Ellenbarrie Industrial Gases Ltd

Financial Performance

• Q1 FY27 revenue from operations: 987 million; up 18% YoY, 13% sequential.
• EBITDA: 387 million; margin 39%; YoY +21%, sequential +50%.
• PAT: 350 million; YoY +87%, sequential +53%.
• Core gases revenue: 973 million; margin 38%; YoY +20%, sequential +13%.

Operations and Capacity Update

• Kurnool and Uluberia 2 ramp-up progressing; East India 320 TPD onsite commissioned; revenue from Q2 FY27.
• Capex guidance FY27: 250 crore; FY28: 200 crore; two merchant plants total 450-500 TPD.
• Legacy plants fully utilized; East India onsite has some spare capacity.

Outlook and Margin Guidance

• EBITDA margins expected to stabilize at around 40% or higher over time.
• Power costs remain key; renewables PPAs to lower per-unit power costs.
• FY27 capex guidance reiterated; East India revenue start Q2 FY27; utilization to improve.

Q&A Highlights

• No advance contracting for the 450-500 TPD merchant plants; ramp-up 18-24 months.
• Argon pricing volatility; long-term trend upward; longer-term margins not solely Argon-driven.
• Two merchant plants capex of ~450 crore; combined capacity 450-500 TPD.
• Electronic gases margins lower than ASU; investment in containers and safety; payback ~3 years after build and ramp.
• On-site revenue share vs bulk: onsite ~14 crores; bulk ~70 crores; capacity higher than revenue share.
• East India onsite live by Q2 FY27; steel revenue ~one-third of total; non-steel two-thirds.
• Inquiries for on-site plants robust; pipeline includes inquiries above 600 TPD; largest plant if signed.
• Steel is one-third of revenue; non-steel two-thirds.

Issue Overview

• Type of issue and securities: IPO of equity shares.
• Size and net proceeds: total issue size; net proceeds revised upward due to GCP.
• Main objectives: repay borrowings, set up Uluberia 220 TPD ASU, and general corporate purposes.

Utilisation of Proceeds

• Repayment of borrowings: fully utilized; no remaining balance.
• ASU Uluberia-II: partial utilisation; end-quarter balance 623.58m; idle 421.42m.
• GCP: partial utilisation; end-quarter unutilised 160.34m; board approval obtained.
• Issue-related expenses: utilised; no unutilised.
• Unutilised proceeds: 581.76m held in fixed deposits and MA account.
• ASU delay: completion moved to Q1 FY2027; 623.58m used vs 888.25m planned.
• GCP breakdown: marketing 1.60m; contingencies 39.59m; growth 0.71m; brand 0.62m.

Governance and Compliance

• Board approvals: GCP allocation approved; August 7, 2026.
• Vendor changes: ASU equipment sourced from different vendors; Prospectus allowed flexibility.
• Means of finance unchanged; no shareholder approvals required for deviations.
• Unutilised funds not encumbered; MA balance held; no liens.
• Transfer of funds between monitoring and operating accounts; some amounts deployed; rest returned.

General Corporate Purpose (GCP)

• Total GCP allocated: 42.52 million.
• Marketing capabilities: Rs 1.60 million.
• General corporate contingencies: Rs 39.59 million.
• Growth opportunities: Rs 0.71 million.
• Brand building: Rs 0.62 million.
• GCP usage within 25% cap of gross proceeds.

Meeting Details

• Earnings conference call with analysts/investors held on August 10, 2026.
• Audio recording of the earnings call made available on the company website.

Purpose

• Purpose: earnings discussion for quarter ended June 30, 2026.

Financial Highlights

• Revenue from operations ₹987 mn in Q1 FY27, up 18% YoY.
• EBITDA ₹387 mn, up 21% YoY; margin 39%.
• PAT ₹350 mn, up 87% YoY; margin 30%.
• Total revenue ₹1,158 mn with other income ₹171 mn.

