Ellenbarrie Industrial Gases Reports Higher Q2 Profit Despite Revenue Dip

Ellenbarrie Industrial Gases Limited , a key player in the industrial gases sector, has reported a mixed set of financial results for the second quarter of the fiscal year 2025-26. The company saw an increase in net profit despite a decline in revenue, showcasing improved operational efficiency.

Financial Highlights

Particulars (in million rupees)	Q2 FY2025-26	Q2 FY2024-25	YoY Change
Revenue from Operations	891.73	947.08	-5.84%
Net Profit	367.17	296.52	+23.83%
EBITDA	334.80	362.20	-7.56%
EBITDA Margin	37.54%	38.25%	-71 bps

Ellenbarrie Industrial Gases reported a net profit of 367.17 crore rupees for the quarter ended September 30, 2025, marking a significant increase of 23.83% compared to 296.52 crore rupees in the same period last year. This growth in profit came despite a 5.84% year-on-year decline in revenue from operations, which stood at 891.73 crore rupees for Q2 FY2025-26.

Operational Performance

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter decreased to 334.80 crore rupees from 362.20 crore rupees in the corresponding quarter of the previous year. Consequently, the EBITDA margin compressed by 71 basis points to 37.54% from 38.25% year-over-year.

Segment-wise Performance

Ellenbarrie Industrial Gases operates in two primary segments:

Gases, related products & services
Project Engineering

The gases segment, which includes the manufacture and supply of industrial gases and by-products, continued to be the major revenue driver. It contributed 879.33 crore rupees to the total revenue in Q2 FY2025-26, compared to 797.00 crore rupees in the same quarter last year.

The project engineering segment, which involves design, engineering, supply, installation, and commissioning of air separation units (ASUs), saw a significant decline in revenue. It contributed 12.40 crore rupees in Q2 FY2025-26, down from 150.08 crore rupees in Q2 FY2024-25.

Balance Sheet and Cash Flow

As of September 30, 2025, Ellenbarrie Industrial Gases reported total assets of 11,460.40 crore rupees, an increase from 8,459.66 crore rupees as of March 31, 2025. The company's equity share capital stood at 281.87 crore rupees, with a face value of 2 rupees per share.

The company generated net cash of 659.23 crore rupees from operating activities during the six months ended September 30, 2025, demonstrating strong operational cash flow.

Recent Developments

Ellenbarrie Industrial Gases completed its Initial Public Offer (IPO) during the quarter ended September 30, 2025. The IPO comprised a fresh issue of 10,000,000 equity shares and an offer for sale of 11,313,130 equity shares by selling shareholders, with shares listed on the National Stock Exchange of India Limited and BSE Limited on July 1, 2025.

The company has also acquired the manufacturing facilities of M/s Truair Industrial Gases in Bengaluru for a consideration of 54.00 crore rupees, which may contribute to future growth and expansion.

Despite the challenges in revenue growth, Ellenbarrie Industrial Gases' improved profitability and strategic initiatives position it for potential growth in the coming quarters.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.49%	-3.00%	-12.05%	-26.51%	-26.51%	-26.51%

Ellenbarrie Industrial Gases has seen an increase in stake by Motilal Oswal Mutual Fund through market transactions on September 4, 2025. Three schemes of the fund acquired an additional 2,50,000 shares, raising their total holding from 1.175 crore shares (8.34%) to 1.20 crore shares (8.51%) of the company's equity capital.

Acquisition Details

The acquiring schemes include:

Motilal Oswal Balanced Advantage Fund
Motilal Oswal Multi Cap Fund
Motilal Oswal Business Cycle Fund

This acquisition represents a 0.17% increase in the fund's stake in Ellenbarrie Industrial Gases.

Company Overview

Ellenbarrie Industrial Gases, listed on both BSE and NSE, has an equity share capital of 14.09 crore shares with a face value of Rs. 2 each. The company operates in the industrial gases sector.

Regulatory Compliance

In compliance with SEBI regulations, Motilal Oswal Asset Management Company Limited, the investment manager for Motilal Oswal Mutual Fund, has filed the necessary disclosures under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The disclosure details the acquisition and the resulting change in shareholding.

Upcoming Investor Call

In a separate announcement, Ellenbarrie Industrial Gases has scheduled an analyst/investor call for September 15, 2025, at 11:00 A.M. (IST). The call will be conducted virtually and will focus on publicly available information. The company has emphasized that no unpublished price sensitive information (UPSI) will be discussed during the interactions.

This move by Motilal Oswal Mutual Fund to increase its stake in Ellenbarrie Industrial Gases reflects ongoing investor interest in the company. Investors are advised to conduct their own research and consider their financial goals before making investment decisions.