Ellenbarrie Industrial Gases Ltd.

•

ellenbarrie.comBSE: 544421NSE: ELLEN

Market Cap₹ 5,028 Cr.

Current Price

High / Low₹ 560 / 175

Stock P/E41.7

Book Value₹ 70

Price to Book2.91

Dividend Yield0.00 %

ROCE15.7 %

ROE14.7 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Gases & Related Products: 97.8% • Project Engineering: 2.2%

AI Sector View

AI GENERATED

Chemicals

Hold

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.

Confidence

55%

View full sector analysis →

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

ChemicalsInds. Gases & FuelsIndustrial Gases & Fuels

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	LINDEINDIA	6356.05	99.21	54207.08	0.19	104.59	-2.42	694.36	21.59	18.50	29.12
2.	PETRONET	285.45	10.18	42817.50	3.50	1137.14	35.07	5557.84	-53.22	25.43	28.14
3.	BHARATCOAL	33.76	122.56	15722.03	0.00	-68.09	-202.39	3587.27	-7.20	4.32	-1.80
4.	ELLEN	356.75	41.67	5027.88	0.00	34.96	86.86	98.72	18.04	15.70	38.12
5.	IRMENERGY	282.90	15.89	1161.58	0.53	33.81	142.86	354.75	24.26	8.64	17.27
6.	NOL	57.93	17.17	29.21	0.00	-2.01	-7.27	3.04	-59.88	14.39	-40.85

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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

Standalone Figures in Rs. Crores / View Consolidated

	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:: -32%

RETURN ON EQUITY

10 Years:: 43%
5 Years:: 17%
3 Years:: 16%
Last Year:: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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

Standalone Figures in Rs. Crores / View Consolidated

	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

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0.00	74.94	74.94	29.65	77.16	77.16	77.16	77.15	77.15
	0.00	0.00	0.00	0.00	1.98	1.20	0.83	1.31	1.08
	0.00	0.00	0.00	0.00	10.57	14.37	14.34	13.02	11.63
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	97.53	24.44	24.44	70.10	10.30	7.27	7.67	8.52	10.15

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Shareholders meeting

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Schedule of meet

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Transcript

2026-08-13

Monitoring Agency Report

2026-08-13 - Ellenbarrie Industrial Gases Limited has informed the exchange regarding Monitoring Agency Report

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Link of Recording

2026-08-08

Copy of Newspaper Publication

2026-08-08 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-07

Investor Presentation

2026-08-07 - Ellenbarrie Industrial Gases Limited has informed the Exchange about Investor Presentation

2026-08-07

Press Release

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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Ellenbarrie Industrial Gases Ltd.

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Free 5nance Account

Name

LINDEINDIA

6356.05

99.21

54207.08

0.19

104.59

-2.42

694.36

21.59

18.50

29.12

PETRONET

285.45

10.18

42817.50

3.50

1137.14

35.07

5557.84

-53.22

25.43

28.14

BHARATCOAL

33.76

122.56

15722.03

0.00

-68.09

-202.39

3587.27

-7.20

4.32

-1.80

ELLEN

356.75

41.67

5027.88

0.00

34.96

86.86

98.72

18.04

15.70

38.12

IRMENERGY

282.90

15.89

1161.58

0.53

33.81

142.86

354.75

24.26

8.64

17.27

NOL

57.93

17.17

29.21

0.00

-2.01

-7.27

3.04

-59.88

14.39

-40.85

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

OPM %

32.53%

38.24%

39.72%

29.83%

36.71%

37.55%

30.57%

31.08%

29.78%

Interest

Depreciation

Profit before Tax

Tax %

23.16%

14.06%

31.82%

24.32%

32.77%

8.11%

23.76%

31.24%

24.74%

Net Profit

1.24

2.26

1.47

1.39

1.42

2.61

1.85

1.62

2.48

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

110

115

OPM %

14.01%

14.63%

19.28%

14.40%

26.36%

32.94%

16.41%

22.86%

35.15%

33.67%

32.22%

123

Interest

Depreciation

Profit before Tax

120

108

135

154

Tax %

0.00%

25.22%

12.45%

20.91%

24.48%

29.48%

22.76%

22.83%

21.61%

Net Profit

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

117

141

332

357

403

467

949

188

210

197

144

140

103

164

244

176

Trade Payables

109

105

140

197

Total Liabilities

231

262

282

346

371

444

592

697

891

1,365

163

196

228

238

187

184

331

339

453

Capital Work in Progress

111

170

194

397

Cash & Bank

148

203

136

213

287

Total Assets

231

262

282

346

371

444

592

697

891

1,365

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

130

133

Cash from Investing

-8

-27

-20

-37

-14

-41

-114

-122

-57

-436

Cash from Financing

-26

-12

-51

-34

305

-0

-10

-1

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Mar 2016

Jun 2016

Sep 2016

Dec 2016

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

0.00

74.94

29.65

77.16

77.15

0.00

1.98

1.20

0.83

1.31

1.08

0.00

10.57

14.37

14.34

13.02

11.63

Government

0.00

97.53

24.44

70.10

10.30

7.27

7.67

8.52

10.15

Ellenbarrie Industrial Gases Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Ellenbarrie Industrial Gases Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI