20-quarter listed-company comparison

Industrial Gas Stocks in India

Industrial Gas: Linde India Ltd owns the largest revenue base; Inox India Ltd has the fastest current growth.

Nifty Industrial Gas Index — Constituents & Performance

The Industrial Gas companies below are the listed Indian Industrial Gas universe this page tracks — the same constituent set people search for as the Nifty Industrial Gas index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Industrial Gas moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 9% ahead of NIFTY 500. Earnings across its companies grew 20% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 16 weeks running.

LEADER · ahead 16w✓Moving with the index2 of 4 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑16w · 3/4 >200d (+1) · 2/4 lead (−1) · EPS 4/4↑

Industrial Gas, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Strength anatomy Broad but lateHow much of the sector is participating, how recently, and whether the movers score well.

Together2 of 4 stocks moving

Fresh0 crossed in the last 4 weeks

Backed by scoresmovers score +5 vs the sector average

Down the cap ladder — bar is now, tick is four weeks ago

Large 0/10

Mid 1/2−1

Small 1/10

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Industrial Gas outperforming NIFTY 500?

The 52-week comparison of Industrial Gas against NIFTY 500 is not available from the current market series. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Inox India Ltd is the strongest against the sector itself at +30.9%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks

—Sector vs NIFTY 500 · 52 weeks

3/4Stocks leading NIFTY 500

1/4Stocks leading sector

Sector metric: 30.7 as of 2026-07-19 · CONSOLIDATION · falling.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 3 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Linde India Ltd leads with revenue of ₹2,530 crore, based on 4 of 4 comparable companies through Mar 2026. Inox India Ltd has the fastest current revenue growth at 21.6%, across 4 of 4 comparable companies.

Is the Industrial Gas sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Industrial Gas company is largest by revenue?

Linde India Ltd leads with revenue of ₹2,530 crore, based on 4 of 4 comparable companies through Mar 2026.

Which Industrial Gas company is growing fastest?

Inox India Ltd has the fastest current revenue growth at 21.6%, across 4 of 4 comparable companies.

Which Industrial Gas company has the strongest 4-Factor Sector Score?

Inox India Ltd ranks first at 61.1/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Industrial Gas company reports the most CAPEX?

Inox India Ltd reports the largest latest CAPEX at ₹8 crore, with 2 of 4 companies comparable.

Which Industrial Gas company has the least gross debt?

Stallion India Fluorochemicals Ltd has the lowest comparable gross debt at ₹34 crore. Ellenbarrie Industrial Gases Ltd has the highest at ₹184 crore.

Which Industrial Gas company has the lowest comparable PEG?

Ellenbarrie Industrial Gases Ltd has the lowest comparable Guarded PEG at 1.67, among 3 of 4 companies that pass the metric’s comparability rules.

How much history does this Industrial Gas comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies

complete canonical membership

Combined market value

₹82.4K Cr

Linde India Ltd

Revenue growing

4/4

positive TTM year-on-year growth

Beating NIFTY 500

3/4

positive Mansfield relative strength

Global company selection

00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Inox India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 97% evidence confidence.

Inox India Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Inox India Ltd · INOXINDIA

61.1/100 · Mixed-positive evidence · 97% evidence

Exact sum: 15.9 + 21.6 + 3.6 + 20 = 61.1

Decision use: Price leads the evidence: RS versus the benchmark is 50.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

15.9/35Growth & earnings

Revenue 21.6% · PAT 14.2% · OPM change -1 pp

100% evidence

21.6/25Capital efficiency

ROCE 33.5% · debt/equity 0.07×

100% evidence

3.6/20Valuation

P/E 69.9× · PEG 2.89

85% evidence

20.0/20Relative strength

RS sector 30.9% · RS bench 50.7% · 1Y 60.3%

100% evidence

2. Stallion India Fluorochemicals Ltd · STALLION

56.0/100 · Mixed-positive evidence · 74% evidence

Exact sum: 23.9 + 14.1 + 10 + 8 = 56

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

23.9/35Growth & earnings

Revenue 14% · PAT 34.4% · OPM change 3 pp

100% evidence

14.1/25Capital efficiency

ROCE 11.8% · debt/equity 0.05×

100% evidence

10.0/20Valuation

P/E 64× · PEG —

0% evidence

8.0/20Relative strength

RS sector -9% · RS bench 27% · 1Y 143.3%

70% evidence

3. Ellenbarrie Industrial Gases Ltd · ELLEN

50.9/100 · Mixed-positive evidence · 84% evidence

Exact sum: 18.4 + 19.3 + 10.2 + 3 = 50.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.4/35Growth & earnings

Revenue 9.3% · PAT 26.5% · OPM change 1 pp

100% evidence

19.3/25Capital efficiency

ROCE 15.2% · debt/equity 0.19×

100% evidence

10.2/20Valuation

P/E 38× · PEG 1.67

50% evidence

3.0/20Relative strength

RS sector -28.8% · RS bench -18.4% · 1Y -48.1%

70% evidence

4. Linde India Ltd · LINDEINDIA

45.5/100 · Mixed-negative evidence · 90% evidence

Exact sum: 15.4 + 20.1 + 5 + 5 = 45.5

Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

15.4/35Growth & earnings

Revenue 1.8% · PAT 20.7% · OPM change -7 pp

100% evidence

20.1/25Capital efficiency

ROCE 18.2% · debt/equity 0.02×

100% evidence

5.0/20Valuation

P/E 105× · PEG 6.56

50% evidence

5.0/20Relative strength

RS sector -7.9% · RS bench 6.9% · 1Y 6.1%

100% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Linde India Ltd has the highest Revenue among the 4 Industrial Gas companies compared here, at ₹2,530 crore. Inox India Ltd is next at ₹1,588 crore. Inox India Ltd has the highest Revenue growth at 21.6%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Linde India Ltd is the scale leader at ₹2,530 crore, 59.3% ahead of Inox India Ltd. Inox India Ltd's growth is 21.6% from a ₹1,588 crore base, with 16 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderLinde India Ltd · ₹2,530 crore

