Fin Cascade
Get Android appGet iOS app

Prices as of 8 Oct 2026 close · Not investment advice

Ellenbarrie Industrial Gases Limited

NSE: ELLENIndustrial Gases

Share price

₹350.40

-4.20% close of 8 Oct 2026

Market cap ₹4,906 CrP/E 40.5

Business score

How strong the business is, in one number. The parts behind it are in Pro.

58

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹4,906 Cr

P/E ratio

40.5

P/B ratio

5.1

ROCE

14.5%

ROE

14.1%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹465.0052-week low ₹180.50

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 8.5% over the past year, and 9.8% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 36.1% to 34.3% over the last year.

Whether it grew faster than its sector

It grew 9.8% a year against a sector median of 10.2% — 0.4 percentage points slower.

Room to re-rate, or risk of de-rating

Too little price history yet to compare it with its own past.

Whether growth justifies the valuation

Priced at 0.6 times its growth rate, on earnings growth of 64%.

Profit growthPrice per ₹1 profitPer 1% growth
Ellenbarrie Industrial Gases Limited — this one64%/yr40.5×₹0.63
Solar Industries India Limited30%/yr89.8×₹3.0
Pidilite Industries25%/yr56.2×₹2.2
SRF Limited-4%/yr32.9×—
Linde India Limited1%/yr93.8×₹93.8
Coromandel International Limited-1%/yr26.9×—

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies across the whole Chemicals sector, it ranks 75 of 182 on returns, 92 of 175 on growth, 4 of 182 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A narrow advantage: it earns 14.5% on capital, ahead of 59% of companies across its whole sector. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years it made ₹233 crore of cash from the business but spent ₹421 crore on plant and equipment, ₹188 crore more than it made; the gap was from lenders and shareholders. And the profit is real: of every 100 rupees it reported over 11 years, about 111 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back faster than it used to: it went from being waiting 17 days for its cash to paid 46 days before it paid its own suppliers.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

6 of 9 checks clear · 67%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Revenue rose 17.5% and profit rose 84.0%, with longer-term margin, capacity and growth promises still too early to score.

Announced 7 Aug 2026 · Standalone · Unaudited

Revenue

₹99 Cr

Revenue vs last year

+17.5%

Revenue vs last quarter

+13.5%

Net profit

₹35 Cr

Profit vs last year

+84.0%

Profit vs last quarter

+52.0%

Net margin

35.4%

EPS

₹2.48

Earnings call transcript · 10 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹4,906 Cr
Prev close
₹350.40
52w High
₹474
52w Low
₹175
Enterprise value
₹5,119 Cr
Beta
1.3
Price CAGR 1y
-18.0%
Price CAGR 3y
—
Price CAGR 5y
—
Price CAGR 10y
4.0%

Ratios

Return on assets
8.0%
PEG ratio
0.6
P/E ratio
40.5
P/B ratio
5.1
EV / EBITDA
43.8
Industry P/E
22.1
ROCE
14.5%
ROCE 5y average
14.8%
ROE
14.1%
Debt / Equity
0.2
Interest coverage
14.5
Dividend yield
0.0%
ROE 3y average
14.0%
ROE last year
13.0%

Annual P&L

Annual revenue
₹342 Cr
Annual profit
₹104 Cr
Operating margin
34.0%
Net profit margin
30.4%
EBITDA margin
34.2%
Sales growth 3y
18.6%
Sales growth 5y
14.3%
Profit growth 3y
64.0%
Profit growth 5y
32.0%
EPS
₹7.4
Sales growth TTM
8.0%
Profit growth TTM
41.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹99 Cr
Profit latest quarter
₹35 Cr
YoY quarterly sales growth
18.0%
YoY quarterly profit growth
84.2%
OPM latest quarter
38.1%

Balance Sheet

Book Value
₹69.8
Face Value
₹2.0
Total debt
₹184 Cr
Total cash
₹72 Cr
Borrowings
₹184 Cr
Reserves / Equity
33.9

Cash Flow

Operating cash flow
₹133 Cr
Free cash flow
-₹25 Cr
FCF yield
-0.7%
Net cash flow
₹1 Cr

Shareholding

Promoter holding
77.2%
FII holding
1.1%
DII holding
11.6%
Public holding
10.2%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Linde India6,094.0094.751,9700.07103.0-1.9694.421.618.2
Ellen.Indl.Gas365.7542.75,1550.0035.086.898.718.014.5
Steamhouse India125.1773.93,4600.0018.380.3128.613.316.0
Stallion India227.8150.82,6450.0018.679.3121.59.911.8
Hilltone Softwar37.07490.00-0.8-333.31.6-32.50.8
Natl. Oxygen56.10280.00-2.0-7.53.1-59.8-21.5
Bhagawati Gas12.3120.4210.00-0.37.10.0-88.96.1
Median296.7862.44,3070.0026.879.8125.015.715.2

