ELLEN
Micro CapEllenbarrie Industrial Gases Limited
Industrials
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 70/100Rev +6% YoY · PAT +28% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹87 Cr | +6.1% | +7.4% |
| EBITDA | ₹27 Cr | +8.0% | +8.0% |
| Operating margin | 31.0% | +100 bps | +0 bps |
| PAT | ₹23 Cr | +27.8% | -11.5% |
| PAT margin | 26.4% | +449 bps | -566 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
Revenue breakup by Industry (Q4FY26)
Latest issuer-disclosed distribution across 6 reported categories.
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.
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.
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.
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.
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).
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.
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.
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%
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.
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.
Trend score and candlestick chart
53NeutralSMA20 +3.1% / mo
Technical chart
ELLENdaily · 5Y-38.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 55. Wait for confirmation.
- SMA20 falling (~2.7% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 40% off 52W high · 58% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 17.3%.
- Growth contributes 24/25 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 80th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 77.2%. Key concern: OPM spread across recent quarters is 20%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 80th pctile, median 68 · Micro: 72nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 77.2%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸7/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸OPM spread across recent quarters is 20%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 34.80
- P/B
- 3.72
- EV/EBITDA
- 27.89
- Market Cap
- 3637.00Cr
Profitability
- ROE
- 14.20%
- ROCE
- 15.20%
- ROA
- 8.01%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 34.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 69.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 12.89×
- Altman Z
- 7.85
- Book Value
- 69.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 133.00 Cr
- EPS TTM
- 7.41
Shareholding
- Promoter Hold
- 77.15%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 13/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — 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.