Gap59.3% versus #2 · Inox India Ltd

Persistence3/8 recent comparable periods

Coverage4/4 companies · 56 observations

Investor read: Linde India Ltd is the scale benchmark; Inox India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Linde India Ltd's growth falls below Inox India Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Linde India Ltd LINDEINDIA₹2.5K Cr

2Inox India Ltd INOXINDIA₹1.6K Cr

3Stallion India Fluorochemicals Ltd STALLION₹431 Cr

4Ellenbarrie Industrial Gases Ltd ELLEN₹341 Cr

Revenue growthfastest growers

1Inox India Ltd INOXINDIA22%

2Stallion India Fluorochemicals Ltd STALLION14%

3Ellenbarrie Industrial Gases Ltd ELLEN9.3%

4Linde India Ltd LINDEINDIA1.8%

Revenue · company comparison

4/4 level · 4/4 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Linde India Ltd LINDEINDIA	₹614 Cr	3.7%	Mar 2026
Inox India Ltd INOXINDIA	₹461 Cr	25%	Mar 2026
Stallion India Fluorochemicals Ltd STALLION	₹110 Cr	-28%	Mar 2026
Ellenbarrie Industrial Gases Ltd ELLEN	₹87 Cr	6.1%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024₹67 Cr

Sep 2024₹95 Cr

Dec 2024₹68 Cr

Mar 2025₹82 Cr

Jun 2025₹84 Cr

Sep 2025₹89 Cr

Dec 2025₹81 Cr

Mar 2026₹87 Cr

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022₹243 Cr

Sep 2022₹243 Cr

Dec 2022₹244 Cr

Mar 2023₹235 Cr

Jun 2023₹308 Cr

Sep 2023₹258 Cr

Dec 2023₹291 Cr

Mar 2024₹277 Cr

Jun 2024₹296 Cr

Sep 2024₹307 Cr

Dec 2024₹334 Cr

Mar 2025₹369 Cr

Jun 2025₹340 Cr

Sep 2025₹358 Cr

Dec 2025₹429 Cr

Mar 2026₹461 Cr

Linde India Ltd · LINDEINDIA

Jun 2021₹519 Cr

Sep 2021₹507 Cr

Dec 2021₹644 Cr

Mar 2022₹534 Cr

Jun 2022₹588 Cr

Sep 2022₹686 Cr

Dec 2022₹697 Cr

Mar 2023₹630 Cr

Jun 2023₹721 Cr

Sep 2023₹711 Cr

Dec 2023₹706 Cr

Mar 2024₹630 Cr

Jun 2024₹653 Cr

Sep 2024₹634 Cr

Dec 2024₹606 Cr

Mar 2025₹592 Cr

Jun 2025₹571 Cr

Sep 2025₹644 Cr

Dec 2025₹701 Cr

Mar 2026₹614 Cr

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023₹46 Cr

Sep 2023₹46 Cr

Dec 2023₹71 Cr

Mar 2024₹69 Cr

Jun 2024₹73 Cr

Sep 2024₹68 Cr

Dec 2024₹85 Cr

Mar 2025₹152 Cr

Jun 2025₹110 Cr

Sep 2025₹106 Cr

Dec 2025₹105 Cr

Mar 2026₹110 Cr

Revenue growth · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 202525%

Sep 2025-6.3%

Dec 202519%

Mar 20266.1%

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 202327%

Sep 20236.2%

Dec 202319%

Mar 202418%

Jun 2024-3.9%

Sep 202419%

Dec 202415%

Mar 202533%

Jun 202515%

Sep 202517%

Dec 202528%

Mar 202625%

Linde India Ltd · LINDEINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202213%

Sep 202235%

Dec 20228.2%

Mar 202318%

Jun 202323%

Sep 20233.6%

Dec 20231.3%

Mar 20240.0%

Jun 2024-9.4%

Sep 2024-11%

Dec 2024-14%

Mar 2025-6.0%

Jun 2025-13%

Sep 20251.6%

Dec 202516%

Mar 20263.7%

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 202459%

Sep 202448%

Dec 202420%

Mar 2025120%

Jun 202551%

Sep 202556%

Dec 202524%

Mar 2026-28%

02 · compare level, then change

Operating Economics & Margin Trend

Ellenbarrie Industrial Gases Ltd has the highest OPM among the 4 Industrial Gas companies compared here, at 31%. Linde India Ltd is next at 28%. Stallion India Fluorochemicals Ltd has the highest Margin change at +3 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Ellenbarrie Industrial Gases Ltd leads opm at 31%; Stallion India Fluorochemicals Ltd leads margin change at +3 percentage points.

LeaderEllenbarrie Industrial Gases Ltd · 31%

Gap10.7% versus #2 · Linde India Ltd

Persistence2/4 recent comparable periods

Coverage4/4 companies · 56 observations

Investor read: Ellenbarrie Industrial Gases Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1Ellenbarrie Industrial Gases Ltd ELLEN31%

2Linde India Ltd LINDEINDIA28%

3Inox India Ltd INOXINDIA21%

4Stallion India Fluorochemicals Ltd STALLION15%

Margin changefastest expanders

1Stallion India Fluorochemicals Ltd STALLION+3.0 pp

2Ellenbarrie Industrial Gases Ltd ELLEN+1.0 pp

3Inox India Ltd INOXINDIA−1.0 pp

4Linde India Ltd LINDEINDIA−7.0 pp

Operating margin · company comparison

4/4 level · 4/4 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	OPM	Margin change	Reported
Ellenbarrie Industrial Gases Ltd ELLEN	31%	+1.0 pp	Mar 2026
Linde India Ltd LINDEINDIA	28%	−7.0 pp	Mar 2026
Inox India Ltd INOXINDIA	21%	−1.0 pp	Mar 2026
Stallion India Fluorochemicals Ltd STALLION	15%	+3.0 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 202433%

