Ellenbarrie Industrial Gases Limited has informed the exchange regarding Earnings Call Transcript

November 06, 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. Towers, Kurla Complex, Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001 SYMBOL: ELLEN SCRIP CODE: 544421 Sub: Transcript of Earnings Conference Call with Analysts / Investors pertaining to the Unaudited Financial Results of the Company for the second quarter and half year ended September 30, 2026 - Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed herewith is the transcript of the Earnings Conference call with Analysts / Investors held on Thursday, November 05, 2026, post declaration of the Unaudited Financial Results of the Company for the second quarter and half year ended September 30, 2026. The same has also been disseminated on the website of the Company at https://ellenbarrie.com/investors/ 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 Ellenbarrie Industrial Gases Limited Q2 FY27 Earnings Conference Call November 5, 2026 Speakers: Mr. Padam Kumar Agarwala - Chairman and Managing Director Mr. Varun Agarwal - Joint Managing Director Mr. K Srinivas Prasad - Chief Financial O(cid:431)icer Moderator: Ms. Vinita Pandya (Raadhi Capital) Ellenbarrie Industrial Gases Ltd | Q2 FY27 Earnings Conference Call November 5, 2026 Moderator: Good evening, ladies and gentlemen. Welcome to the Q2 and H1FY27 earnings conference call of Ellenbarrie Industrial Gases Limited, hosted by Raadhi Capital. As a reminder, all attendees will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. If you have any questions, please feel free to press the raise hand button. We'll call on you in turn and unmute your line so you can speak. Important note, if you need to ask a question, please ensure Microsoft Teams has permission to access your microphone when you log in. Otherwise, you will not be able to unmute. Please note that this conference is being recorded. Kindly also note that the audio of the earnings call is corporate material of Ellenbarrie Industrial Gases Limited and cannot be copied, rebroadcasted, or attributed in the PR media without specific and written consent of the company. Please note that anything said on this call that reflects the outlook towards the future, which can be construed as a forward-looking statement, must be reviewed in conjunction with the risks that the company faces. A copy of the disclosure is available on the investor relations section of the website, as well as on the stock exchanges. To give you an in-depth understanding of the company and answer all your queries, we have from the management side today, Mr. Padam Kumar Agarwala, Chairman and Managing Director, Mr. Varun Agarwal, Joint Managing Director, and Mr. K. Srinivas Prasad, Chief Financial O(cid:431)icer. I now hand over the conference to Mr. Padam sir, for his opening remarks. Thank you, and over to you, sir. Mr. Padam Kumar Agarwala (Chairman and Managing Director): Thank you. Good afternoon, and thank you for joining us today for Ellenbarrie Industrial Gases Limited's Q2 FY27 earnings call. We are pleased to report an important quarter marked by the commissioning of our new on-site plant in Durgapur and the award of a major BHEL contract for a large air separation unit in Odisha. These milestones expand our operating capabilities and position Ellenbarrie to participate in larger industrial opportunities. As we complete the first half of FY27, Ellenbarrie is moving from capacity creation to capacity monetization. With recent investments becoming operational, our priorities are to improve utilization, generate sustainable revenues, and deliver stronger returns on invested capital. Against this backdrop, I would like to highlight three structural trends that reinforce our confidence in the opportunity ahead. The first trend is the growth and gradual consolidation of the industrial gases industry. Demand is expanding across major end markets while customers increasingly value scale, reliability, technical expertise, and cost e(cid:431)iciency. These trends favor established Page 2 of 17 Ellenbarrie Industrial Gases Ltd | Q2 FY27 Earnings Conference Call November 5, 2026 players with strong manufacturing and distribution capabilities, and Ellenbarrie is well positioned to strengthen its role in this evolving market. The second trend is the shift towards outsourcing gas production. Large industrial customers increasingly recognize the benefits of partnering with specialized suppliers instead of operating captive facilities. This supports long-term on-site contracts with greater revenue visibility, an area where Ellenbarrie's operating experience positions us well. The third trend is the emerging opportunity in coal gasification. Its development will require significant oxygen capacity and large air separation units. Our recently awarded BHEL contract is an important first step, demonstrating our ability to execute larger, more complex projects. Varun will discuss the contract and its operational implications in greater detail. Together, these trends reinforce our confidence in the industry's long-term prospects and support our strategy of building a stronger, more diversified industrial gases business. Historically, we have built a strong presence in eastern and southern India. We are now expanding towards northern and central India to access new industrial clusters, diversify our customer base, and create a more balanced pan-India footprint. Looking ahead, we see significant opportunities across both our core gases operations and project engineering capabilities. Their commercial models di(cid:431)er, but they are complementary through our technical expertise, customer relationships, and execution capabilities. Ellenbarrie's expanding footprint, customer relationships, and engineering capabilities provide a strong foundation for long-term value creation. We remain focused on disciplined execution, operational e(cid:431)iciency, and sustainable growth. I would like to thank our employees, customers, business partners, and shareholders for their continued support and trust. With that, I will hand over to Varun for the financial and operational review. Thank you. Mr. Varun Agarwal (Joint Managing Director): Thank you, Chairman. Good afternoon, everyone. I'll take you through our financial and operational performance for Q2 FY27, the key developments during the quarter, and our priorities for the remainder of the financial year. Coming to our quarterly financial performance, revenue from operations stood at 1,143 million compared to 892 million in Q2 of FY26 and 987 million in Q1 FY27. This represents a growth of 28% year-on-year and 16% sequentially. Our longer-term guidance, however, remains of 20% growth in the core gases business. EBITDA margin for the quarter was about 36% compared to 39% in Q1 FY27. There are nuances beyond the headline numbers, so I want to take time to explain this for clarity. Performance of Page 3 of 17 Ellenbarrie Industrial Gases Ltd | Q2 FY27 Earnings Conference Call November 5, 2026 the core gases business was stronger than the consolidated margin may initially suggest. The consolidated EBITDA increased from 387 million in Q1 to 407 million in Q2. Segment margins for the gases business also increased from 38% in Q1 to 39% in Q2. However, for the company as a whole, the sequential decline in EBITDA margins from approximately 39% in Q1 to 36% in Q2 was driven by two main factors. Fir [Showing first 8,000 characters — download PDF for full document]