Ellenbarrie Industrial Gases Delivers Record Quarterly Performance; Profit Jumps 87% YoY in Q1 FY27

Ellenbarrie Industrial Gases Delivers Record Quarterly Performance; Profit Jumps 87% YoY in Q1 FY27​

Ellenbarrie Industrial Gases Limited reported a strong performance in the first quarter of the financial year 2027 (Q1 FY27), marked by significant increases across revenue, EBITDA, and profit after tax. The company's growth was primarily attributed to the ongoing ramp-up operations at its merchant plants located in Kurnool and Uluberia 2.

For Q1 FY27, Ellenbarrie registered a Revenue from operations of ₹987 million. This represented an 18% year-on-year (YoY) increase and a 13% quarter-on-quarter (QoQ) rise compared to the previous period. The Earnings Before Interest, Depreciation, and Amortization (EBITDA) grew 21% YoY and 50% QoQ, reaching ₹387 million, resulting in an EBITDA margin of 39%.

The company’s Profit after tax saw a substantial increase of 87% YoY and 53% QoQ, reaching ₹350 million.

Financial results for the company across relevant periods are detailed below:

Core Gases and Operational Updates​

The revenue generated from gases, related products, and services stood at ₹973 million in Q1 FY27. This figure reflected a 20% YoY growth and a 13% QoQ increase, driven predominantly by the higher volumes achieved during the merchant plant ramp-up phase. The company anticipates this positive momentum to continue throughout the second half of FY27.

From an operational standpoint, the ramp-up process at both the Kurnool and Uluberia 2 merchant plants remains ongoing, with capacity utilization expected to improve progressively through the financial year. Furthermore, the new East India onsite plant is currently undergoing commissioning and is slated to commence operations in Q2 FY27.

The company noted that Argon prices continued their sequential recovery, although they remained below H1 FY26 levels. In contrast, Oxygen and Nitrogen prices were reported as stable. The improvement in margins was attributed to several factors, including the integration of newer energy-efficient plants, higher production volumes, cost rationalisation measures, and firmer pricing for Argon.

Future expansion plans include establishing additional merchant plants in North India, as well as in West/Central India, to enhance geographical reach. Savings resulting from renewable energy usage are expected to contribute an additional margin tailwind moving forward.

Ellenbarrie Industrial Gases Ltd., which has over 50 years of operating history, offers industrial gases through bulk, packaged, and onsite models. The company’s portfolio includes specialty gases, including Oxygen, Nitrogen, Argon, Acetylene, Hydrogen, Carbon Dioxide, Helium, Nitrous Oxide, and related products. It also provides project engineering services such as medical gas pipeline systems and tonnage air separation units.

The company is established as a market leader in West Bengal, Andhra Pradesh, and Telangana, serving a broad customer base across sectors including pharmaceuticals, steel, chemicals, defense, and infrastructure. The Capex guidance for the entire financial year 2027 has been set at ₹2,500 million.

ELLEN Stock Price Movement​

On Friday, shares of Ellenbarrie Industrial Gases Limited rallied by 4.48% to settle at ₹292.35, driven by a gain of ₹12.60 per share. The stock traded robustly during the session, with over 3.01 million shares changing hands.