Ellenbarrie Industrial Gases Limited has informed the exchange regarding Earnings Call Transcript for the Analysts/Investors call held on May 25, 2026.
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Ellenbarrie Industrial Gases held its Q4 FY26 earnings call where management discussed quarterly performance and future outlook. The core gases business delivered 14.2% growth in FY26 with segment EBITDA margins of 38.4% for the full year, up 500 basis points from FY25. Q4 had one-off items totaling Rs 46 million (employee provision, non-core impairment, and on-site customer settlement), which masked underlying strength with adjusted margins around 35%. The company commissioned its 220 TPD Ulluberia 2 merchant plant in Q4 and expects an on-site plant (320 TPD) in East India to go live shortly. Current merchant capacity of 900 TPD is targeted to reach 1,130 TPD in 12 months and 1,350 TPD by FY28. Management maintained its 20% revenue CAGR target and 40% EBITDA margin aspiration, driven by more power-efficient new plants, renewable energy PPAs reducing power costs, and argon price recovery. Argon currently contributes 8-10% of revenue with potential to reach 15% long-term.
The company is entering FY27 with stronger capacity and improving argon pricing, positioning it for sustained growth. Investors can expect the newly commissioned plants to drive revenue growth over the next 2-3 years while margin expansion should come from lower power costs and better plant efficiency.