Argon price volatility
Argon prices recovered in Q4 but remain below H1 FY26 levels; further recovery is uncertain and could impact margins.
ELLEN / Q4-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
Ramp-up delays for new capacity
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 cost inflation
Power is the largest cost; grid tariffs are 50-60% higher than PPA rates, and renewable PPAs are not yet secured for all plants.
Competition and pricing pressure
New ASU capacity additions across the industry could lead to pricing pressure, though management believes long-term contracts mitigate this.