Ellenbarrie Industrial Gases will hold a non-deal road show for investors in Mumbai on September 7 and 8, 2026.

The company announced the schedule under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Management will engage with analysts and institutional investors through one-to-one and group meetings.

Meeting Schedule

The events will take place in person at the company’s Mumbai location. The schedule covers two days, running from 9:00 am to 7:00 pm IST each day.

Aditya Keshri, Company Secretary and Compliance Officer, confirmed the details in a filing dated September 1, 2026. The company noted that the schedule is subject to change based on investor or company exigencies.

No unpublished price-sensitive information will be discussed during these sessions. The full intimation has been disseminated on the company’s website.

ellenbarrie industrial gases delivered a strong start to FY27, reporting an 87% year-on-year jump in net profit to ₹350 crore in Q1FY27. The company’s revenue rose 18% to ₹987 crore, supported by the ramp-up of recently commissioned merchant plants in Kurnool and Uluberia 2. During the earnings conference call held on August 10, 2026, management emphasized that the growth was primarily operational, stemming from higher capacity utilization and disciplined cost control rather than one-off items.

Financial Performance at a Glance

The company’s financial results for Q1FY27 reflect significant improvement across key metrics compared to the previous year and the preceding quarter.

Note: Existing article cited EBITDA of ₹376 crore; earnings call transcript confirms ₹387 crore.

Operational Drivers and Margin Expansion

Revenue from core gases and related products stood at ₹973 crore, up 20% year-on-year. The growth was driven by higher volumes from merchant plants and improved capacity utilization. Management noted that oxygen and nitrogen prices remain stable due to long-term contractual arrangements, while argon prices have seen a modest sequential recovery, although they remain below H1FY26 levels.

EBITDA margin expanded to 39% from 38% in Q1FY26 and 30% in Q4FY26. Varun Agarwal, Joint Managing Director, attributed the margin expansion to the commissioning of newer, more energy-efficient plants, which consume less power per unit of gas produced. The company also benefited from lower finance costs and a lower effective tax rate.

Capital Expenditure and Capacity Expansion

Ellenbarrie outlined a capital expenditure guidance of ₹250 crore for FY27 and ₹200 crore for FY28, totaling ₹450 crore over the two years. This investment is allocated towards two new merchant plants:

• One plant in North India
• One plant in West Central India

Together, these plants will have a cumulative capacity of approximately 450 to 500 tons per day (TPD). Construction has already begun on these sites. Additionally, a new on-site plant in East India with a capacity of 320 TPD is currently being commissioned and is expected to contribute revenue from Q2FY27.

What the Numbers Show

The divergence between the existing article’s EBITDA figure (₹376 crore) and the management’s disclosed figure (₹387 crore) highlights the importance of primary source verification. More significantly, the management’s guidance for long-term EBITDA margins of 40% or higher signals confidence in the structural demand-supply balance for industrial gases, particularly argon. With legacy plants fully utilized and new capacity coming online, the company is positioned to leverage operating leverage as volumes scale, reducing the impact of volatile argon pricing on overall profitability.

Strategic Outlook

Management indicated that steel accounts for one-third of revenue, with non-steel sectors contributing the remaining two-thirds. The inquiry pipeline for on-site plants remains robust, with multiple inquiries above 600 TPD capacity. For merchant plants, the company follows a strategy of surveying micro-markets for demand-supply gaps rather than securing advance contracts, with a typical ramp-up period of 18 to 24 months to reach 80-90% utilization. The company is also exploring opportunities in electronic specialty gases (ESG), though it views this as a trading business with lower margins compared to manufacturing.