Ellenbarrie Industrial Gases

Ellenbarrie Industrial Gases achieved Rs 892 million revenue with 6.7% sequential growth and 96% year-on-year increase in profit after tax to Rs 367 million, maintaining stable 38% EBITDA margins. The company is expanding capacity to 1910 tons per day by end of FY26 through new plants in East India and targeting 20-25% CAGR growth in core gases business while exploring opportunities in solar and semiconductor sectors.

Ellenbarrie Industrial Gases Limited submitted its monitoring agency report for IPO proceeds utilization covering the quarter ended September 30, 2025. The company raised Rs 4,000 million through fresh issue from its IPO conducted from June 24-26, 2025. CRISIL Ratings Limited reported that Rs 2,479.76 million has been utilized out of total net proceeds of Rs 3,704.51 million, leaving Rs 1,224.75 million unutilized. The company fully repaid Rs 2,100 million in outstanding borrowings as planned. For the air separation unit project at Uluberia-II plant, Rs 234.53 million was spent on civil work, installation, and machinery purchases out of the allocated Rs 1,045 million. General corporate purposes consumed Rs 145.23 million of the budgeted Rs 559.51 million, including IT needs, plant maintenance, brand building, and acquisition of a Bengaluru entity. Issue-related expenses utilized Rs 114.71 million for payments to merchant bankers and legal counsels. Unutilized funds of Rs 1,405.53 million are deployed in fixed deposits and bank accounts earning returns between 6.85% to 7.00%. The monitoring agency found no deviations from disclosed objectives and confirmed proceeds were utilized as per the offer document.

Ellenbarrie Industrial Gases reported net profit of 367.1 million rupees for Q2, up from 296.5 million rupees in the same period last year. However, revenue declined to 891.7 million rupees from 947.1 million rupees year-over-year. EBITDA decreased to 334.8 million rupees from 362.2 million rupees, while EBITDA margin compressed to 37.54% from 38.25% in the previous year.