Ellenbarrie Industrial Gases (ELLEN) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations was INR 1,143.18 million, up 28% YoY; H1 revenue was INR 2,130.34 million, up from INR 1,728.03 million.

• Q2 EBITDA rose 21% YoY to INR 407 million; PAT was INR 356.47 million versus INR 367.17 million, partly reflecting a prior-year deferred tax credit.

• Commissioned a 325 TPD Durgapur on-site plant and secured a INR 4,807 million BHEL turnkey ASU order; focus is shifting toward utilization and monetization.

Financial highlights

• Q2 total income was INR 1,314.29 million versus INR 1,017.84 million YoY; H1 total income was INR 2,472.05 million versus INR 1,922.43 million.

• Q2 EBITDA was INR 407 million, up 21% YoY and 5% QoQ; its margin was 36%, versus 38% in Q2 FY26 and 39% in Q1 FY27.

• Q2 PBT rose 20% YoY to INR 479.24 million; PAT fell 3% to INR 356.47 million. H1 PAT increased to INR 706.09 million from INR 554.29 million.

• H1 operating cash flow was INR 436.26 million, down from INR 659.23 million; income tax paid was INR 125.31 million versus INR 89.42 million.

Outlook and guidance

• Longer-term Core Gases revenue growth guidance remains 20%; management reiterated a 20% revenue CAGR outlook.

• CapEx guidance is INR 2,500 million for FY27 and INR 2,000 million for FY28; investments are expected to use cash on hand and project-level debt as needed, with no imminent capital raise.

• Durgapur is expected to contribute a full quarter of revenue in Q3 FY27; Kurnool and Uluberia 2 merchant plants are ramping up, while North and West/Central India merchant plants are planned for FY28.

• Freight increases remain under negotiation; solar capacity additions are planned to reduce costs and diversify energy use.