Ellenbarrie Industrial Gases Ltd. (ELLEN) — Tipsheet

Ellenbarrie posts 9% gas-segment growth, flags argon price recovery

Tipsheet Editorial — Tue, 26 May 2026 16:12:10 GMT

Core EBITDA margin hit 40% after adjusting for ₹46M in one-offs. New capacity starts next month.

What’s new

Core gases revenue grew 9% sequentially in Q4; segment EBITDA margin reached 40% after ₹46M in one-offs.
Uluberia 2 merchant plant is ramping up; a 320-ton/day on-site plant in East India starts next month.
Argon prices recovered from Q3 lows, and management reiterated a 20% revenue CAGR and 40% margin target.

Why it matters

The call gives a clear read on Ellenbarrie's organic growth engine. Argon price recovery and a new on-site plant starting in weeks are the near-term earnings drivers. The 40% EBITDA margin, after stripping out ₹46M in non-recurring items, is the benchmark management is holding itself to.

What we’re watching

Commissioning of the East India on-site plant and its contribution to H1 volumes.
Whether argon prices hold as merchant-plant capacity comes online.
Progress toward the 20% CAGR target with existing order book and new capacity.

The full read

Ellenbarrie Industrial Gases saw core-gas revenue grow 9% sequentially in Q4, with segment EBITDA margin hitting 40% after adjusting for ₹46M in one-offs. Those charges, covering a leave-encashment provision, an investment impairment, and a customer settlement, are out of the way. The real story is the capacity build: the Uluberia 2 merchant plant is ramping, and a 320-ton/day on-site plant in East India starts next month. Argon prices, which dented Q3 margins, recovered. Management used the call to restate the 20% revenue CAGR and 40% margin targets, tying them to these new volumes. The 40% margin after one-offs is the clean baseline. The on-site plant is the next test of whether the company can hold it.

Primary source: BSE · NSE

Ellenbarrie trims growth target after project unit runs out of spare capacity

Tipsheet Editorial — Mon, 25 May 2026 17:38:49 GMT

Management guides for a 20% revenue CAGR, not 20-25%, as the project engineering division stops taking external work. A new power deal should cut costs by 55-60%.

What’s new

Ellenbarrie cut its long-term revenue growth guidance from a 20-25% CAGR to 20%.
The project engineering division won't bill external clients due to internal capacity constraints.
A 25-year PPA for wind-solar hybrid power should cut costs by 55-60% at one plant.

Why it matters

The guidance cut is a hard cap on the growth story, but it comes with a margin offset. The PPA-driven power cost reduction and argon price recovery support a 40% EBITDA margin target. The trade-off is slower top-line growth for better profitability.

What we’re watching

The timeline for the merchant capacity expansion to 1,350 tpd by FY28.
Whether the project engineering division can resume external work or is permanently sidelined.
Margin performance as argon prices and power costs evolve over the next two quarters.

The full read

Ellenbarrie Industrial Gases cut its long-term revenue growth guidance to 20% CAGR, down from 20-25%, because its project engineering division is so busy internally it can't take outside work. That's a hard ceiling on top-line growth, and management was blunt about it on the May 25 call. The margin story is moving in the other direction. A new 25-year wind-solar hybrid PPA is expected to slash power costs by 55-60% at one Southern plant, supporting the medium-term target of a 40% EBITDA margin. The March quarter already showed that margin at 40%, a recovery from weak argon pricing earlier in the year. The expansion plan is to grow merchant capacity from 900 tpd to 1,350 tpd by FY28. The open question is whether slower growth but fatter margins is the right trade for a small-cap industrial gases player.

Primary source: BSE · NSE

Ellenbarrie Industrial Gases' profit jumps 25% in first full year post-IPO

Tipsheet Editorial — Fri, 22 May 2026 18:57:15 GMT

Revenue grew 9.3% for the year ended March 2026, with earnings per share rising to ₹7.54 from ₹6.36.

What’s new

Net profit rose 25.4% to ₹1,044 million for FY26 on 9.3% revenue growth to ₹3,416 million.
EPS increased to ₹7.54 from ₹6.36, aided by higher other income and lower finance costs.
Board added four promoter group entities, including Indicon Projects and Urvi Multicon.

Why it matters

The profit jump is notable for a company that completed its IPO during the year, raising ₹3,731 million in net proceeds. The results show the business delivering growth for shareholders just as it entered the public market. The promoter-group update, however, is the kind of ownership-tidying that follows an IPO and carries no direct financial signal.

What we’re watching

How the ₹3,731 million IPO cash is deployed over the next year.
Whether revenue growth accelerates from the 9.3% FY26 pace.
The financial trajectory of the newly added promoter group entities.

The full read

Ellenbarrie Industrial Gases' first full year as a public company delivered a 25.4% jump in net profit to ₹1,044 million. Revenue grew a more modest 9.3% to ₹3,416 million, meaning the profit expansion was driven partly by other factors — higher other income and lower finance costs. EPS rose to ₹7.54 from ₹6.36. The company also raised ₹3,731 million from its IPO during the year, giving it a fresh equity cushion. The board added four entities to the promoter group, a tidy-up that follows the public listing. For a stock still pricing in its IPO, the market had already digested these numbers through prior calls. The fresh question is how the new capital gets spent.

Primary source: BSE · NSE