Ellenbarrie Industrial Gases reported a 28% YoY revenue jump to ₹114.3 crore for Q2 FY27. Despite a minor dip in net profit due to previous year tax benefits, the company secured a significant ₹480.7 crore turnkey project for an Air Separation Unit in Odisha. With new capacity commissioned and robust liquidity, the firm is well-positioned for its planned ₹250 crore FY27 capex program.
Ellenbarrie Industrial Gases Q2 Revenue Rises 28% to ₹114.3 Crore
Revenue grew 28.1% year-on-year to ₹114.3 crore; secured a major ₹480.7 crore turnkey ASU project.
Reader Takeaway: Strong revenue and a massive order win boost visibility, though investors should monitor margin compression headwinds.
What just happened
Ellenbarrie Industrial Gases posted a strong operational quarter, with Q2 FY27 revenue hitting ₹114.3 crore, up from ₹89.2 crore in the same period last year. EBITDA rose 20.8% to ₹40.7 crore. While Profit After Tax (PAT) showed a slight 3% decline to ₹35.6 crore, the company noted this was due to a non-recurring deferred tax credit of ₹4.5 crore recorded in Q2 FY26. A highlight of the quarter was the new 320 TPD onsite plant commissioning and a major ₹480.7 crore order for a 1,200 TPD cryogenic Air Separation Unit (ASU) in Jharsuguda, Odisha.
Why this matters
The company is aggressively scaling its project engineering and gas supply capabilities. The ₹480.7 crore turnkey order provides significant revenue visibility for FY28 and FY29. Furthermore, the company maintains a robust cash balance of ₹424 crore as of September 30, 2026, providing a stable foundation to fund its planned ₹250 crore capex for FY27 and ₹200 crore for FY28.
What changes now
Capacity is expanding steadily. With the new 320 TPD onsite plant fully operational, the company expects full revenue contribution starting Q3 FY27. Management is shifting focus toward optimizing network utilization and managing inflationary pressures on freight and power costs to recover margin stability.
Risks to watch
Investors should note the 220 basis point contraction in EBITDA margins, which dropped to 35.6%. While sequential margins improved, year-on-year pressure remains. Execution risk on the two-year turnkey project will be a key performance indicator over the coming quarters.
Context metrics
- Bulk Capacity: 915 TPD (as of Sept 30, 2026)
- Onsite Capacity: 1,018 TPD (as of Sept 30, 2026)
- Cash and Equivalents: ₹424 crore
What to track next
Watch for the production ramp-up at the newly commissioned East India plant and quarterly progress reports on the Jharsuguda turnkey ASU project.