Industrial Gas Stocks and Companies in India

The largest Industrial Gas stocks in India by market value are Linde India (₹58,494 crore), Inox India (₹17,025 crore) and Ellenbarrie Industrial Gases (₹4,088 crore), at prices of 6 Nov 2026.

• Linde India: ₹6,859 | market value ₹58,494 crore | P/E 107.0
• Inox India: ₹1,870.20 | market value ₹17,025 crore | P/E 64.4
• Ellenbarrie Industrial Gases: ₹290.10 | market value ₹4,088 crore | P/E 33.9
• Stallion India Fluorochemicals: ₹200.22 | market value ₹2,325 crore | P/E 44.6

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

All 4 listed Indian Industrial Gas companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Industrial Gas index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. Linde India Ltd₹48,200 cr
2. Inox India Ltd₹18,200 cr
3. Ellenbarrie Industrial Gases Ltd₹4,350 cr
4. Stallion India Fluorochemicals Ltd₹2,140 cr

4 Industrial Gas companies in the Industrial Gas industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 4 are listed below, largest first. The largest is Linde India (₹48,196 crore) and the smallest with a market value is Stallion India Fluorochemicals.

Download all 4 Industrial Gas companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 16% ahead of NIFTY 500. Earnings across its companies grew 25% on average over the last four reported quarters.

Price and the fundamentals both up. 0 of 4 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 20% or more behind over a year while earnings grew 20% or more.

Ahead of NIFTY 500 on the three-month view for 1 week running; 3 of the 4 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 4 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 4 of the 4 that report earnings.

Participation is shrinking, 1 → 0 of 4 over four weeks, after being ahead of NIFTY 500. Price-only fade, 4 of 4 members have higher trailing twelve-month earnings than a year ago, so the fade is in the price, not in the earnings.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Industrial Gas has done better than the NIFTY 500 by 8.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.6%. Inox India Ltd is the strongest against the sector itself at +14.7%.

Industrial Gas has done better than the NIFTY 500 by 8.9% over 52 weeks, but is 0.6% behind over the last 13 weeks. 0 of 4 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 1 of 4 is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Ellenbarrie Industrial Gases Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 90% evidence confidence.

Inox India Ltd has the strongest one-year price move in Industrial Gas at +56.7%. It also leads on relative strength against the NIFTY, at +25.8%. 3 of 4 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: 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.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Industrial Gas itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

3 of 4 Industrial Gas companies held a results call for April to June 2026. Stallion India Fluorochemicals guided: Three-year revenue yearly growth of 30-35% maintained; one plant planned annually toward ₹3,000 crore revenue.

From the results calls for April to June 2026.

Big funds, foreign and Indian, cut their stake by 0.6 points over the last two quarters. Founders and promoters cut theirs by 4.3 points.

• Spending on new plants and equipment was ₹1,504 crore in the last 12 months, 1% less than a year before.
• Projects still being built grew 43% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 4 Industrial Gas companies, in percentage points.

Ownership and spending as of 10 October 2026.

Linde India Ltd has the highest Revenue among the 4 Industrial Gas companies compared here, at ₹2,653 crore. Inox India Ltd is next at ₹1,717 crore. Inox India Ltd has the highest Revenue growth at 22.6%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Linde India Ltd is the largest at ₹2,653 crore, 54.5% ahead of Inox India Ltd. Inox India Ltd's growth is 22.6% from a ₹1,717 crore base, with 18 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Linde India Ltd is the size to compare against; Inox India Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

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.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Ellenbarrie Industrial Gases Ltd has the highest OPM among the 4 Industrial Gas companies compared here, at 38.4%. Linde India Ltd is next at 22.7%. Stallion India Fluorochemicals Ltd has the highest Margin change at +5 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Ellenbarrie Industrial Gases Ltd leads opm at 38.4%; Stallion India Fluorochemicals Ltd leads margin change at +5 percentage points.

What this means: Ellenbarrie Industrial Gases Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Linde India Ltd has the highest Net profit among the 4 Industrial Gas companies compared here, at ₹546 crore. Inox India Ltd is next at ₹261 crore. Stallion India Fluorochemicals Ltd has the highest Profit growth at 52.9%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Linde India Ltd earns the most, ₹546 crore of profit over the last 12 months, 109.2% above Inox India Ltd. Stallion India Fluorochemicals Ltd shows 52.9% growth from a profit base of ₹52 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Linde India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

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%. Ellenbarrie Industrial Gases Ltd has the highest ROCE change at +1.2 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Inox India Ltd leads ROCE at 33.5%, 15.3 percentage points above Linde India Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Inox India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Ellenbarrie Industrial Gases Ltd has the lowest PEG among the 4 Industrial Gas companies compared here, at 0.99×. Linde India Ltd is next at 4.39×. The same company also has the lowest P/E, at 36×. 3 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Ellenbarrie Industrial Gases Ltd has the lowest comparable PEG at 0.99×, 77.4% below Linde India Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. 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.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Industrial Gas companies show up on 2 of our India lists. The most are on the small & mid cap stocks list (2 companies).

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 come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

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 Sep 2026 and market data through 30 October 2026.

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

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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.