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Ellenbarrie Industrial Gases Ltd (ELLEN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544421 NSE: ELLEN Industrial Gases & Fuels | Small Cap | Ellenbarrie Indl.Gas Share Price
₹332 1.15 (0.35%)
As on 04-Sep'26 16:59
Ellenbarrie Industrial Gases Ltd (ELLEN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544421 NSE: ELLEN Industrial Gases & Fuels | Small Cap | Ellenbarrie Indl.Gas Share Price
₹332 1.15 (0.35%)
As on 04-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹4,679 Cr.
Current Price
₹332
52-Week Low / High
₹175 / 559
TTM EPS
₹8.6
TTM Sales
₹357 Cr.
Book Value per Share
₹70.2
P/E Ratio
38.78
Higher than its 5-year historical median
Industry PE
23.9
Price to Book (P/B)
4.73
Lower than its 5-year historical median
Price to Sales (P/S)
13.12
Higher than its 5-year historical median
EV/EBITDA
26.10
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
14.66%
Outperforms industry median
Return on Capital Employed (ROCE)
15.70%
Outperforms industry median
Return on Assets (ROA)
9.25%
Operating Profit Margin
33.7%
Net Profit Margin
30.56%
Gross Profit Margin
45.9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
9.31%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
4.73%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
25.35%
Asset Quality
Promoter Holding
77.15%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹961 Cr.
Equity
₹28.2 Cr.
Face Value
₹2
All Time Low / High
₹5.00 / 637.00
Check Before You Invest
Quality
Somewhat GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Strong
Is Ellenbarrie Industrial Gases Ltd a good quality company?
Ellenbarrie Industrial Gases Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Ellenbarrie Industrial Gases Ltd performance compare with that of its Peers?
Revenue growth of Ellenbarrie Industrial Gases Ltd vs industry peers?
Ellenbarrie Industrial Gases Ltd revenue CAGR is 14.29%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Ellenbarrie Industrial Gases Ltd?
Promoters hold 77.15% of the Ellenbarrie Industrial Gases Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Ellenbarrie Industrial Gases Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -36.68% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ellenbarrie Industrial Gases Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 6.3% | 6.8% | 9.8% | 59.8% | 15.4% | 30.7% | 10.7% | 14.4% | 19.6% | 15.7% | - |
| Value Creation Index ⓘ | -0.6 | -0.5 | -0.3 | 3.3 | 0.1 | 1.2 | -0.2 | 0.0 | 0.4 | 0.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 116 | 123 | 154 | 174 | 175 | 245 | 205 | 269 | 312 | 342 | 357 |
| Sales YoY Gr. | - | 6.1% | 25.3% | 12.9% | 0.5% | 39.7% | -16.1% | 31.4% | 16% | 9.3% | - |
| Adj EPS ⓘ | 0 | 0.2 | 0.6 | 6.8 | 1.7 | 4.4 | 1.6 | 3.2 | 6.3 | 7.4 | 8.6 |
| YoY Gr. | - | 800% | 205.6% | 1136.4% | -75% | 157.1% | -62.9% | 95.7% | 99.1% | 17.1% | - |
| BVPS (₹) ⓘ | -0.1 | 0.1 | 0.6 | 7.7 | 9.5 | 24.1 | 26 | 29.5 | 35.9 | 67.7 | 70.2 |
| Adj Net Profit ⓘ | 0.2 | 2.4 | 7.3 | 89 | 22.2 | 57.2 | 21.3 | 41.5 | 82.7 | 104 | 121 |
| Cash Flow from Ops. ⓘ | 34.2 | -1 | 33.2 | 125 | 70.9 | 31.4 | 38.8 | 43.8 | 4.3 | 133 | - |
