Ellenbarrie Industrial Gases Ltd · ELLEN
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₹67 Cr
₹95 Cr
₹68 Cr
₹82 Cr
₹84 Cr
₹89 Cr
₹81 Cr
₹87 Cr
₹99 Cr
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.
The 4 Industrial Gas companies listed in India are Linde India Ltd (₹53.1K Cr, the largest), Inox India Ltd, Ellenbarrie Industrial Gases Ltd and 1 more. 3 of 4 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.
01 · the index people search for
Nifty Industrial Gas Index — Constituents & Performance
All 4 listed Indian Industrial Gas companies are named here, largest first — the same constituent set people search for as the Nifty Industrial Gas index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.
- Linde India Ltd₹53.1K Cr
- Inox India Ltd₹20.4K Cr
- Ellenbarrie Industrial Gases Ltd₹5.4K Cr
- Stallion India Fluorochemicals Ltd₹2.6K Cr
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 28% ahead of NIFTY 500. Earnings across its companies grew 25% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 23 weeks running.
LEADER · ahead 23w✓Price and the fundamentals both up3 of 4 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more
RS ↑23w · 3/4 >200d (+0) · 3/4 lead (+0) · EPS 4/4↑
Industrial Gas, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Industrial Gas, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
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 28% over the last 52 weeks. Over 13 weeks the gap is a lead of 20.7%. 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 +23.2%. Readings are as of 2026-08-22.
+20.7%Sector vs NIFTY 500 · 13 weeks
+28.0%Sector vs NIFTY 500 · 52 weeks
3/4Stocks leading NIFTY 500
1/4Stocks leading sector
Sector metric: 27.8 as of 2026-08-22 · NARROWING · rising.
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 28% over 52 weeks and 20.7% 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 ₹2,653 crore, based on 4 of 4 comparable companies through Jun 2026.
Companies
4
complete canonical membership
Combined market value
₹81.5K 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%
Ellenbarrie Industrial Gases Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 84% 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 |
|---|---|---|---|---|---|---|
| 1Ellenbarrie Industrial Gases LtdELLEN | 51.9/100Mixed-positive evidence84% evidence | BREAKING OUT | 19.1/35 Revenue 8.2% · PAT 40.7% · OPM change 1 pp 100% evidence | 14.6/25 ROCE 14.5% · OPM 38% 100% evidence | 10.2/20 P/E 44.4× · PEG 1.67 50% evidence | 8.0/20 RS sector -6% · RS bench 22.4% · 1Y -27.5%9 of 12 weeks ahead 70% evidence |
| Exact sum: 19.1 + 14.6 + 10.2 + 8 = 51.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Inox India LtdINOXINDIA | 50.7/100Mixed-positive evidence97% evidence | LEADER | 12.9/35 Revenue 19.9% · PAT 9% · OPM change -2 pp 100% evidence | 20.0/25 ROCE 33.5% · OPM 20% 100% evidence | 2.7/20 P/E 79.3× · PEG 3.66 85% evidence | 15.1/20 RS sector 23.2% · RS bench 58.2% · 1Y 93.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 12.9 + 20 + 2.7 + 15.1 = 50.7 · Decision use: Price leads the evidence: RS versus the benchmark is 58.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 3Stallion India Fluorochemicals LtdSTALLION | 48.5/100Mixed-negative evidence80% evidence | LEADER | 21.3/35 Revenue 6.5% · PAT 52.9% · OPM change 5 pp 100% evidence | 10.7/25 ROCE 11.8% · OPM 18% 100% evidence | 10.0/20 P/E 50.2× · PEG — 0% evidence | 6.5/20 RS sector -3.3% · RS bench 24.2% · 1Y 40%12 of 12 weeks ahead 100% evidence |
| Exact sum: 21.3 + 10.7 + 10 + 6.5 = 48.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Linde India LtdLINDEINDIA | 41.7/100Mixed-negative evidence90% evidence | ASLEEP | 18.8/35 Revenue 10.4% · PAT 22.1% · OPM change -5 pp 100% evidence | 17.8/25 ROCE 18.2% · OPM 29% 100% evidence | 5.0/20 P/E 97.2× · PEG 6.56 50% evidence | 0.1/20 RS sector -27.6% · RS bench -4.8% · 1Y -3.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 18.8 + 17.8 + 5 + 0.1 = 41.7 · 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
Inox India Ltd has the strongest one-year price move in Industrial Gas at +93.3%. It also leads on Mansfield relative strength against NIFTY at +58.2%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.
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.
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.
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.