Competes with: Linde India Limited, Refex Industries Limited, Stallion India Fluorochemicals Limited, Steamhouse India Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Standalone · to 30 Jun 2026
Line itemMar 2016Jun 2016Sep 2016Dec 2016Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales23242924679568828489818799
Expenses22202320455841585356566061
Material Cost0.860.901.130.971.11
Change in Inventories0.64-2.880.481.29-0.45
Purchases of Stock-in-Trade7.83108.639.349.89
Employee Cost6.306.516.988.267.30
Other Expenses3741394043
Operating Profit2465223627253133252738
OPM %7.32162220333840303738313138
Other Income10-0087911713161517
Exceptional items (within Other Income)00000
Interest5332444551122
Depreciation2222555655566
Profit before tax-4-121213428242840343346
Tax %000023143224338243125
Net Profit-4-121163019181937262335
EPS in Rs-6.08-1.542.461.331.242.261.471.391.332.611.851.622.48
Diluted EPS in Rs1.422.611.851.622.48

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Standalone · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8796116123154174175247205269312342357
Expenses798899103125149129184171208203225234
Material Cost3.86
Change in Inventories-0.47
Purchases of Stock-in-Trade36
Employee Cost28
Other Expenses158
Operating Profit881720302546633462110117123
OPM %981516191426251623353435
Other Income222121215151921365060
Exceptional items (within Other Income)0
Interest1316111114161044817107
Depreciation5777101113121110212123
Profit before tax-9-1302712027623764108135154
Tax %0000025122924292323
Net Profit-9-13027892444284583104121
EPS in Rs-13-200.603.8011137376843696.367.418.56
Diluted EPS in Rs7.54
Dividend Payout %000000000000

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
14%
5 years
14%
3 years
19%
TTM
8%

Compounded profit growth

10 years
24%
5 years
32%
3 years
64%
TTM
41%

Stock price CAGR

10 years
4%
5 years
—
3 years
—
1 year
-18%

Return on equity

10 years
16%
5 years
13%
3 years
14%
Last year
13%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital7777777776.552628
Reserves614151825117141319357403467949
Borrowings20318918821922413611111102178247184
Other Liabilities23201613267798458684106137
Total Liabilities2382292262572823373563815516738461,299
Fixed Assets164165163163196228238221182331339453
CWIP23726105007404578
Investments00000000111170194397
Other Assets7362576775103118160185172267370
Total Assets2382292262572823373563815516738461,299

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity12-1334-1331251339444.28133
Cash from Investing Activity-43-8-8-27-20-37-9-114-122-57-436
Cash from Financing Activity3222-2728-12-5125876752305
Net Cash Flow1-0-1-01372911-10-11
Free Cash Flow-31-2225-291388-0-56-42-65-25

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1059589967077595270619768
Inventory Days2581697962671009111973145131
Days Payable1339455128213524108249118144135
Cash Conversion Cycle23017011330-7577-36635-60179863
Working Capital Days20415210213177-45-10717-27-64-33-46
ROCE %215685315218131814

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Standalone · to 30 Jun 2026
Line itemJun 2016Sep 2016Dec 2016Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters7575307777777777
FIIs0001.981.200.831.311.08
DIIs0001114151312
Government0.620.620.2400000
Public242470107.276.588.5310
No. of Shareholders3093083272,08,11855,92653,00152,77654,735

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -19.3% (₹434.15 → ₹350.40)Brick size ₹22.37 (fixed)Bricks 19
₹200₹300₹400₹350Nov '25Feb '26Aug '26
Price moved up one brickPrice moved down one brickLast close ₹350.40 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

1,37,34,940inr

2026-03-31

News

News and filings about Ellenbarrie Industrial Gases Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • atmospheric air (primary raw material for cryogenic air separation / VPSA)
  • calcium carbide (feedstock for acetylene)
  • electricity / power (energy-intensive air separation; 28.82% of FY24 revenue, largest cost — local power authorities + power exchanges)
  • purchased gases & stock-in-trade incl. CO2, LPG, helium (cost of materials 20.37% of FY24 revenue)
  • water (ground water, rainwater harvesting, local body supply)

