Ellenbarrie Industrial Gases Ltd

- Ellenbarrie Industrial Gases Ltd has ordered new plants as part of their expansion. - The North India merchant plant commissioning timeline is set for H2 FY27. - Plant orders have been placed, with construction and civil work scheduled around equipment delivery. - No specific quantitative details on the total current or pending order book were disclosed. - The company's growth focus includes three key projects: an on-site plant in Eastern India (expected Q1 FY27), a North India merchant plant (H2 FY27), and a Western India merchant plus specialty gases plant (target FY28). - Capex for these projects is around Rs. 450 crore over the next couple of years. - The company emphasizes long-term growth and capacity additions rather than quarterly order book specifics.

- The transcript does not mention any current or planned fundraising through debt or equity. - The company highlights disciplined capital allocation with Capex guidance of ₹250 crore in FY26 and ₹200 crore in FY27. - They mention operating with a strong balance sheet and maintaining net cash of ₹355 crore. - The focus is on internal funding through strong cash flows and disciplined Capex rather than raising external funds. - No specific plans for issuing new debt or equity were disclosed during the Q3FY26 earnings call.

- Ellenbarrie is undertaking three main projects with a total capex of about ₹450 crores over the next couple of years. - Projects include an on-site plant in Eastern India, a merchant plant in Northern India, and a merchant plus specialty gases plant in Western India. - The Eastern India on-site plant is expected to be commissioned in Q1 FY27. - The Northern India merchant plant is targeted for commissioning in H2 FY27. - The Western India specialty gases and merchant plant is expected by FY28. - Capex guidance is ₹250 crores in FY26 and ₹200 crores in FY27. - Expansion focuses primarily on basic air gases (oxygen, nitrogen, argon) and increasing portfolio in specialty gases used in solar industry. - The company is also working on power cost optimization via renewable energy contracts.

- Company targets a long-term revenue growth rate of about 20-25% CAGR. - Growth will be lumpy, driven by step changes as new capacity plants are commissioned. - New plants coming online: Uluberia 2 merchant plant recently commissioned; East India on-site plant expected Q1 FY27; North India bulk plant expected H2 FY27; Western India speciality gases unit targeted FY28. - Uluberia 2 ramp-up expected to reach 85% capacity utilization faster than typical 18 months due to existing market presence. - Expansion projects totaling around INR 450 crore capex over next couple of years. - Long-term growth is tied to both organic capacity increase and entering speciality gases (e.g., solar industry). - Current capacity utilization is high; future expansion primarily via greenfield plants. - Short-term revenue guidance not provided; emphasis on long-term sustained growth trajectory.

- Ellenbarrie Industrial Gases Ltd targets a long-term revenue CAGR of 20-25%, driven by new capacity additions across Eastern, Northern, and Western India over FY27-FY28. - New plants: On-site plant in East India (Q1 FY27), North India bulk plant (H2 FY27), and Western India specialty gases facility (FY28) are expected to boost growth. - EBITDA margins aim to improve from the current mid-30% range to around 40% long-term, aided by newer, more energy-efficient plants and normalization of Argon prices. - Q4 FY26 is anticipated to show improved performance compared to Q3, owing to capacity ramp-up. - Growth is projected to be lumpy, corresponding with commissioning of new plants rather than smooth quarter-on-quarter increments. - The company remains cautious about short-term guidance but confident about its upward earnings trajectory, driven by capacity expansions and sector recovery.