| Debt/CF from Ops. ⓘ | 5.5 | -217.2 | 6.4 | 1.1 | 1.9 | 0.3 | 2.6 | 4 | 57.4 | 1.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 12.7% | 14.3% | 18.5% | 9.3% | ||||
| Adj EPS ⓘ | 92.9% | 34.2% | 65.9% | 17.1% | ||||
| BVPSⓘ | NA | 48.1% | 37.6% | 88.5% | ||||
| Share Price | - | - | - | -36.7% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.8 | 10.4 | 26 | 114.6 | 16.4 | 23.6 | 6.1 | 10.7 | 18.3 | 14.2 | 12.4 |
| Op. Profit Mgn % ⓘ | 14 | 14.6 | 19.3 | 14.4 | 26.4 | 32.9 | 16.4 | 22.9 | 35.2 | 33.7 | 34.5 |
| Net Profit Mgn % ⓘ | 0.2 | 2 | 4.7 | 51.1 | 12.7 | 23.4 | 10.4 | 15.4 | 26.5 | 30.5 | 33.8 |
| Debt to Equity ⓘ | -139.5 | 165.8 | 25.9 | 1.4 | 1.1 | 0 | 0.3 | 0.5 | 0.5 | 0.2 | - |
| Working Cap Days ⓘ | 186 | 189 | 152 | 135 | 143 | 167 | 327 | 273 | 293 | 360 | 152 |
| Cash Conv. Cycle ⓘ | 89 | 84 | 56 | 31 | 7 | 12 | 46 | 39 | 62 | 70 | 75 |
Valuation of Ellenbarrie Indl.Gas - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 116 | 123 | 154 | 174 | 175 | 245 | 205 | 269 | 312 | 342 |
| Operating Expenses ⓘ + | 100 | 105 | 125 | 149 | 129 | 164 | 171 | 208 | 203 | 227 |
| Operating Profit ⓘ | 16 | 18 | 30 | 25 | 46 | 81 | 34 | 62 | 110 | 115 |
| Operating Profit Margin (%) | 14.0% | 14.6% | 19.3% | 14.4% | 26.4% | 32.9% | 16.4% | 22.9% | 35.1% | 33.7% |
| Other Income ⓘ + | 2 | 3 | 2 | 123 | 5 | 11 | 19 | 21 | 36 | 52 |
| Interest ⓘ | 11 | 11 | 14 | 17 | 11 | 5 | 4 | 8 | 17 | 10 |
| Depreciation ⓘ | 7 | 7 | 10 | 11 | 13 | 12 | 11 | 10 | 21 | 21 |
| Profit Before Tax ⓘ | 0 | 2 | 7 | 120 | 27 | 85 | 37 | 64 | 108 | 135 |
| Tax ⓘ | 0 | 0 | 0 | 30 | 3 | 18 | 9 | 19 | 25 | 31 |
| Profit After Tax | 0 | 2 | 7 | 89 | 24 | 67 | 28 | 45 | 83 | 104 |
| PAT Margin (%) | 0.3% | 2.0% | 4.8% | 51.3% | 13.7% | 27.5% | 13.7% | 16.8% | 26.7% | 30.6% |
| Adjusted EPS (₹) | 0.0 | 0.2 | 0.6 | 6.8 | 1.8 | 5.1 | 2.2 | 3.5 | 6.4 | 7.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 22 | 24 | 31 | 124 | 148 | 338 | 363 | 410 | 493 | 977 | |
| Debt + | 179 | 195 | 191 | 117 | 111 | 11 | 97 | 163 | 225 | 148 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 3 | 7 | 11 | 24 | 26 | 16 | 18 | 18 | 14 | 15 | |
| Others Liabilities ⓘ | 27 | 35 | 49 | 81 | 86 | 79 | 115 | 106 | 159 | 226 | |
| Total Liabilities ⓘ | 231 | 262 | 282 | 346 | 371 | 444 | 592 | 697 | 891 | 1,365 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 163 | 163 | 196 | 229 | 238 | 187 | 184 | 331 | 339 | 453 | |
| CWIP ⓘ | 7 | 26 | 10 | 5 | 0 | 0 | 71 | 0 | 45 | 78 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 97 | 111 | 170 | 194 | 397 | |
| Inventories | 4 | 3 | 3 | 4 | 5 | 9 | 8 | 11 | 14 | 14 | |
| Trade Receivables | 28 | 33 | 30 | 37 | 28 | 36 | 39 | 45 | 83 | 63 | |
| Cash Equivalents | 3 | 3 | 16 | 43 | 65 | 3 | 15 | 4 | 3 | 72 | |
| Others Assets ⓘ | 26 | 33 | 26 | 28 | 35 | 111 | 164 | 136 | 213 | 287 | |
| Total Assets ⓘ | 231 | 262 | 282 | 346 | 371 | 444 | 592 | 697 | 891 | 1,365 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 34 | -1 | 33 | 125 | 71 | 31 | 39 | 44 | 4 | 133 |
| Cash Flow From Investing Activity ⓘ + | -8 | -27 | -20 | -37 | -14 | -41 | -114 | -122 | -57 | -436 |
| Cash Flow From Financing Activity ⓘ + | -26 | 28 | -12 | -51 | -34 | 10 | 87 | 67 | 52 | 305 |
