# Industrial Gas — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## 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.

## Sector relative strength

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.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 3/4
Stocks leading sector: 1/4

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

Companies: 4
Combined market value: ₹82.4K Cr

## 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.

1. Inox India Ltd (INOXINDIA): 61/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 15.9/35 | Capital efficiency 21.6/25 | Valuation 3.6/20 | Relative strength 20.0/20
   - 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.
2. Stallion India Fluorochemicals Ltd (STALLION): 56/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 23.9/35 | Capital efficiency 14.1/25 | Valuation 10.0/20 | Relative strength 8.0/20
   - 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.
3. Ellenbarrie Industrial Gases Ltd (ELLEN): 51/100 — Mixed-positive evidence; evidence 84%
   - Growth & earnings 18.4/35 | Capital efficiency 19.3/25 | Valuation 10.2/20 | Relative strength 3.0/20
   - 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.
4. Linde India Ltd (LINDEINDIA): 46/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 15.4/35 | Capital efficiency 20.1/25 | Valuation 5.0/20 | Relative strength 5.0/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Linde India Ltd · ₹2,530 crore | 59.3% versus #2 · Inox India Ltd | 3/8 recent comparable periods | 4/4 companies · 56 observations

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

### Revenue — largest
1. Linde India Ltd (LINDEINDIA): ₹2.5K Cr
2. Inox India Ltd (INOXINDIA): ₹1.6K Cr
3. Stallion India Fluorochemicals Ltd (STALLION): ₹431 Cr
4. Ellenbarrie Industrial Gases Ltd (ELLEN): ₹341 Cr

### Revenue growth — fastest growers
1. Inox India Ltd (INOXINDIA): 22%
2. Stallion India Fluorochemicals Ltd (STALLION): 14%
3. Ellenbarrie Industrial Gases Ltd (ELLEN): 9.3%
4. Linde India Ltd (LINDEINDIA): 1.8%

### 20-quarter Revenue history
- 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
- 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
- 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
- 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

### 20-quarter Revenue growth history
- LINDEINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 35% | Dec 2022 8.2% | Mar 2023 18% | Jun 2023 23% | Sep 2023 3.6% | Dec 2023 1.3% | Mar 2024 0.0% | Jun 2024 -9.4% | Sep 2024 -11% | Dec 2024 -14% | Mar 2025 -6.0% | Jun 2025 -13% | Sep 2025 1.6% | Dec 2025 16% | Mar 2026 3.7%
- INOXINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 27% | Sep 2023 6.2% | Dec 2023 19% | Mar 2024 18% | Jun 2024 -3.9% | Sep 2024 19% | Dec 2024 15% | Mar 2025 33% | Jun 2025 15% | Sep 2025 17% | Dec 2025 28% | Mar 2026 25%
- 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 25% | Sep 2025 -6.3% | Dec 2025 19% | Mar 2026 6.1%
- 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 59% | Sep 2024 48% | Dec 2024 20% | Mar 2025 120% | Jun 2025 51% | Sep 2025 56% | Dec 2025 24% | Mar 2026 -28%

## Operating Economics & Margin Trend

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

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.

Evidence: Ellenbarrie Industrial Gases Ltd · 31% | 10.7% versus #2 · Linde India Ltd | 2/4 recent comparable periods | 4/4 companies · 56 observations

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

### OPM — highest
1. Ellenbarrie Industrial Gases Ltd (ELLEN): 31%
2. Linde India Ltd (LINDEINDIA): 28%
3. Inox India Ltd (INOXINDIA): 21%
4. Stallion India Fluorochemicals Ltd (STALLION): 15%

### Margin change — fastest expanders
1. Stallion India Fluorochemicals Ltd (STALLION): +3.0 pp
2. Ellenbarrie Industrial Gases Ltd (ELLEN): +1.0 pp
3. Inox India Ltd (INOXINDIA): −1.0 pp
4. Linde India Ltd (LINDEINDIA): −7.0 pp

### 20-quarter OPM history
- LINDEINDIA: Jun 2021 26% | Sep 2021 26% | Dec 2021 23% | Mar 2022 25% | Jun 2022 23% | Sep 2022 21% | Dec 2022 24% | Mar 2023 30% | Jun 2023 23% | Sep 2023 24% | Dec 2023 26% | Mar 2024 28% | Jun 2024 28% | Sep 2024 28% | Dec 2024 32% | Mar 2025 35% | Jun 2025 34% | Sep 2025 44% | Dec 2025 37% | Mar 2026 28%
- INOXINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 23% | Dec 2022 21% | Mar 2023 17% | Jun 2023 23% | Sep 2023 23% | Dec 2023 23% | Mar 2024 19% | Jun 2024 24% | Sep 2024 21% | Dec 2024 21% | Mar 2025 22% | Jun 2025 22% | Sep 2025 22% | Dec 2025 22% | Mar 2026 21%
- 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 33% | Sep 2024 38% | Dec 2024 40% | Mar 2025 30% | Jun 2025 37% | Sep 2025 38% | Dec 2025 31% | Mar 2026 31%
- STALLION: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.8% | Sep 2023 8.8% | Dec 2023 12% | Mar 2024 9.7% | Jun 2024 17% | Sep 2024 3.0% | Dec 2024 17% | Mar 2025 12% | Jun 2025 13% | Sep 2025 15% | Dec 2025 11% | Mar 2026 15%