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 ₹2,653 crore. Inox India Ltd is next at ₹1,619 crore. Inox India Ltd has the highest Revenue growth at 19.9%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Linde India Ltd is the scale leader at ₹2,653 crore, 63.9% ahead of Inox India Ltd. Inox India Ltd's growth is 19.9% from a ₹1,619 crore base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderLinde India Ltd · ₹2,653 crore
Gap63.9% versus #2 · Inox India Ltd
Persistence4/8 recent comparable periods
Coverage4/4 companies · 59 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
Revenue growthfastest growers
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 | ₹694 Cr | 22% | Jun 2026 |
| Inox India Ltd INOXINDIA | ₹371 Cr | 9.1% | Jun 2026 |
| Stallion India Fluorochemicals Ltd STALLION | ₹121 Cr | 10% | Jun 2026 |
| Ellenbarrie Industrial Gases Ltd ELLEN | ₹99 Cr | 18% | Jun 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Inox India Ltd · INOXINDIA
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₹243 Cr
₹243 Cr
₹244 Cr
₹235 Cr
₹308 Cr
₹258 Cr
₹291 Cr
₹277 Cr
₹296 Cr
₹307 Cr
₹334 Cr
₹369 Cr
₹340 Cr
₹358 Cr
₹429 Cr
₹461 Cr
₹371 Cr
Linde India Ltd · LINDEINDIA
₹507 Cr
₹644 Cr
₹534 Cr
₹588 Cr
₹686 Cr
₹697 Cr
₹630 Cr
₹721 Cr
₹711 Cr
₹706 Cr
₹630 Cr
₹653 Cr
₹634 Cr
₹606 Cr
₹592 Cr
₹571 Cr
₹644 Cr
₹701 Cr
₹614 Cr
₹694 Cr
Stallion India Fluorochemicals Ltd · STALLION
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₹46 Cr
₹46 Cr
₹71 Cr
₹69 Cr
₹73 Cr
₹68 Cr
₹85 Cr
₹152 Cr
₹110 Cr
₹106 Cr
₹105 Cr
₹110 Cr
₹121 Cr
Revenue growth · reported quarter history
Ellenbarrie Industrial Gases Ltd · ELLEN
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25%
-6.3%
19%
6.1%
18%
Inox India Ltd · INOXINDIA
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27%
6.2%
19%
18%
-3.9%
19%
15%
33%
15%
17%
28%
25%
9.1%
Linde India Ltd · LINDEINDIA
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13%
35%
8.2%
18%
23%
3.6%
1.3%
0.0%
-9.4%
-11%
-14%
-6.0%
-13%
1.6%
16%
3.7%
22%
Stallion India Fluorochemicals Ltd · STALLION
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59%
48%
20%
120%
51%
56%
24%
-28%
10%
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 38%. Linde India Ltd is next at 29%. 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 Jun 2026.
What the numbers say: Ellenbarrie Industrial Gases Ltd leads opm at 38%; Stallion India Fluorochemicals Ltd leads margin change at +5 percentage points.
LeaderEllenbarrie Industrial Gases Ltd · 38%
Gap31% versus #2 · Linde India Ltd
Persistence3/5 recent comparable periods
Coverage4/4 companies · 59 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
Margin changefastest expanders
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 | 38% | +1.0 pp | Jun 2026 |
| Linde India Ltd LINDEINDIA | 29% | −5.0 pp | Jun 2026 |
| Inox India Ltd INOXINDIA | 20% | −2.0 pp | Jun 2026 |
| Stallion India Fluorochemicals Ltd STALLION | 18% | +5.0 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Ellenbarrie Industrial Gases Ltd · ELLEN
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33%
38%
40%
30%
37%
38%
31%
31%
38%
Inox India Ltd · INOXINDIA
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22%
23%
21%
17%
23%
23%
23%
19%
24%
21%
21%
22%
22%
22%
22%
21%
20%
Linde India Ltd · LINDEINDIA
26%
23%
25%
23%
21%
24%
30%
23%
24%
26%
28%
28%
28%
32%
35%
34%
44%
37%
28%
29%
Stallion India Fluorochemicals Ltd · STALLION
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8.8%
8.8%
12%
9.7%
17%
2.9%
17%
12%
13%
15%
11%
15%
18%
Margin change · reported quarter history
Ellenbarrie Industrial Gases Ltd · ELLEN
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+4.0 pp
0.0 pp
−9.0 pp
+1.0 pp
+1.0 pp
Inox India Ltd · INOXINDIA
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—
—
—
—
—
+1.2 pp
−0.0 pp
+2.0 pp
+2.0 pp
+1.0 pp
−2.0 pp
−2.0 pp
+3.0 pp
−2.0 pp
+1.0 pp
+1.0 pp
−1.0 pp
−2.0 pp
Linde India Ltd · LINDEINDIA
+2.2 pp
−4.4 pp
−5.3 pp
−3.3 pp
−4.7 pp
+1.0 pp
+5.4 pp
+0.1 pp
+3.0 pp
+2.0 pp
−2.0 pp
+5.0 pp
+4.0 pp
+6.0 pp
+7.0 pp
+6.0 pp
+16.0 pp
+5.0 pp
−7.0 pp
−5.0 pp
Stallion India Fluorochemicals Ltd · STALLION
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—
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+8.2 pp
−5.9 pp
+5.0 pp
+2.3 pp
−4.0 pp
+12.1 pp
−6.0 pp
+3.0 pp
+5.0 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 ₹546 crore. Inox India Ltd is next at ₹255 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 Jun 2026.
