Ellenbarrie Industrial Gases Ltd

ELLEN

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Market Cap

₹ 4,923 Cr

P/E

53.00

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ellenbarrie Industrial Gases Limited specializes in manufacturing and supplying a diverse range of industrial gases, with applications across various sectors such as healthcare, pharmaceuticals, steel manufacturing, and electronics.

The company experienced a robust PAT growth of 96% Y-Y in Q2 FY26, reflecting improved operational efficiencies and favorable market conditions.

Ellenbarrie is rapidly expanding its capacity, aiming to boost its production capabilities by over 50% in the next two years, which is expected to support its strategic entry into new markets.

The company's ongoing focus on high-value products like Argon, contributing 13% to total revenues, underlines its strategy to enhance product mix and increase revenue streams.

Strategic acquisitions and alliances are pivotal to Ellenbarrie's growth strategy, enabling market consolidation and broadening its operational capabilities across India.

Sector

Chemicals

Industry

Industrial Gas

Market Cap

4,923 Cr

Volatility

Low Risk

P/E Ratio

53.0

Industry P/E

90.5

PEG Ratio

1.4

P/B Ratio

5.5

52W High

637.00

52W Low

339.20

Sales CAGR

15.96%

8.19%

12.39%

10Y

13.06%

Profit CAGR

83.90%

23.52%

-1.41%

10Y

—

ROE

TTM

10.07%

12.38%

12.93%

10Y

15.79%

ROCE

TTM

12.73%

14.17%

14.90%

10Y

16.34%

Technicals

‌

Forecasts

No. of Analysts

10

1Y Price Target

591.60 ▲ 66.06%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GULFOILLUB	1182.40	5,842 Cr	15.72	3.54	4.05	22.54	24.89	12.67
GHCL	574.65	5,288 Cr	9.28	1.46	2.17	15.66	21.10	13.33
ELLEN	349.30	4,923 Cr	53.00	5.48	0.00	10.07	12.73	8.10
LXCHEM	172.80	4,775 Cr	57.24	2.48	0.29	4.33	4.87	2.61
CHEMPLASTS	263.00	4,158 Cr	—	141.46	0.00	-11.18	-1.13	-3.37
TANFACIND	3991.05	3,990 Cr	42.42	11.75	0.23	27.70	34.88	20.36
GUJALKALI	515.00	3,775 Cr	25750.00	0.68	3.07	0.00	0.84	0.00

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025
Sales	23	23	24	29	24	67	95	82	84	89
Expenses	21	22	20	23	20	45	58	58	53	56
Operating Profit	2.40	1.70	3.83	6.21	4.94	22	36	25	31	33
OPM %	10.23	7.33	15.92	21.53	20.21	32.53	38.25	29.83	36.71	37.55
Other Income	0.06	0.99	0.15	-0.02	0.25	7.93	7.23	11	6.83	13
Interest	3.41	4.70	3.24	2.70	2.34	3.90	4.15	5.39	4.61	1.06
Depreciation	1.72	1.97	1.75	1.88	1.98	4.85	4.81	6.50	5.09	5.08
Profit Before Tax	-2.67	-3.98	-1.01	1.61	0.87	21	35	24	28	40
Tax %	0.00	0.00	0.00	0.00	0.00	23.16	14.06	24.32	32.77	8.11
Net Profit	-2.67	-3.98	-1.01	1.61	0.87	16	30	18	19	37
EPS in Rs	—	-0.07	-0.07	0.11	0.15	—	2.10	1.39	1.42	2.61

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	116	123	154	174	175	247	205	269	312	258
Expenses	99	104	123	150	129	184	172	208	203	176
Operating Profit	17	20	31	24	46	62	34	62	110	82
OPM %	14.38	15.86	20.02	13.97	26.21	25.23	16.38	22.83	35.12	31.85
Other Income	1.59	1.05	1.51	121	4.59	15	19	21	36	26
Interest	11	11	13	16	10	3.81	3.55	8.03	17	16
Depreciation	7.01	7.28	10	11	13	12	11	10	21	18
Profit Before Tax	0.39	2.49	7.41	120	27	62	37	64	108	74
Tax %	0.00	0.00	0.00	25.22	12.45	28.61	24.48	29.48	22.76	26.87
Net Profit	0.39	2.49	7.41	89	24	44	28	45	83	54
EPS in Rs	—	—	—	—	—	—	—	—	—	7.52
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6.55	6.55	6.55	6.55	6.55	6.55	6.55	6.55	6.55	26
Reserves	14	15	18	25	117	141	319	357	403	467
Borrowings	189	179	195	191	117	111	11	101	178	247
Other Liabilities	20	25	37	60	96	100	60	87	84	106
Total Liabilities	229	226	257	282	337	358	396	551	673	846
Fixed Assets	165	163	163	196	229	238	221	182	331	339
CWIP	2.88	6.82	26	10	5.45	0.00	0.00	74	0.42	45
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	111	170	194
Other Assets	62	57	67	75	103	120	175	185	172	267
Total Assets	229	226	257	282	337	358	396	551	673	846

