Ellenbarrie Industrial Gases has received a work order worth Rs 481.0 crore from Bharat Heavy Electricals Limited (BHEL). The contract covers the design, engineering, supply, erection, testing, pre-commissioning, commissioning, trial runs operation, operator training, demonstration of performance guarantees, supply of spares and handing over of a 1200 TPD cryogenic Air Separation Unit (ASU).

Project Details

The order is part of the Coal to Ammonium Nitrate (2000TPD) Project on a Build and Transfer (B&T) basis. The execution period for this specific contract is stipulated at eight quarters. The scope includes all activities on a turnkey basis as disclosed in the regulatory filing.

Recent Order Activity

This new order adds to the company's recent inflows. Earlier on the same day, Ellenbarrie Industrial Gases disclosed a work order worth Rs 480.73 crore from BHEL. That earlier order involved the design, engineering, supply, erection, testing, pre-commissioning, trial runs operations, operator training, demonstration of performance guarantee, supply of spares and handing over of a Cryogenic Air Separation Unit for the proposed Coal to Ammonium Nitrate (2000 TPD) Project at Bandhabal, Jharsuguda district, Odisha, India.

Both orders are from the same awarding entity, Bharat Heavy Electricals Limited (BHEL), indicating significant engagement with this domestic client in the current period.

Company Order Track Record

The following table summarizes the order inflow for the last three fiscal quarters based on available disclosures:

Note: The newly disclosed order of Rs 481.0 crore was filed on 28 Sep 2026. The table above reflects the previously aggregated quarterly summary which included the Rs 480.73 crore order.

Financial Context

The company operates in the Chemicals sector, specifically within the Industrial Gases industry. As of 28 Sep 2026, the Market Cap stood at ₹5060.29 Cr. The Trailing Twelve Months (TTM) consolidated financial data reports Revenue, Net Profit, EBITDA, and Operating Profit at 0.0 Cr. Consequently, traditional profitability metrics such as OPM are recorded at 0.0%.

Standalone revenue growth for FY26 was +12.4%, while profit growth stood at +25.4%. Return on Capital Employed (ROCE) for FY26 was 13.02% and Return on Equity (ROE) was 10.68%.

Shareholding Pattern

The latest shareholding pattern shows Promoter holding at 77.15%. Institutional holdings include FII at 1.08% and DII at 11.62% in Q1FY27. Public holding accounts for 7.16%. The total number of shareholders stands at 54,735.

Ellenbarrie Industrial Gases Ltd disclosed the voting results of its 52nd Annual General Meeting held on September 26, 2026. All three resolutions proposed by the Board were passed with overwhelming majority, securing 99.99% votes in favour across key agenda items.

The meeting, conducted via Video Conferencing from 12:00 pm to 1:05 pm, saw participation from 168 members voting in favour and 19 voting against on the primary resolution regarding financial statements. Padam Kumar Agarwala, Chairman and Managing Director, presided over the session, while Varun Agarwal, Joint Managing Director, addressed shareholders on financial performance and outlook.

Voting Results Breakdown

The Scrutinizer’s report confirmed that all businesses contained in the Notice dated September 02, 2026, were transacted and approved by members with the requisite majority. The detailed voting split for the three ordinary resolutions is as follows:

Promoter and promoter group shareholders voted unanimously in favour of all three resolutions, casting 108,731,350 votes each. Public institutions also voted entirely in favour, with 14,890,352 votes cast for each resolution. Public non-institutional shareholders showed minor dissent, with approximately 1,162 to 1,199 votes against depending on the specific resolution.

Resolutions and Appointments

Shareholders considered several agenda items categorized under ordinary business. The primary resolutions included:

• Adoption of the audited financial statement for the financial year ended March 31, 2026, along with reports from the Board of Directors and Auditors.
• Re-appointment of Padam Kumar Agarwala as Managing Director, who retired by rotation and offered himself for re-election.
• Ratification of the remuneration for Cost Auditors for the financial year ending March 31, 2027.

Voting Process and Compliance

The company facilitated remote e-voting from September 23 to September 25, 2026. Additionally, electronic voting was available during the live meeting for participants who had not voted remotely. Pawan Kumar Sarawagi served as the Scrutinizer to ensure a fair voting process. The e-voting facility was provided by National Securities Depository Limited (NSDL).

Statutory Auditors from MSKA & Associates LLP and Secretarial Auditors from Shikha G & Associates attended the meeting. The reports from both auditors did not contain any qualification or adverse remarks, allowing them to be taken as read.

Board Attendance

The meeting saw attendance from several board members via digital platforms. Notable attendees included Ajit Khandelwal, Independent Director and Chairman of the Audit Committee, and Pawan Marda, Independent Director and Chairman of the Nomination and Remuneration Committee. Soumitra Bose, Non-executive Independent Director, also participated. Seema Sapru, Independent Director and Chairperson of the Corporate Social Responsibility Committee, was unable to attend.