Ellenbarrie Industrial Gases Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,511 Cr
- P/E
- 37.40
- ROE
- 12.93%
- PEG
- 0.59
- Price to sales
- 12.66
- Debt to equity
- 0.19
- 52W high / low
- ₹465 / ₹180
- Sales growth (5Y)
- 14.29%
- EBITDA margin
- 34.53%
- Net profit margin
- 27.83%
- Promoter holding
- 77.15%
- Sales (last year)
- ₹357 Cr
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.
Guidance scorecard · Q1 FY27 call
What Ellenbarrie Industrial Gases Ltd's management guided
and where it ranks in Chemicals & Petrochemicals
Chemicals & Petrochemicals
RevenueQ1 FY27 call
20–40%- Revenue growth driven by ramp-up of recently commissioned plants like Kurnool, Uluberia 2, and East India on-site plant (320 TPD).
- Focus on improving utilization rates to reach 80-90% capacity for steady growth.
- Expansion of merchant plants planned in North India and West Central India adding approximately 450-500 TPD capacity.
- Target balanced growth between merchant and on-site plants to capture new and existing market demand.
- Anticipate contribution from new onsite plants to start in Q2 FY27.
- Continued investments totaling ₹450 crore in FY27 and FY28 aimed at strengthening presence across key industrial clusters.
- Expect steady volume growth supported by robust inquiry pipeline across industries including steel and emerging sectors.
2 more points from Ellenbarrie Industrial Gases Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Ellenbarrie Industrial Gases Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- FY27 Capex guidance: INR 250 crore; FY28 Capex guidance: INR 200 crore; total INR 450 crore over two years.
- Investment focused on two new merchant plants: one in North India and one in West Central India.
- North India merchant plant (220 TPD) is under construction; West Central India plant construction has started.
- Combined capacity of these two plants will be approximately 450-500 tons per day.
- Capex driven by opportunities with strong customer visibility, attractive returns, and long-term strategic value.
- Continued investment in growth opportunities to build a broader pan-India platform.
2 more points from Ellenbarrie Industrial Gases Ltd's call on capex
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FundraisingQ1 FY27 call
See what Ellenbarrie Industrial Gases Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- The company has a very robust pipeline of inquiries for on-site plants, indicating strong pending orders across multiple customers.
- There are multiple inquiries for on-site plants that Ellenbarrie Industrial Gases Ltd is currently working on.
- Merchant plants expansion plans include two plants in North India and West Central India with a combined capacity of approximately 450-500 TPD.
2 more points from Ellenbarrie Industrial Gases Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Chemicals & Petrochemicals companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹263 Cr | 3.4 | |
| 2 | 40%+ | Flat | ₹4,375 Cr | 83.7 | |
| 3 | 40%+ | Flat | ₹3,259 Cr | 4.0 | |
| 4 | 40%+ | Flat | ₹145 Cr | 15.9 | |
| 5 | 20–40% | Up 2%+ | ₹1.81L Cr | 90.9 | |
| 6 | 20–40% | Up 2%+ | ₹48,366 Cr | 78.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals rankingEllenbarrie Industrial Gases Ltd announcements
All announcements →- Order winNotableEllenbarrie Industrial Gases awarded ₹480.73 crore contract by BHEL on Sept 28, 2026
- Order winNotableEllenbarrie secures ₹481 crore Air Separation Unit contract from BHEL
- Capex / expansionNotableEllenbarrie AGM statements cite FY26 revenue ₹3,416 million, PAT ₹1,044 million
- Capex / expansionNotableEllenbarrie Industrial Gases commissions 325 TPD ASU for Jai Balaji Industries
Financials of Ellenbarrie Industrial Gases Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Ellenbarrie Industrial Gases Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 23 | 23 | 24 | 29 | 24 | 67 | 95 | 68 | 82 | 84 | 89 | 81 | 87 |
| Expenses + | 21 | 22 | 20 | 23 | 20 | 45 | 58 | 41 | 58 | 53 | 56 | 56 | 60 |
| Operating Profit | 2 | 2 | 4 | 6 | 5 | 22 | 36 | 27 | 25 | 31 | 33 | 25 | 27 |
| OPM % | 10% | 7% | 16% | 22% | 20% | 33% | 38% | 40% | 30% | 37% | 38% | 31% | 31% |
| Other Income + | 0 | 1 | 0 | -0 | 0 | 8 | 7 | 9 | 11 | 7 | 13 | 16 | 15 |
