| Revenue growth | Healthy YoY growth; 9% sequential decline due to steel sector softness. |
|---|---|
| Margins | Sequential contraction to 31% from 38% on lower Argon realizations. |
| Demand visibility | Steel sector remains soft; solar and semiconductor inquiries increasing significantly. |
| Management confidence | Balanced; acknowledging short-term Argon pricing pressure while maintaining long-term targets. |
Growth
Revenue rose YoY to ₹813M; however, sequential operational revenue declined 9%.
Outlook
Capex of ₹2,500M for FY26 and ₹2,000M for FY27 targeting 40% EBITDA margins.
Risks
Argon oversupply from captive steel plants and high client concentration in steel.
Last quarter's promises, checked
Delivered
- Commission Uluberia 2 plant in Q4 → Delivered (commissioned in Q4 FY26) (= BEAT)
- Target 38.4% FY26 Gas EBITDA margin → Delivered 38.4% (= BEAT)
- Core gas revenue growth vs FY25 → Delivered 14.2% growth (= BEAT)
Partly delivered
- Target 20% revenue CAGR → Delivered healthy YoY growth but 9% sequential decline (= PARTIAL)
Missed
- Argon pricing recovery → Delivered 25% sequential crash (= MISS)
- Maintain high margins → Delivered contraction to 31% from 38% (= MISS)
Earnings Call Transcript filed with NSE, NSE: ELLEN. Summary written with AI assistance from the document.
Ellenbarrie Industrial Gases Ltd: key numbers
- Share price
- ₹368.50
- Market cap
- ₹5,193 Cr
- Revenue (annual)
- ₹341.6 Cr
- Net profit (annual)
- ₹104.4 Cr
- P/E (TTM)
- 43.0×Sector 53.6×
- Promoter holding
- 77.15%+0.00% QoQ
- FII holding
- 1.08%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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