TickerSutra

NSE: ELLEN · BSE: 544421 · ISIN INE236E01022

Ellenbarrie Industrial Gases Limited stock analysis

Ellenbarrie Industrial Gases Limited ranks #114 in the TickerSutra evidence-ranked universe with a score of 72/100 and 95% data confidence. The latest captured fundamentals show ROCE of 15.2%, quarterly sales growth of 18.0% and quarterly profit growth of 86.8%.
Complete evidence gate pass governance reviewUpdated 29 Sept 2026
TICKERSUTRA SCORE72/100

Watchlist candidate

#114 of 5,430 ranked equities
Market capitalisation₹4,593.08cr
ROCE15.2%
Quarterly sales growth18.0%
Quarterly profit growth86.8%
P/E ratio38.1×
Promoter pledge0.0%

INVESTMENT EVIDENCE

What supports—and challenges—the thesis

Evidence in favour

  • Low debt/equity of 0.19×
  • Strong CFO/EBITDA of 1.15×
  • 18.6% three-year sales CAGR
  • CWIP indicates an active capacity pipeline
  • No promoter shares are reported as pledged

Risks and constraints

  • No calculated threshold risk in the current snapshot.

Still unresolved: Related-party exposure · Broad media sentiment

FINANCIAL TRAJECTORY

Recent operating history

PeriodRevenueOperating profitNet profitOperating margin
2022₹247cr₹63cr₹44cr25.0%
2023₹205cr₹34cr₹28cr16.0%
2024₹269cr₹62cr₹45cr23.0%
2025₹312cr₹110cr₹83cr35.0%
2026₹342cr₹116cr₹104cr34.0%
TTM₹357cr₹123cr₹121cr35.0%
Debt / equity0.19×
CFO / EBITDA1.15×
Operating margin35.0%
Free cash flow₹-25cr
Sales CAGR · 3Y18.6%
Profit CAGR · 3Y54.9%

EXCHANGE EVENT TRIGGERS

Latest corporate disclosures

1 positive catalysts0 negative catalysts11 routine filings

MANAGEMENT COMMENTARY

Signals from filed documents

Capacity commissioningHigh severity · 1 mention
Positive catalyst

PAT grew by 25.2% to ` 1,044 Mn, an outcome which reflects the compounding effect of years of continued investment in a diversified, future-ready production footprint. Scaling with Discipline Capacity Commissioning: The 220 TPD Uluberia 2 merchant plant in West Bengal was commissioned, a meaningful addition to our East India network. Ramping up utilization and optimizing commercial efficiencies at this facility is fi

Export growthHigh severity · 1 mention
Positive catalyst

At the same time, India continues to strengthen its integration with global trade networks through agreements such as the India-Australia Economic Cooperation and Trade Agreement (ECTA), along with ongoing negotiations with other key markets. Continued efforts to improve ease of doing business and attract foreign investment are expected to further support export growth and supply chain participation. (Sources: https:

Debt reductionHigh severity · 1 mention
Positive catalyst

Margins remained resilient despite near-term headwinds, reflecting disciplined execution and operational efficiencies. A Defining Milestone Strong Financial Momentum Market Capitalization Revenue Growth EBITDA Growth* * EBITDA = PBT + Depreciation + Finance Cost + Impairment Loss on Financial Assets - Other Income Debt Reduction PAT Growth ` 36,361 Mn 9.3% 4.2% ` 2,152 Mn 25.3% Measuring the Momentum of a Milestone Y

Customer concentrationHigh severity · 1 mention
Negative warning

This approach enables the Company to respond proactively to potential disruptions while supporting stable operations and long-term growth. InternalI ExternalE Operational O Financial F Risk Type Description Mitigation Strategy Customer Concentration Sector Concentration Safety Manufacturing Logistics Power Cost Dependence on key customers may impact revenue stability in the event of financial or operational disruptio

Management confidenceHigh severity · 2 mentions
Constructive

Despite interim fluctuations in Argon prices throughout the year, our EBITDA margin held strong at 34%. With commissioning of newer, more energy-efficient plants, we are confident of progressing toward our long-term aspiration of achieving 40% EBITDA margins. Building for What Comes Next The years ahead carry promise, not because conditions will be easy but because we have a well planned strategy in place and the cap

Capacity expansion plansHigh severity · 12 mentions
Positive catalyst

Margins remained resilient despite near-term headwinds, reflecting disciplined execution and operational efficiencies. A Defining Milestone Strong Financial Momentum Market Capitalization Revenue Growth EBITDA Growth* * EBITDA = PBT + Depreciation + Finance Cost + Impairment Loss on Financial Assets - Other Income Debt Reduction PAT Growth ` 36,361 Mn 9.3% 4.2% ` 2,152 Mn 25.3% Measuring the Momentum of a Milestone Y

Market share gainHigh severity · 1 mention
Positive catalyst

Over time, this has led us to build systems, relationships and expertise that hold under pressure, adapt with evolving needs and support long-term growth across cycles. 1 2 Market Leadership and Reach We are a trusted name in industrial and medical gases, holding leading market positions across East and South India. Supported by a highly robust logistical framework and expansive operational capabilities, we rank amon

Backward integrationHigh severity · 2 mentions
Positive catalyst

The strategy involves a balanced business mix: Strategic Acquisitions and Alliances While organic capacity addition is the primary growth engine, we remain fully open to inorganic growth. The strategy entails: Integrated Solutions via Backward Integration To cement our status as a comprehensive one-stop solution for customers, we are expanding our Project Engineering Services division. The future outlook involves str

Export market updatesModerate severity · 2 mentions
Constructive

It shapes not only our ability to produce high-purity gases, but also how effectively we reach customers across regions where uninterrupted supply is essential. By aligning infrastructure, capacity creation, technology and execution, we have built a system that supports both reliability and geographic expansion. Tons per Day (TPD) An Expanding Asset Base Our expanding capacity is supported by a well-distributed infra

Margin expansionModerate severity · 1 mention
Positive catalyst

And last quarter, again, the margins were primarily driven by increase in revenues combined with the strong cost control. So, it's just, you know, strong operational performance rather than a price movement driven margin expansion. Bhavika Singhvi (Niveshaay) Yeah, understood your point.

Regulatory updatesLow severity · 42 mentions
Watch

Operational disruptions may arise due to logistical constraints, inadequate storage infrastructure or geopolitical developments affecting supply chains. Improper storage or accidental release of gases may lead to environmental damage and potential regulatory penalties. Delays or execution challenges in turnkey projects such as Air Separation Units (ASUs) or medical gas pipeline systems may affect revenue recognition

Regulatory approvalLow severity · 14 mentions
Watch

Comprehensive Ellenbarrie Industrial Gases Limited Annual Report 2025-26 40 internal financial controls have been implemented to enhance the accuracy and reliability of financial reporting and to strengthen the integrity of financial statement preparation. The Internal Auditors conduct regular audits, based on risk-based audit plans, approved by the Audit Committee. The significant observations together with manageme

HOW TO READ THIS PAGE

Evidence, freshness and limitations

What does the TickerSutra score mean?

The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.

Which sources support this page?

Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.

Why can an item be unresolved?

Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.

Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer

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