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Ellenbarrie Industrial Gases Q2 FY27 results: net profit down 2.9% to ₹35.65 crore, revenue up 28.2%
Ellenbarrie Industrial Gases Limited reported standalone revenue of ₹114.32 crore in Q2 FY27, up 28.2% from Q2 FY26, while EBITDA rose to ₹40.24 crore and profit after tax was ₹35.65 crore. EBITDA margin was 35.2%, while basic EPS was ₹2.53, compared with ₹2.61 in the year-ago quarter.
Key points
- Revenue rose to ₹114.32 crore in Q2 FY27 from ₹89.17 crore in Q2 FY26, while EBITDA increased to ₹40.24 crore from ₹33.48 crore.
- EBITDA margin was 35.2%, down from 37.5% in Q2 FY26 and 38.1% in Q1 FY27.
- Profit after tax was ₹35.65 crore, compared with ₹36.72 crore in Q2 FY26, and basic EPS was ₹2.53 against ₹2.61.
- For H1 FY27, revenue rose to ₹213.03 crore from ₹172.8 crore and profit after tax increased to ₹70.61 crore from ₹55.43 crore.
- Total assets reached ₹1,334.53 crore and total equity was ₹1,047.39 crore as of 30 September 2026, against ₹1,298.95 crore and ₹977.14 crore at 31 March 2026.
How did Ellenbarrie Industrial Gases perform in Q2 FY27?
Ellenbarrie Industrial Gases reported standalone revenue from operations of ₹114.32 crore in Q2 FY27, up ₹25.15 crore or 28.2% from ₹89.17 crore in Q2 FY26. It was also up ₹15.60 crore or 15.8% from ₹98.72 crore in Q1 FY27. The company’s presentation reported Q2 FY27 revenue of ₹1,143 mn; the figures here are standalone results from the filed financial statements.
EBITDA rose to ₹40.24 crore in Q2 FY27 from ₹33.48 crore a year earlier and ₹37.63 crore in the previous quarter. The margin was 35.2%, compared with 37.5% in Q2 FY26 and 38.1% in Q1 FY27. Profit before tax was ₹47.92 crore, against ₹39.96 crore a year earlier and ₹46.46 crore in Q1 FY27.
Profit after tax was ₹35.65 crore in Q2 FY27, compared with ₹36.72 crore in Q2 FY26 and ₹34.96 crore in Q1 FY27. Basic EPS was ₹2.53, against ₹2.61 in the year-ago quarter and ₹2.48 in the previous quarter. The presentation also discussed the results, including a consolidated presentation basis; the quarter figures used here are standalone.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 114.32 | 98.72 | 89.17 | +28.2% | +15.8% |
| Other income | 17.11 | 17.06 | 12.61 | +35.7% | +0.3% |
| Total expenses | 83.50 | 69.32 | 61.82 | +35.1% | +20.5% |
| EBITDA | 40.24 | 37.63 | 33.48 | +20.2% | +6.9% |
| EBITDA margin | 35.2% | 38.1% | 37.5% | −2.3 pp | −2.9 pp |
| Profit before tax | 47.92 | 46.46 | 39.96 | +19.9% | +3.1% |
| Tax | 12.28 | 11.50 | 3.24 | +279.0% | +6.8% |
| Net profit | 35.65 | 34.96 | 36.72 | −2.9% | +2.0% |
| EPS (₹) | 2.53 | 2.48 | 2.61 | −3.1% | +2.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Ellenbarrie Industrial Gases' costs and profit?
Total expenses rose to ₹83.50 crore in Q2 FY27 from ₹61.82 crore in Q2 FY26, an increase of ₹21.68 crore or 35.1%. Other expenses increased by ₹11.37 crore or 27.9% to ₹52.16 crore, employee cost by ₹2.08 crore or 32.0% to ₹8.59 crore, depreciation by ₹1.86 crore or 36.6% to ₹6.94 crore, and finance costs by ₹1.43 crore or 136.2% to ₹2.48 crore. Cost of materials increased by ₹0.47 crore or 52.2% to ₹1.37 crore.
Other income rose to ₹17.11 crore from ₹12.61 crore in Q2 FY26, an increase of ₹4.50 crore or 35.7%. Tax expense increased by ₹9.04 crore or 279.0% to ₹12.28 crore. There was no exceptional item in Q2 FY27 or Q2 FY26. Management said the year-on-year profit-after-tax comparison was affected by a ₹45 mn deferred tax credit in Q2 FY26.
Sequentially, total expenses increased by ₹14.18 crore or 20.5% from Q1 FY27, including an ₹8.93 crore or 20.7% rise in other expenses and a ₹1.29 crore or 17.7% rise in employee cost. Management said the EBITDA-margin decline reflected higher transport costs and salary hike arrears, while price increases to recover freight costs were under negotiation.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1.37 | 0.90 | +0.47 | +52.2% |
| Employee cost | 8.59 | 6.51 | +2.08 | +32.0% |
| Finance costs | 2.48 | 1.05 | +1.43 | +136.2% |
| Depreciation | 6.94 | 5.08 | +1.86 | +36.6% |
| Other expenses | 52.16 | 40.79 | +11.37 | +27.9% |
| Total expenses | 83.50 | 61.82 | +21.68 | +35.1% |
| Other income | 17.11 | 12.61 | +4.50 | +35.7% |
| Tax | 12.28 | 3.24 | +9.04 | +279.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue rose to ₹213.03 crore from ₹172.8 crore in H1 FY26, an increase of ₹40.23 crore or 23.3%. Total income rose to ₹247.21 crore from ₹192.24 crore, an increase of ₹54.97 crore or 28.6%.