| Net Cash Flow ⓘ | 0 | -0 | 1 | 37 | 22 | -0 | 11 | -10 | -1 | 1 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0 | 0 | 155.5 | 164.16 | 21.37 | 30.56 | 8.59 | 12.47 | 19.44 | 14.66 |
| ROCE (%) | 6.27 | 6.82 | 9.82 | 59.76 | 15.44 | 30.72 | 10.66 | 14.4 | 19.55 | 15.7 |
| Asset Turnover Ratio | 0.5 | 0.5 | 0.57 | 0.56 | 0.49 | 0.6 | 0.4 | 0.42 | 0.39 | 0.3 |
| PAT to CFO Conversion(x) | N/A | -0.5 | 4.71 | 1.4 | 2.96 | 0.46 | 1.39 | 0.98 | 0.05 | 1.28 |
| Working Capital Days | ||||||||||
| Receivable Days | 84 | 90.20 | 73.70 | 69.60 | 67.80 | 48.20 | 67.40 | 57.40 | 74.70 | 78 |
| Inventory Days | 18.90 | 10.80 | 8.10 | 8 | 9.60 | 10.30 | 15.20 | 13.20 | 14.70 | 15.20 |
| Payable Days | 71.80 | 89 | 175.50 | 350.60 | 502.40 | 223.40 | 238 | 117.60 | 162.40 | 132.30 |
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Ellenbarrie Industrial Gases Ltd FAQs
The current trading price of Ellenbarrie Indl.Gas on 04-Sep-2026 16:59 is ₹332.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Sep-2026 the market cap of Ellenbarrie Indl.Gas stood at ₹4,679.1 Cr
The latest P/E ratio of Ellenbarrie Indl.Gas as of 03-Sep-2026 is 38.78.
The latest P/B ratio of Ellenbarrie Indl.Gas as of 03-Sep-2026 is 4.73.
The 52-week high of Ellenbarrie Indl.Gas is ₹559.0 and the 52-week low is ₹175.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ellenbarrie Indl.Gas is ₹357 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Ellenbarrie Industrial Gases Ltd is a average quality company.
The key valuation ratios of Ellenbarrie Industrial Gases Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Ellenbarrie Industrial Gases Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Ellenbarrie Industrial Gases Ltd
Ellenbarrie Industrial Gases manufactures and supplies industrial gases including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon and nitrous oxide, as well as dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixture and speciality gases catering to a wide range of end-use industries. It is one of the important manufacturers of industrial gases in East India and South India, and the market leader in the states of West Bengal, Andhra Pradesh and Telangana.
Its service offerings include project engineering services, where it leverages its extensive technical know-how for the design, engineering, supply, installation and commissioning of tonnage air separation units (ASUs) and related projects on a turnkey basis for customers across several sectors. It also offers turnkey solutions involving medical gas pipeline systems, where it assists healthcare facilities in designing, installing, commissioning, operation and maintenance of medical gas pipeline systems. In addition, it supplies products and medical equipment to healthcare facilities, which include anaesthesia workstation, spirometers, ventilators, sterilizers, bed-side monitors, and lung diffusion testing machines.
It is present across multiple modalities of supply, namely onsite, bulk and packaged, whereby it offers its products through a combination of supply mechanisms, including pipelines connected to its customers, cryogenic tankers and cylinders. It has a robust distribution network, with the third highest number of transport tankers, cylinders and customer installations in India.
