Ellenbarrie Industrial Gases (ELLEN) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue from operations was INR 987.16 mn, up 18% YoY; EBITDA rose 21% to INR 387 mn and PAT increased 87% to INR 349.62 mn.

• Ramp-ups at Kurnool and Uluberia 2, operating efficiencies and cost discipline supported EBITDA margin expansion to 39%.

• The Board approved the quarter’s unaudited results on August 7, 2026; statutory auditors issued an unmodified limited-review conclusion.

Financial highlights

• Revenue from operations was INR 987.16 mn versus INR 836.30 mn in Q1 FY26; it was up 18% YoY and 13% QoQ.

• Total income was INR 1,157.76 mn versus INR 904.59 mn; other income was INR 170.60 mn versus INR 68.29 mn.

• EBITDA was INR 387 mn, up 21% YoY and 50% QoQ; PAT was INR 349.62 mn, up 87% YoY and 53% QoQ.

• PBT was INR 464.58 mn versus INR 278.29 mn; total expenses were INR 693.18 mn. Finance costs were INR 20 mn versus INR 46 mn in Q1 FY26.

Outlook and guidance

• FY27 capex guidance is INR 2,500 mn and FY28 guidance is INR 2,000 mn.

• East India onsite plant is under commissioning, with operations and revenue contribution expected from Q2 FY27.

• Core gas momentum is expected to strengthen in H2 FY27 as recently commissioned plants continue ramping up.

• Merchant plants in North and West/Central India are planned over the next few years, despite macroeconomic volatility.