Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 28 Sep - Ellenbarrie wins ₹481 crore BHEL ASU contract for Odisha coal-to-ammonium nitrate project, commissioning expected in FY29.
Source: Bse
Ellenbarrie Industrial Gases Limited (ELLEN)
Micro CapChemicals stocks · Micro cap · NSE
Ellenbarrie Industrial Gases Limited is an Indian industrial gas manufacturer with over 50 years of legacy. It supplies a wide range of industrial gases (Oxygen, Nitrogen, Argon, Acetylene, Hydrogen, CO2, Helium, Nitrous Oxide, Specialty Gases) and offers project engineering services. The company operates through Onsite, Bulk, and Packaged models, serving diverse industries like steel, chemicals, healthcare, and manufacturing across India.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 01:50 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 32.2 (n=45)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 +2.5% / mo · MACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 58
Sector RS: 39
Sector 3M: -11.3% vs Nifty 500 -5.6%
Chemicals FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
ELLEND candles · FIT view+13.0%Latest close ₹319.65 on 2026-10-21
Bar
-1.3%
RSI
40
MACD hist
-4.83
52W pos
48%
2026-10-21O ₹324.00H ₹328.00L ₹315.00C ₹319.65Vol 4.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ELLENNifty ChemicalsNifty 500
- ELLEN
- +8.0%
- Nifty 500
- -6.5%
- Nifty Chemicals
- -12.2%
- Vs Nifty 500
- +14.5 pp
Chart stats
21 Oct 2026- From 52W high
- -32.5%
- 52W range position
- 48%
- ATR (14)
- 5.8%
- Volume vs 20D
- 0.40x
- Avg traded value
- ₹40.6 Cr
- 20D price channel
- ₹315 - ₹395
₹473.6
₹175 - ₹473.6
₹18.4
Latest completed session
20-session average
50.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE49
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +17.9% · PAT +84.2% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model+17.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +18% YoY · PAT +84% YoY · margin expansion · +14% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹99 Cr | +17.9% | +13.8% |
| EBITDA | ₹38 Cr | +22.6% | +40.7% |
| Operating margin | 38.0% | +100 bps | +700 bps |
| PAT | ₹35 Cr | +84.2% | +52.2% |
| PAT margin | 35.4% | +1273 bps | +891 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 38.10
- P/B
- 4.70
- EV/EBITDA
- 32.78
- Market Cap
- 4602.00Cr
Profitability
- ROE
- 12.90%
- ROCE
- 14.50%
- ROA
- 9.31%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 64.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 17.57×
- Altman Z
- 7.88
- Book Value
- 69.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 133.00 Cr
- EPS TTM
- 8.56
Shareholding
- Promoter Hold
- 77.15%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 51%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 99.0+13.8% vs prev
Net Profit
₹ CrLatest: 35.0+52.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 40. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.5% over last month) — short-term momentum positive.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 32% off 52W high · 83% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
54
RS percentile
Stage 2 UptrendEstablished S2
1M return
-14.4%
3M return
+8.0%
6M return
+16.2%
1Y return
-29.6%
RS 1D
-6
RS 20D
-17
Sector rank
#14
Industry rank
-
Stage evidence
- Price is 10.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
25 Aug 2026
S2 age
39 trading sessions
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 69.45-1.18%
RS vs Nifty 50069
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth23/25
Quality3/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
49
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
49/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 17.0%.
- Growth contributes 23/25 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
38.1
PB
4.7
EV/EBITDA
32.8
ROE
12.9%
ROCE
14.5%
FCF Yield
—
Debt/Equity
0.2
MoS
+17.0%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
49
Previous: 49
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+17.0%
Previous: +15.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
47
47
47
49
49
49
49
49
49
49
49
49
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹115.53
-176.7% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹385.2
+17.0% MoS
PEG
0.85
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LINDEINDIA
Large
Linde India Limited
Industrial Gases
match 70
45
93.8
13.6%
-108%
WATCHLIST
STEAMHOUSE
Micro
Steamhouse India Limited
Chemicals & Petrochemicals
match 49
39
77.3
25.3%
-68%
WATCHLIST
STYRENIX
Micro
Styrenix Performance Materials Limited
Auto Components
match 22
50
13.2
14.2%
+8%
FAIR VALUE
RALLIS
Micro
Rallis India Limited
Agrochemicals
match 22
38
17.5
10.2%
-195%
WATCHLIST
PRASOLCHEM
Micro
Prasol Chemicals Limited
Chemicals & Petrochemicals
match 22
24
103.0
12.6%
-1817%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-09T05:53:10.882Z
Management commentary snapshot
Ellenbarrie reported strong FY26 performance with Total Income up 12% YoY to INR 3,916 mn and PAT up 25% YoY to INR 1,044 mn. Q4FY26 saw Total Income grow 9% YoY to INR 1,020 mn, but PAT declined 12% QoQ due to one-off items. Core Gases revenue grew 14.2% YoY in FY26 and 8.6% QoQ in Q4FY26, with segment margins expanding.
