ELLEN

Financial & Operational Performance - Q2 FY27 revenue grew 28% YoY to ₹1,143 Mn, while H1 FY27 revenue rose 23% YoY to ₹2,130 Mn. - Consolidated EBITDA stood at ₹407 Mn (36% margin), with core gases segment margin at ~39%. - Sequential margin dip driven by higher transportation costs (diesel) and employee costs/team buildout. Key Projects & Order Wins - Commissioned a 325 TPD on-site plant in Durgapur under a 15-year take-or-pay agreement, expanding on-site capacity to >1,000 TPD. - Bagged a ₹480 Cr EPC order from BHEL for a 1,200 TPD air separation unit in Odisha, executable over 8 quarters. Management Guidance & Outlook - Long-term revenue growth guidance maintained at ~20% for the core gases business. - Core gases segment targeted to maintain around 40% EBITDA margin, supported by on-site contributions. - Transportation cost increases to be passed through to customers with a 2 to 3-month lag. Capex & Capacity Expansion - Capex outlay of ~₹450 Cr across FY27-FY28 remains on track for new merchant plants in North and Central India, expected to go live in H2 FY28. - Peak revenue potential from existing and upcoming capacities estimated at ~₹800 Cr upon full ramp-up.

- Ellenbarrie Industrial Gases Limited has submitted the audio recording link of the Earnings Conference Call for Q2 and H1 FY27 held on November 05, 2026. - The audio recording is accessible on the company's website via the provided official link.

Q2 FY27 Consolidated Revenue from Operations ₹1,143 mn vs ₹892 mn (▲28% YoY) EBITDA ₹407 mn vs ₹337 mn (▲21% YoY) PAT ₹356 mn vs ₹367 mn (▼3% YoY) EBITDA Margin 36% vs 38% (▼200bps) Capex Guidance: INR 2,500 mn for FY2027 and INR 2,000 mn for FY2028.

Q2 FY27 Standalone Revenue ₹114.32Cr vs ₹89.17Cr (▲28% YoY) EBITDA ₹40.24Cr vs ₹33.48Cr (▲20% YoY) PAT ₹35.65Cr vs ₹36.72Cr (▼3% YoY) EBITDA Margin 35.2% vs 37.5% (▼230bps)

- Q2 FY27 Revenue grew 28.1% YoY to ₹114.3 Cr; EBITDA rose 20.8% to ₹40.7 Cr (margin 35.6%). - PAT stood at ₹35.6 Cr vs ₹36.7 Cr YoY. - Bagged a ₹480.7 Cr turnkey ASU order for execution over FY28-FY29. - Planned capex of ₹250 Cr for FY27 remains on track.

Q2 FY27 Standalone Revenue ₹114.32Cr vs ₹89.17Cr (▲28% YoY) EBITDA ₹40.24Cr vs ₹33.48Cr (▲20% YoY) PAT ₹35.65Cr vs ₹36.72Cr (▼3% YoY) EBITDA Margin 35.2% vs 37.5% (▼234bps)

Concall Schedule Concall Date: November 5, 2026 Concall Time: 04:00 P.M. (IST) Purpose: Discussion on Q2FY27 financial results with analysts and investors.

Order Win: Ellenbarrie Industrial Gases Limited won order from Bharat Heavy Electricals Limited (BHEL) Order Value: ₹481 Cr. Completion Timeline: 8 quarters (expected to be commissioned in FY29)

Order Win: Ellenbarrie Industrial Gases Limited won order from Bharat Heavy Electricals Limited (BHEL) Order Value: ₹480.73 Crores (excluding GST) Completion Timeline: 24 months Scope: Supply and erection of a Cryogenic Air Separation Unit (1200 TPD) for the Coal to Ammonium Nitrate Project at Jharsuguda, Odisha.

Ellenbarrie Industrial Gases Limited has received a credit rating from CRISIL Ratings Limited for its bank loan facilities totaling Rs. 50 crore. - Long-Term Rating: Crisil A/Stable assigned to Cash Credit facility of Rs. 25 crore. - Short-Term Rating: Crisil A1 assigned to Bank Guarantee facility of Rs. 25 crore.

Ellenbarrie Industrial Gases Limited held its 52nd AGM on September 26, 2026, highlighting the company's successful listing on NSE and BSE on July 1, 2025. FY26 revenue from operations grew to ₹3,416 million with EBITDA at ₹1,166 million and PAT at ₹1,044 million, driven by capacity expansion and strong core gases performance.

- Ellenbarrie Industrial Gases Limited has successfully commissioned a 325 Tons per day (TPD) Air Separation Unit (ASU) at Jai Balaji Industries Limited's facility in Durgapur, West Bengal on September 25, 2026. - The plant is built under a 15-year onsite industrial gas supply agreement signed on February 14, 2025, featuring a take-or-pay structure. - Commercial operations and revenue generation commence from September 2026, enhancing the company's long-term revenue visibility and presence in Eastern India.

- Trading window for dealing in company's shares will remain closed from October 01, 2026. - Closure is for consideration of unaudited financial results for the quarter ending September 30, 2026. - The trading window will reopen 48 hours after the declaration of results.

- Investor Meeting Schedule - Meeting Type: Non-deal Road Show - Dates: September 07, 2026 and September 08, 2026 - Time: 9:00 AM to 7:00 PM (IST) - Mode: In-person, Mumbai

- Q1 FY27 Consolidated Revenue ₹987 million (▲18% YoY) - EBITDA ₹387 million (▲21% YoY) - PAT ₹350 million (▲87% YoY) - EBITDA Margin stood at 39% (vs 38% in Q1 FY26) - Expects EBITDA margin to stabilize at 40% or higher. - FY27 Capex guidance of ₹2,500 million and FY28 Capex guidance of ₹2,000 million. - New 320 TPD East India on-site plant under commissioning, expected to contribute from Q2 FY27. - Construction started for two new merchant plants in North India and West Central India, totaling 450-500 TPD capacity. - Argon prices show a positive long-term trend, with increased capacity tied to longer-term contracts for stability. - Strong inquiry pipeline for on-site plants, including those above 600 TPD capacity.

- Audio recording of the Earnings Conference Call for the quarter ended June 30, 2026, held on August 10, 2026, has been made available on the Company's website.

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