Ellenbarrie Industrial Gases reported a robust FY26. 1. **Business Performance:** Total Income grew 9% YoY to ₹341.6 Cr, with PAT up 25% YoY to ₹104.4 Cr.

Core Gas revenue impressively jumped 14.2% YoY, showcasing strong segment margin expansion to 40% in Q4. Steel, Pharma/Chemicals, and retail drive customer segments, while Oxygen, Nitrogen, and Argon lead product sales.

2. **Growth Drivers or Strategy:** The company aims to expand customer access via new capacities, especially onsite plants in North & West India, and by automating merchant packaging.

Strategic diversification into high-value Argon and specialty gases for sectors like Green Energy and Semiconductors is a key focus.

Capital discipline ensures reinvestment in high-return projects.

3. **Recent Developments:** The Uluberia 2 plant ramp-up is a significant FY27 growth driver.

A new East India onsite plant starts operations next month, contributing revenues from H2FY27, alongside other merchant plant expansions in FY27/28. A 25-year renewable energy PPA was secured, and Argon prices showed recovery.

4. **Key Financial Metrics:** FY26 EBITDA margin stood at 34%. The balance sheet is rock-solid with Net Debt/Equity at 0.03 and ₹469.4 Cr cash.

ROCE was 15.4%, ROE 10.7%. Future Capex is guided at ₹250 Cr for FY27 and ₹200 Cr for FY28. 5. **Management Commentary / Outlook:** Management expects accelerated growth in FY27, fueled by strong core business performance and increased capacity utilization, anticipating continued recovery momentum.