Ellenbarrie Indl.Gas

** Shares of Ellenbarrie Industrial Gases ELLE.NS rise as much as 10% to 394.95 rupees

** Industrial gases manufacturer wins a 4.81 billion rupee ($50.05 million) contract from BHEL BHEL.NS for its coal-to-ammonium nitrate project in Odisha

** Marks ELLE's entry into coal gasification, a process that turns coal into gas used to make chemicals, fuels and fertilisers

** Co targets gasification of 100 million metric tons of coal annually by 2030

** YTD, ELLE up 11%

($1 = 96.1000 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru)

(([email protected];))

Ellenbarrie Industrial Gases secured a Rs 481 crore turnkey contract from Bharat Heavy Electricals for a 1,200 tonne-per-day cryogenic air separation unit at Bandhabal in Jharsuguda district, Odisha. The scope covered design, engineering, supply, erection, testing and commissioning for BHEL's 2,000 tonne-per-day coal-to-ammonium nitrate project, with execution over eight quarters and commissioning scheduled in FY29 on a build-and-transfer basis. The company said the plant would be the largest built by it to date and would take it above 1,000 tonnes per day for a single unit. Gases and related products accounted for about 97-98% of its Rs 3,416 million revenue in FY26, with project engineering making up the balance. Owned and operated capacity stood at about 1,610 tonnes per day at the end of FY26, after the 220 tonne-per-day Uluberia-2 unit commissioned in February 2026 and the 325 tonne-per-day Jai Balaji onsite unit that entered commercial operation on 25 September 2026.

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Ellenbarrie Industrial Gases won a Rs 480.73 crore domestic contract from Bharat Heavy Electricals for supply and erection of a 1,200 tonnes-per-day cryogenic air separation unit for a coal-to-ammonium nitrate project at Bandhabal in Jharsuguda, Odisha. The turnkey scope covered design, engineering, supply, erection, testing, pre-commissioning and handover over 24 months, with the award dated 28 September 2026. Project engineering accounted for about 2-3% of revenue in FY26 and was lumpy, against core industrial gases at about 97-98% of revenue of Rs 3,416 million. The company designs and manufactures air separation units in-house and held about 1,610 tonnes per day of owned and operated capacity at the end of FY26, alongside a 2,500 tonnes-per-day operation and maintenance contract kept off balance sheet.

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Ellenbarrie Industrial Gases commissioned a 325 tonnes-per-day onsite air separation unit at Jai Balaji Industries' Durgapur facility in West Bengal on 25 September 2026. The unit was set up under a 15-year gas supply agreement signed in February 2025, under which Ellenbarrie owns and operates the plant and sells gas on a take-or-pay basis, with revenue starting in September 2026. Owned and operated capacity stood at about 1,610 tonnes per day at the end of March 2026, alongside a 2,500 tonnes-per-day operation and maintenance contract outside the balance sheet. The 220 tonnes-per-day Uluberia-2 merchant unit commissioned in February 2026 was still ramping while legacy plants were fully utilised. Core gases contributed about 97-98% of revenue of Rs 3,416 million in the year to March 2026, with oxygen and nitrogen the largest components and onsite supply about 15% of the mix. Debt fell by about Rs 2,152 million during the year to leave the company near net-cash following its July 2025 public listing.

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Sept 25 (Reuters) - Ellenbarrie Industrial Gases Ltd ELLE.NS:

• DURGAPUR PLANT SUCCESSFULLY COMMISSIONED

Further company coverage: ELLE.NS

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