Ellenbarrie Industrial Gases Limited · NSE:ELLEN
Ellenbarrie Industrial Gases — Q3 FY26 Earnings Presentation
30 slides from Ellenbarrie Industrial Gases's earnings presentation, Feb 3, 2026
Slide 1: Exchange filing cover letter for Investor Presentation
February 03, 2026 To To National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, New Trading Ring, 2nd Floor, Rotunda Building, P.J. Bandra – Kurla Complex, Bandra (E), Mumbai – 400 051 Towers, Dalal Street, Mumbai – 400 001 SYMBOL: ELLEN SCRIP CODE: 544
Slide 2: Investor Presentation Q3 and 9MFY26
Investor Presentation Q3 and 9MFY26
Slide 3: Disclaimer
Disclaimer Safe Harbour Statement This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ a
Slide 4: Table of Contents
Table of Contents Q3 FY26 and 9M FY26 Highlights Company Overview Growth Strategy Industry Overview Historical Financial Statements Databook
Slide 5: Q3 FY26 and 9M FY26 Highlights
Q3 FY26 and 9M FY26 Highlights
Slide 6: Key Highlights
Key Highlights Q3FY26 Result Snapshot Strong Balance Sheet* Capacity (TPD) Total Income Existing** 974 INR mn Net Cash Bulk: 679 ; Onsite: 672 INR 3550 mn FY 2027e EBITDA Bulk: 900 ; Onsite: 987 253 INR mn ROCE Capex Guidance EBITDA Margin 26% 31% FY 2026: INR 2500 mn PAT ROE 261 INR mn 12% FY 2027:
Slide 7: Financial Highlights
Financial Highlights All Operations Core Gas Business Revenue from Operations (₹ Mn) 1000 EBITDA (₹ Mn) & EBITDA Margin 70% PAT (₹ Mn) Revenues (₹ Mn) 60% 800 50% 42% 38% 37% 600 36% 40% 31% 862 908 815 2,541 30% 400 2,300 650 2,480 2,130 20% 200 337 367 892 813 283 253 10% 261 680 206 879 792 0 0%
Slide 8: Operational Highlights
Operational Highlights Revenue Breakup Gases Type Customer Type (₹ Mn) Product / Services Oxygen Nitrogen Argon & Mixtures Bulk Package Onsite Sale of Gases Project Enggineering 8% 9% 13% 631 1% 1% 3% 531 476 45% 39% 42% 99% 99% 97% 124 86 126 120 142 140 46% 48% 49% Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25
Slide 9: Business Update
Business Update Operational Highlights Existing plant updates New plant updates • Successful ramp-up of Kurnool and Tata Steel • Merchant plant in East India - Uluberia 2 Metaliks Division operational now • Capacity Utilizations stood at 87% for the quarter • New on-site plant in East India is expec
Slide 10: Q3 FY26 and 9M FY26 Financial Snapshot
Q3 FY26 and 9M FY26 Financial Snapshot Profit and Loss Statement INR mn Q3 FY26 Q3 FY25 Y-Y (%) Q2 FY26 Q-Q (%) 9M FY26 9M FY25 Y-Y (%) Revenues 813 680 20% 892 (9%) 2,541 2,300 11% Other Income 161 94 126 355 246 Total Revenues 974 774 26% 1,018 (4%) 2,896 2,546 14% Raw Material Costs 11 5 140% 9 2
Slide 11: Growth Strategy
Growth Strategy
Slide 12: Growth Strategy
Growth Strategy Expanding Customer Access through Added Capacities, Strategic Acquisitions & Innovative Offerings Aligned to Evolving Needs Strategic Objectives Pan India Presence Industry Diversification Disciplined Capital Allocation Strategic Acquisitions Product & Industry Balanced Business Mix
Slide 13: Expansive Operational & Distribution Capabilities
Expansive Operational & Distribution Capabilities FY27 East India Onsite Plant • Type: Onsite FY26 • Capacity (TPD) – 320 Uluberia-2, West Bengal • Current Status – Expected to be • Type: Bulk commissioned in Q1 FY27 • Capacity (TPD) – 220 • Current Status – Commissioned North India • Type: Bulk • C
Slide 14: Company Overview
Company Overview
Slide 15: Portfolio of Speciality Gases
Comprehensive Product Portfolio Wide Variety of Industrial Gases Additional Products - Leveraging our Extensive Technical Know-how O N Ar Oxygen Nitrogen Argon Project Engineering Services H Carbon Acetylene Dioxide Hydrogen He Nitrous Special Gases Oxide (Trimix Gases) Helium Tonnage ASUs & Medical
Slide 16: Resilient Business Model supporting Stability & Growth
Resilient Business Model supporting Stability & Growth Market Leader 50+ In 3 states – West Bengal, Andhra Pradesh & Telangana1 years rich legacy1 Types of Customers Onsite Bulk Package Vapourizer (liquid to gas) Storage Tank Gas Cylinders Customer Tank Vapourizer (Liquid) (owned by Ellenborrie) (li