Sep 202438%

Dec 202440%

Mar 202530%

Jun 202537%

Sep 202538%

Dec 202531%

Mar 202631%

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202222%

Sep 202223%

Dec 202221%

Mar 202317%

Jun 202323%

Sep 202323%

Dec 202323%

Mar 202419%

Jun 202424%

Sep 202421%

Dec 202421%

Mar 202522%

Jun 202522%

Sep 202522%

Dec 202522%

Mar 202621%

Linde India Ltd · LINDEINDIA

Jun 202126%

Sep 202126%

Dec 202123%

Mar 202225%

Jun 202223%

Sep 202221%

Dec 202224%

Mar 202330%

Jun 202323%

Sep 202324%

Dec 202326%

Mar 202428%

Jun 202428%

Sep 202428%

Dec 202432%

Mar 202535%

Jun 202534%

Sep 202544%

Dec 202537%

Mar 202628%

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20238.8%

Sep 20238.8%

Dec 202312%

Mar 20249.7%

Jun 202417%

Sep 20243.0%

Dec 202417%

Mar 202512%

Jun 202513%

Sep 202515%

Dec 202511%

Mar 202615%

Margin change · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025+4.0 pp

Sep 20250.0 pp

Dec 2025−9.0 pp

Mar 2026+1.0 pp

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023+1.2 pp

Sep 2023−0.0 pp

Dec 2023+2.0 pp

Mar 2024+2.0 pp

Jun 2024+1.0 pp

Sep 2024−2.0 pp

Dec 2024−2.0 pp

Mar 2025+3.0 pp

Jun 2025−2.0 pp

Sep 2025+1.0 pp

Dec 2025+1.0 pp

Mar 2026−1.0 pp

Linde India Ltd · LINDEINDIA

Jun 2021−2.4 pp

Sep 2021+2.2 pp

Dec 2021−4.4 pp

Mar 2022−5.3 pp

Jun 2022−3.3 pp

Sep 2022−4.7 pp

Dec 2022+1.0 pp

Mar 2023+5.4 pp

Jun 2023+0.1 pp

Sep 2023+3.0 pp

Dec 2023+2.0 pp

Mar 2024−2.0 pp

Jun 2024+5.0 pp

Sep 2024+4.0 pp

Dec 2024+6.0 pp

Mar 2025+7.0 pp

Jun 2025+6.0 pp

Sep 2025+16.0 pp

Dec 2025+5.0 pp

Mar 2026−7.0 pp

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024+8.2 pp

Sep 2024−5.8 pp

Dec 2024+5.0 pp

Mar 2025+2.3 pp

Jun 2025−4.0 pp

Sep 2025+12.0 pp

Dec 2025−6.0 pp

Mar 2026+3.0 pp

03 · compare level, then change

Profit Scale & Acceleration

Linde India Ltd has the highest Net profit among the 4 Industrial Gas companies compared here, at ₹548 crore. Inox India Ltd is next at ₹258 crore. Stallion India Fluorochemicals Ltd has the highest Profit growth at 34.4%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Linde India Ltd leads with ₹548 crore of TTM profit, 112.4% above Inox India Ltd. Stallion India Fluorochemicals Ltd shows 34.4% growth from a ₹43 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderLinde India Ltd · ₹548 crore

Gap112.4% versus #2 · Inox India Ltd

Persistence4/8 recent comparable periods

Coverage4/4 companies · 56 observations

Investor read: Linde India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1Linde India Ltd LINDEINDIA₹548 Cr

2Inox India Ltd INOXINDIA₹258 Cr

3Ellenbarrie Industrial Gases Ltd ELLEN₹105 Cr

4Stallion India Fluorochemicals Ltd STALLION₹43 Cr

Profit growthfastest growers

1Stallion India Fluorochemicals Ltd STALLION34%

2Ellenbarrie Industrial Gases Ltd ELLEN27%

3Linde India Ltd LINDEINDIA21%

4Inox India Ltd INOXINDIA14%

Net profit · company comparison

4/4 level · 4/4 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Net profit	Profit growth	Reported
Linde India Ltd LINDEINDIA	₹77 Cr	-35%	Mar 2026
Inox India Ltd INOXINDIA	₹75 Cr	14%	Mar 2026
Ellenbarrie Industrial Gases Ltd ELLEN	₹23 Cr	28%	Mar 2026
Stallion India Fluorochemicals Ltd STALLION	₹11 Cr	-15%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024₹16 Cr