What the numbers say: Linde India Ltd leads with ₹546 crore of TTM profit, 114.1% above Inox India Ltd. Stallion India Fluorochemicals Ltd shows 52.9% growth from a ₹52 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderLinde India Ltd · ₹546 crore
Gap114.1% versus #2 · Inox India Ltd
Persistence3/8 recent comparable periods
Coverage4/4 companies · 59 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
Profit growthfastest growers
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 | ₹105 Cr | -1.9% | Jun 2026 |
| Inox India Ltd INOXINDIA | ₹58 Cr | -4.9% | Jun 2026 |
| Ellenbarrie Industrial Gases Ltd ELLEN | ₹35 Cr | 84% | Jun 2026 |
| Stallion India Fluorochemicals Ltd STALLION | ₹19 Cr | 90% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Ellenbarrie Industrial Gases Ltd · ELLEN
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₹16 Cr
₹30 Cr
₹19 Cr
₹18 Cr
₹19 Cr
₹37 Cr
₹26 Cr
₹23 Cr
₹35 Cr
Inox India Ltd · INOXINDIA
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—
—
₹42 Cr
₹42 Cr
₹41 Cr
₹31 Cr
₹57 Cr
₹46 Cr
₹49 Cr
₹44 Cr
₹53 Cr
₹49 Cr
₹58 Cr
₹66 Cr
₹61 Cr
₹61 Cr
₹61 Cr
₹75 Cr
₹58 Cr
Linde India Ltd · LINDEINDIA
₹64 Cr
₹68 Cr
₹66 Cr
₹172 Cr
₹91 Cr
₹110 Cr
₹99 Cr
₹100 Cr
₹109 Cr
₹120 Cr
₹105 Cr
₹114 Cr
₹106 Cr
₹116 Cr
₹118 Cr
₹107 Cr
₹171 Cr
₹193 Cr
₹77 Cr
₹105 Cr
Stallion India Fluorochemicals Ltd · STALLION
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—
—
—
—
—
—
₹3 Cr
₹3 Cr
₹5 Cr
₹5 Cr
₹8 Cr
₹1 Cr
₹10 Cr
₹13 Cr
₹10 Cr
₹11 Cr
₹11 Cr
₹11 Cr
₹19 Cr
Profit growth · reported quarter history
Ellenbarrie Industrial Gases Ltd · ELLEN
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—
—
—
—
—
—
—
19%
23%
37%
28%
84%
Inox India Ltd · INOXINDIA
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—
—
—
—
—
—
36%
9.5%
20%
42%
-7.0%
6.5%
18%
50%
15%
24%
5.2%
14%
-4.9%
Linde India Ltd · LINDEINDIA
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—
—
139%
42%
62%
50%
-42%
20%
9.1%
6.1%
14%
-2.8%
-3.3%
12%
-6.1%
61%
66%
-35%
-1.9%
Stallion India Fluorochemicals Ltd · STALLION
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—
—
—
—
—
—
—
—
—
—
167%
-67%
100%
160%
25%
1,000%
10%
-15%
90%
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 Jun 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 · 40 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
ROCE changefastest improvers
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 | Jun 2026 |
| Linde India Ltd LINDEINDIA | 15% | +1.3 pp | Jun 2026 |
| Ellenbarrie Industrial Gases Ltd ELLEN | 8.5% | −4.3 pp | Jun 2026 |
| Stallion India Fluorochemicals Ltd STALLION | 8.5% | −7.0 pp | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Ellenbarrie Industrial Gases Ltd · ELLEN
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—
—
—
—
—
—
—
—
—
—
—
—
—
13%
30%
9.2%
23%
8.5%
—
Inox India Ltd · INOXINDIA
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—
—
—
—
—
33%
—
36%
43%
35%
41%
30%
41%
29%
41%
27%
38%
26%
—
Linde India Ltd · LINDEINDIA
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12%
—
—
—
—
12%
—
13%
17%
13%
17%
14%
16%
13%
16%
15%
20%
15%
—
Stallion India Fluorochemicals Ltd · STALLION
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—
—
—
—
—
—
3.5%
7.1%
14%
19%
—
22%
—
16%
24%
20%
27%
8.5%
—
ROCE change · reported quarter history
Ellenbarrie Industrial Gases Ltd · ELLEN
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—
—
—
—
—
−4.3 pp
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Inox India Ltd · INOXINDIA
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—
—
—
—
—
—
—
—
—
+1.1 pp
—
−6.0 pp
−1.3 pp
−5.4 pp
−0.4 pp
−2.7 pp
−3.7 pp
−2.8 pp
—
Linde India Ltd · LINDEINDIA
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—
—
—
—
—
—
—
—
+1.0 pp
—
+0.1 pp
−1.2 pp
0.0 pp
−1.0 pp
+1.8 pp
+3.3 pp
+1.3 pp
—
Stallion India Fluorochemicals Ltd · STALLION
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—
—
—
—
—
—
—
—
—
+14.4 pp
—
−3.1 pp
—
−2.0 pp
—
−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 3.66×. The same company also holds the lowest P/E, at 44.4×. 3 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Ellenbarrie Industrial Gases Ltd has the lowest comparable PEG at 1.67×, 54.4% 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×
Gap54.4% versus #2 · Inox India Ltd
Persistence0/4 recent comparable periods
Coverage3/4 companies · 18 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data 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
P/Elowest P/E
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 | 109.1 | Jun 2026 |
