Ellenbarrie Q2 FY27: New Plant Commissioned, BHEL Contract Awarded, Revenue Up 28%
Ellenbarrie Industrial Gases Limited reported a 28% YoY revenue growth to ₹114.3 crore for Q2 FY27. The company commissioned a new 325 TPD on-site plant and secured a ₹480 crore BHEL contract for a 1200 TPD air separation unit. The core gases segment margin improved to 39%. The company anticipates 20% growth in its core gases business.
The commissioning of a new on-site plant and the award of a large BHEL contract are material events that will significantly impact the company's future revenue, capacity, and market position.
The company reported strong revenue growth, commissioned a new plant, and secured a significant contract, all of which are positive developments. The management expressed confidence in future growth prospects.
Ellenbarrie Industrial Gases Limited announced the transcript of its Q2 and H1 FY27 earnings conference call, held on November 5, 2026. The company reported significant milestones including the commissioning of a new 325 tons per day on-site plant in Durgapur, West Bengal, which commenced commercial operations in September 2026 under a 15-year take-or-pay agreement. This expansion brings their total installed on-site capacity to over 1,000 tons per day.
Furthermore, Ellenbarrie secured a major ₹480 crore contract from BHEL for the design, engineering, supply, erection, commissioning, and handover of a 1,200 tons per day cryogenic air separation unit in Odisha. This EPC contract, to be executed over eight quarters with commissioning expected in FY29, marks the company's largest air separation unit undertaking to date and positions them to pursue larger projects, particularly in the emerging coal gasification sector.
Financially, revenue from operations for Q2 FY27 stood at ₹114.3 crore (1,143 million), a 28% year-on-year increase from ₹89.2 crore (892 million) in Q2 FY26 and a 16% sequential growth from ₹98.7 crore (987 million) in Q1 FY27. For the first half of FY27, revenue was ₹213 crore (2,130 million), a 23% growth over H1 FY26. EBITDA margin for the quarter was approximately 36%, with the core gases business segment margin improving to 39% from 38% in Q1 FY27. The sequential decline in consolidated EBITDA margin was attributed to increased transportation and employee expenses, which are expected to normalize. The company reaffirmed its longer-term guidance of 20% growth in the core gases business.
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