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Ellenbarrie Industrial Gases Limited
(ELLEN)
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Rating:72Outperform
Price Target:
₹354.00
▼(-22.42% Downside)
Action:Upgraded
Date:09/10/26
The score is driven primarily by strong reported profitability and a solid balance sheet, supported by clear bullish technical trend signals. Offsetting these positives are weak and volatile free cash flow (thin cash conversion versus earnings) and a premium valuation (high P/E with no dividend yield), which increase execution and valuation risk.
Positive Factors
Strong profitability
The company’s strong gross, operating, and net margins indicate substantial earnings capacity in its industrial and medical gas operations. If maintained, this profitability can support reinvestment, strengthen resilience during demand changes, and provide resources for expansion over the next several quarters.
Negative Factors
Weak cash conversion
Cash generation is not keeping pace with reported earnings, and free cash flow remains barely positive after investment. This weak conversion can limit internally funded growth, increase sensitivity to working-capital demands, and make the durability of accounting profits less reassuring over the next few quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
The company’s strong gross, operating, and net margins indicate substantial earnings capacity in its industrial and medical gas operations. If maintained, this profitability can support reinvestment, strengthen resilience during demand changes, and provide resources for expansion over the next several quarters.
Read all positive factors
Ellenbarrie Industrial Gases Limited (ELLEN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹44.97B
Dividend YieldN/A
Average Volume (3M)67.89K
Price to Earnings (P/E)37.3
Beta (1Y)1.27
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees281
SectorGeneral
Sector StrengthN/A
IndustryChemicals
Share Statistics
EPS (TTM)8.56
Shares Outstanding140,935,600
10 Day Avg. Volume22,066
30 Day Avg. Volume67,887
Financial Highlights & Ratios
PEG Ratio1.41
Price to Book (P/B)2.80
Price to Sales (P/S)8.00
P/FCF Ratio1.02K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)11.45
Revenue Forecast (FY)₹5.12B
Ellenbarrie Industrial Gases Limited Business Overview & Revenue Model
Company Description
Founded in 1973 and based in Kolkata, India, Ellenbarrie Industrial Gases Limited manufactures and distributes a wide array of industrial gases, serving both the Indian domestic market and international clients. The company's operations are divide...
Ellenbarrie Industrial Gases Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
83
Very Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.57B | 3.42B | 3.12B | 2.69B | 2.05B | 2.47B |
| Gross Profit | 2.16B | 1.79B | 1.35B | 976.56M | 665.45M | 1.15B |
| EBITDA | 1.67B | 1.66B | 1.45B | 823.34M | 522.57M | 752.20M |
| Net Income | 1.21B | 1.04B | 832.89M | 452.89M | 281.42M | 442.00M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 12.99B | 8.46B | 6.73B | 5.51B | 3.96B |
| Cash, Cash Equivalents and Short-Term Investments | 841.97M | 1.55B | 895.78M | 1.65B | 1.20B | 939.80M |
| Total Debt | 0.00 | 1.84B | 2.48B | 1.78B | 1.03B | 107.10M |
| Total Liabilities | -9.77B | 3.22B | 3.51B | 2.63B | 1.88B | 703.53M |
| Stockholders Equity | 9.77B | 9.77B | 4.93B | 4.10B | 3.63B | 3.26B |
Cash Flow | ||||||
| Free Cash Flow | 117.24M | 26.67M | -539.17M | -351.33M | -508.01M | 163.60M |
| Operating Cash Flow | 658.63M | 1.61B | 153.04M | 518.71M | 441.43M | 313.20M |
| Investing Cash Flow | -3.02B | -4.74B | -836.22M | -1.37B | -1.23B | -132.30M |
| Financing Cash Flow | 2.36B | 3.14B | 675.83M | 747.91M | 894.85M | 110.50M |
Ellenbarrie Industrial Gases Limited Technical Analysis
Neutral
456.30
Price Trends
340.38
Negative
309.60
Positive
280.91
Positive
Market Momentum
-9.24
Positive
43.56
Neutral
20.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ELLEN, the sentiment is Neutral. The current price of 456.3 is above the 20-day moving average (MA) of 338.68, above the 50-day MA of 340.38, and above the 200-day MA of 280.91, indicating a neutral trend. The MACD of -9.24 indicates Positive momentum. The RSI at 43.56 is Neutral, neither overbought nor oversold. The STOCH value of 20.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:ELLEN.
Ellenbarrie Industrial Gases Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹74.82B | 7.22 | ― | 4.12% | 12.55% | 84.52% | |
72 Outperform | ₹44.97B | 37.31 | ― | ― | ― | ― | |
60 Neutral | ₹40.68B | 61.27 | ― | 3.19% | 7.07% | ― | |
58 Neutral | ₹38.76B | 14.28 | ― | 0.56% | 4.81% | -37.93% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹12.40B | 17.39 | ― | 0.95% | 11.82% | 104.11% | |
43 Neutral | ₹29.96B | -4.81 | ― | ― | -1.22% | -97.08% |
* General Sector Average
IN:ELLEN
Ellenbarrie Industrial Gases Limited
319.05
-128.40
-28.70%
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Ellenbarrie Industrial Gases Limited Corporate Events
Ellenbarrie Industrial Gases Plans Mumbai Non-Deal Roadshow for Investors
Sep 1, 2026
Ellenbarrie Industrial Gases Limited has announced that it will participate in a non-deal roadshow in Mumbai on September 7 and 8, 2026, holding one-on-one and group investor meetings throughout the day. The company emphasized that no unpublished ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.