Shareholders meeting

September 26, 2026 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: 544421 Sub: Chairman's and Joint Managing Director Statement delivered at the 52nd Annual General Meeting of the Company. Dear Sir/Madam, We are forwarding the Statements delivered by the Chairman & Managing Director and also by the Joint Managing Director at the 52nd Annual General Meeting of the Company, held today i.e., Saturday, September 26, 2026. This is also being disseminated on the website of the Company at https://ellenbarrie.com/ We request you to kindly take the above on record. Thanking You. Yours faithfully, For Ellenbarrie Industrial Gases Limited Aditya Keshri Company Secretary and Compliance Officer Membership No.: A73390 CHAIRMAN’S STATEMENT 52nd Annual General Meeting Saturday, September 26, 2026 Dear Shareholders, Members of the Board, colleagues, customers, partners and other stakeholders, Good afternoon, and a warm welcome to the Annual General Meeting of Ellenbarrie Industrial Gases Limited. It is a privilege to address you today, and I thank each of you for your continued trust in the Company. Financial year 2025-26 was an important year in Ellenbarrie’s journey. For more than five decades, we have built this business around technical capability, reliability and long-standing customer relationships. During the year, we entered a new phase in this journey with the listing of Ellenbarrie’s shares on the National Stock Exchange and BSE on July 1, 2025. Becoming a listed company has given us access to a broader shareholder base and greater financial flexibility. More importantly, it brings with it a higher responsibility towards transparency, governance, capital allocation and consistent performance. We welcome that responsibility. At the same time, FY26 was a year of considerable activity within the business. We commissioned new capacity, progressed several expansion projects, strengthened our balance sheet and continued building the platform required for Ellenbarrie to become a larger and more nationally relevant industrial and medical gases company. Before I speak about Ellenbarrie, let me briefly address the environment around us. The global economy continues to operate in an environment of geopolitical uncertainty, changes in trade policy and volatility in energy and commodity markets. Industrial activity across some sectors has also been uneven. India, however, continues to offer a strong structural growth opportunity. Manufacturing, infrastructure, steel, pharmaceuticals, chemicals, healthcare, defence, renewable energy and emerging areas such as electronics and solar manufacturing are all seeing continued investment. For the industrial and medical gases industry, this matters greatly. Our products may not always be visible to the final consumer, but gases such as oxygen, nitrogen, argon and hydrogen are essential inputs across a wide range of industries. As Indian manufacturing grows in scale and sophistication, we expect the requirement for industrial gases to grow alongside it. The industry report referred to in our DRHP estimates that the Indian industrial and medical gases market can grow at approximately 7.5% annually between 2024 and 2028 in USD terms. But the opportunity for Ellenbarrie is wider than overall market growth. Historically, our business has been strong in Eastern and Southern India. This gives us considerable room to expand geographically. Similarly, while sectors such as steel, pharmaceuticals and chemicals remain important, new areas such as solar cell manufacturing, electronics and higher-purity applications are opening up additional opportunities. We therefore see the next phase of Ellenbarrie ’s development as being driven by a combination of industry growth, increase in gas usage across manufacturing as well as geographic expansion. Against this backdrop, the Company delivered a resilient performance in FY26. Revenue from operations stood at ₹3,416 million compared with ₹3,125 million in FY25. Our core gases business grew faster, with revenue from gases, related products and services increasing by approximately 14% during the year. EBITDA stood at ₹1,166 million, while profit after tax increased by approximately 25% to ₹1,044 million. There was volatility during the year, particularly in argon pricing during the second half, and certain non-recurring costs affected reported profitability in the fourth quarter. However, the underlying operating performance of the core gases business remained healthy. The more important development during FY26 was the progress we made in building future capacity. Industrial and medical gases is fundamentally a capacity-led business. Once existing plants reach high levels of utilisation, the next phase of growth requires investment in additional capacity. Ellenbarrie is currently making that investment. We commissioned our 220 tonnes-per-day Uluberia 2 merchant facility in West Bengal during FY26. Ramp-up of this plant is progressing very well. Our Kurnool facility in South India also continued to ramp up, strengthening our ability to serve customers across Andhra Pradesh, Telangana and Karnataka. We are now progressing the next set of projects, including additional on-site and merchant capacity. As of March 31, 2026, Ellenbarrie had approximately 1,609 tonnes per day of owned bulk and on-site capacity, excluding the large air-separation units operated by us for NMDC Steel under an operations and maintenance arrangement. This operating base is set to expand further. Your Company has also entered this investment cycle from a position of financial strength. Following the IPO and repayment of a substantial portion of our borrowings, our balance sheet has become considerably stronger. At March 31, 2026, investible capital including cash and equivalents stood at approximately ₹4,694 million with significant capital available for future projects. This provides Ellenbarrie with the capacity to invest in growth without compromising financial resilience. Our disclosed capital expenditure programme is approximately ₹2,500 million for FY27 and ₹2,000 million for FY28. We recognise that having capital available does not, by itself, justify spending it. Ours is a capital-intensive business. Every investment must therefore be evaluated carefully in terms of customer demand, location, power economics, logistics, utilisation potential and return on capital. Our approach will remain disciplined. We intend to prioritise organic investments in areas where we understand the technology, market and customer economics. We will also consider acquisitions and strategic alliances where they can strengthen our distribution network, expand our geographical presence or add relevant product capabilities. But growth will not be pursued simply for the sake of becoming larger. We want to build a business that creates sustainable economic value. One area where financial discipline and sustainability increasingly come together is energy. Power is one of the largest operating costs in the industrial and medical gases business. Improving power efficiency therefore directly strengthens both competitiveness and environmental performance. During FY26, Ellenbarrie entered into a long-term renewable power arrangement associated with a 6-megawatt wind- solar hybrid project in Andhra Pradesh. As the benefits of this arrangement begin to flow through, we expect renewable sourcing to support our efforts towards improving energy economics. Our newer plants are also more energy efficient. This is important because our sustainability agenda must ultimately be embedded in the way we operate the business. Efficient plants, lower energy consumption, responsible resource use and strong safety standards are all part of bu [Showing first 8,000 characters — download PDF for full document]