPD and 1,000 TPD respectively within 12 months. An East India on-site plant (320 TPD) is expected next month. Management expects argon prices to continue recovering and targets 40% EBITDA margin in the medium term.
The company is entering FY27 with stronger capacity and improving argon pricing. Management maintained its 20% revenue CAGR target over 2-3 years and 40% EBITDA margin aspiration, driven by new efficient capacity, lower power costs from renewable PPAs, and operating leverage as merchant plants ramp up over 18 months.