Ellenbarrie’s Q4 margin falls from Q2 level as costs rise
The standalone margin remained above the sector median, but other income made a sizeable contribution to pre-tax profit.
Filed 31 Jul 2026, 20:28 IST · after market close · Ellenbarrie Industrial Gases Ltd (ELLEN)
Key takeaways
- Standalone operating margin was 31.08%, 12.31 percentage points above the 18.77% median for 51 reported commodities peers.
- Other income of Rs 14.54 cr was a sizeable contributor to the Rs 33.28 cr profit before tax, while the tax rate was 31.25%.
- Operating margin fell from 37.54% in Q2FY26 as expenses rose to Rs 60.26 cr while revenue eased to Rs 87.43 cr.
Price around the results
Q4 profit had material support from other income
Ellenbarrie reported standalone revenue of Rs 87.43 cr and operating profit of Rs 27.18 cr in Q4FY26. Net profit was Rs 22.88 cr, but other income of Rs 14.54 cr was a sizeable supplement to operating earnings. The 31.25% tax rate also means the reported profit was not supported by a low tax charge.
Margin direction weakened from Q2FY26
The available trend shows operating margin at 37.54% in Q2FY26 versus 31.08% in Q4FY26. Revenue declined from Rs 89.17 cr to Rs 87.43 cr over that comparison, while expenses increased from Rs 55.69 cr to Rs 60.26 cr. That combination points to higher costs, rather than revenue growth, as the immediate pressure on margins.
Margin remains above the reported commodities-peer median
Ellenbarrie’s 31.08% operating margin was 12.31 percentage points above the 18.77% median among 51 commodities companies that had reported the same quarter. Management said industrial activity recovery momentum is expected to continue into FY27. It also said the Uluberia-2 merchant plant ramp-up was progressing well and that new merchant plants in North India and West/Central India are planned to be operational in FY27 and FY28.
The filing came after market close
The results were filed after market close, so there is no post-results stock move to assess in this readout. The presentation also notes that the industrial-gases industry is dominated by multinational organisations, providing context for the company’s expansion plans.
Q4FY26 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 |
|---|---|
| Revenue | ₹87 cr |
| Other income | ₹15 cr |
| Expenses | ₹60 cr |
| Operating profit | ₹27 cr |
| Operating margin (%) | 31.08% |
| Interest | ₹2 cr |
| Depreciation | ₹6 cr |
| Profit before tax | ₹33 cr |
| Tax | ₹10 cr |
| Net profit | ₹23 cr |
| EPS (₹) | ₹1.62 |
Operating margin of 31.08% compares with a Commodities sector median of 18.77% across 51 peers that have reported Q4FY26.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The Uluberia-2 merchant plant ramp-up was progressing well in Q4FY26.
Guidance & outlook
- The company expects industrial activity recovery momentum to continue into FY27.
Expansion
- New merchant plants in North India and West/Central India are planned to be operational in FY27 and FY28.
Competition
- The industrial gases industry is dominated by multinational organizations.
What to watch
- Whether operating margin holds above 31.08% after falling from 37.54% in Q2FY26.
- Whether expenses remain below or move above the Q4FY26 level of Rs 60.26 cr.
- Whether other income stays near or falls from Rs 14.54 cr as a contributor to pre-tax profit.