Ellenbarrie Industrial Gases Limited · NSE:ELLEN
Ellenbarrie Industrial Gases — Q2 FY26 Earnings Presentation
28 slides from Ellenbarrie Industrial Gases's earnings presentation, Nov 11, 2025
Slide 1: Exchange filing cover letter
November 11, 2025 To To National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra New Trading Ring, 2nd Floor, Rotunda Building, P.J. – Kurla Complex, Bandra (E), Mumbai – 400 051 Towers, Dalal Street, Mumbai – 400 001 SYMBOL: ELLEN SCRIP CODE: 544
Slide 2: Investor Presentation Q2 FY26
Investor Presentation Q2 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 Q2 FY26 and H1 FY26 Highlights Company Overview Growth Strategy Industry Overview Historical Financial Statements Databook
Slide 5: Q2 FY26 and H1 FY26 Highlights
Q2 FY26 and H1 FY26 Highlights
Slide 6: Financial Highlights
Financial Highlights All Operations Core Gas Business Revenue from Operations (₹ Mn) 800 EBITDA(₹ Mn) EBITDA Margin (%) 80% PAT (₹ Mn) 1800 70% 1600 600 60% 1400 1200 50% 38% 38% 38% 38% 36% 1000 400 40% 554 655 458 1,620 1,728 800 581 30% 1,455 1,688 367 600 200 20% 297 947 892 362 337 879 836 318
Slide 7: Operational Highlights
Operational Highlights Revenue Breakup Operational Highlights Gases Type Customer Type (₹ Mn) Product / Services Oxygen Nitrogen Argon Bulk Package Onsite Sale of Gases Project Enggineering • Existing plant updates: Successful ramp-up of Kurnool and Tata Steel Metaliks Division 16% 7% 7% 1% 11% 13%
Slide 8: Q2 FY26 and H1 FY26 Financial Snapshot
Q2 FY26 and H1 FY26 Financial Snapshot Profit and Loss Statement INR mn Q2 FY26 Q2 FY25 Y-Y (%) Q1 FY26 Q-Q (%) 1H FY26 1H FY25 Y-Y (%) Revenues 891.7 947.1 (5.8%) 836.3 6.6% 1,728.0 1,620 6.7% Other Income 126.1 72.3 74.3% 68.2 84.9% 194.4 151.7 28.2% Total Revenues 1,017.8 1,019.4 (0.2%) 904.5 12.
Slide 9: Growth Strategy
Growth Strategy
Slide 10: 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 11: Expansive Operational & Distribution Capabilities
Expansive Operational & Distribution Capabilities 1st 3rd Highest transport tankers, Hydrogen Electrolyser set up cylinders & customer in Eastern India1 installations in India1 Facility Capacity (MT/day) Bulk Uluberia, West Bengal 115 Parawada (Visakhapatnam), Andhra Pradesh 170 Hyderabad (Jadcherla
Slide 12: Projects Pipeline
Projects Pipeline Expected Capacity Project / Location Type Current Status Capex Strategic Rationale (TPD) (INR mn) FY26e 2,500 Onsite Plant (East Expected to be Long-term contract with a Onsite 320 India) commissioned in Q4 FY26 steel producer Uluberia-2, West Expected to be Strengthen East India B
Slide 13: Company Overview
Company Overview
Slide 14: 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 Dioxide Acetylene Hydrogen He Nitrous Special Gases Oxide (Trimix Gases) Helium Tonnage ASUs & Medical
Slide 15: 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 16: 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 consecutive yrs.1 Revenue on Basis of Year
Slide 17: 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 18: Industry Overview
Industry Overview
Slide 19: 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 20: 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 21: 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 22: Historical Financials
Historical Financials
Slide 23: Profit & Loss Statement
Profit & Loss Statement Financial Statements (INR mn) FY23 FY24 FY25 Revenue from operations 2,051.1 2,694.8 3,124.8 Other Income 186.0 207.3 359.5 Total Income 2,237.1 2,902.0 3,484.3 Cost of materials consumed 41.1 38.3 31.9 Purchases of stock-in-trade 222.2 533.8 333.0 Changes in inventories of f
Slide 24: 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 1,815.0 3,293.0 3,375.9 3,370.9 Shareholder's equity 3,630.6 4,098.9 4,933.6 9,218.6 Capital work-in-progress 714.1 4.2 453.0 650.6 Borrowing
Slide 25: Cash Flow Statement
Cash Flow Statement Financial Statements (INR mn) FY23 FY24 FY25 Cash flow from operating activities Profit before tax 372.6 642.2 1,078.3 Operating profit before working capital changes 407.6 670.5 1,169.8 Cash generated from operations 495.5 498.2 116.5 Income tax paid (108.0) (60.7) (73.8) Net ca
Slide 26: Data Book
Data Book 38 Fs 5 3
Slide 27: 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 28: 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@raadhiadvisors.com Anup Sudhendranath anup.s@raadhiadvisors.com Vinita Pandya vinita.p@raadhiadvisors.com
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