| Interest | 3 | 5 | 3 | 3 | 2 | 4 | 4 | 4 | 5 | 5 | 1 | 1 | 2 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 5 | 5 | 5 | 6 | 5 | 5 | 5 | 6 |
| Profit before tax | -3 | -4 | -1 | 2 | 1 | 21 | 34 | 28 | 24 | 28 | 40 | 34 | 33 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 23% | 14% | 32% | 24% | 33% | 8% | 24% | 31% |
| Net Profit + | -3 | -4 | -1 | 2 | 1 | 16 | 30 | 19 | 18 | 19 | 37 | 26 | 23 |
| EPS in Rs | -4.08 | -6.08 | -1.54 | 2.46 | 1.33 | 1.24 | 2.26 | 1.47 | 1.39 | 1.33 | 2.61 | 1.85 | 1.62 |
Financials of Ellenbarrie Industrial Gases Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 87 | 96 | 116 | 123 | 154 | 174 | 175 | 247 | 205 | 269 | 312 | 342 |
| Expenses + | 79 | 88 | 99 | 103 | 125 | 149 | 129 | 184 | 171 | 208 | 203 | 225 |
| Operating Profit | 8 | 8 | 17 | 20 | 30 | 25 | 46 | 63 | 34 | 62 | 110 | 116 |
| OPM % | 9% | 8% | 15% | 16% | 19% | 14% | 26% | 25% | 16% | 23% | 35% | 34% |
| Other Income + | 2 | 2 | 2 | 1 | 2 | 121 | 5 | 15 | 19 | 21 | 36 | 50 |
| Interest | 13 | 16 | 11 | 11 | 14 | 16 | 10 | 4 | 4 | 8 | 17 | 9 |
| Depreciation | 5 | 7 | 7 | 7 | 10 | 11 | 13 | 12 | 11 | 10 | 21 | 21 |
| Profit before tax | -9 | -13 | 0 | 2 | 7 | 120 | 27 | 62 | 37 | 64 | 108 | 135 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 25% | 12% | 29% | 24% | 29% | 23% | 23% |
| Net Profit + | -9 | -13 | 0 | 2 | 7 | 89 | 24 | 44 | 28 | 45 | 83 | 104 |
| EPS in Rs | -13.26 | -20.35 | 0.60 | 3.80 | 11.29 | 136.59 | 36.74 | 67.51 | 42.98 | 69.18 | 6.36 | 7.41 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Ellenbarrie Industrial Gases Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 26 | 28 |
| Reserves | 6 | 14 | 15 | 18 | 25 | 117 | 141 | 319 | 357 | 403 | 467 | 949 |
| Borrowings + | 203 | 189 | 188 | 219 | 224 | 136 | 111 | 11 | 102 | 178 | 247 | 184 |
| Other Liabilities + | 23 | 20 | 16 | 13 | 26 | 77 | 98 | 45 | 86 | 84 | 106 | 137 |
| Total Liabilities | 238 | 229 | 226 | 257 | 282 | 337 | 356 | 381 | 551 | 673 | 846 | 1,299 |
| Fixed Assets + | 164 | 165 | 163 | 163 | 196 | 228 | 238 | 221 | 182 | 331 | 339 | 453 |
| CWIP | 2 | 3 | 7 | 26 | 10 | 5 | 0 | 0 | 74 | 0 | 45 | 78 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 111 | 170 | 194 | 397 |
| Other Assets + | 73 | 62 | 57 | 67 | 75 | 103 | 118 | 160 | 185 | 172 | 267 | 370 |
| Total Assets | 238 | 229 | 226 | 257 | 282 | 337 | 356 | 381 | 551 | 673 | 846 | 1,299 |
Financials of Ellenbarrie Industrial Gases Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 12 | -13 | 34 | -1 | 33 | 125 | 13 | 39 | 44 | 4 | 133 | |
| Cash from Investing Activity + | -43 | -8 | -8 | -27 | -20 | -37 | -9 | -114 | -122 | -57 | -436 | |
| Cash from Financing Activity + | 32 | 22 | -27 | 28 | -12 | -51 | 25 | 87 | 67 | 52 | 305 | |
| Net Cash Flow | 1 | -0 | -1 | -0 | 1 | 37 | 29 | 11 | -10 | -1 | 1 | |
| Free Cash Flow | -31 | -22 | 25 | -29 | 13 | 88 | -0 | -56 | -42 | -65 | -25 | |
| CFO/OP | 156% | -169% | 203% | -5% | 113% | 516% | 69% | 147% | 81% | 11% | 135% |
Financials of Ellenbarrie Industrial Gases Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 105 | 95 | 89 | 96 | 70 | 77 | 59 | 52 | 70 | 61 | 97 | 68 |
| Inventory Days | 258 | 169 | 79 | 62 | 67 | 100 | 91 | 119 | 73 | 145 | 131 | |
| Days Payable | 133 | 94 | 55 | 128 | 213 | 524 | 108 | 249 | 118 | 144 | 135 | |
| Cash Conversion Cycle | 230 | 170 | 113 | 30 | -75 | 77 | -366 | 35 | -60 | 17 | 98 | 63 |
| Working Capital Days | 204 | 152 | 102 | 131 | 77 | -45 | -107 | 17 | -27 | -64 | -33 | 43 |
| ROCE % | 2% | 1% | 5% | 6% | 8% | 53% | 15% | 21% | 8% | 13% | 18% | 15% |
Guidance history
How Ellenbarrie Industrial Gases Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | — | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
28 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −29.5% | 23% |
| Last 6 months | +19.3% | 74% |
| Last 3 months | +24.3% | 89% |
The price is 50% below its all-time high of ₹640 (21 Nov 2014). Stocks more than 20% below their peak have their score halved, so 57 became 28.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ellenbarrie Industrial Gases Ltd: 0.4 × 23 + 0.4 × 74 + 0.2 × 89 = 57, halved to 28 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Ellenbarrie Industrial Gases Ltd's management said in earlier quarters
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