Ellen.Indl.Gas Q1 FY27 Earnings Call — Analysis (NSE: ELLEN)
Ellenbarrie Q1 FY27 revenue grew 18% YoY to ₹98.7 Cr with EBITDA margin of 39% and PAT up 87% YoY; the East India 320 TPD on-site plant is expected to contribute revenue from Q2 FY27.
Result quality: stable — Results context unavailable. Management sentiment: neutral.
The take
Q1FY27 Revenue from operations ₹98.7 Cr ( +18% YoY ) .
Results
Revenue ₹98.7 Cr (+18% YoY, +13% QoQ), EBITDA ₹38.7 Cr (+21% YoY, +50% QoQ) with 39% EBITDA margin, PAT ₹35.0 Cr (+87% YoY, +53% QoQ); core gases revenue ₹97.3 Cr (+20% YoY).
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from operations | ₹98.7 Cr | +18% | yoy · Q1FY27 · Q1FY26: ₹83.6 Cr |
| Revenue from operations | ₹98.7 Cr | +13% | qoq · Q1FY27 · Q4FY26: ₹87.4 Cr |
| EBITDA | ₹38.7 Cr | +21% | yoy · Q1FY27 · Q1FY26: ₹31.8 Cr |
| EBITDA | ₹38.7 Cr | +50% | qoq · Q1FY27 · Q4FY26: ₹25.8 Cr |
| EBITDA margin | 39% | +1pp | yoy · Q1FY27 · Q1FY26: 38%; Q4FY26: 30% |
| Profit after tax | ₹35.0 Cr | +87% | yoy · Q1FY27 · Q1FY26: ₹18.7 Cr |
| Profit after tax | ₹35.0 Cr | +53% | qoq · Q1FY27 · Q4FY26: ₹22.9 Cr |
| Core gases revenue | ₹97.3 Cr | +20% | yoy · Q1FY27 · Core gases and related products/services |
| Core gases segment margin | 38% | point_in_time · Q1FY27 · Q1FY27 | |
| Capex guidance | ₹250 Cr | point_in_time · FY27 · FY27 guidance | |
| Capex guidance | ₹200 Cr | point_in_time · FY28 · FY28 guidance |
Guidance
Management maintained FY27/FY28 capex guidance at ₹250 Cr/₹200 Cr, reiterated a long-term EBITDA margin target of 40% or higher, and expects the East India 320 TPD on-site plant to contribute revenue from Q2 FY27.
Key themes
Capacity ramp-up and margin discipline
Operational commentary
- East India 320 TPD on-site plant is under commissioning and expected to contribute revenue from Q2 FY27; the customer is Jay Balaji industry.
- Two merchant plants in North India and West Central India are under construction; combined capacity approximately 450–500 TPD, funded by FY27/FY28 capex.
- Kurnool and Uluberia 2 merchant plants are ramping well and were the primary drivers of Q1 revenue growth.
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