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-13	34	-1.10	33	125	71	13	39	44	4.28
Cash from Investing Activity	-8.42	-8.15	-27	-20	-37	-14	-8.89	-114	-122	-57
Cash from Financing Activity	22	-27	28	-12	-51	-34	25	87	67	52
Net Cash Flow	-0.34	-1.17	-0.07	1.26	37	22	29	11	-10	-0.73

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2014	Mar 2015	Jun 2015	Sep 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Sep 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.94%	74.94%	74.94%	74.94%	0.00%	74.94%	74.94%	29.65%	98.96%	77.16%	77.16%	77.16%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.97%	1.97%	1.20%
DIIs	0.62%	0.62%	0.62%	0.62%	2.47%	0.62%	0.62%	0.24%	1.04%	10.63%	10.63%	14.38%
Public	24.44%	24.44%	24.44%	24.44%	97.53%	24.44%	24.44%	70.10%	0.00%	10.24%	10.24%	7.27%
Total Shareholders	202	199	198	271	281	309	308	327	270	2,08,119	2,08,119	55,926

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 03, 2025	Motilal oswal mutual fund	Bulk	Buy	567.11	51.04 Cr	9,00,000	0.63
Jul 01, 2025	Mansi share and stock broking...	Bulk	Sell	529.36	21.50 Cr	4,06,125	0.28
Jul 01, 2025	Motilal oswal mutual fund	Bulk	Buy	511.10	107.08 Cr	20,95,179	1.48
Jul 01, 2025	Mansi share and stock broking...	Bulk	Buy	524.57	39.66 Cr	7,56,113	0.53

Projection

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Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GULFOILLUB	1182.40	5,842 Cr	15.72	3.54	4.05	22.54	24.89	12.67
GHCL	574.65	5,288 Cr	9.28	1.46	2.17	15.66	21.10	13.33
ELLEN	349.30	4,923 Cr	53.00	5.48	0.00	10.07	12.73	8.10
LXCHEM	172.80	4,775 Cr	57.24	2.48	0.29	4.33	4.87	2.61
CHEMPLASTS	263.00	4,158 Cr	—	141.46	0.00	-11.18	-1.13	-3.37
TANFACIND	3991.05	3,990 Cr	42.42	11.75	0.23	27.70	34.88	20.36
GUJALKALI	515.00	3,775 Cr	25750.00	0.68	3.07	0.00	0.84	0.00

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

The company experienced a robust PAT growth of 96% Y-Y in Q2 FY26, reflecting improved operational efficiencies and favorable market conditions.

Ellenbarrie is rapidly expanding its capacity, aiming to boost its production capabilities by over 50% in the next two years, which is expected to support its strategic entry into new markets.

The company's ongoing focus on high-value products like Argon, contributing 13% to total revenues, underlines its strategy to enhance product mix and increase revenue streams.

Strategic acquisitions and alliances are pivotal to Ellenbarrie's growth strategy, enabling market consolidation and broadening its operational capabilities across India.

Sector

Chemicals

Industry

Industrial Gas

Market Cap

4,923 Cr

Volatility

Low Risk

P/E Ratio

53.0

Industry P/E

90.5

PEG Ratio

1.4

P/B Ratio

5.5

52W High

637.00

52W Low

339.20

Sales CAGR

15.96%

8.19%

12.39%

10Y

13.06%

Profit CAGR

83.90%

23.52%

-1.41%

10Y

—

ROE

TTM

10.07%

12.38%

12.93%

10Y

15.79%

ROCE

TTM

12.73%

14.17%

14.90%

10Y

16.34%