Ellenbarrie Industrial Gases

Ellenbarrie reported Q4 FY26 results with core gases revenue growing 9% sequentially, but reported EBITDA of ₹26 crore was impacted by ₹4.6 crore in one-offs (employee leave provision, legacy impairment, customer settlement). Adjusted EBITDA margin was ~35%, while the gases segment margin reached 40% in Q4 and 38.4%Current 38.4%. Reported change: +500bps YoY. for FY26, up 500bps YoY. Key driver was the commissioning of the 220 TPD Uluberia 2 merchant plant in West Bengal, now ramping up. Argon prices recovered from Q3 lows, supporting margins. Management targets 20% revenue CAGRCurrent reported value: 20% revenue CAGR. No comparable prior figure is available in the source record. over the medium term and 40% EBITDA marginCurrent reported value: 40% EBITDA margin. No comparable prior figure is available in the source record. aspirationally, driven by new capacity (on-site plant expected next month, two more merchant plants in FY27-28) and power cost optimization via renewables. Risk: argon price volatility and ramp-up delays could pressure near-term margins.