Sells to

  • All India Institute of Medical Sciences (AIIMS) · medical oxygen and medical gases — healthcare
  • Apitoria Pharma Private Limited · industrial/specialty gases — pharmaceuticals (Aurobindo subsidiary)
  • Astec LifeSciences Limited · industrial gases — chemicals/agrochemicals
  • Dr Reddy's Laboratories · industrial/specialty gases — pharmaceuticals
  • GMM Pfaudler Limited · industrial gases — engineering/process equipment
  • Hetero Labs Limited · industrial/specialty gases — pharmaceuticals
  • Hindustan Shipyard Limited · industrial gases — defence/shipbuilding
  • Honour Lab Limited · industrial/specialty gases — pharmaceuticals
  • Indian armed forces · oxygen, nitrogen and gases — defence (IAF bases, Eastern Naval Command)
  • JK Paper Limited · oxygen/industrial gases — paper manufacturing
  • Jairaj Ispat Limited · oxygen, nitrogen, argon — on-site ASU at Kurnool (600 TPD, 240 TPD bulk)
  • Jupiter Wagons Limited · industrial gases — railway wagon manufacturing
  • Laurus Labs Limited · industrial/specialty gases — pharmaceuticals
  • NMDC Steel Limited · oxygen, nitrogen, argon — on-site O&M of ASU plants at Nagarnar, Chhattisgarh
  • Neuland Laboratories Limited · industrial/specialty gases — pharmaceuticals
  • Rashtriya Ispat Nigam Limited · oxygen and industrial gases — steel
  • Tata Metaliks Limited · oxygen, nitrogen, argon — on-site ASU at TML Kharagpur (250 TPD oxygen), pipeline supply

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Chemicals
Industry
Industrial Gases
Classification
Chemicals › Industrial Gases
ISIN
INE236E01022

Business segments

  • Gases, related products & services · 98%
  • Project Engineering · 2%

Plants

  • Hyderabad (Jadcherla) ASU + Cylinder Filling
  • Kalyani Cylinder Filling Station
  • Kharagpur On-site ASU (Tata Metaliks host)
  • Kurnool On-site ASU (Jairaj Ispat host)
  • Nagarnar On-site ASU (NMDC Steel host)
  • Panagarh Cylinder Filling Station
  • Parawada (Visakhapatnam) ASU + Cylinder Filling
  • Uluberia ASU + Hydrogen Electrolyser + Cylinder Filling (Uluberia-I)
  • Uluberia-II Merchant ASU

News impact

Big market events that reach Ellenbarrie Industrial Gases Limited, and how the effect spreads.

Who it hits first

  • Ellenbarrie Industrial Gases, a maker of industrial gases, won a Rs 481 crore turnkey order (design plus build, handed over ready to run) from BHEL, the power-equipment maker, to build a 1,200-tonne-per-day cryogenic Air Separation Unit, a plant that splits air into oxygen, nitrogen and other gases.
  • The unit serves BHEL's Coal to Ammonium Nitrate project, will be built over eight quarters (two years), and is expected to start running in FY29.
  • Ellenbarrie shares rose 5.1% on the news as investors priced in two years of confirmed project work.
  • BHEL, the buyer, has no fundamentals row in this pack, so no signal is given for it.

Who may gain

  • Ellenbarrie Industrial Gases — the Rs 481 crore BHEL order adds two years of project revenue and a marquee reference in India's coal gasification push.
  • BHEL — locks in a dedicated builder for a key gas plant in its coal-to-chemicals project, de-risking its FY29 start-up plan.
  • Ellenbarrie shareholders — the 5.1% jump reflects the market's welcome for the confirmed order book.

Along the supply chain

Downstream

Once running in FY29, the unit feeds oxygen and nitrogen into BHEL's coal-to-ammonium-nitrate chain; Ellenbarrie's current gas customers in drugs, paper and chemicals see no change to their own supply from this construction order.

Upstream

Building the plant needs compressors, cold boxes, steel and site labour, which can trickle into sub-orders for equipment vendors, though the pack names no supplier of Ellenbarrie for this job.

Where demand moves

Business

Real business flows one way: BHEL will pay Ellenbarrie Rs 481 crore over eight quarters to design and build the gas plant, lifting Ellenbarrie's order book and project billing; none of that spending reaches rival gas makers or Ellenbarrie's existing gas buyers.

Capital

Investor money rotated into Ellenbarrie shares, up 5.1% on the announcement, while rival gas-maker shares get sentiment read-through only, with no direct capital flow behind it.

How it spreads across sectors

Capital Goods

Mildly positive: BHEL converting its coal-to-chemicals plan into equipment orders signals a live project pipeline for heavy-equipment builders.

Chemicals

Positive read-through: a Rs 481 crore gas-plant order underlines demand for industrial gases and coal-gasification kit, supporting sentiment for gas makers such as Linde India.

When it plays out

Immediate

Ellenbarrie shares digest the 5.1% jump over 1-7 days as traders react to the confirmed Rs 481 crore order; rival gas makers trade sideways on sentiment.

Medium term

Over 1-6 months Ellenbarrie ramps up the eight-quarter build with milestone billing supporting revenue, while the FY29 start-up stays the real test.

Short term

Over 1-4 weeks attention turns to the order's fine print, payment milestones and margins, plus any further BHEL packages for equipment makers.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Splits, bonuses & buybacks

  • daily-prices repair: 2 rows from NSE's archive (replace 0, delete 1, insert 1), 2026-01-15..2026-02-01 (docs/flat_day_repair.md)1× · 15 Jan 2026

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.