The company was incorporated as a public limited company under the Companies Act, 1956 as ‘Ellenbarrie Industrial Gases Limited’, pursuant to a certificate of incorporation dated November 23, 1973 issued by the RoC. The company received a certificate for commencement of business issued by the RoC dated April 9, 1974. The company was listed on the Calcutta Stock Exchange on May 3, 1976. Further, pursuant to the Board Resolution dated August 3, 2016 the company applied for voluntary delisting on August 3, 2016. Consequently, the company was voluntarily delisted from Calcutta Stock Exchange, pursuant to the approval provided by the Calcutta Stock Exchange, on June 29, 2018, with effect from July 2, 2018.
Business area of the company
The company is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non-cryogenic air separation plants.
Products and Services of the company
Sale of gases
- Industrial gases
- Medical gases
Project engineering services
Awards and accreditations
- 2014: Its Promoter, Padam Kumar Agarwala, received a letter of appreciation, on behalf of the company, for supply of LOX (Liquid Oxygen) to Air Force Station Kalaikunda, by the Air Commodore of the Indian Air Force.
- 2017: Accorded the status of ‘One Star Export House,’ pursuant to Foreign Trade Policy 2015-2020, issued by the Directorate General of Foreign Trade, Ministry of Commerce & Industry.
- 2020: Received a letter of appreciation, for supply of compressed gases for Indian Air Force units, by Wing Commander of Indian Air Force.
- 2021: Received a certificate of appreciation for fulfilling desired standards of supply, and designated as ‘Bulk Consumer in Centralized (33kV)’ category issued, by the West Bengal State Electricity Distribution Company.
- 2022: Awarded 3rd prize up in the “Medium & Large Category” at the MCCI Safety, Health & Environment (SHE) Awards 2022, by Merchants’ Chamber of Commerce & Industry.
- 2024: Received a letter of approbation, for support provided during pan India exercise name Gagan Shakti- 2024, by the Air Commodore of the Indian Air Force.
- 2024: Accredited with ISO 9001:2015 for compliance with requisite standards for purchase, sale, distribution, and production of industrial gases.
History and milestones
- 1973: The company was incorporated as a public limited company under the Companies Act, 1956.
- 1976: The company’s Equity Shares got listed on the Calcutta Stock Exchange.
- 1976: Set-up the first oxygen plant, in Kalyani, West Bengal.
- 2004: Established the company’s first air separation unit for manufacture of industrial gases (elemental gases, liquid or compressed air, acetylene refrigerant gases, and mixed industrial gases) in Uluberia, West Bengal.
- 2009: Established the Company’s second air separation unit for manufacture of industrial gases (elemental gases, liquid or compressed air, acetylene refrigerant gases, and mixed industrial gases) in Parawada (Visakhapatnam), Andhra Pradesh.
- 2012: Established the Company’s third air separation unit for manufacture of industrial gases (elemental gases, liquid or compressed air, acetylene refrigerant gases, and mixed industrial gases) in (Hyderabad) Jadcherla, Telangana.
- 2013: Air Water Inc., acquired upto 51% of the subscribed and fully paid-up Equity Shares of Rs 10 of the Company.
- 2017: Achieved turnover of more than Rs 100 crore.
- 2018: Commenced facility for cylinder filling station at Panagarh, West Bengal.
- 2018: The company was voluntarily delisted from the Calcutta Stock Exchange.
- 2019: Entered into an agreement with a major steel manufacturing company in India, for leasing of equipment, for onsite production and pipeline supply of gases.
- 2020: Secured a contract to build a plant in Bangladesh on an engineering, procurement, and construction basis.
- 2021: The company became a 100% Indian company, through divestment of their entire shareholding by Air Water Inc., Japan to the promoters of the company.
- 2022: Achieved turnover of more than Rs 200 crore.
- 2022: Signed a pipeline supply agreement with Jairaj Ispat Limited for setting up 600 TPD plant
- 2023: Entered into a contract with steel manufacturing company in India owned by the Government of India, for operation and maintenance of their oxygen plant with a capacity of 2500 TPD.
- 2024: Achieved turnover of over Rs 300 crore
- 2024: Successfully commissioned and operationalised the 600 TPD plant at Jairaj Ispat Limited
- 2025: Got listed on the National Stock Exchange and Bombay Stock Exchange
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