| Inox India Ltd INOXINDIA | 3.7 | 65.3 | Jun 2026 |
| Ellenbarrie Industrial Gases Ltd ELLEN | 1.7 | 35.7 | Jun 2026 |
| Stallion India Fluorochemicals Ltd STALLION | — | 48.2 | Jun 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
Ellenbarrie Industrial Gases Ltd · ELLEN
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—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5.1
—
1.7
—
Inox India Ltd · INOXINDIA
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—
—
—
—
—
—
—
—
2.7
1.7
—
7.8
2.6
0.9
4.1
2.1
—
2.9
3.7
Linde India Ltd · LINDEINDIA
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4.2
—
1.7
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1.5
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—
—
—
—
13.4
17.8
9.8
—
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6.6
—
—
P/E · reported quarter history
Ellenbarrie Industrial Gases Ltd · ELLEN
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—
—
—
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—
78.4
55.5
27.5
35.7
Inox India Ltd · INOXINDIA
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—
—
—
—
—
—
—
—
52.4
72.5
60.9
55.2
52.4
45.6
51.2
46.9
41.4
43.0
65.3
Linde India Ltd · LINDEINDIA
100.0
80.5
102.4
89.9
74.0
71.7
78.3
78.0
126.9
115.1
127.7
163.1
160.4
117.7
120.8
124.5
120.2
99.0
102.9
109.1
Stallion India Fluorochemicals Ltd · STALLION
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—
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—
—
—
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—
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—
33.6
21.5
60.6
48.6
26.6
48.2
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 Jun 2026 and market data through 2026-09-11. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-09-11 · 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 Jun 2026. Price and relative-strength answers run through 2026-09-11. 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 28% over 52 weeks and 20.7% 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 ₹2,653 crore, based on 4 of 4 comparable companies through Jun 2026.
Which Industrial Gas company is growing fastest?
Inox India Ltd has the fastest current revenue growth at 19.9%, across 4 of 4 comparable companies.
Which Industrial Gas company has the strongest 4-Factor Sector Score?
Ellenbarrie Industrial Gases Ltd ranks first at 51.9/100 with 84% 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 Jun 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.
Is there a Nifty Industrial Gas index?
NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Industrial Gas, this page builds its own equal-weight basket of 4 listed Industrial Gas companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.
Which are the best Industrial Gas stocks in India?
Ranked by this page's four-factor score, Ellenbarrie Industrial Gases Ltd places first among 4 listed Industrial Gas companies, followed by Inox India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 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 Jun 2026.
Which Industrial Gas company is the biggest?
Linde India Ltd is the largest, with trailing-twelve-month revenue of ₹2,653 crore, ahead of Inox India Ltd at ₹1,619 crore. That covers 4 of 4 companies with comparable reporting through Jun 2026.
Which Industrial Gas company has the best profit margins?
Ellenbarrie Industrial Gases Ltd has the highest operating margin at 38%, from 4 of 4 comparable companies. Stallion India Fluorochemicals Ltd shows the biggest recent improvement, at +5 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 ₹546 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Stallion India Fluorochemicals Ltd has the fastest profit growth at 52.9%, 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 28% over the last 52 weeks and 20.7% 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?
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?
Ellenbarrie Industrial Gases Ltd scores 51.9 out of 100 with 84% evidence confidence, from 19.1 points on growth and earnings, 14.6 on capital efficiency, 10.2 on valuation and 8 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 Jun 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 ₹81,470 crore of combined market value. Linde India Ltd is the largest at ₹53,108 crore, about 65% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.
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 28% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.
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.
Not SEBI Registered !! Not Investment advice !!