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What the record says.
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% 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 CAGR over the medium term and 40% EBITDA margin 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.
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Guidance to track
- Management targets a 20% revenue CAGR over the medium term, supported by new capacity additions.
- Long-term EBITDA margin aspiration of 40%, driven by efficient new plants, lower power costs, and argon recovery.
- A 320 TPD on-site plant in East India expected to be commissioned next month (early FY27).
- Two merchant plants (220 TPD in North India and 250 TPD in West-Central India) to be commissioned in FY27 and early FY28, taking merchant capacity to ~1,350 TPD.
Risks flagged
- Argon prices recovered in Q4 but remain below H1 FY26 levels; further recovery is uncertain and could impact margins.
- Uluberia 2 plant is ramping up but may take 18 months to reach optimum utilization; delays in commissioning new plants could slow revenue growth.
- Power is the largest cost; grid tariffs are 50-60% higher than PPA rates, and renewable PPAs are not yet secured for all plants.
- New ASU capacity additions across the industry could lead to pricing pressure, though management believes long-term contracts mitigate this.
Key quotes
- The core gases business continued to remain the main driver of the company. Demand across our key gases remained linked to the broader industrial environment despite the Iran conflict.
- Our long-term EBITDA margin aspiration is 40%.
- We cannot control the global cycle. We cannot control commodity prices. We cannot control external demand. But we can control where we allocate capital, how we serve customers and how we manage costs.
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