Ellenbarrie Industrial Gases Ltd

₹ 342 -4.26%

01 Oct - close price

About

Ellenbarrie Industrial Gases Ltd. is engaged in the business of oxygen and nitrogen. The Company is a manufacturer and supplier of industrial gases in the eastern and southern India, both in bulk and packaged form. It is engaged in the medical, chemical, construction, defense and energy businesses.

Key Points

Business Profile^[1]
Ellenbarrie is the largest 100% Indian-owned industrial gases company (in terms of installed capacity). Operating for over 50 years, the company manufactures and supplies industrial gases including oxygen, nitrogen, argon, helium, hydrogen, acetylene, CO₂, nitrous oxide, and specialty gases. It also supplies medical gases, dry ice, LPG, welding mixtures, and synthetic air.

Website BSE NSE

Market Cap ₹ 4,816 Cr.
Current Price ₹ 342
High / Low ₹ 480 / 175
Stock P/E 39.9
Book Value ₹ 69.3
Dividend Yield 0.00 %
ROCE 14.5 %
ROE 12.9 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company has delivered good profit growth of 31.6% CAGR over last 5 years

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has a low return on equity of 13.7% over last 3 years.
Earnings include an other income of Rs.60.3 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Industrial Gases

Part of BSE Commodities Nifty Smallcap 500 Nifty Microcap 250 Nifty Total Market BSE 1000

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	23	24	29	24	67	95	68	82	84	89	81	87	99
	22	20	23	20	45	58	41	58	53	56	56	60	61
Operating Profit	2	4	6	5	22	36	27	25	31	33	25	27	38
OPM %	7%	16%	22%	20%	33%	38%	40%	30%	37%	38%	31%	31%	38%
	1	0	-0	0	8	7	9	11	7	13	16	15	17
Interest	5	3	3	2	4	4	4	5	5	1	1	2	2
Depreciation	2	2	2	2	5	5	5	6	5	5	5	6	6
Profit before tax	-4	-1	2	1	21	34	28	24	28	40	34	33	46
Tax %	0%	0%	0%	0%	23%	14%	32%	24%	33%	8%	24%	31%	25%
	-4	-1	2	1	16	30	19	18	19	37	26	23	35
EPS in Rs	-6.08	-1.54	2.46	1.33	1.24	2.26	1.47	1.39	1.33	2.61	1.85	1.62	2.48
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Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	87	96	116	123	154	174	175	247	205	269	312	342	357
	79	88	99	103	125	149	129	184	171	208	203	225	234
Operating Profit	8	8	17	20	30	25	46	63	34	62	110	117	123
OPM %	9%	8%	15%	16%	19%	14%	26%	25%	16%	23%	35%	34%	35%
	2	2	2	1	2	121	5	15	19	21	36	50	60
Interest	13	16	11	11	14	16	10	4	4	8	17	10	7
Depreciation	5	7	7	7	10	11	13	12	11	10	21	21	23
Profit before tax	-9	-13	0	2	7	120	27	62	37	64	108	135	154
Tax %	0%	0%	0%	0%	0%	25%	12%	29%	24%	29%	23%	23%
	-9	-13	0	2	7	89	24	44	28	45	83	104	121
EPS in Rs	-13.26	-20.35	0.60	3.80	11.29	136.59	36.74	67.51	42.98	69.18	6.36	7.41	8.56
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

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:	3%
5 Years:	%
3 Years:	%
1 Year:	-27%

Return on Equity
10 Years:	16%
5 Years:	13%
3 Years:	14%
Last Year:	13%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	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	7	7	26	28
Reserves	6	14	15	18	25	117	141	319	357	403	467	949
	203	189	188	219	224	136	111	11	102	178	247	184
	23	20	16	13	26	77	98	45	86	84	106	137
Total Liabilities	238	229	226	257	282	337	356	381	551	673	846	1,299
	164	165	163	163	196	228	238	221	182	331	339	453
CWIP	2	3	7	26	10	5	0	0	74	0	45	78
Investments	0	0	0	0	0	0	0	0	111	170	194	397
	73	62	57	67	75	103	118	160	185	172	267	370
Total Assets	238	229	226	257	282	337	356	381	551	673	846	1,299

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	12	-13	34	-1	33	125	13	39	44	4	133
	-43	-8	-8	-27	-20	-37	-9	-114	-122	-57	-436
	32	22	-27	28	-12	-51	25	87	67	52	305
Net Cash Flow	1	-0	-1	-0	1	37	29	11	-10	-1	1
Free Cash Flow	-31	-22	25	-29	13	88	-0	-56	-42	-65	-25
CFO/OP	156%	-169%	203%	-5%	113%	516%	69%	147%	81%	11%	135%

Ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	105	95	89	96	70	77	59	52	70	61	97	68
Inventory Days	258	169	79	62	67		100	91	119	73	145	131
Days Payable	133	94	55	128	213		524	108	249	118	144	135
Cash Conversion Cycle	230	170	113	30	-75	77	-366	35	-60	17	98	63
Working Capital Days	204	152	102	131	77	-45	-107	17	-27	-64	-33	-46
ROCE %	2%	1%	5%	6%	8%	53%	15%	21%	8%	13%	18%	14%

Insights

In beta

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Mar 2027 (P)

Pharma and Chemicals Share of Revenue
%

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Revenue from Repeat Customers (Customer Stickiness)
%

Steel Share of Revenue (Gases + Project Engg)
%

Argon Share of Gas Revenue
%

Bulk Customer Installations (Storage Tanks at Customer Sites)
Count

Owned and Operated Capacity (excl. NMDC O&M)
Tons Per Day

Oxygen Share of Gas Revenue
%

Total Operational Capacity (incl. NMDC O&M)
Tons Per Day

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2016	Sep 2016	Dec 2016	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.94%	74.94%	29.65%	77.16%	77.16%	77.16%	77.15%	77.15%
	0.00%	0.00%	0.00%	1.98%	1.20%	0.83%	1.31%	1.08%
	0.00%	0.00%	0.00%	10.57%	14.37%	15.42%	13.02%	11.63%
	0.62%	0.62%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%
	24.44%	24.44%	70.10%	10.29%	7.27%	6.58%	8.53%	10.15%
No. of Shareholders	309	308	327	2,08,118	55,926	53,001	52,776	54,735

	Dec 2016	Mar 2026	Jun 2026
	29.65%	77.15%	77.15%
	0.00%	1.31%	1.08%
	0.00%	13.02%	11.63%
	0.24%	0.00%	0.00%
	70.10%	8.53%	10.15%
No. of Shareholders	327	52,776	54,735

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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