Sep 2024₹30 Cr

Dec 2024₹19 Cr

Mar 2025₹18 Cr

Jun 2025₹19 Cr

Sep 2025₹37 Cr

Dec 2025₹26 Cr

Mar 2026₹23 Cr

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022₹42 Cr

Sep 2022₹42 Cr

Dec 2022₹41 Cr

Mar 2023₹31 Cr

Jun 2023₹57 Cr

Sep 2023₹46 Cr

Dec 2023₹49 Cr

Mar 2024₹44 Cr

Jun 2024₹53 Cr

Sep 2024₹49 Cr

Dec 2024₹58 Cr

Mar 2025₹66 Cr

Jun 2025₹61 Cr

Sep 2025₹61 Cr

Dec 2025₹61 Cr

Mar 2026₹75 Cr

Linde India Ltd · LINDEINDIA

Jun 2021₹72 Cr

Sep 2021₹64 Cr

Dec 2021₹68 Cr

Mar 2022₹66 Cr

Jun 2022₹172 Cr

Sep 2022₹91 Cr

Dec 2022₹110 Cr

Mar 2023₹99 Cr

Jun 2023₹100 Cr

Sep 2023₹109 Cr

Dec 2023₹120 Cr

Mar 2024₹105 Cr

Jun 2024₹114 Cr

Sep 2024₹106 Cr

Dec 2024₹116 Cr

Mar 2025₹118 Cr

Jun 2025₹107 Cr

Sep 2025₹171 Cr

Dec 2025₹193 Cr

Mar 2026₹77 Cr

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023₹3 Cr

Sep 2023₹3 Cr

Dec 2023₹5 Cr

Mar 2024₹5 Cr

Jun 2024₹8 Cr

Sep 2024₹1 Cr

Dec 2024₹10 Cr

Mar 2025₹13 Cr

Jun 2025₹10 Cr

Sep 2025₹11 Cr

Dec 2025₹11 Cr

Mar 2026₹11 Cr

Profit growth · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 202519%

Sep 202523%

Dec 202537%

Mar 202628%

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 202336%

Sep 20239.5%

Dec 202320%

Mar 202442%

Jun 2024-7.0%

Sep 20246.5%

Dec 202418%

Mar 202550%

Jun 202515%

Sep 202524%

Dec 20255.2%

Mar 202614%

Linde India Ltd · LINDEINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022139%

Sep 202242%

Dec 202262%

Mar 202350%

Jun 2023-42%

Sep 202320%

Dec 20239.1%

Mar 20246.1%

Jun 202414%

Sep 2024-2.8%

Dec 2024-3.3%

Mar 202512%

Jun 2025-6.1%

Sep 202561%

Dec 202566%

Mar 2026-35%

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024167%

Sep 2024-67%

Dec 2024100%

Mar 2025160%

Jun 202525%

Sep 20251,000%

Dec 202510%

Mar 2026-15%

04 · compare level, then change

Capacity Spending & Returns On It

Inox India Ltd has the highest CAPEX among the 4 Industrial Gas companies compared here, at ₹8 crore. Stallion India Fluorochemicals Ltd is next at ₹0 crore. The same company also holds the highest CAPEX intensity, at 3.3%. 2 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Inox India Ltd reports ₹8 crore of CAPEX; Inox India Ltd has the highest covered intensity at 3.3%. Coverage is only 2 of 4 companies and 6 reported observations, so this is partial evidence—not a complete sector rank.

LeaderInox India Ltd · ₹8 crore

Gapnull versus #2 · Stallion India Fluorochemicals Ltd

Persistence2/2 recent comparable periods

Coverage2/4 companies · 6 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

CAPEXlargest spenders

1Inox India Ltd INOXINDIA₹8 Cr

2Stallion India Fluorochemicals Ltd STALLION₹0 Cr

CAPEX intensityhighest reinvestment intensity

1Inox India Ltd INOXINDIA3.3%

2Stallion India Fluorochemicals Ltd STALLION0.0%

Capital expenditure · company comparison

2/4 level · 2/4 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	CAPEX	CAPEX intensity	Reported
Inox India Ltd INOXINDIA	₹8 Cr	3.3%	Mar 2026
Stallion India Fluorochemicals Ltd STALLION	₹0 Cr	0.0%	Mar 2026

Full 20-quarter history · every available company

CAPEX · reported quarter history

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022₹8 Cr

Sep 2022₹8 Cr

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023₹1 Cr

Sep 2023₹1 Cr

Dec 2023₹0 Cr

Mar 2024₹0 Cr

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

CAPEX intensity · reported quarter history

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20223.3%

Sep 20223.3%

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20232.2%

Sep 20232.2%

Dec 20230.0%

Mar 20240.0%

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Annual capital allocation · 10-year view

4/4 capacity base · 4/4 OCF · 4/4 CAPEX · 4/4 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Ellenbarrie Industrial Gases Ltd · ELLEN

