Ellenbarrie Industrial Gases (ELLEN) Q4 25/26 earnings summary

Executive summary

• FY26 revenue from operations was ₹3,415.82 million, total income ₹3,916.31 million and PAT ₹1,044.00 million; statutory auditors issued an unmodified opinion.

• EBITDA was ₹1,166 million; core gases revenue grew 14.2% to ₹3,340.42 million, with segment-result margin rising 500 bps to 38.4%.

• Expansion plans include onsite and merchant plants scheduled to start operations across FY27 and FY28.

Financial highlights

• FY26 revenue from operations was ₹3,415.82 million and total income ₹3,916.31 million, versus ₹3,484.32 million total income in FY25.

• FY26 EBITDA was ₹1,166 million, with a 34% margin versus 36% in FY25; PAT rose 25% to ₹1,044 million.

• FY26 basic and diluted EPS was ₹7.54 versus ₹6.36 in FY25; total comprehensive income was ₹1,042.11 million versus ₹834.66 million.

• Q4FY26 revenue from operations was ₹874.33 million, EBITDA ₹258 million and PAT ₹228.84 million; Q4 FY25 comparison figures were unaudited.

• Adjusted Q4FY26 EBITDA, excluding ₹46 million of one-off items, was ₹304 million, with a 35% adjusted margin.

Outlook and guidance

• FY27 capex guidance is ₹2,500 million and FY28 guidance is ₹2,000 million.

• Uluberia 2 ramp-up and higher capacity utilisation are expected to drive FY27 growth.

• East India onsite plant is expected to become operational in June 2026, with revenue expected from H2FY27; North India merchant capacity is scheduled for H2FY27.

• A West/Central India merchant plant is planned for FY28, with capacity yet to be determined.

• Argon’s recovery momentum is expected to continue into FY27, despite near-term industrial activity pressure.