The call has ended.

Key takeaways

Revenue rose 28% YoY to ₹1,143 Cr, but consolidated EBITDA margin fell to about 36% from 39% on freight, power and staffing costs. Management says gases-segment margin rose to 39%.

Guidance and delivery
Management target	Revenue 20.0%

Highlights
Revenue growth	Revenue ₹1,143 Cr, +28% YoY, +16% QoQ; gases +27% YoY.
Margins	Consolidated EBITDA margin ~36% vs 39% QoQ; gases segment up to 39%.
Order book	BHEL EPC ₹480 Cr, 8-quarter execution; no order book/execution ratio disclosed.
Demand visibility	Pharma capex expanding; steel anchors on-site; hospitals stable; some customer capex delayed.
Management confidence	Balanced: confident on gases, explains margin dip, guides normalisation over quarters.

Growth

Revenue +28% YoY, +16% QoQ; gases revenue +27% YoY; EBITDA ₹407 Cr vs ₹387 Cr QoQ.

Outlook

Capex ~₹450 Cr for FY27–28 on course; BHEL ₹480 Cr, 1,200 TPD ASU over 8 quarters; ~20% revenue growth guided.

Risks

Consolidated margin down about 3ppt; BHEL EPC is low-margin, revenue back-ended; two merchant plants delayed to FY28.

Last quarter's promises, checked

Delivered

East India 320 TPD on-site, revenue from Q2 → Durgapur 325 TPD commissioned Sep-26; revenue impact unquantified (= BEAT)

Partly delivered

Capex ₹250 Cr FY27 + ₹200 Cr FY28 → 'on track', no spend disclosed (= PARTIAL)

Missed

EBITDA margin stabilise at ≥40% → consolidated ~36%, gases 39% (= MISS)
Merchant plants 450–500 TPD combined → delayed to FY28 (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 5:49 PM IST. Open it on ALFA Filings ›