Mar 2017₹170 Cr

Mar 2018₹189 Cr

Mar 2019₹206 Cr

Mar 2020₹233 Cr

Mar 2021₹238 Cr

Mar 2022₹221 Cr

Mar 2023₹256 Cr

Mar 2024₹331 Cr

Mar 2025₹384 Cr

Mar 2026₹531 Cr

Inox India Ltd · INOXINDIA

Mar 2017—

Mar 2018—

Mar 2019₹94 Cr

Mar 2020₹110 Cr

Mar 2021₹104 Cr

Mar 2022₹136 Cr

Mar 2023₹164 Cr

Mar 2024₹260 Cr

Mar 2025₹363 Cr

Mar 2026₹432 Cr

Linde India Ltd · LINDEINDIA

Mar 2017₹2.7K Cr

Mar 2018₹2.5K Cr

Mar 2019₹2.2K Cr

Mar 2020₹2.1K Cr

Mar 2021₹2.0K Cr

Mar 2022₹1.9K Cr

Mar 2023₹2.0K Cr

Mar 2024₹2.3K Cr

Mar 2025₹2.9K Cr

Mar 2026₹3.4K Cr

Stallion India Fluorochemicals Ltd · STALLION

Mar 2017—

Mar 2018—

Mar 2019—

Mar 2020—

Mar 2021₹19 Cr

Mar 2022₹18 Cr

Mar 2023₹13 Cr

Mar 2024₹14 Cr

Mar 2025₹17 Cr

Mar 2026₹66 Cr

Operating cash flow · fiscal-year history

Ellenbarrie Industrial Gases Ltd · ELLEN

Mar 2017₹34 Cr

Mar 2018₹-1 Cr

Mar 2019₹33 Cr

Mar 2020₹125 Cr

Mar 2021—

Mar 2022₹13 Cr

Mar 2023₹39 Cr

Mar 2024₹44 Cr

Mar 2025₹4 Cr

Mar 2026₹133 Cr

Inox India Ltd · INOXINDIA

Mar 2017—

Mar 2018—

Mar 2019₹85 Cr

Mar 2020₹188 Cr

Mar 2021₹231 Cr

Mar 2022₹97 Cr

Mar 2023₹177 Cr

Mar 2024₹122 Cr

Mar 2025₹122 Cr

Mar 2026₹117 Cr

Linde India Ltd · LINDEINDIA

Mar 2017₹293 Cr

Mar 2018₹252 Cr

Mar 2019₹376 Cr

Mar 2020₹327 Cr

Mar 2021₹339 Cr

Mar 2022₹589 Cr

Mar 2023₹629 Cr

Mar 2024₹437 Cr

Mar 2025₹584 Cr

Mar 2026₹786 Cr

Stallion India Fluorochemicals Ltd · STALLION

Mar 2017—

Mar 2018—

Mar 2019—

Mar 2020—

Mar 2021₹-8 Cr

Mar 2022₹8 Cr

Mar 2023₹-3 Cr

Mar 2024₹-73 Cr

Mar 2025₹-13 Cr

Mar 2026₹39 Cr

CAPEX · reported cash flow · fiscal-year history

Ellenbarrie Industrial Gases Ltd · ELLEN

Mar 2017₹9 Cr

Mar 2018₹26 Cr

Mar 2019₹27 Cr

Mar 2020₹38 Cr

Mar 2021₹18 Cr

Mar 2022₹-5 Cr

Mar 2023₹46 Cr

Mar 2024₹85 Cr

Mar 2025₹74 Cr

Mar 2026₹168 Cr

Inox India Ltd · INOXINDIA

Mar 2017—

Mar 2018—

Mar 2019—

Mar 2020₹28 Cr

Mar 2021₹6 Cr

Mar 2022₹44 Cr

Mar 2023₹42 Cr

Mar 2024₹114 Cr

Mar 2025₹128 Cr

Mar 2026₹103 Cr

Linde India Ltd · LINDEINDIA

Mar 2017—

Mar 2018₹87 Cr

Mar 2019₹-129 Cr

Mar 2020₹59 Cr

Mar 2021₹94 Cr

Mar 2022₹112 Cr

Mar 2023—

Mar 2024₹519 Cr

Mar 2025₹809 Cr

Mar 2026₹771 Cr

Stallion India Fluorochemicals Ltd · STALLION

Mar 2017—

Mar 2018—

Mar 2019—

Mar 2020—

Mar 2021—

Mar 2022₹1 Cr

Mar 2023₹-3 Cr

Mar 2024₹2 Cr

Mar 2025₹4 Cr

Mar 2026₹50 Cr

Free cash flow · fiscal-year history

Ellenbarrie Industrial Gases Ltd · ELLEN

Mar 2017₹25 Cr

Mar 2018₹-27 Cr

Mar 2019₹6 Cr

Mar 2020₹87 Cr

Mar 2021—

Mar 2022₹18 Cr

Mar 2023₹-7 Cr

Mar 2024₹-41 Cr

Mar 2025₹-70 Cr

Mar 2026₹-35 Cr

Inox India Ltd · INOXINDIA

Mar 2017—

Mar 2018—

Mar 2019—

Mar 2020₹160 Cr

Mar 2021₹225 Cr

Mar 2022₹53 Cr

Mar 2023₹135 Cr

Mar 2024₹8 Cr

Mar 2025₹-6 Cr

Mar 2026₹14 Cr

Linde India Ltd · LINDEINDIA

Mar 2017—

Mar 2018₹165 Cr

Mar 2019₹505 Cr

Mar 2020₹268 Cr

Mar 2021₹245 Cr

Mar 2022₹477 Cr

Mar 2023—

Mar 2024₹-82 Cr

Mar 2025₹-225 Cr

Mar 2026₹15 Cr

Stallion India Fluorochemicals Ltd · STALLION

Mar 2017—

Mar 2018—

Mar 2019—

Mar 2020—

Mar 2021—

Mar 2022₹7 Cr

Mar 2023₹0 Cr

Mar 2024₹-75 Cr

Mar 2025₹-17 Cr

Mar 2026₹-11 Cr

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Stallion India Fluorochemicals Ltd has the lowest Gross debt among the 4 Industrial Gas companies compared here, at ₹34 crore. Linde India Ltd is next at ₹79 crore. The same company also holds the lowest Net debt, at ₹400 crore net cash. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Stallion India Fluorochemicals Ltd has the clearest covered balance-sheet capacity with ₹400 crore net cash and gross debt of ₹34 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderStallion India Fluorochemicals Ltd · ₹34 crore

Gap57% versus #2 · Linde India Ltd

Persistence5/8 recent comparable periods

Coverage4/4 companies · 51 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

Gross debtlowest gross debt

1Stallion India Fluorochemicals Ltd STALLION₹34 Cr

2Linde India Ltd LINDEINDIA₹79 Cr

3Inox India Ltd INOXINDIA₹81 Cr

4Ellenbarrie Industrial Gases Ltd ELLEN₹184 Cr

Net debtlowest net debt

1Stallion India Fluorochemicals Ltd STALLION₹-400 Cr

2Inox India Ltd INOXINDIA₹-232 Cr

3Linde India Ltd LINDEINDIA₹-33 Cr

4Ellenbarrie Industrial Gases Ltd ELLEN₹29 Cr

Debt and balance-sheet capacity · company comparison

4/4 level · 4/4 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Gross debt	Net debt	Reported
Ellenbarrie Industrial Gases Ltd ELLEN	₹184 Cr	₹29 Cr	Mar 2026
Inox India Ltd INOXINDIA	₹81 Cr	₹-232 Cr	Mar 2026
Linde India Ltd LINDEINDIA	₹79 Cr	₹-33 Cr	Mar 2026
Stallion India Fluorochemicals Ltd STALLION	₹34 Cr	₹-400 Cr	Mar 2026