### 20-quarter Margin change history
- 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
- 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
- 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 2025 0.0 pp | Dec 2025 −9.0 pp | Mar 2026 +1.0 pp
- 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

## Profit Scale & Acceleration

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.

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.

Evidence: Linde India Ltd · ₹548 crore | 112.4% versus #2 · Inox India Ltd | 4/8 recent comparable periods | 4/4 companies · 56 observations

Definition: 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 profit — largest
1. Linde India Ltd (LINDEINDIA): ₹548 Cr
2. Inox India Ltd (INOXINDIA): ₹258 Cr
3. Ellenbarrie Industrial Gases Ltd (ELLEN): ₹105 Cr
4. Stallion India Fluorochemicals Ltd (STALLION): ₹43 Cr

### Profit growth — fastest growers
1. Stallion India Fluorochemicals Ltd (STALLION): 34%
2. Ellenbarrie Industrial Gases Ltd (ELLEN): 27%
3. Linde India Ltd (LINDEINDIA): 21%
4. Inox India Ltd (INOXINDIA): 14%

### 20-quarter Net profit history
- 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
- 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
- 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
- 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

### 20-quarter Profit growth history
- LINDEINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 139% | Sep 2022 42% | Dec 2022 62% | Mar 2023 50% | Jun 2023 -42% | Sep 2023 20% | Dec 2023 9.1% | Mar 2024 6.1% | Jun 2024 14% | Sep 2024 -2.8% | Dec 2024 -3.3% | Mar 2025 12% | Jun 2025 -6.1% | Sep 2025 61% | Dec 2025 66% | Mar 2026 -35%
- INOXINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 36% | Sep 2023 9.5% | Dec 2023 20% | Mar 2024 42% | Jun 2024 -7.0% | Sep 2024 6.5% | Dec 2024 18% | Mar 2025 50% | Jun 2025 15% | Sep 2025 24% | Dec 2025 5.2% | Mar 2026 14%
- 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 19% | Sep 2025 23% | Dec 2025 37% | Mar 2026 28%
- 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 167% | Sep 2024 -67% | Dec 2024 100% | Mar 2025 160% | Jun 2025 25% | Sep 2025 1,000% | Dec 2025 10% | Mar 2026 -15%

## Capacity Spending & Returns On It

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.

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.

Evidence: Inox India Ltd · ₹8 crore | null versus #2 · Stallion India Fluorochemicals Ltd | 2/2 recent comparable periods | 2/4 companies · 6 observations

Definition: 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.

### CAPEX — largest spenders
1. Inox India Ltd (INOXINDIA): ₹8 Cr
2. Stallion India Fluorochemicals Ltd (STALLION): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. Inox India Ltd (INOXINDIA): 3.3%
2. Stallion India Fluorochemicals Ltd (STALLION): 0.0%

### 20-quarter CAPEX history
- 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: 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 —

### 20-quarter CAPEX intensity history
- INOXINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.3% | Sep 2022 3.3% | 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: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.2% | Sep 2023 2.2% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Stallion India Fluorochemicals Ltd · ₹34 crore | 57% versus #2 · Linde India Ltd | 5/8 recent comparable periods | 4/4 companies · 51 observations

Definition: 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 debt — lowest gross debt
1. Stallion India Fluorochemicals Ltd (STALLION): ₹34 Cr
2. Linde India Ltd (LINDEINDIA): ₹79 Cr
3. Inox India Ltd (INOXINDIA): ₹81 Cr
4. Ellenbarrie Industrial Gases Ltd (ELLEN): ₹184 Cr

### Net debt — lowest net debt
1. Stallion India Fluorochemicals Ltd (STALLION): ₹-400 Cr
2. Inox India Ltd (INOXINDIA): ₹-232 Cr
3. Linde India Ltd (LINDEINDIA): ₹-33 Cr
4. Ellenbarrie Industrial Gases Ltd (ELLEN): ₹29 Cr

### 20-quarter Gross debt history
- 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
- 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
- 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
- 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

### 20-quarter Net debt history
- 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
- 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
- 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
- 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

## Return On Capital Employed

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.

