ELLEN reports strong Q2 & H1 FY26 results! 💪 **Business Performance:** Q2 revenue hit 89.2 Cr, up 6.7% QoQ.

While overall revenue was down 5.8% YoY due to a one-off 15 Cr project engineering revenue last year, the core gas business surged 10% YoY to 87.9 Cr.

EBITDA remained solid at 33.7 Cr with 38% margins.

Profit After Tax (PAT) rocketed 96% YoY to 36.7 Cr.

Argon is a growing contributor at 13% of total revenue.

For H1 FY26, Return on Capital Employed (RoCE) stood at 26% and Return on Equity (RoE) at 12%. **Growth Drivers & Strategy:** The company is on a full throttle expansion 🚀, targeting 1,910 TPD capacity by end-FY26 and 2,130 TPD by end-FY27. Strategic focus areas include pan-India expansion (targeting North & West India) and diversifying into high-value specialty gases for emerging sectors like Green Energy, Electronics, and Space Research. **Recent Developments:** ELLEN has successfully ramped up existing plants at Kurnool and Tata Steel Metaliks.

A new merchant plant in East India is set to become operational this month, with another on-site plant in East India expected by March 2026, and a merchant plant in North India by H2 FY27. **Management Commentary / Outlook:** Management is committed to driving healthy return ratios and achieving a comprehensive pan-India footprint, including entry into the electronics segment with high-purity gases.