Profit before tax increased to ₹94.38 crore from ₹67.79 crore, up ₹26.59 crore or 39.2%. Profit after tax rose to ₹70.61 crore from ₹55.43 crore, an increase of ₹15.18 crore or 27.4%, while basic EPS increased to ₹5.01 from ₹4.07.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 213.03 | 172.80 | +23.3% |
| Profit before tax | 94.38 | 67.79 | +39.2% |
| Net profit | 70.61 | 55.43 | +27.4% |
| EPS (₹) | 5.01 | 4.07 | +23.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,334.53 crore, compared with ₹1,298.95 crore at 31 March 2026. Total equity was ₹1,047.39 crore against ₹977.14 crore, while borrowings fell to ₹138.55 crore from ₹180.11 crore and cash declined to ₹0.27 crore from ₹1.23 crore. Inventories were ₹14.24 crore, trade receivables ₹78.75 crore and trade payables ₹14.78 crore.
For H1 FY27, operating cash flow was ₹43.63 crore, compared with ₹65.92 crore in H1 FY26. Investing cash flow was ₹9.63 crore against an outflow of ₹301.96 crore, while financing cash flow was an outflow of ₹54.21 crore against an inflow of ₹236.62 crore. Capital expenditure was ₹73.84 crore, compared with ₹54.19 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,335 | 1,299 |
| Total equity | 1,047 | 977.14 |
| Borrowings | 138.55 | 180.11 |
| Cash and equivalents | 0.27 | 1.23 |
| Inventories | 14.24 | 14.17 |
| Trade receivables | 78.75 | 63.28 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 43.63 | 65.92 |
| Cash from investing | 9.63 | −301.96 |
| Cash from financing | −54.21 | 236.62 |
| Capital expenditure | 73.84 | 54.19 |
Source: Company's results filing (XBRL).
How has Ellenbarrie Industrial Gases done over the last 6 quarters?
Revenue rose to ₹114.32 crore in Q2 FY27 from ₹98.72 crore in Q1 FY27 and ₹89.17 crore in Q2 FY26. The trend data shows that revenue increased year on year in each of the last two quarters. The highest quarterly revenue in the series was ₹114.32 crore in Q2 FY27, while the lowest was ₹81.35 crore in Q3 FY26.
Profit after tax was ₹35.65 crore in Q2 FY27, compared with ₹34.96 crore in Q1 FY27 and ₹36.72 crore in Q2 FY26. EBITDA margin was 35.2%, below the series peak of 38.1% in Q1 FY27 and above the low of 30.6% in Q3 FY26. Revenue and profit were both higher than in Q1 FY27, while margin eased.
Which businesses drove the quarter?
The Gases, related products and services segment reported revenue of ₹112.08 crore in Q2 FY27, up 27.5% from ₹87.93 crore in Q2 FY26. EBIT was ₹43.36 crore against ₹36.2 crore, and the segment EBIT margin was 38.7%.
Project Engineering reported revenue of ₹2.23 crore, up 80.2% from ₹1.24 crore in Q2 FY26. EBIT was a loss of ₹0.99 crore, compared with EBIT of ₹0.34 crore in the year-ago quarter, and the segment EBIT margin was -44.5%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Gases, related products & services | 112.08 | +27.5% | 43.36 | 38.7% |
| Project Engineering | 2.23 | +80.2% | −0.99 | -44.5% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited financial results for the second quarter and half year ended 30 September 2026 at its meeting on 4 November 2026. The company filed the results under Regulation 33 of the SEBI Listing Regulations, together with the auditors’ limited review reports. The same-day investor-presentation filing referred to a ₹4,807 mn BHEL order. No dividend, fund-raise or appointment was reported in the supplied same-day filing excerpts.
What did Ellenbarrie Industrial Gases' management say?
Management said revenue growth was driven by higher volumes as merchant and onsite plants continued to ramp up, and said the East India onsite plant was expected to reach full revenue in Q3 FY27. It said the Kurnool and Uluberia 2 merchant plants were ramping, with utilisation improvement remaining a FY27 focus. The presentation also cited a ₹4,807 mn BHEL turnkey ASU order.
Management said EBITDA margin eased to 36% from 39% in Q1 FY27 because of higher transport costs and salary hike arrears, with negotiations under way to pass freight costs on to customers. It said power expenses rose 40% YoY to ₹257 mn and gross margin declined to 66% from 70% a year earlier. Management said the PAT comparison was affected by the ₹45 mn deferred tax credit in Q2 FY26.
Management gave capex guidance of INR 2500 mn for FY 2027 and INR 2000 mn for FY 2028. It said growth capex would target organic projects with ROCE above 15% while preserving a net-cash balance sheet. Management also said new merchant plants in North and West/Central India were planned for FY28, with North India listed at 220 TPD, and that plans to add solar capacity were underway to reduce costs and diversify energy consumption.
Quick answers
What was Ellenbarrie Industrial Gases' revenue in Q2 FY27?
Revenue from operations was ₹114.32 crore, up 28.2% from ₹89.17 crore in Q2 FY26 (standalone).
Did Ellenbarrie Industrial Gases make a profit in Q2 FY27?
Yes. Net profit was ₹35.65 crore, against a net profit of ₹36.72 crore in Q2 FY26.
What was Ellenbarrie Industrial Gases' EPS in Q2 FY27?
Basic earnings per share were ₹2.53, against ₹2.61 in Q2 FY26.
When did Ellenbarrie Industrial Gases announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results (BSE, 15 October 2026) · PDF
- General Updates (NSE, 4 November 2026) · PDF
- The investor presentation (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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