Ellenbarrie Industrial Gases (ELLEN) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue from operations was ₹836.30m, up 24.3% YoY; EBITDA rose 40.2% to ₹307m with a 36.7% margin, while PAT increased 15.6% to ₹187.12m.

• Growth was supported by capacity ramp-up and higher argon volumes; the board approved a ₹5.40 crore cash acquisition of Truair Industrial Gases’ business.

Financial highlights

• Revenue from operations was ₹836.30m vs ₹672.87m in Q1 FY25; total income was ₹904.59m vs ₹752.19m.

• EBITDA was ₹307m, up 40.2% YoY, with a 36.7% margin; improvement was attributed to higher utilization and cost rationalization.

• Profit before tax was ₹278.29m vs ₹210.67m; PAT was ₹187.12m vs ₹161.89m, and PAT margin was 22.4%.

• Total expenses were ₹626.30m, including finance costs of ₹46.09m and depreciation and amortization of ₹50.87m.

• Other comprehensive income was -₹0.62m, taking total comprehensive income to ₹186.50m.

Outlook and guidance

• Management expects FY26 growth momentum to continue as newly commissioned facilities ramp up; longer-term direct-customer contracts are expected to add volumes and support margins.

• A 320 TPD onsite plant is targeted for Q4 FY26; additional planned capacity includes 220 TPD at Uluberia and 250 TPD in West Bengal by Oct 2025, and 220 TPD in North India by Dec 2025.

• Truair acquisition completion is expected within 45 days of signing the agreement.