Slide 17: High Customer Stickiness & Minimized Concentration Risks
High Customer Stickiness & Minimized Concentration Risks Deep Customer Relationships & Long-term Operating History Revenue from Repeat Customers* Long Standing Relationships *Customers who have purchased for at least 2 Increasing Revenue from customers with Revenue on Basis of Years of Relationship
Slide 18: Experienced Board of Directors and Management Team
Experienced Board of Directors and Management Team Strong Team with Proven Track Record of Performance Padam Kumar Agarwala Chairman & Managing Director 40+ years experience • Bachelor’s degree in commerce from Pawan Marda Seema Sapru Non-Executive Independent Director Non-Executive Independent Dire
Slide 19: Industry Overview
Industry Overview
Slide 20: Industrial Gases Market is set for Substantial Expansion (1/2)
Industrial Gases Market is set for Substantial Expansion (1/2) Expected to grow at ~7.5% CAGR from 2024 to 2028, backed by End-Use Industries India Industrial Gases Market1,2 Market Segmentation by Product Market Segmentation by Application (By Value, ($1.31 Bn) in CY 2024)1 (By Value, ($1.31 Bn) in
Slide 21: Industrial Gases Market is set for Substantial Expansion (2/2)
Industrial Gases Market is set for Substantial Expansion (2/2) Expected to grow at ~7.5% CAGR from 2024 to 2028, backed by End-Use Industries Growth Fueled by Burgeoning End-use Sectors Industry Dominated by Multinational Organizations $270Bn2 Foreign Players Chemicals Rising demand for plastics, fe
Slide 22: Opportunities in Oxygen, Argon & Nitrogen
Opportunities in Oxygen, Argon & Nitrogen Oxygen Market in India Argon & Argon Mixtures Market in India Nitrogen Market in India Value (USD billion) Value (USD billion) Value (USD billion) Volume (Million tons) Market Segmentation by Application, Volume (Million tons) Market Segmentation by Applicat
Slide 23: Historical Financials
Historical Financials
Slide 24: Profit & Loss Statement
Profit & Loss Statement Financial Statements (INR mn) FY23 FY24 FY25 Revenue from operations 2,051 2,695 3,125 Other Income 186 207 360 Total Income 2,237 2,902 3,484 Cost of materials consumed 41 38 32 Purchases of stock-in-trade 222 534 333 Changes in inventories of finished goods, traded goods an
Slide 25: Balance Sheet
Balance Sheet Financial Statements Assets (INR mn) FY23 FY24 FY25 1H FY26 Equity and Liabilities (INR mn) FY23 FY24 FY25 1H FY26 Property, plant and equipment 1,815 3,293 3,376 3,371 Shareholder's equity 3,631 4,099 4,934 9,219 Capital work-in-progress 714 4 453 651 Borrowings 561 950 1,467 488 Righ
Slide 26: Cash Flow Statement
Cash Flow Statement Financial Statements (INR mn) FY23 FY24 FY25 Cash flow from operating activities Profit before tax 373 642 1,078 Operating profit before working capital changes 408 671 1,170 Cash generated from operations 496 498 117 Income tax paid (108) (61) (74) Net cash generated from operat
Slide 27: Data Book
Data Book
Slide 28: Data Book
Data Book Revenue breakup by Product Revenue breakup by Industry Revenue breakup by Customer Type Oxygen Nitrogen Argon Others Bulk Package Onsite Project Engineering/MGPS FY23 FY24 FY25 37% 200 31% 158 29% 4% 433 29% 7% 6% 51 26% 7% 9% 8% 457 421 99 22% 457 515 17% 17% 15% 38% 37% 13% 47% 11% 10% 9
Slide 29: Our Facilities
Our Facilities West Bengal Telangana Bulk • Uluberia – 115 TPD Bulk • Uluberia 2 – 220 TPD • Jadcherla – 130 TPD Onsite Cylinder Filling Stations • Kharagpur-1 – 176 TPD • Jadcherla • Kharagpur-2 – 170 TPD Cylinder Filling Stations • Kalyani • Uluberia • Panagarh • Uluberia - Hydrogen electrolyzer A
Slide 30: Thank You
Thank You Ellenbarrie Industrial Gases Ltd. Registered Office: 3A, Ripon Street, Kolkata – 700016, West Bengal, India complianceofficer@ellenbarrie.com Investor Relations Advisors: ellenbarrie@raadhicapital.com Anup Sudhendranath anup.s@raadhicapital.com Vinita Pandya vinita.p@raadhicapital.com
Ellenbarrie Industrial Gases — Q3 FY26 Earnings Presentation on 6ix