Full 20-quarter history · every available company

Gross debt · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022₹11 Cr

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹102 Cr

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024₹178 Cr

Jun 2024₹178 Cr

Sep 2024—

Dec 2024—

Mar 2025₹247 Cr

Jun 2025₹247 Cr

Sep 2025₹119 Cr

Dec 2025₹119 Cr

Mar 2026₹184 Cr

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022₹55 Cr

Jun 2022₹55 Cr

Sep 2022—

Dec 2022—

Mar 2023₹9 Cr

Jun 2023₹9 Cr

Sep 2023₹43 Cr

Dec 2023—

Mar 2024₹16 Cr

Jun 2024₹16 Cr

Sep 2024₹97 Cr

Dec 2024₹97 Cr

Mar 2025₹43 Cr

Jun 2025₹43 Cr

Sep 2025₹99 Cr

Dec 2025₹99 Cr

Mar 2026₹81 Cr

Linde India Ltd · LINDEINDIA

Jun 2021₹6 Cr

Sep 2021₹6 Cr

Dec 2021₹24 Cr

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹22 Cr

Jun 2023₹22 Cr

Sep 2023₹22 Cr

Dec 2023₹22 Cr

Mar 2024₹21 Cr

Jun 2024₹21 Cr

Sep 2024₹42 Cr

Dec 2024₹42 Cr

Mar 2025₹42 Cr

Jun 2025₹42 Cr

Sep 2025₹67 Cr

Dec 2025₹67 Cr

Mar 2026₹79 Cr

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022₹2 Cr

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹18 Cr

Jun 2023₹37 Cr

Sep 2023₹37 Cr

Dec 2023₹65 Cr

Mar 2024₹65 Cr

Jun 2024—

Sep 2024₹81 Cr

Dec 2024—

Mar 2025₹2 Cr

Jun 2025₹2 Cr

Sep 2025₹1 Cr

Dec 2025₹1 Cr

Mar 2026₹34 Cr

Net debt · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024₹65 Cr

Sep 2024—

Dec 2024—

Mar 2025₹160 Cr

Jun 2025₹160 Cr

Sep 2025₹-54 Cr

Dec 2025₹-54 Cr

Mar 2026₹29 Cr

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022₹-265 Cr

Sep 2022—

Dec 2022—

Mar 2023₹-297 Cr

Jun 2023₹-297 Cr

Sep 2023₹-211 Cr

Dec 2023—

Mar 2024₹-235 Cr

Jun 2024₹-235 Cr

Sep 2024₹-177 Cr

Dec 2024₹-177 Cr

Mar 2025₹-243 Cr

Jun 2025₹-246 Cr

Sep 2025₹-204 Cr

Dec 2025₹-204 Cr

Mar 2026₹-232 Cr

Linde India Ltd · LINDEINDIA

Jun 2021₹-698 Cr

Sep 2021₹-698 Cr

Dec 2021₹-959 Cr

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹-1.2K Cr

Jun 2023₹-1.2K Cr

Sep 2023₹-975 Cr

Dec 2023₹-975 Cr

Mar 2024₹-958 Cr

Jun 2024₹-958 Cr

Sep 2024₹-956 Cr

Dec 2024₹-956 Cr

Mar 2025₹-103 Cr

Jun 2025₹-103 Cr

Sep 2025₹-36 Cr

Dec 2025₹-36 Cr

Mar 2026₹-33 Cr

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023₹31 Cr

Sep 2023₹31 Cr

Dec 2023₹48 Cr

Mar 2024₹48 Cr

Jun 2024—

Sep 2024₹58 Cr

Dec 2024—

Mar 2025₹-73 Cr

Jun 2025₹-73 Cr

Sep 2025₹-82 Cr

Dec 2025₹-82 Cr

Mar 2026₹-400 Cr

06 · compare level, then change

Return On Capital Employed

Inox India Ltd has the highest ROCE among the 4 Industrial Gas companies compared here, at 33.5%. Linde India Ltd is next at 18.2%. Linde India Ltd has the highest ROCE change at +1.3 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Inox India Ltd leads ROCE at 33.5%, 15.3 percentage points above Linde India Ltd. Linde India Ltd has the strongest latest improvement at +1.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderInox India Ltd · 33.5%

Gap84.1% versus #2 · Linde India Ltd

Persistence1/8 recent comparable periods

Coverage4/4 companies · 41 observations

Investor read: Inox India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1Inox India Ltd INOXINDIA34%

2Linde India Ltd LINDEINDIA18%

3Ellenbarrie Industrial Gases Ltd ELLEN15%

4Stallion India Fluorochemicals Ltd STALLION12%

ROCE changefastest improvers

1Linde India Ltd LINDEINDIA+1.3 pp

2Inox India Ltd INOXINDIA−2.8 pp

3Ellenbarrie Industrial Gases Ltd ELLEN−4.3 pp

4Stallion India Fluorochemicals Ltd STALLION−7.0 pp

Return on capital · company comparison

4/4 level · 4/4 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	ROCE	ROCE change	Reported
Inox India Ltd INOXINDIA	26%	−2.8 pp	Mar 2026
Linde India Ltd LINDEINDIA	15%	+1.3 pp	Mar 2026
Ellenbarrie Industrial Gases Ltd ELLEN	8.5%	−4.3 pp	Mar 2026
Stallion India Fluorochemicals Ltd STALLION	8.5%	−7.0 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 202513%

