Project execution delays
East India on-site plant delayed by ~2 months; management acknowledges greenfield projects carry inherent execution risks.
ELLEN / Q3-FY26 / risks
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Ellenbarrie Industrial Gases · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Argon price weakness and steel sector softness
Argon prices declined >25% QoQ due to oversupply from captive plants; recovery depends on steel sector improvement.
Competition from larger players in solar gases
Linde and Inox have won most legacy solar contracts; Ellenbarrie may get smaller share, and margins for traded gases are lower (teens).
Take-or-pay contract underlifting
On-site customers lifted lower volumes due to steel softness, though revenue impact is mitigated by contract structure.