ELLENChemicals

Ellenbarrie Industrial Gases Limited

Industrial Gases · ISIN INE236E01022 · BSE 544421 · NSE EQ · FV ₹2
Last price
₹371
-0.97%today
What this company does

Ellenbarrie Industrial Gases Limited operates in Industrial Gases, part of the Chemicals sector. It booked ₹99 cr of revenue in its latest quarter (Q1 FY27) and kept 35.4% of sales as profit. It is the 2nd largest of 3 Industrial Gases companies we track, by market value.

The Company is primarily engaged in Proceeds from non-current borrowings 725.92 546.00 iv.
In the report:
61out of 100
Equitytale Health Score
Mixed

Healthier than 61% of companies in Chemicals, on the 5 of 6 measures we could read for it. Each measure is ranked against the 38–44 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
64

At close. Not part of the score.

Profitability & returns66

How much profit it earns on the money it employs

Balance sheet61

How much it owes, and whether earnings cover the interest

Cash quality59

Whether reported profit actually arrives as cash

Valuation34

What today's price implies, against our models or its peers

Governance & risk88

How much of the promoters' stake is pledged, and how much they hold

Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Looks broadly healthy
Strengths
Makes a profit
Strong 35% net margin
Sales up 18% vs last year
Profit up 87% vs last year
Promoters hold 77%
No promoter shares pledged
Turns profit into real cash
Watch-outs
None flagged from our data

What if I invest in ELLEN?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹371 -0.97%
latest close · 2026-09-17
52-wk low ₹25442 sessions so far52-wk high ₹391
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio37.4High
LowAverageHigh
P/B ratio5.35High
Below bookModerateHigh
EV / EBITDA24.7High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity14.3%Fair
WeakFairStrong ▸15%
Return on capital17.4%Strong
WeakFairStrong
Net margin35.4%Strong
ThinDecentStrong
EBITDA margin55.4%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.18Comfortable
LowModerateHigh ▸1
Interest cover24.8×Strong
RiskyOkayStrong ▸5×
Current ratio1.60Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹5,229 cr
Book value
₹69
EPS
₹2.48
latest quarter
Net debt
₹179 cr
owes more than its cash
Enterprise value
₹5,408 cr
EBITDA
₹219 cr
annualised
EBIT
₹194 cr
annualised
Operating margin
49.0%
Return on assets
10.8%
Earnings yield
2.67%
P/S
13.24
Sales / share
₹28.0
Tax rate
24.7%
Face value
₹2
Shares
14.1 cr
Working capital
₹112 cr
Current assets
₹299 cr
Current liabilities
₹187 cr
Delivery %
45.9%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
Too few reliable models — the filings don't support two independent estimates of value.
Models span ₹46₹46, midpoint ₹46

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹99 cr
Other Income₹17 cr
Total Income₹116 cr
Cost of Materials₹1 cr
Purchases of Stock-in-Trade₹10 cr
Inventory Change (±)₹-44.6 L
Employee Benefit Expense₹7 cr
Finance Costs₹2 cr
Depreciation & Amortisation₹6 cr
Other Expenses₹43 cr
Total Expenses₹69 cr
Profit before Tax₹46 cr
Tax Expense₹11 cr
Net Profit₹35 cr
Net margin on total income30.2%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹11 cr9.1%
Employee benefit expense₹7 cr6.3%
Finance costs₹2 cr1.7%
Depreciation & amortisation₹6 cr5.4%
Other expenses₹43 cr37.3%
Tax expense₹11 cr9.9%
Profit for the period₹35 cr30.2%
Total income ₹116 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue81 cr87 cr99 cr
Total income97 cr102 cr116 cr
Expenses63 cr69 cr69 cr
Profit before tax34 cr33 cr46 cr
Tax8 cr10 cr11 cr
Net profit (owners' share)26 cr23 cr35 cr
Net margin (owners' share, on revenue)32.1%26.2%35.4%
EPS (₹)1.851.622.48
YoY (latest quarter): total income +28.0% · net profit +86.8%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹1,299 cr
Shareholder equity
₹977 cr
parent shareholders
Total debt
₹180 cr
Cash
₹1 cr
Cash flow · H1 FY26
Operating
₹66 cr
Investing
₹-302 cr
Financing
₹237 cr
Peer comparison
Industrial Gases · by market value
CompanyPriceMarket capP/E
Linde India Limited₹6,095₹51,976 cr124.3
Ellenbarrie Industrial Gases Limitedthis company₹371₹5,229 cr37.4
Stallion India Fluorochemicals Limited₹219₹2,540 cr34.2
Same industry · latest reported numbers · not a recommendation.
Who owns it · 2026-06-30
No pledge
Promoter
77.2%
FII / Foreign
1.1%
DII / Domestic
11.6%
Retail / others
10.2%
Smart-money activity
Bulk / block deals
SoldSARAVANA STOCKS INVT. P LTD. · NSE9.19 L @ ₹198.3713 Mar 26
SoldSSPL SECURITIES PRIVATE LIMITED · NSE15.25 L @ ₹350.5510 Dec 25
BoughtSARAVANA STOCKS INVT. P LTD. · NSE15.25 L @ ₹350.5510 Dec 25
Stake changes
SoldMotilal Oswal Balanced Advantage Fund, Motilal Oswal Nifty Microcap 250 Index Fund, Motilal Oswal Multi Cap Fund, Motilal Oswal Business Cycle Fund→ 6.41% · 1.73 L8 Apr 26
BoughtMotilal Oswal Balanced Advantage Fund→ 8.51% · 2.50 L4 Sep 25
BoughtMotilal Oswal Asset Management Company Limited→ 6.49% · 1.24 L2 Jul 25
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 24 Sep 2025
See the official result
1
To consider and adopt the Audited Financial Statement of the Company for the financial year ended March 31, 2025 and the reports of the Board of Directors and Auditors thereon
Backed by 100% of shareholders other than promotersneeded 50%
2.27 cr votes for, 552 against · 0% of mutual funds and other big investors said no
2
To appoint Mr Varun Agarwal (DIN: 01526576), Joint Managing Director, who retires by rotation and being eligible, offers himself for re-appointment
Promoters had a personal stake in this
Backed by 97% of shareholders other than promotersneeded 50%
2.19 cr votes for, 7.55 L against · 4% of mutual funds and other big investors said no
3
To ratify the remuneration of the Cost Auditors of the Company for the financial year ending March 31, 2026
Backed by 100% of shareholders other than promotersneeded 50%
2.27 cr votes for, 626 against · 0% of mutual funds and other big investors said no
4
To appoint the Secretarial Auditor of the Company
Backed by 99% of shareholders other than promotersneeded 50%
2.25 cr votes for, 1.95 L against · 1% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 48 named members
owning 77.2% between them · as of 2026-06-30
Padam Kumar Agarwala48.84%
Varun Agarwal19.49%
Shanti Prasad Agarwala8.83%
Amaya Agarwalno shares
Anay Agarwalno shares
Aradhita Agarwal Kediano shares
Comfort Share Trading Private Limitedno shares
Devi Vithlanino shares

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹373 cr raised in Jul 2025 by selling shares to the public

As of Jun 2026, the company says it has spent 84% of what it set aside, leaving ₹58 cr still to be spent. CRISIL RATINGS LIMITED watches the spending on the exchange’s behalf.

Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the company
100%
₹210 cr of ₹210 cr
Setting up of an air separation unit at Uluberia-II plant with a capacity of 220 TPD
60%
₹62 cr of ₹105 cr
General corporate purposes
originally ₹56 cr
budget changed
73%
₹43 cr of ₹59 cr

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.