Ellenbarrie Industrial Gases Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Ellenbarrie Industrial Gases Ltd trades at ₹287, in a downtrend and 33 weeks into that stage. That is −5.8% against its own 200-day average. It sits at 25% of a 52-week range of ₹197 to ₹550. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a downtrend — week 33 of stage 4, confirmed. At ₹287 it trades −5.8% versus its 200-day average and sits at 25% of its 52-week range (₹197–₹550).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved −24% while the NIFTY 500 moved +272% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 34th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Ellenbarrie Industrial Gases Ltd trades at 38.0× P/E, near the bottom of its own range — cheaper only 34% of the time. Its long-run median P/E is 50.1×, measured across 1.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 38.0× is near the bottom of its own range — cheaper only 34% of the time, against a long-run median of 50.1× measured over 1.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +16.5% against a −48.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Ellenbarrie Industrial Gases Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

50.9/100 — rank 3 of 4 in Industrial Gas · 84% evidence confidence

Ellenbarrie Industrial Gases Ltd scores 50.9 out of 100 against the 4 companies it is compared with in Industrial Gas, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.4 + 19.3 + 10.2 + 3 = 50.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Ellenbarrie Industrial Gases Ltd reported ₹87.0 Cr of revenue in the Mar 26 quarter, +6.1% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 13.5% a year. The last full year, FY26, came in at ₹342 Cr. The last four reported quarters add to ₹341 Cr.

Ellenbarrie Industrial Gases Ltd reported ₹87.0 Cr of revenue in the Mar 26 quarter, +6.1% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 13.5% a year. The last full year, FY26, came in at ₹342 Cr. The last four reported quarters add to ₹341 Cr.

FY26 revenue came in at ₹342 Cr (+9.6% on the year), capping 10 years at 13.5% compound. The latest quarter (Mar 26) printed ₹87.0 Cr, +6.1% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +11.1% growth against the decade's 13.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +9.3% over the last 4 quarters against +84.7%/yr over the last 8 — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 31.0% this quarter (+1.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Ellenbarrie Industrial Gases Ltd's operating margin is 31.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0% to 35.0%. The current quarter sits inside that band.

Ellenbarrie Industrial Gases Ltd's operating margin is 31.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0% to 35.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 31.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0%–35.0%.

Why the margin moved: operating margin went +1.3 pp year on year while gross margin went +1.3 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +27.8% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Ellenbarrie Industrial Gases Ltd earned ₹23.0 Cr of net profit in the Mar 26 quarter, +27.8% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹104 Cr. That is 26.4% of the quarter's revenue. The same quarter a year earlier earned ₹18.0 Cr. 2 of the last 12 reported quarters were loss-making.

Ellenbarrie Industrial Gases Ltd earned ₹23.0 Cr of net profit in the Mar 26 quarter, +27.8% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹104 Cr. That is 26.4% of the quarter's revenue. The same quarter a year earlier earned ₹18.0 Cr. 2 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹23.0 Cr, +27.8% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹104 Cr (+25.3%).

Why profit moved: revenue contributed +6.1% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +26.7% vs revenue +11.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 78% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 78% of Ellenbarrie Industrial Gases Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹133 Cr of operating cash against ₹104 Cr of profit. After ₹168 Cr of capital spending, ₹−35.0 Cr was left as free cash.

FY26: operating cash of ₹133 Cr against reported profit of ₹104 Cr, leaving free cash of ₹−35.0 Cr after ₹168 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 78% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 78%: the cash cycle stretched 429 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 429 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 63-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Ellenbarrie Industrial Gases Ltd's cash conversion cycle runs 63 days in FY26, up from −366 days in FY21. Capital spending ran ₹327 Cr over the last 3 years. At FY26 sales of ₹342 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹59.0 Cr sits inside the business at any moment.

FY26: debtors at 68 days, inventory at 131 days — roughly 4.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 63 days, looser than FY21's −366.

The full loop: cash goes out to suppliers and production on day 0; stock waits 131 days to sell; customers pay about 68 days after that; and suppliers themselves are paid at 135 days — netting out to the 63-day cycle.

In money terms: at FY26 sales of ₹342 Cr, each day of the cycle holds about ₹0.9 Cr — so the 63-day loop keeps roughly ₹59.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹327 Cr over the last 3 fiscal years against ₹52.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹78.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 15% and the ROIC − WACC spread is −4.3 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Ellenbarrie Industrial Gases Ltd earns a ROCE of 15% in FY26. That is up from a trough of 1% in FY14. Return on invested capital clears the cost of that capital by −4.3 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 30.4% net margin on 0.26× asset turns.

FY26 ROCE is 15%, recovered from a FY14 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 30.4% net margin × 0.26× asset turns × 1.33× balance-sheet leverage ≈ 10.5% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 7.7% − 12.0% = a −4.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.19.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Ellenbarrie Industrial Gases Ltd carries total debt of ₹184 Cr against shareholder equity of ₹977 Cr as of Mar 26, a debt-to-equity of 0.19 — effectively unlevered. On the annual view that ratio went from 15.62 in FY15 to 0.19 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹184 Cr against shareholder equity of ₹977 Cr — a debt-to-equity of 0.19. On the annual view, debt-to-equity went from 15.62 (FY15) to 0.19 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 11.6 points over 7 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 11.6 points of Ellenbarrie Industrial Gases Ltd over 7 quarters, the biggest move on the register. That takes domestic institutions to 11.6% of the company. Promoters moved +2.2 points over the same window, to 77.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +11.6 points over 7 quarters to 11.6%; Promoters: +2.2 points over 7 quarters to 77.2%; Foreign institutions: +1.1 points over 7 quarters to 1.1%.

Why the register moved: domestic institutions drove it (+11.6 points), alongside promoters (+2.2 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Ellenbarrie Industrial Gases Ltd: the Z-score reads 11.63. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 11.63 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 11.63.

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