Operations & Developments

• East India onsite plant commissioning; revenue contribution expected from Q2 FY27.
• Ramp-up at Kurnool and Uluberia 2 merchant plants progressing.
• New merchant plants planned in North and West/Central India.

Capex & Capacity

• Total capacity: Bulk 915 TPD; Onsite 1,018 TPD.
• Capex guidance FY27 ₹2.5 bn; FY28 ₹2.0 bn.
• Maintain net-cash balance sheet for capex flexibility.

Governance & Leadership

• Chairman & MD: Padam Kumar Agarwala; Joint MD: Varun Agarwal.
• CFO: K. Srinivas Prasad; Independent Directors: Pawan Marda, Soumitra Bose, Seema Sapru, Ajit Khandelwal.

Financial highlights

• Revenue from operations ₹987 million, up 18% YoY and 13% QoQ.
• EBITDA ₹387 million, up 21% YoY and 50% QoQ; EBITDA margin 39%.
• PAT ₹350 million, up 87% YoY and 53% QoQ.
• Core gases revenue ₹973 million, up 20% YoY and 13% QoQ.
• EBITDA margin expanded to 39% on higher volumes and cost controls.

Operational updates

• Ramp-up at Kurnool and Uluberia 2 merchant plants continues; utilization to improve.
• East India onsite plant under commissioning; revenue contribution expected from Q2 FY27.
• Additional merchant plants planned in North, West and Central India.
• Energy savings from renewables to provide margin tailwind.

Outlook & capex

• Momentum expected to continue into H2 FY27.
• Capex guidance for FY27: ₹2,500 million.

Governance updates

• Internal Auditor appointed: M/s. A.R. Maiti & Co. for FY 2026-27.
• Cost Auditor appointed: M/s. Datta, Ghosh, Bhattacharya & Associates for FY 2026-27.
• Mr. Sujoy Sen appointed Chief Information Officer, SMP, effective August 01, 2026.

Unaudited results and IPO proceeds

• Board approved unaudited quarterly results for quarter ended 30 June 2026.
• Audit Committee reviewed results; statutory limited review completed with unmodified conclusion.
• Quarter revenue from operations: 987.16 million; total income: 1,157.76 million.
• Profit after tax for quarter: 349.62 million; basic EPS: 2.48.
• Year ended 31 March 2026: revenue 3,415.82 million; total income 3,916.31 million.
• IPO completed in FY2026: 21,313,130 equity shares at Rs 400 per share.
• Allotted on 27 June 2025; listed on NSE and BSE on 01 July 2025.
• IPO proceeds utilised: 2,100.00 million repaid; 1,045.00 for Uluberia air separation unit; 559.51 for general corporate.
• Total utilised IPO: 3,149.60 million; unutilised 581.76 million.
• The company has no subsidiaries/associates; consolidated results not applicable.

Financial results

• Unaudited financial results for quarter ended 30 June 2026 approved.
• Limited review report attached with unmodified conclusion.
• Unaudited revenue from operations: 987.16m; PAT: 349.62m.

Internal and cost auditor appointments

• Internal auditors appointed: M/s. A.R. Maiti & Co. for FY 2026-27.
• Cost auditors appointed: M/s. Datta, Ghosh, Bhattacharya & Associates for FY 2026-27.

Senior management appointment

• Mr. Sujoy Sen appointed Chief Information Officer, effective Aug 01, 2026; designated SMP.

Shareholder meeting

• 52nd AGM convened for 26 Sep 2026 at 12:00 PM IST via video conferencing.

Governance disclosures

• No promoter/director interests in the approved matters.

Meeting Details

• Board meeting scheduled for August 7, 2026.

Key Agenda Items

• Consider and approve the unaudited financial results for quarter ended June 30, 2026.

Other Notes

• Trading window closed from July 1, 2026; reopens after results declaration.
• Results disclosure and update disseminated on the company website.