**1. Business Performance:** Ellenbarrie's Q3FY26 revenue hit ₹81.3 Cr (+20% YoY), PAT ₹26.1 Cr (+26% YoY). EBITDA fell 10.6% to ₹25.3 Cr (31% margin), pressured by lower Argon prices.

Soft steel demand also impacted. **2. Growth Drivers or Strategy:** The company is expanding capacity, targeting onsite supply in North/West India.

Strategies include high-return organic projects and diversifying into high-value gases and new sectors. **3. Recent Developments:** A new merchant plant (Uluberia 2) is operational.

East India on-site and North India merchant units are planned.

Investment of ₹7.08 Cr in a hybrid PPA aims for future power cost savings. **4. Key Financial Metrics:** Q3FY26: Revenue ₹81.3 Cr (+20% YoY), PAT ₹26.1 Cr (+26% YoY), EBITDA ₹25.3 Cr (-10.6% YoY). **5. Management Commentary / Outlook:** Management noted Q3 softness from steel demand and declining Argon realizations.

Outlook focuses on Capex of ₹250 Cr for FY26, ₹200 Cr for FY27, driving expansion and diversification.