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.

01 · the index people search for

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.

02 · the sector itself · before any single company

How has Industrial Gas moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 7% 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 17 weeks running.

LEADER · ahead 17w✓Moving with the index2 of 4 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑17w · 3/4 >200d (+0) · 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

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.

03 · sector relative strength, before individual stocks

Is Industrial Gas outperforming NIFTY 500?

Industrial Gas has outperformed NIFTY 500 by 16.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 19.8%. 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 +23.5%. Readings are as of 2026-07-19.

+19.8%Sector vs NIFTY 500 · 13 weeks

+16.3%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

Industrial Gas has outperformed NIFTY 500 by 16.3% over 52 weeks and 19.8% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. Linde India Ltd leads with revenue of ₹2,530 crore, based on 4 of 4 comparable companies through Mar 2026.

Companies

complete canonical membership

Combined market value

₹81.6K Cr

Linde India Ltd

Revenue growing

4/4

positive TTM year-on-year growth

Beating NIFTY 500

3/4

positive Mansfield relative strength

Comparing 4 of 4

04 · 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.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Inox India LtdINOXINDIA	58.2/100Mixed-positive evidence97% evidence	LEADER	15.9/35 Revenue 21.6% · PAT 14.2% · OPM change -1 pp 100% evidence	20.0/25 ROCE 33.5% · OPM 21% 100% evidence	3.6/20 P/E 66.6× · PEG 2.89 85% evidence	18.7/20 RS sector 23.5% · RS bench 41.3% · 1Y 58.7%12 of 12 weeks ahead 100% evidence
Exact sum: 15.9 + 20 + 3.6 + 18.7 = 58.2 · Decision use: Price leads the evidence: RS versus the benchmark is 41.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2Stallion India Fluorochemicals LtdSTALLION	52.8/100Mixed-positive evidence74% evidence	TURNING	23.9/35 Revenue 14% · PAT 34.4% · OPM change 3 pp 100% evidence	10.9/25 ROCE 11.8% · OPM 15% 100% evidence	10.0/20 P/E 68.9× · PEG — 0% evidence	8.0/20 RS sector -9% · RS bench 48.2% · 1Y 149.8%9 of 10 weeks ahead 70% evidence
Exact sum: 23.9 + 10.9 + 10 + 8 = 52.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Ellenbarrie Industrial Gases LtdELLEN	49.8/100Mixed-negative evidence84% evidence	ASLEEP	18.4/35 Revenue 9.3% · PAT 26.5% · OPM change 1 pp 100% evidence	18.2/25 ROCE 15.2% · OPM 31% 100% evidence	10.2/20 P/E 35.6× · PEG 1.67 50% evidence	3.0/20 RS sector -32.5% · RS bench -22.9% · 1Y -53.1%10 of 12 weeks ahead 70% evidence
Exact sum: 18.4 + 18.2 + 10.2 + 3 = 49.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Linde India LtdLINDEINDIA	42.1/100Mixed-negative evidence90% evidence	ASLEEP	15.4/35 Revenue 1.8% · PAT 20.7% · OPM change -7 pp 100% evidence	18.8/25 ROCE 18.2% · OPM 28% 100% evidence	5.0/20 P/E 105× · PEG 6.56 50% evidence	2.9/20 RS sector -12.9% · RS bench 0.8% · 1Y 4.3%3 of 12 weeks ahead 100% evidence
Exact sum: 15.4 + 18.8 + 5 + 2.9 = 42.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

05 · what price has already done

Market action

Stallion India Fluorochemicals Ltd has the strongest one-year price move in Industrial Gas at +149.8%. It also leads on Mansfield relative strength against NIFTY at +48.2%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · 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

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them 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%

07 · 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

All-company data · latest reported quarter

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 20242.9%

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 2024−5.9 pp

Dec 2024+5.0 pp

Mar 2025+2.3 pp

Jun 2025−4.0 pp

Sep 2025+12.1 pp

Dec 2025−6.0 pp

Mar 2026+3.0 pp

08 · 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

All-company data · latest reported quarter

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%

09 · 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

All-company data · latest reported quarter

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

10 · compare level, then change

Valuation Against Growth & Quality

Ellenbarrie Industrial Gases Ltd has the lowest 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 35.6×. 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 PEG at 1.67×, 42.2% below Inox India Ltd. Only 3 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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 · 17 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

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 ELLEN35.6

2Inox India Ltd INOXINDIA66.6

3Stallion India Fluorochemicals Ltd STALLION68.9

4Linde India Ltd LINDEINDIA105.0

Valuation · company comparison

3/4 level · 4/4 change

All-company data · latest reported quarter

Company	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

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 20255.1

Dec 2025—

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 202578.4

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

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Industrial Gas comparison names 4 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. 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.

12 · 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 2026-07-31. 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 2026-07-31 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG 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.

How a second data feed is admitted, and what happens when it disagrees

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.

13 · questions investors ask, short speakable answers

Industrial Gas company comparison FAQs

These 23 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 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Industrial Gas sector outperforming NIFTY 500?

Industrial Gas has outperformed NIFTY 500 by 16.3% over 52 weeks and 19.8% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.

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 58.2/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Industrial Gas company has the lowest comparable PEG?

Ellenbarrie Industrial Gases Ltd has the lowest comparable PEG at 1.67, among 3 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Industrial Gas comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

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 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 PEG — where a LOWER number is cheaper — Ellenbarrie Industrial Gases Ltd screens cheapest at 1.67×. Only 3 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Industrial Gas sector beating the market?

Industrial Gas has outperformed NIFTY 500 by 16.3% over the last 52 weeks and 19.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Industrial Gas stock has the strongest price momentum?

Stallion India Fluorochemicals 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 58.2 out of 100 with 97% evidence confidence, from 15.9 points on growth and earnings, 20 on capital efficiency, 3.6 on valuation and 18.7 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, 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 ₹81,572 crore of combined market value. Linde India Ltd is the largest at ₹57,521 crore, about 71% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

How is the Industrial Gas sector performing?

3 of the 4 covered Industrial Gas companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 16.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.