01 — At a Glance
The Gas Giant That Got Gassed. Right in the Margin.
- 52-Week High / Low₹638 / ₹175
- Q3 FY26 Revenue₹81.4 Cr
- Q3 FY26 PAT₹26.1 Cr
- TTM EPS₹7.18
- Annualised EPS (Q3 Avg × 4)₹7.44
- Book Value / Share₹65.4
- Price to Book3.03x
- Debt to Equity0.13x
- Total Installed Capacity3,691 TPD
- Return on Equity17.8%
Flash Summary: Ellenbarrie posted Q3 revenue of ₹81.4 crore and PAT of ₹26.1 crore, up 19.6% and 35.9% QoQ respectively. But wait—that profit jump was mostly because Q2 was artificially low. The real story: EBITDA margin collapsed from 38% (Q2) to 31% (Q3) because argon prices went on a 25% solo slide and steel got quiet. Management cheerfully explains it’s “temporary” while commissioning new plants worth ₹2,500+ crore and hunting for specialty gas contracts. Stock is down -61.8% from 52-week highs. The IPO glow from July 2025 is firmly in the rearview mirror.
02 — Introduction
The Little Indian Gas Guy That IPO’ed Like He Was Apple
Meet Ellenbarrie Industrial Gases. Established in 1973 — when dinosaurs roamed and Indian companies measured success by “not going bankrupt” — Ellenbarrie is now the largest 100% Indian-owned industrial gases company by installed capacity. That’s a flex in a market dominated by Linde (owned by Americans), Inox (owned by Americans), and Air Products (also Americans). India finally has a homegrown oxygen supplier that doesn’t need permission from Delaware.
On July 1, 2025, the company listed on NSE: ELLEN. Raised ₹852 crores. Fresh issue of ₹400 crores used to crush debt, fund capex, and “general corporate purposes” (the most Indian corporate term ever). The stock rocketed to ₹638 in early days. Now it’s ₹198, down 69% from the high. If IPO investors bought at the peak, they’re now learning what “opportunity cost” means by watching their portfolio.
The business: manufacturing industrial gases (oxygen, nitrogen, argon, acetylene, hydrogen, CO₂, helium) in bulk, packaged, and onsite forms. Operations across West Bengal, Andhra Pradesh, and Telangana. Three revenue segments: bulk customers (75.5% of revenue), packaged sales (20%), and onsite installations (4.5%). Customers: steel plants, pharma, chemicals, hospitals, railways, defense, space agencies. Basically, anyone who needs gas to make something works.
The Management’s Concall Gem (Feb 3, 2026): When asked about Q3 margins collapsing, management said: “We don’t expect this to sustain. We do feel that the worst is over.” Translation: Q3 was an accident. Q4 will be better. Trust us. We’re fixing it. (Narrator voice: they know exactly what the problem is.)
03 — Business Model: WTF Do They Even Do?
They Make the Air You Breathe (And Sell It Back to You)
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