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.

Evidence: Inox India Ltd · 33.5% | 84.1% versus #2 · Linde India Ltd | 1/8 recent comparable periods | 4/4 companies · 41 observations

Definition: 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.

### ROCE — highest
1. Inox India Ltd (INOXINDIA): 34%
2. Linde India Ltd (LINDEINDIA): 18%
3. Ellenbarrie Industrial Gases Ltd (ELLEN): 15%
4. Stallion India Fluorochemicals Ltd (STALLION): 12%

### ROCE change — fastest improvers
1. Linde India Ltd (LINDEINDIA): +1.3 pp
2. Inox India Ltd (INOXINDIA): −2.8 pp
3. Ellenbarrie Industrial Gases Ltd (ELLEN): −4.3 pp
4. Stallion India Fluorochemicals Ltd (STALLION): −7.0 pp

### 20-quarter ROCE history
- LINDEINDIA: Jun 2021 11% | Sep 2021 — | Dec 2021 12% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 13% | Jun 2024 17% | Sep 2024 14% | Dec 2024 16% | Mar 2025 13% | Jun 2025 16% | Sep 2025 15% | Dec 2025 20% | Mar 2026 15%
- INOXINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 33% | Jun 2023 — | Sep 2023 36% | Dec 2023 43% | Mar 2024 35% | Jun 2024 41% | Sep 2024 30% | Dec 2024 41% | Mar 2025 29% | Jun 2025 41% | Sep 2025 27% | Dec 2025 38% | Mar 2026 26%
- 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 13% | Jun 2025 30% | Sep 2025 9.2% | Dec 2025 23% | Mar 2026 8.5%
- STALLION: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.5% | Sep 2023 7.1% | Dec 2023 14% | Mar 2024 19% | Jun 2024 — | Sep 2024 22% | Dec 2024 — | Mar 2025 16% | Jun 2025 24% | Sep 2025 20% | Dec 2025 27% | Mar 2026 8.5%

### 20-quarter ROCE change history
- 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 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.8 pp | Dec 2025 +3.3 pp | Mar 2026 +1.3 pp
- 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
- 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
- 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

## Valuation Against Growth & Quality

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.

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.

Evidence: Ellenbarrie Industrial Gases Ltd · 1.67× | 42.2% versus #2 · Inox India Ltd | 0/3 recent comparable periods | 3/4 companies · 18 observations

Definition: 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 PEG — lowest PEG
1. Ellenbarrie Industrial Gases Ltd (ELLEN): 1.7
2. Inox India Ltd (INOXINDIA): 2.9
3. Linde India Ltd (LINDEINDIA): 6.6

### P/E — lowest P/E
1. Ellenbarrie Industrial Gases Ltd (ELLEN): 38.0
2. Stallion India Fluorochemicals Ltd (STALLION): 64.0
3. Inox India Ltd (INOXINDIA): 69.9
4. Linde India Ltd (LINDEINDIA): 105.0

### 20-quarter Guarded PEG history
- LINDEINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 4.2 | Mar 2022 — | Jun 2022 1.7 | Sep 2022 — | Dec 2022 — | Mar 2023 1.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 13.4 | Dec 2024 17.8 | Mar 2025 9.8 | Jun 2025 — | Sep 2025 — | Dec 2025 6.6 | Mar 2026 —
- INOXINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.7 | Mar 2024 1.7 | Jun 2024 — | Sep 2024 7.8 | Dec 2024 2.6 | Mar 2025 0.9 | Jun 2025 4.1 | Sep 2025 2.1 | Dec 2025 — | Mar 2026 2.9
- 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 5.0 | Dec 2025 2.1 | Mar 2026 1.7

### 20-quarter P/E history
- LINDEINDIA: Jun 2021 74.5 | Sep 2021 100.0 | Dec 2021 80.5 | Mar 2022 102.4 | Jun 2022 89.9 | Sep 2022 74.0 | Dec 2022 71.7 | Mar 2023 78.3 | Jun 2023 78.0 | Sep 2023 126.9 | Dec 2023 115.1 | Mar 2024 127.7 | Jun 2024 163.1 | Sep 2024 160.4 | Dec 2024 117.7 | Mar 2025 120.8 | Jun 2025 124.5 | Sep 2025 120.2 | Dec 2025 99.0 | Mar 2026 102.9
- INOXINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 52.4 | Mar 2024 72.5 | Jun 2024 60.9 | Sep 2024 55.2 | Dec 2024 52.4 | Mar 2025 45.6 | Jun 2025 51.2 | Sep 2025 46.9 | Dec 2025 41.4 | Mar 2026 43.0
- 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 76.7 | Dec 2025 55.5 | Mar 2026 27.5
- 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 2025 33.6 | Jun 2025 21.5 | Sep 2025 60.6 | Dec 2025 48.6 | Mar 2026 26.6

## Enterprise Value & Book Value

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

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.