The core gases business demonstrates robust growth and margin expansion, driven by operational leverage and new capacities. Management's focus on high-return organic projects and strategic acquisitions, coupled with a strong balance sheet, supports future growth. Near-term macro pressures and Argon price volatility are noted, but the overall outlook for FY27 appears positive with new plants commissioning.
Current business mix
Revenue breakup by Industry (Q4FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Pharmaceuticals and Chemicals21.0%
Steel32.0%
Dealer and retail network15.0%
Engineering and infrastructure4.0%
Defence3.0%
Others25.0%
Growth engines
Capacity Utilization Ramp-up
Key growth driverMerchant plant - Uluberia 2 ramp up progressing well, focus on increasing capacity utilization into FY27.
New On-site Plant Commissioning
New revenue streamNew on-site plant in East India expected operational next month, revenues to start in H2FY27.
New Merchant Plants
Expanding geographic reachNew merchant plants in North India (FY27) and West/Central India (FY28) to be operational.
Strategic Acquisitions
Market consolidationConsolidate market via acquisition of smaller players and expand product portfolio.
Capacity and execution
East India Onsite Plant
Commissioning soon320 TPD, expected operational June 2026, revenues to start H2FY27.
North India Bulk Plant
Under development220 TPD, status H2 2027.
West / Central India Bulk Plant
PlannedCapacity TBD, status FY28e onwards.
Uluberia-2 Bulk Plant
Recently commissioned220 TPD, commissioned in FY26, ramp-up progressing.
Tailwinds
Industrial Gases Market Growth
Sectoral tailwindExpected to grow at ~7.5% CAGR from 2024 to 2028, backed by end-use industries.
End-use Sector Demand
Diversified demand driversRising demand from chemicals, steel, healthcare, and pharma sectors.
Argon Price Recovery
Product price improvementArgon prices recovered in H2FY26, momentum expected to continue into FY27.
Headwinds
Argon Price Softness
Impacted profitabilityFY26 margins impacted by softness in Argon prices in H2FY26.
Broader Macro Environment
External economic pressureIndustrial activity faces some near-term pressure from the broader macro environment.
Project Engineering Revenue Decline
Strategic shift impactProject engineering (non-core) revenue declined 62% as division refocused on internal execution.
Risk radar
Input Cost Volatility
Generic industry riskChanges in international oil prices and input costs can affect ability to implement business strategies.
Intense Competition
Market structure riskRisk and uncertainties regarding intense competition and pricing environment in the market.
Regulatory Environment Changes
External policy riskChanges in regulatory environments and new or changed priorities of trade.
One-off Items Impact
Quarterly earnings volatilityQ4FY26 EBITDA margin weighed down by one-off items (employee leave, impairment, settlement).
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation provides both YoY and QoQ comparisons for Q4FY26, which is crucial for understanding both annual growth trends and sequential momentum, especially for core gases revenue and margins, and the impact of one-off items in the quarter.
Sector KPIs management disclosed
Total Income (FY26)
Up 12% YoYINR 3,916 mn
PAT (FY26)
Up 25% YoYINR 1,044 mn
Core Gases Revenue Growth (FY26)
Strong growth14.2% YoY
Core Gases Segment Margin (Q4FY26)
Expanded from 34.6% QoQ40.0%
Management forward view
Focus on Capacity Utilization
Operational efficiencyContinue to focus on increasing capacity utilization further into FY27 for Uluberia 2.
New Plant Commissioning
Execution of expansionNew on-site plant in East India expected operational next month, revenues to start in H2FY27.
Strategic Capex
Disciplined capital allocationReinvest in high-return organic projects (ROCE >15%) and fund new growth initiatives.
Maintain Net-Cash Balance Sheet
Financial prudencePreserve a net-cash balance sheet for capex flexibility.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Uluberia 2 Capacity Utilization | Ramp-up progressing well. | Further increase in utilization rates into FY27. |
| East India On-site Plant Revenue | Expected to start in H2FY27. | Timely commissioning and revenue contribution. |
| Adjusted EBITDA Margin | 35% for Q4FY26 (ex-one-offs). | Sustained margin levels and recovery from Argon price softness. |
| New Plant Capex Execution | FY27e: INR 2500 mn, FY28e: INR 2000 mn. | Adherence to capex guidance and commissioning timelines. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 77th percentile within Chemicals. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
21 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Chemicals: 77th pctile, median 73 · Micro: 74th pctile, median 73
Evidence depth
Financial-only
21 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 77.2%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ellenbarrie Industrial Gases Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 28 Sep - Ellenbarrie won BHEL contract for 1,200 TPD ASU supply and erection worth ₹480.73 crore, excluding GST.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 28 Sep - CRISIL assigned A/Stable and A1 ratings to Ellenbarrie’s Rs 50 crore bank facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Ellenbarrie Industrial Gases Limited has informed regarding copy of newspaper publication
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep - Ellenbarrie Industrial Gases Limited has informed regarding Analyst/Institutional Investor Meeting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Ellenbarrie Industrial Gases Limited has informed regarding Copy of Newspaper Publication
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 2 Sep - Submitted FY 2025-26 BRSR as part of the Integrated Annual Report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.