Jun 202530%

Sep 20259.2%

Dec 202523%

Mar 20268.5%

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 202333%

Jun 2023—

Sep 202336%

Dec 202343%

Mar 202435%

Jun 202441%

Sep 202430%

Dec 202441%

Mar 202529%

Jun 202541%

Sep 202527%

Dec 202538%

Mar 202626%

Linde India Ltd · LINDEINDIA

Jun 202111%

Sep 2021—

Dec 202112%

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 202312%

Jun 2023—

Sep 202313%

Dec 202317%

Mar 202413%

Jun 202417%

Sep 202414%

Dec 202416%

Mar 202513%

Jun 202516%

Sep 202515%

Dec 202520%

Mar 202615%

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20233.5%

Sep 20237.1%

Dec 202314%

Mar 202419%

Jun 2024—

Sep 202422%

Dec 2024—

Mar 202516%

Jun 202524%

Sep 202520%

Dec 202527%

Mar 20268.5%

ROCE change · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026−4.3 pp

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024+1.1 pp

Jun 2024—

Sep 2024−6.0 pp

Dec 2024−1.3 pp

Mar 2025−5.4 pp

Jun 2025−0.4 pp

Sep 2025−2.7 pp

Dec 2025−3.7 pp

Mar 2026−2.8 pp

Linde India Ltd · LINDEINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024+1.0 pp

Jun 2024—

Sep 2024+0.1 pp

Dec 2024−1.2 pp

Mar 20250.0 pp

Jun 2025−1.0 pp

Sep 2025+1.8 pp

Dec 2025+3.3 pp

Mar 2026+1.3 pp

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024+14.4 pp

Dec 2024—

Mar 2025−3.1 pp

Jun 2025—

Sep 2025−2.0 pp

Dec 2025—

Mar 2026−7.0 pp

07 · compare level, then change

Valuation Against Growth & Quality

Ellenbarrie Industrial Gases Ltd has the lowest Guarded PEG among the 4 Industrial Gas companies compared here, at 1.67×. Inox India Ltd is next at 2.89×. The same company also holds the lowest P/E, at 38×. 3 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Ellenbarrie Industrial Gases Ltd has the lowest comparable Guarded PEG at 1.67×, 42.2% below Inox India Ltd. Only 3 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderEllenbarrie Industrial Gases Ltd · 1.67×

Gap42.2% versus #2 · Inox India Ltd

Persistence0/3 recent comparable periods

Coverage3/4 companies · 18 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

Guarded PEGlowest PEG

1Ellenbarrie Industrial Gases Ltd ELLEN1.7

2Inox India Ltd INOXINDIA2.9

3Linde India Ltd LINDEINDIA6.6

P/Elowest P/E

1Ellenbarrie Industrial Gases Ltd ELLEN38.0

2Stallion India Fluorochemicals Ltd STALLION64.0

3Inox India Ltd INOXINDIA69.9

4Linde India Ltd LINDEINDIA105.0

Valuation · company comparison

3/4 level · 4/4 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Guarded PEG	P/E	Reported
Linde India Ltd LINDEINDIA	6.6	102.9	Mar 2026
Inox India Ltd INOXINDIA	2.9	43.0	Mar 2026
Ellenbarrie Industrial Gases Ltd ELLEN	1.7	27.5	Mar 2026
Stallion India Fluorochemicals Ltd STALLION	—	26.6	Mar 2026

Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20255.0

Dec 20252.1

Mar 20261.7

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20232.7

Mar 20241.7

Jun 2024—

Sep 20247.8

Dec 20242.6

Mar 20250.9

Jun 20254.1

Sep 20252.1

Dec 2025—

Mar 20262.9

Linde India Ltd · LINDEINDIA

Jun 2021—

Sep 2021—

Dec 20214.2

Mar 2022—

Jun 20221.7

Sep 2022—

Dec 2022—

Mar 20231.5

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 202413.4

Dec 202417.8

Mar 20259.8

Jun 2025—

Sep 2025—

Dec 20256.6

Mar 2026—

P/E · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 202576.7

Dec 202555.5

Mar 202627.5

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202352.4

Mar 202472.5

Jun 202460.9

Sep 202455.2

Dec 202452.4

Mar 202545.6

Jun 202551.2

Sep 202546.9

Dec 202541.4

Mar 202643.0

Linde India Ltd · LINDEINDIA

Jun 202174.5

Sep 2021100.0

Dec 202180.5

Mar 2022102.4

Jun 202289.9

Sep 202274.0

Dec 202271.7

Mar 202378.3

Jun 202378.0

Sep 2023126.9

Dec 2023115.1

Mar 2024127.7

Jun 2024163.1

Sep 2024160.4

Dec 2024117.7

Mar 2025120.8

Jun 2025124.5

Sep 2025120.2

Dec 202599.0

Mar 2026102.9

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 202533.6

Jun 202521.5

Sep 202560.6

Dec 202548.6

Mar 202626.6

08 · compare level, then change

Enterprise Value & Book Value

Ellenbarrie Industrial Gases Ltd has the lowest EV/EBITDA among the 4 Industrial Gas companies compared here, at 17.3×. Stallion India Fluorochemicals Ltd is next at 17.9×. The same company also holds the lowest P/BV, at 4.05×. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Ellenbarrie Industrial Gases Ltd leads both ev/ebitda at 17.3× and p/bv at 4.05×.

LeaderEllenbarrie Industrial Gases Ltd · 17.3×

Gap3.4% versus #2 · Stallion India Fluorochemicals Ltd

Persistence0/3 recent comparable periods

Coverage4/4 companies · 38 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

EV/EBITDAlowest EV/EBITDA

1Ellenbarrie Industrial Gases Ltd ELLEN17.3

2Stallion India Fluorochemicals Ltd STALLION17.9

3Inox India Ltd INOXINDIA29.3

4Linde India Ltd LINDEINDIA59.1

P/BVlowest P/BV

1Ellenbarrie Industrial Gases Ltd ELLEN4.1

2Stallion India Fluorochemicals Ltd STALLION4.1

3Linde India Ltd LINDEINDIA13.5

4Inox India Ltd INOXINDIA16.3

Enterprise and book valuation · company comparison

4/4 level · 4/4 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	EV/EBITDA	P/BV	Reported
Linde India Ltd LINDEINDIA	59.1	15.2	Mar 2026
Inox India Ltd INOXINDIA	29.3	11.1	Mar 2026
Stallion India Fluorochemicals Ltd STALLION	17.9	3.9	Mar 2026
Ellenbarrie Industrial Gases Ltd ELLEN	17.3	3.0	Mar 2026

Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 202546.7

Dec 202533.8

Mar 202617.3

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202336.1

Mar 202450.0

Jun 202442.4

Sep 202438.2

Dec 202435.7

Mar 202531.1

Jun 202534.8

Sep 202531.8

Dec 202528.5

Mar 202629.3

Linde India Ltd · LINDEINDIA

Jun 202130.0

Sep 202143.5

Dec 202136.8

Mar 202248.1

Jun 202239.5

Sep 202245.0

Dec 202243.9

Mar 202350.2

Jun 202349.4

Sep 202364.9

Dec 202360.7

Mar 202467.3

Jun 202488.5

Sep 202487.7

Dec 202463.4

Mar 202564.4

Jun 202566.3

Sep 202564.2

Dec 202554.7

Mar 202659.1

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 202526.8

Jun 202517.3

Sep 202542.7

Dec 202534.6

Mar 202617.9

P/BV · reported quarter history

Ellenbarrie Industrial Gases Ltd · ELLEN

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20257.2

Dec 20255.2

Mar 20263.0

Inox India Ltd · INOXINDIA

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202420.0

Jun 202418.4

Sep 202416.3

Dec 202413.6

Mar 202512.1

Jun 202512.9

Sep 202512.3

Dec 202510.1

Mar 202611.1

Linde India Ltd · LINDEINDIA

Jun 20216.1

Sep 20219.1

Dec 20219.5

Mar 202213.2

Jun 20229.3

Sep 202210.0

Dec 202210.3

Mar 202312.7

Jun 202313.6

Sep 202316.2

Dec 202314.8

Mar 202416.8

Jun 202422.5

Sep 202420.7

Dec 202414.6

Mar 202514.9

Jun 202516.3

Sep 202514.1

Dec 202512.7

Mar 202615.2

Stallion India Fluorochemicals Ltd · STALLION

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20251.8

Jun 20252.7

Sep 20257.5

Dec 20257.3

Mar 20263.9

09 · let price answer last

Market action

Stallion India Fluorochemicals Ltd has the strongest one-year price move in Industrial Gas at +143.3%. Inox India Ltd leads on Mansfield relative strength against NIFTY at +50.7%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.

Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Industrial Gas comparison names 5 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. 1 of the 8 ranked sections has fewer than three usable current readings. A high growth rate can still be a low-base artefact.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
Thin comparisons: Capital expenditure have fewer than three usable current readings.

10 · the complete set

Which companies are included?

All 4 companies in the canonical Industrial Gas membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

Company	Market value	Price	Priced to	Latest fundamentals	Source standing
Linde India Ltd LINDEINDIA	₹57.4K Cr	₹6,731	2026-07-19	Mar 2026	Cross-checked
Inox India Ltd INOXINDIAAHEAD23/26 WEEKS	₹18.2K Cr	₹2,004	2026-07-19	Mar 2026	Cross-checked
Ellenbarrie Industrial Gases Ltd ELLEN	₹4.0K Cr	₹281	2026-07-19	Mar 2026	Cross-checked
Stallion India Fluorochemicals Ltd STALLIONAHEAD	₹2.8K Cr	₹242	2026-07-19	Mar 2026	Cross-checked

How each company's sources stand: Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 4 Industrial Gas companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Mar 2026 · up to 20 quarters per company

Market dataThrough 2026-07-24 · weekly price and relative-strength history

Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing4 cross-checked · 0 unverified · 0 withheld, of 4 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Industrial Gas company comparison FAQs

These 18 answers restate the Industrial Gas comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Industrial Gas index?

The Nifty Industrial Gas index tracks India's listed Industrial Gas companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Industrial Gas sector rather than to its largest constituent. Figures are as of Mar 2026.

Which are the best Industrial Gas stocks in India?

Ranked by this page's four-factor score, Inox India Ltd places first among 4 listed Industrial Gas companies, followed by Stallion India Fluorochemicals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Industrial Gas stocks are listed in India?

This comparison covers 4 listed Industrial Gas companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

Which Industrial Gas company is the biggest?

Linde India Ltd is the largest, with trailing-twelve-month revenue of ₹2,530 crore, ahead of Inox India Ltd at ₹1,588 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

Which Industrial Gas company is growing fastest?

Inox India Ltd has the fastest revenue growth at 21.6% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Industrial Gas company has the best profit margins?

Ellenbarrie Industrial Gases Ltd has the highest operating margin at 31%, from 4 of 4 comparable companies. Stallion India Fluorochemicals Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Industrial Gas company makes the most profit?

Linde India Ltd earns the most, at ₹548 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Stallion India Fluorochemicals Ltd has the fastest profit growth at 34.4%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Industrial Gas company earns the highest return on capital?

Inox India Ltd leads on return on capital employed at 33.5%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Industrial Gas stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Ellenbarrie Industrial Gases Ltd screens cheapest at 1.67×. Only 3 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Industrial Gas company has the strongest balance sheet?

Stallion India Fluorochemicals Ltd carries the lowest comparable gross debt at ₹34 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Industrial Gas company is investing most in new capacity?

Inox India Ltd reports the largest capital spending at ₹8 crore, across 2 of 4 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

Which Industrial Gas stock has the strongest price momentum?

Inox India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Industrial Gas company scores highest for research priority?

Inox India Ltd scores 61.1 out of 100 with 97% evidence confidence, from 15.9 points on growth and earnings, 21.6 on capital efficiency, 3.6 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Industrial Gas companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Industrial Gas sector?

The 4 Industrial Gas companies on this page carry ₹82,362 crore of combined market value. Linde India Ltd is the largest at ₹57,402 crore, about 70% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

How is the Industrial Gas sector performing?

3 of the 4 covered Industrial Gas companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.