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Swing Capital

Ellenbarrie Industrial Gases Ltd

NSE: ELLEN BSE: 544421Energy

Ellenbarrie Industrial Gases Ltd. is engaged in the business of oxygen and nitrogen. The Company is a manufacturer and supplier of industrial gases in the eastern and southern India, both in bulk and packaged form. It is engaged in the medical, chemical, construction, defense and energy businesses.

₹272
52W: ₹175 — ₹638
PE 38.4 · Book ₹65.4 · +316% vs book
Market Cap₹3,830 Cr
Stock P/E38.4Price to Earnings
ROCE18.2%Return on Capital
ROE17.8%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Company has reduced debt.

Weaknesses

  • −Stock is trading at 4.17 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 12.2% over last 3 years.
  • −Earnings include an other income of Rs.46.9 Cr.
  • −Debtor days have increased from 76.0 to 96.5 days.

Shareholding Pattern

Promoters77.15%
FIIs1.31%
DIIs13.02%
Public8.53%
CategoryJun 2016Sep 2016Dec 2016Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.94%74.94%29.65%▼45.377.16%▲47.577.16%77.16%77.15%▼0.0
FIIs0%0%0%1.98%▲2.01.2%▼0.80.83%▼0.41.31%▲0.5
DIIs0%0%0%10.57%▲10.614.37%▲3.815.42%▲1.113.02%▼2.4
Public24.44%24.44%70.1%▲45.710.29%▼59.87.27%▼3.06.58%▼0.78.53%▲1.9

Financial Statements

MetricJun 2016Sep 2016Dec 2016Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales24292467956882848981
Expenses20232045584158535656
Operating Profit46522362725313325
OPM %16%22%20%33%38%40%30%37%38%31%
Net Profit-12116301918193726
EPS ₹-1.542.461.331.242.261.471.391.332.611.85

AI Insights

Revenue Trend

TTM revenue at ₹337Cr, up 8% YoY. OPM at 34%.

Debt Position

Borrowings at ₹119Cr. Debt-to-equity ratio: 0.13x. Healthy balance sheet.

Capex Cycle

CWIP at ₹65Cr (19% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 13.02% (+13.02pp change). FIIs: 1.31% (+1.31pp change). Promoters hold 77.15%.

Margin & Efficiency

ROCE improving from 1% (Mar 2014) to 18% (Mar 2025). Working capital days: -33.

Valuation

PE 38.4x with 18.2% ROCE. Price is 316% above book value of ₹65.4. Dividend yield: 0%.

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