Company Update : Ellenbarrie Industrial Gases Ltd by Motilal Oswal Financial Services Ltd
EBITDA in line; PAT beats estimates due to higher-thanexpected other income and lower taxes
* Consolidated revenue declined 6% YoY to INR892m (est. in line).
* EBITDA margin contracted 70bp YoY to 37.5% (est. 37.8%), led by an increase in the share of employee and other expenses.
* EBITDA declined 8% YoY to INR335m (est.in line).
* Adj. PAT grew 24% YoY to INR367m (est. INR254m) due to higher other income (up 74% YoY).
* For 1HFY26, revenue/EBITDA/adj. PAT grew 7%/10%/21% to INR1.7b/INR642m/INR554m.
* Gross debt stood at INR1.1b as of Sept’25 vs INR2.5b as of Mar’25. Further, the company generated a CFO of INR659m in Sep’25 compared to a CFO of INR221.6m in Sep’24.
* The Board of Directors has approved the acquisition of the manufacturing facilities of M/s Truair Industrial Gases (a partnership concern) located at Bengaluru (Karnataka) as a going concern on a slump sale basis, pursuant to a Business Transfer Agreement dated 5th Aug‘25, wherein the total purchase consideration amounted to INR54m. As per Ind AS 103 - Business Combination, the Purchase Price Allocation for the aforesaid business acquisition is still under process, and management is expecting it to be concluded by 31st Mar’26.
Segmental performance
* Revenue for gases, related products, and services grew 10% YoY to INR879m, while EBIT stood at INR362m (-8% YoY). EBIT margin stood at 41% (vs 49% in 2QFY25).
* Revenue for Project Engineering declined 91% YoY to INR12m. EBIT stood at INR3.4m ( -97% YoY). EBIT Margin stood at 28% (vs 79% in 2QFY25).
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