Ellenbarrie Industrial Gases (ELLEN) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue from operations was ₹891.73 million, down from ₹947.08 million YoY; a prior-year ₹150 million project-engineering contribution affected the comparison, while gas sales rose 10% YoY to ₹879 million.

• H1 FY26 revenue from operations rose 6.7% YoY to ₹1,728.03 million; EBITDA increased 12.7% to ₹655 million and PAT rose 20.9% to ₹554.29 million.

• The limited review was unmodified, with no material misstatement or non-compliance identified.

Financial highlights

• Q2 FY26 EBITDA was ₹337 million, down 7% YoY and up 5.9% QoQ; EBITDA margin was 38%.

• Q2 FY26 PAT was ₹367.17 million versus ₹296.52 million YoY; PAT margin was 36%, versus 29% in Q2 FY25 and 21% in Q1 FY26.

• Q2 FY26 PBT was ₹399.61 million versus ₹344.98 million YoY; H1 PBT was ₹677.90 million versus ₹555.65 million.

• Q2 total income was ₹1,017.84 million, including ₹126.11 million of other income; H1 total income was ₹1,922.43 million.

• H1 gross profit was ₹1,190 million, up 15.2% YoY, with gross margin of 69% versus 64% in H1 FY25.

Outlook and guidance

• Owned-and-operated capacity targets are 1,910 TPD by FY26-end and 2,130 TPD by FY27-end, versus 1,370 TPD at FY25-end.

• A 320 TPD East India onsite plant is expected to commission in Q4 FY26; a 220 TPD Uluberia-2 bulk plant is expected in Q3 FY26.

• A 220 TPD North India bulk project is planned for H2 2026; West India expansion and further North India and West Bengal capacity are planned from FY28 onward.

• An East India merchant plant was expected to be operational by month-end; another North India merchant plant is targeted for H2 FY27.