Ellenbarrie Industrial Gases Limited (EIGL) is a prominent Indian company specializing in the production and supply of industrial, medical, and speciality gases. Incorporated in 1973, EIGL holds the distinction of being the largest 100% Indian-owned industrial gases company in terms of installed capacity, with over 50 years of operational history. The company has established itself as a market leader in West Bengal, Andhra Pradesh, and Telangana, and maintains a strong presence across diverse industries including steel, pharmaceuticals, chemicals, healthcare, engineering, infrastructure, railways, aviation, aerospace, petrochemicals, defence, and semiconductors.
EIGL successfully launched its Initial Public Offering (IPO) priced at ₹400 per share, and subsequently listed on the BSE and NSE on July 1, 2025. The IPO, valued at ₹852.53 crores, marked a significant entry into the industrial sector.
The company's core business involves the manufacturing and supply of a wide array of industrial gases such as oxygen, nitrogen, argon, helium, hydrogen, acetylene, carbon dioxide (CO₂), and nitrous oxide, alongside a range of specialty gases. EIGL also provides essential medical gases, dry ice, liquefied petroleum gas (LPG), welding mixtures, and synthetic air. Its product offerings are extensive, encompassing oxygen (both bulk and packaged), medical oxygen, nitrogen (bulk and packaged), argon (bulk and packaged), high-purity gases, dissolved acetylene gas, nitrous oxide IP, hydrogen, carbon dioxide, and various specialty gases and gas mixtures.
EIGL operates a network of eight facilities spread across India, with four located in West Bengal, two in Andhra Pradesh, one in Telangana, and one in Chhattisgarh. As of March 31, 2025, the company employed 281 permanent and 85 contractual personnel. Its operational infrastructure includes three standalone air separation units (ASUs) with capacities of 115 TPD in Uluberia (West Bengal), 130 TPD in Jadcherla (Telangana), and 170 TPD in Visakhapatnam (Andhra Pradesh).
Beyond gas supply, EIGL offers project engineering services, leveraging its technical expertise to design, install, and commission tonnage ASUs on a turnkey basis. The company also specializes in medical gas pipeline solutions, assisting healthcare facilities with the installation, operation, and maintenance of their systems. Furthermore, EIGL supplies critical medical equipment, including anesthesia workstations, ventilators, spirometers, sterilizers, bedside monitors, and lung diffusion testing machines.
Ellenbarrie Industrial Gases maintains a robust distribution network, with over 35,000 gas cylinders in circulation as of March 31, 2024. Bulk distribution is managed efficiently using its own fleet of cryogenic tankers, complemented by two standalone cylinder filling stations that enhance its market reach. The company is also involved in the import, trading, and processing of ferrous products through a dedicated steel service center located in Howrah.
The Indian industrial gases market is a dynamic sector, valued at USD 1.31 billion in 2024. It is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.3% during the 2018-2024 period, fueled by rapid industrialization, significant infrastructure development, an increasing focus on hydrogen as a clean energy source, and ongoing innovations in gas production, storage, and distribution technologies.
The company reported a revenue of ₹312 crores and a profit of ₹83.3 crores for the fiscal year ending March 31, 2025. Revenue saw a substantial increase of 20%, while profit after tax (PAT) experienced an impressive rise of 84% between FY 2024 and FY 2025. Specifically, the company's revenue stood at ₹348.43 crores in 2025, up from ₹290.2 crores in 2024. Correspondingly, the profit for 2025 was ₹83.29 crores, an increase from ₹45.29 crores in the previous year.
The Industrial Gases segment is the company's primary revenue generator, contributing approximately 93.59% of the total revenue from operations during Fiscal 2025. Project Engineering Services accounted for the remaining 6.41% of the total revenue.
The company boasts a market capitalization of ₹8,483 crores, with its stock trading at approximately ₹602.00 as of July 10, 2025. At this date, the market capitalization is reported at ₹8,491 crores. The stock currently exhibits a Price-to-Earnings (P/E) ratio of 106 and a book value of ₹37.7. Promoter holding remains strong at 77.2%.
Ellenbarrie Industrial Gases operates within a stable business environment characterized by consistent demand from various industrial sectors. The stock's 52-week high was recorded at ₹586.80, and the 52-week low was ₹486.00, suggesting reasonable price stability for a recently listed entity.
The company's promoters are Padam Kumar Agarwala and Varun Agarwal. Padam Kumar Agarwala serves in the dual roles of Chairman and Managing Director. A notable aspect of the company's governance is the absence of any promoter pledging, which signifies robust financial health and strong confidence from the promoters in the company's future prospects.
Ellenbarrie Industrial Gases stands as a well-established player in India's expanding industrial gases market. Its comprehensive product portfolio, strong regional presence, and consistent financial performance, coupled with a strategic focus on both traditional industrial gases and emerging opportunities in medical gases and project engineering services, position the company favorably for sustained growth within India's dynamic industrial landscape.
