Ellenbarrie Industrial Gases (ELLEN) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue from operations was INR 813.46 mn and PAT was INR 261.22 mn; 9M revenue was INR 2,541.49 mn and PAT was INR 808.52 mn, with revenue up 11% YoY.

• Softer steel demand and lower Argon realisations pressured sequential performance and Q3 EBITDA margin.

Financial highlights

• Q3 revenue from operations was INR 813.46 mn, up 20% YoY and down 9% QoQ; total income was INR 974.10 mn, including INR 160.64 mn of other income.

• Q3 EBITDA was INR 253 mn versus INR 283 mn YoY; EBITDA margin was 31% versus 42%, with lower Argon prices cited as a factor.

• Q3 PAT was INR 261.22 mn versus INR 203.83 mn YoY, and down 29% QoQ; PAT margin was 27% versus 27% YoY and 36% QoQ.

• 9M FY26 EBITDA was INR 908 mn and PAT was INR 808.52 mn versus INR 689.78 mn YoY.

• 9M gross margin was 68% versus 66% YoY; EBITDA margin was 36% versus 37%, and PAT margin was 28% versus 26%.

Outlook and guidance

• Capex guidance is INR 2,500 mn for FY26 and INR 2,000 mn for FY27.

• FY27 estimated capacity is 900 TPD bulk and 987 TPD onsite, versus existing capacity of 679 TPD bulk and 672 TPD onsite; NMDC Steel O&M capacity is excluded.

• Uluberia 2 bulk plant (220 TPD) is operational; a 320 TPD East India onsite plant is expected in Q1 FY27 and a 220 TPD North India bulk plant in H2 FY27.

• A West India bulk facility and merchant high-purity gases capacity are planned from FY28 onward; capacities are yet to be determined.