Motilal Oswal's research report on Ellenbarrie Industrial Gases
Ellenbarrie (ELLEN) delivered a muted performance in 2QFY26 as EBITDA declined 8% YoY to INR335m. YoY growth was impacted by a one-time revenue of INR150m from Project Engineering in 2QFY25. Going forward, the ramp-up of the Kurnool (360 TPD) and Tata Steel Metaliks (154 TPD) divisions, along with the commissioning of the Merchant Plant (East) in 3QFY26 and the East Onsite Plant in 4QFY26, is expected to accelerate the growth momentum in 2H.
Outlook
We maintain our FY26 earnings estimates and reduce our FY27/FY28 earnings estimates by 13%/9% due to the delay in the commissioning of the North India plant from 2QFY27 to 2HFY27 caused by delays in project execution. We reiterate our BUY rating with a TP of INR610 (based on 40x Sep’27E EPS).
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