Ellenbarrie Industrial Gases Limited · NSE:ELLEN
Ellenbarrie Industrial Gases — Q4 FY26 Earnings Presentation
32 slides from Ellenbarrie Industrial Gases's earnings presentation, May 24, 2026
Slide 1: Exchange filing cover letter for investor presentation
May 24, 2026 To To National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra – Kurla New Trading Ring, 2nd Floor, Rotunda Building, P.J. Towers, Dalal Complex, Bandra (E), Mumbai – 400 051 Street, Mumbai – 400 001 SYMBOL: ELLEN SCRIP CODE: 544421 S
Slide 2: Investor Presentation Q4 and FY26
Investor Presentation Q4 and FY26
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 Q4 and FY26 Highlights Company Overview Growth Strategy Industry Overview Historical Financial Statements Databook
Slide 5: Q4 and FY26 Highlights
Q4 and FY26 Highlights
Slide 6: Key Highlights
Key Highlights FY26 Result Snapshot Strong Balance Sheet* Capacity (TPD) Total Income Net Debt / Equity Existing** 3,416 INR mn 0.03 Bulk: 911 ; Onsite: 698 FY 2027e EBITDA Cash & Equivalents Bulk: 1,131 ; Onsite: 1018 1,166 INR mn Rs 4,694 mn Capex Guidance EBITDA Margin ROCE* 34% 15.4% FY 2027: IN
Slide 7: Financial Highlights (1/2)
Financial Highlights (1/2) All Operations Core Gas Business Revenue from Operations (₹ Mn) 1400EBITDA (₹ Mn) & EBITDA Margin 70% PAT (₹ Mn) Revenues (₹ Mn) 1200 60% 1000 50% 800 36% 40% 34% 30% 31% 30% 3,340 1,044 3,416 600 30% 2,925 3,125 1,1191,166 833 400 20% 825 813 874 200 10% 261 229 246 253 2
Slide 8: Financial Highlights (2/2)
Financial Highlights (2/2) One off Items impacting Q4FY26 Particulars ₹ mn EBITDA margin Reported EBITDA Q4FY26 258 30% Add: One-time provisioning for employee leave encashment 11 Add: Other Income - impairment on a legacy non-core investment 20 Add: One time settlement with an Onsite customer 15 To
Slide 9: Gases Division — Segmental Performance
Gases Division — Segmental Performance Gases, related products & services — revenue and segment-result margin Revenue (₹ mn) Segment Result margin (%) 40.0% 3340 38.4% 34.6% 2925 33.2% 33.4% 795 792 860 Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Y-o-Y +8.3% +14.2% Y-o-Y +680 bps +
Slide 10: 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% 10% 9% 601 4% 3% 2% 532 531 44% 42% 40% 96% 97% 98% 126 137 142 128 128 133 48% 49% 49% Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25
Slide 11: Business Update
Business Update Operational Highlights Existing plant updates New plant updates • Merchant plant - Uluberia 2 ramp up progressing well. We continue to • New on-site plant in East India is expected to be operational next month. focus on increasing capacity utlisation further into FY27 Expect revenues
Slide 12: Q4 and FY26 Financial Snapshot
Q4 and FY26 Financial Snapshot Profit and Loss Statement INR mn Q4 FY26 Q4 FY25 Y-Y (%) Q3 FY26 Q-Q (%) FY26 FY25 Y-Y (%) Revenues 874 825 6% 813 7% 3,416 3,125 9% Other Income 145 114 161 500 359 Total Revenues 1,020 939 9% 974 5% 3,916 3,484 12% Raw Material Costs 10 11 -8% 11 -14% 39 32 21% Purch
Slide 13: Growth Strategy
Growth Strategy
Slide 14: 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 Growth & Capital Discipline Strategic Acquisitions Product & Industry Balanced Business Mix Cap
Slide 15: 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 – June 2026 • Type: Bulk • Capacity (TPD) – 220 North India • Current Status – Commissioned • Type: Bulk • Capacity (TPD) – 220 • Status
Slide 16: Company Overview
Company Overview
Slide 17: Comprehensive Product Portfolio
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 18: 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 19: 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 m
Slide 20: 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 21: Industry Overview
Industry Overview
Slide 22: 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 23: 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 24: 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) Market Segmentation by Application, Volume (Million tons) Market Segmentation by Application, Market Segmentati
Slide 25: Historical Financials
Historical Financials
Slide 26: Profit & Loss Statement
Profit & Loss Statement Financial Statements (INR mn) FY24 FY25 FY26 Revenue from operations 2,695 3,125 3.416 Other Income 207 360 500 Total Income 2,902 3,484 3,916 Cost of materials consumed 38 32 39 Purchases of stock-in-trade 534 333 362 Changes in inventories of finished goods, traded goods an
Slide 27: Balance Sheet
Balance Sheet Financial Statements Assets (INR mn) FY24 FY25 FY26 Equity and Liabilities (INR mn) FY24 FY25 FY26 Property, plant and equipment 3,293 3,376 4,490 Shareholder's equity 4,099 4,934 9,771 Capital work-in-progress 4 453 779 Borrowings 950 1,467 594 Right of use assets 13 12 42 Lease Liabi
Slide 28: Cash Flow Statement
Cash Flow Statement Financial Statements (INR mn) FY24 FY25 FY26 Cash flow from operating activities Profit before tax 642 1,078 1,353 Operating profit before working capital changes 671 1,170 1,201 Cash generated from operations 498 117 1,570 Income tax paid (61) (74) (245) Net cash generated from
Slide 29: Data Book
Data Book
Slide 30: Data Book
Data Book Revenue breakup by Product Revenue breakup by Industry Revenue breakup by Customer Type Oxygen Nitrogen Argon Others FY24 FY25 FY26 37% 33% 200 75 29% 29% 6% 4% 9% 433 519 26% 9% 8% 457 23% 10% 99 457 512 515 17% 16% 13% 13% 37% 47% 11% 37% 10% 9% 9% 8% 6% 6% 5% 1,706 1,952 2,310 48% 44% 4
Slide 31: Our Facilities
Our Facilities West Bengal Bulk Telangana • Uluberia – 115 TPD • Uluberia 2 – 220 TPD Bulk • Jadcherla – 130 TPD Onsite • Kharagpur-1 – 204 TPD Cylinder Filling Stations • Kharagpur-2 – 154TPD • Jadcherla Cylinder Filling Stations • Kalyani • Uluberia • Panagarh • Uluberia - Hydrogen electrolyzer Ex
Slide 32: 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 vinitap@raadhicapital.com
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