ELLEN
Ellenbarrie Industrial Gases share price & financials
- Price
- ₹287.25
- Market cap
- ₹4.7k Cr
- Sector
- Chemicals
- Calls analysed
- 5
Ellenbarrie Industrial Gases Limited Q1 FY27
What went well
- Revenue of 987 million, up 18% YoY and 13% sequentially, driven by ramp-up of Kurnool and Uluberia 2 plants.
- EBITDA of 387 million, up 21% YoY and 50% sequentially, with EBITDA margin expanding to 39% from 30% QoQ.
- PAT of 350 million, up 87% YoY and 53% sequentially, supported by lower finance costs and effective tax rate.
What to watch
- Macroeconomic environment requires caution due to geopolitical uncertainty, input cost volatility, energy price movement, currency fluctuations, and uneven demand conditions.
- Argon prices, while recovering with a modest sequential increase, are still below the levels seen in H1 FY26.
What Ellenbarrie Industrial Gases Limited does
Ellenbarrie manufactures and supplies industrial and medical gases -- oxygen, nitrogen, argon, hydrogen, helium and specialty gases -- to customers across steel, chemicals, pharmaceuticals, healthcare, defence and other manufacturing sectors. Gas is delivered through three formats: bulk (liquid gas trucked to storage tanks at customer sites), packaged cylinders, and onsite plants built and run on customer premises under long-term (15-20 year) take-or-pay contracts. Beyond gas supply, it runs a project-engineering business that designs and builds cryogenic air separation units (ASUs) and non-cryogenic (VPSA/PSA) plants, medical gas pipeline systems and hospital gas equipment, and it operates two ASU plants for a large steel producer under a separate operations-and-maintenance contract. Incorporated in 1973, the company holds market leadership in West Bengal, Andhra Pradesh and Telangana and ranks among the top three nationally by tanker, cylinder and customer-installation network.
Segments
- Gases (core)
- Project Engineering Services (non-core)
- Market position
- Among top 3 in India by tanker/cylinder/installation network; market leader in West Bengal, Andhra Pradesh & Telangana
- Operational facilities
- 9 plants, plus 2 new facilities under construction/implementation
- Existing installed gas capacity
- Bulk 911 TPD + Onsite 698 TPD (excludes NMDC O&M plants)
- Bulk customers
- 328
- Packaged (cylinder) customers
- 1,498
- Onsite customers
- 3 (plus orders secured for 2 more), on 15-20 year take-or-pay contracts
Guidance record · Q1 FY27
what the last two calls moved 12 tracked 3 delivered 1 missed 8 open- Project Commissioning delivered, diluted said Q1 FY26 Promised: commence operation in October 2025 Q1 FY27: Plant ramp-up is progressing well, contributing to Q1 revenue growth. Promise is fulfilled.
- Total Owned & Operated Capacity missed said Q1 FY26 Promised: 1,910 tons per day by end of FY26 Q1 FY27: Deadline passed. The target of 1,910 TPD by end of FY26 was missed, with actual capacity at ~1600 TPD.
- Project Commissioning delayed said Q1 FY26 Promised: up and running in end of Q1 of next financial year (FY27) Q1 FY27: Original Q1 FY27 deadline missed. Construction has now commenced on the plant as part of a larger capex plan.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 17.9%, net profit up 84.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 95 | 68 | 82 | 84 | 89 −6% | 81 +19% | 87 +6% | 99 +18% |
| EBITDA | 36 | 27 | 25 | 31 | 33 −8% | 25 −7% | 27 +8% | 38 +23% |
| Net profit | 30 | 19 | 18 | 19 | 37 +23% | 26 +37% | 23 +28% | 35 +84% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −31.0% 1Y
1Y: ₹551.4 on 10 Sept 2025 → ₹380.2. High ₹552.4 (11 Sept 2025), low ₹180.95 (16 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.1%
- 10 Aug
- Q4 FY26
- −5.7%
- 25 May
- Q3 FY26
- +0.7%
- 3 Feb
- Q2 FY26
- −0.8%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.3% a year over 1 year, FY25 to FY26. Operating margin narrowed to 34.0%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹312 Cr | ₹341 Cr |
| Operating profit | ₹110 Cr | ₹116 Cr |
| Operating margin | 35.3% | 34.0% |
| Interest | ₹17 Cr | ₹9 Cr |
| Depreciation | ₹21 Cr | ₹21 Cr |
| Net profit | ₹83 Cr | ₹105 Cr |
| Net margin | 26.6% | 30.8% |
| Cash from operations | ₹4 Cr | ₹133 Cr |
| Free cash flow | ₹-65 Cr | ₹-25 Cr |
| ROCE | 18.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹28 Cr | ₹28 Cr |
| Reserves | ₹141 Cr | ₹319 Cr | ₹357 Cr | ₹403 Cr | ₹894 Cr | ₹949 Cr |
| Borrowings | ₹111 Cr | ₹11 Cr | ₹102 Cr | ₹178 Cr | ₹119 Cr | ₹184 Cr |
| Other liabilities | ₹98 Cr | ₹45 Cr | ₹86 Cr | ₹84 Cr | ₹106 Cr | ₹137 Cr |
| Total liabilities | ₹356 Cr | ₹381 Cr | ₹551 Cr | ₹673 Cr | ₹1.1k Cr | ₹1.3k Cr |
| Fixed assets | ₹238 Cr | ₹221 Cr | ₹182 Cr | ₹331 Cr | ₹342 Cr | ₹453 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹74 Cr | ₹0 Cr | ₹65 Cr | ₹78 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹111 Cr | ₹170 Cr | ₹311 Cr | ₹397 Cr |
| Other assets | ₹118 Cr | ₹160 Cr | ₹185 Cr | ₹172 Cr | ₹428 Cr | ₹370 Cr |
| Total assets | ₹356 Cr | ₹381 Cr | ₹551 Cr | ₹673 Cr | ₹1.1k Cr | ₹1.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Mutual funds in ELLEN
Filings to Aug 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −0.29 L shares (−6.9%).
- Held by funds
- ₹13 Cr
- 1 schemes
- Biggest holder
- Nippon India Retirement Fund - Wealth Creation Scheme
- ₹13 Cr · 0.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund | ₹13 Cr | −0.29 L | Jun '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 1 trimmed — net −28,853 shares (−6.9%)
- Funds are sitting on
- -31%
- vs est. average cost
- Held by funds
- ₹13 Cr
- 1 schemes · ≈ 0.24% of the company
Shares held by these funds −72%
Jun '25 4.20 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Ellenbarrie Industrial Gases Limited
Guides on how to read this kind of business and the numbers that matter.