Ellenbarrie Industrial Gases Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Gases & Related Products: 97.8% • Project Engineering: 2.2%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company has delivered good profit growth of 34.1% CAGR over last 5 years
- Promoters have been increasing their shareholding - up 77.2pp over 2 years
- Latest quarter profit grew 86.9% YoY, showing strong momentum
- Operating margins have improved to 33.7% from 25.5%
- Company comfortably covers its interest (14.6x coverage)
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (38.2% of PBT)
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 330.5%
- Working capital days have increased from 71 to 120 days
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LINDEINDIA | 6223.25 | 97.14 | 53074.50 | 0.19 | 104.59 | -2.42 | 694.36 | 21.59 | 18.50 | 29.12 |
| PETRONET | 287.00 | 10.23 | 43050.00 | 3.48 | 1137.14 | 35.07 | 5557.84 | -53.22 | 25.43 | 28.14 |
| BHARATCOAL | 33.00 | 119.80 | 15368.10 | 0.00 | -68.09 | -202.39 | 3587.27 | -7.20 | 4.32 | -1.80 |
| ELLEN | 380.25 | 44.42 | 5359.08 | 0.00 | 34.96 | 86.86 | 98.72 | 18.04 | 15.70 | 38.12 |
| IRMENERGY | 279.95 | 15.72 | 1149.47 | 0.54 | 33.81 | 142.86 | 354.75 | 24.26 | 8.64 | 17.27 |
| NOL | 56.33 | 16.70 | 28.40 | 0.00 | -2.01 | -7.27 | 3.04 | -59.88 | 14.39 | -40.85 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 67 | 95 | 68 | 82 | 84 | 89 | 81 | 87 | 99 | |
| 45 | 58 | 41 | 58 | 53 | 56 | 56 | 60 | 69 | |
| Operating Profit | 22 | 36 | 27 | 25 | 31 | 33 | 25 | 27 | 29 |
| OPM % | 32.53% | 38.24% | 39.72% | 29.83% | 36.71% | 37.55% | 30.57% | 31.08% | 29.78% |
| 8 | 7 | 9 | 11 | 7 | 13 | 16 | 15 | 17 | |
| Interest | 4 | 4 | 4 | 5 | 5 | 1 | 1 | 2 | 2 |
| Depreciation | 5 | 5 | 5 | 6 | 5 | 5 | 5 | 6 | 6 |
| Profit before Tax | 21 | 34 | 28 | 24 | 28 | 40 | 34 | 33 | 46 |
| Tax % | 23.16% | 14.06% | 31.82% | 24.32% | 32.77% | 8.11% | 23.76% | 31.24% | 24.74% |
| Net Profit | 16 | 30 | 19 | 18 | 19 | 37 | 26 | 23 | 35 |
| 1.24 | 2.26 | 1.47 | 1.39 | 1.42 | 2.61 | 1.85 | 1.62 | 2.48 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 116 | 123 | 154 | 174 | 175 | 245 | 205 | 269 | 312 | 342 | 357 | |
| 100 | 105 | 125 | 149 | 129 | 164 | 171 | 208 | 203 | 227 | 242 | |
| Operating Profit | 16 | 18 | 30 | 25 | 46 | 81 | 34 | 62 | 110 | 115 | 115 |
| OPM % | 14.01% | 14.63% | 19.28% | 14.40% | 26.36% | 32.94% | 16.41% | 22.86% | 35.15% | 33.67% | 32.22% |
| 2 | 3 | 2 | 123 | 5 | 21 | 19 | 21 | 36 | 52 | 60 | |
| Interest | 11 | 11 | 14 | 17 | 11 | 5 | 4 | 8 | 17 | 10 | 7 |
| Depreciation | 7 | 7 | 10 | 11 | 13 | 12 | 11 | 10 | 21 | 21 | 23 |
| Profit before Tax | 0 | 2 | 7 | 120 | 27 | 85 | 37 | 64 | 108 | 135 | 154 |
| Tax % | 0.00% | 0.00% | 0.00% | 25.22% | 12.45% | 20.91% | 24.48% | 29.48% | 22.76% | 22.83% | 21.61% |
| Net Profit | 0 | 2 | 7 | 89 | 24 | 67 | 28 | 45 | 83 | 104 | 121 |
| EPS | 0.59 | 2.64 | 11.32 | 136.59 | 36.73 | 5.13 | 2.15 | 69.18 | 6.36 | 7.41 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 14%
- 3 Years:
- 19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 34%
- 3 Years:
- 55%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -31%
RETURN ON EQUITY
- 10 Years:
- 43%
- 5 Years:
- 17%
- 3 Years:
- 16%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 26 | 28 |
| 15 | 18 | 25 | 117 | 141 | 332 | 357 | 403 | 467 | 949 | |
| 188 | 210 | 197 | 144 | 140 | 13 | 103 | 164 | 244 | 176 | |
| Trade Payables | 3 | 7 | 11 | 24 | 26 | 16 | 18 | 18 | 14 | 15 |
| 18 | 20 | 43 | 54 | 56 | 77 | 109 | 105 | 140 | 197 | |
| Total Liabilities | 231 | 262 | 282 | 346 | 371 | 444 | 592 | 697 | 891 | 1,365 |
| 163 | 163 | 196 | 228 | 238 | 187 | 184 | 331 | 339 | 453 | |
| Capital Work in Progress | 7 | 26 | 10 | 5 | 0 | 0 | 71 | 0 | 45 | 78 |
| 0 | 0 | 0 | 0 | 0 | 97 | 111 | 170 | 194 | 397 | |
| 4 | 3 | 3 | 4 | 5 | 9 | 8 | 11 | 14 | 14 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45 | 83 | 63 | |
| Cash & Bank | 3 | 3 | 16 | 43 | 65 | 3 | 15 | 4 | 3 | 72 |
| 55 | 66 | 56 | 65 | 63 | 148 | 203 | 136 | 213 | 287 | |
| Total Assets | 231 | 262 | 282 | 346 | 371 | 444 | 592 | 697 | 891 | 1,365 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 34 | -1 | 33 | 130 | 76 | 62 | 50 | 44 | 4 | 133 | |
| Cash from Investing | -8 | -27 | -20 | -37 | -14 | -41 | -114 | -122 | -57 | -436 |
| Cash from Financing | -26 | 28 | -12 | -51 | -34 | 10 | 87 | 67 | 52 | 305 |
| 0 | -0 | 1 | 37 | 22 | -0 | 11 | -10 | -1 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - Ellenbarrie Industrial Gases Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 26, 2026
2026-09-01 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Schedule of meet
2026-08-13 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Transcript
2026-08-13 - Ellenbarrie Industrial Gases Limited has informed the exchange regarding Monitoring Agency Report
2026-08-10 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Link of Recording
2026-08-08 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-07 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Investor Presentation
2026-08-07 - Ellenbarrie Industrial Gases Limited has informed the Exchange regarding a press release dated August 07, 2026, titled "Press Release".
News
Recent coverage and analyst commentary for ELLEN
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