Evidence: Ellenbarrie Industrial Gases Ltd · 17.3× | 3.4% versus #2 · Stallion India Fluorochemicals Ltd | 0/3 recent comparable periods | 4/4 companies · 38 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. Ellenbarrie Industrial Gases Ltd (ELLEN): 17.3
2. Stallion India Fluorochemicals Ltd (STALLION): 17.9
3. Inox India Ltd (INOXINDIA): 29.3
4. Linde India Ltd (LINDEINDIA): 59.1

### P/BV — lowest P/BV
1. Ellenbarrie Industrial Gases Ltd (ELLEN): 4.1
2. Stallion India Fluorochemicals Ltd (STALLION): 4.1
3. Linde India Ltd (LINDEINDIA): 13.5
4. Inox India Ltd (INOXINDIA): 16.3

### 20-quarter EV/EBITDA history
- LINDEINDIA: Jun 2021 30.0 | Sep 2021 43.5 | Dec 2021 36.8 | Mar 2022 48.1 | Jun 2022 39.5 | Sep 2022 45.0 | Dec 2022 43.9 | Mar 2023 50.2 | Jun 2023 49.4 | Sep 2023 64.9 | Dec 2023 60.7 | Mar 2024 67.3 | Jun 2024 88.5 | Sep 2024 87.7 | Dec 2024 63.4 | Mar 2025 64.4 | Jun 2025 66.3 | Sep 2025 64.2 | Dec 2025 54.7 | Mar 2026 59.1
- INOXINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 36.1 | Mar 2024 50.0 | Jun 2024 42.4 | Sep 2024 38.2 | Dec 2024 35.7 | Mar 2025 31.1 | Jun 2025 34.8 | Sep 2025 31.8 | Dec 2025 28.5 | Mar 2026 29.3
- 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 46.7 | Dec 2025 33.8 | Mar 2026 17.3
- 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 2025 26.8 | Jun 2025 17.3 | Sep 2025 42.7 | Dec 2025 34.6 | Mar 2026 17.9

### 20-quarter P/BV history
- LINDEINDIA: Jun 2021 6.1 | Sep 2021 9.1 | Dec 2021 9.5 | Mar 2022 13.2 | Jun 2022 9.3 | Sep 2022 10.0 | Dec 2022 10.3 | Mar 2023 12.7 | Jun 2023 13.6 | Sep 2023 16.2 | Dec 2023 14.8 | Mar 2024 16.8 | Jun 2024 22.5 | Sep 2024 20.7 | Dec 2024 14.6 | Mar 2025 14.9 | Jun 2025 16.3 | Sep 2025 14.1 | Dec 2025 12.7 | Mar 2026 15.2
- 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 20.0 | Jun 2024 18.4 | Sep 2024 16.3 | Dec 2024 13.6 | Mar 2025 12.1 | Jun 2025 12.9 | Sep 2025 12.3 | Dec 2025 10.1 | Mar 2026 11.1
- 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 7.2 | Dec 2025 5.2 | Mar 2026 3.0
- 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 2025 1.8 | Jun 2025 2.7 | Sep 2025 7.5 | Dec 2025 7.3 | Mar 2026 3.9

## 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.

### Strongest one-year price performers
1. Stallion India Fluorochemicals Ltd (STALLION): 143%
2. Inox India Ltd (INOXINDIA): 60%
3. Linde India Ltd (LINDEINDIA): 6.1%
4. Ellenbarrie Industrial Gases Ltd (ELLEN): -48%

### Strongest relative strength versus NIFTY 500
1. Inox India Ltd (INOXINDIA): 51%
2. Stallion India Fluorochemicals Ltd (STALLION): 27%
3. Linde India Ltd (LINDEINDIA): 6.9%
4. Ellenbarrie Industrial Gases Ltd (ELLEN): -18%

## What can make this comparison misleading?
- 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.

## Every company
- Linde India Ltd (LINDEINDIA) — market value ₹57.4K Cr; latest fundamentals Mar 2026
- Inox India Ltd (INOXINDIA) — market value ₹18.2K Cr; latest fundamentals Mar 2026
- Ellenbarrie Industrial Gases Ltd (ELLEN) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Stallion India Fluorochemicals Ltd (STALLION) — market value ₹2.8K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 0. Graded companies: 4.

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

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/industrial-gas