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Revenue
₹81.3 Cr
verification pending
Revenue YoY
—
reported change
EBITDA
₹25.3 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ellenbarrie reported Q3 FY26 revenue of ₹81.3 crore and EBITDA of ₹25.3 crore (31% margin), down sequentially from 38% in Q2 due to lower argon realizations and one-off costs. PAT came in at ₹26.1 crore. The softness in the steel sector led to oversupply of argon and slightly lower volumes. Management maintains a long-term EBITDA margin target of ~40%, supported by new efficient capacities. The 220 TPD merchant plant in West Bengal has been commissioned, with ramp-up expected over 18 months. Capex guidance is ₹250 crore for FY26 and ₹200 crore for FY27. Key risks include project execution delays (East India on-site plant slipped to Q1 FY27) and continued argon price weakness. No specific FY27 revenue guidance was provided, but long-term CAGR of 20-25% is reiterated.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirms 40% EBITDA margin aspiration, supported by new efficient capacities and normalization of argon prices.
- Capital expenditure guidance of ₹250 crore for FY26 and ₹200 crore for FY27 for expansion projects.
- 320 TPD on-site plant expected to be commissioned in Q1 FY27, delayed by ~2 months from earlier Q4 FY26 guidance.
- 220 TPD merchant plant in North India targeted for second half of FY27.
Risks flagged
- East India on-site plant delayed by ~2 months; management acknowledges greenfield projects carry inherent execution risks.
- Argon prices declined >25% QoQ due to oversupply from captive plants; recovery depends on steel sector improvement.
- Linde and Inox have won most legacy solar contracts; Ellenbarrie may get smaller share, and margins for traded gases are lower (teens).
- On-site customers lifted lower volumes due to steel softness, though revenue impact is mitigated by contract structure.
Key quotes
- We do hold on to EBITDA margins of around 40%... this was a weak quarter... the new capacities that come in would be more efficient in terms of power usage.
- The growth happens not on a consistent Q-on-Q basis but rather in step changes as and when new capacities are operationalized.
- We do feel that the worst is over.
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