EI
ClosedMainboardChemicals · Industrial Gases
Ellenbarrie Industrial Gases Limited
ELLEN·₹380 – ₹400·Opens 2025-06-24
★★★★☆4/5
🔗 Official WebsitePrice Band: ₹380 – ₹400
Min. Investment: 14800
Issue Size: 852.525
About the Company
What does this company do?
Ellenbarrie Industrial Gases Limited is a manufacturer and supplier of industrial gases incorporated in 1973. The company operates nine facilities, five of which are located in West Bengal, and four at customer sites. It supplies products including oxygen, nitrogen, argon, and other industrial gases to sectors such as…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
852.525
21313130
Fresh Issue
400
10000000
Proceeds go to company
OFS
452.525
11313130
Proceeds to selling shareholders
Reservation Structure
QIB (Qualified Institutional Buyers)
50%
10656565
Not more than 50% of the Offer; 60% of QIB portion allocated to Anchor Investors
NII / HNI (Non-Institutional Investors)
15%
3196970
Not less than 15% of the Offer
RII (Retail Individual Investors)
35%
7459595
Not less than 35% of the Offer
Products & Brands
Key offerings and brand portfolio of the company.
Industrial Gases: Oxygen, nitrogen, argon, and other industrial and specialty gases supplied to steel, healthcare, manufacturing and other industries.
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | FY2025 |
|---|
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
6.36
FY2025
EPS — Diluted (₹)
6.36
FY2025
P/E Ratio
62.89
At upper band ₹400 / EPS ₹6.36
RoNW (%)
24.96%
FY2025 PAT 83.289 / NetWorth 333.619
NAV per Share (₹)
25.48
Pre-issue, as per KPI table
Debt/Equity
0.74
FY2025 Total Debt 245.296 / NetWorth 333.619
EBITDA Margin (%)
—
FY2025 — EBITDA not separately disclosed in extract
PAT Margin (%)
26.66%
FY2025 PAT 83.289 / Revenue 312.483
Revenue CAGR
23.42%
FY23–FY25 2-year CAGR: (312.483/205.107)^0.5 - 1
Peer Comparison
Listed peers in the same industry — compare valuation and scale.
| Company | Exchange | Market Cap | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — |
* Peer data extracted from DRHP. All figures in ₹ Crores unless stated. P/E based on latest available earnings.
Objectives of the Issue
How the company intends to use the IPO proceeds.
⚠
{"amount":"400","purpose":"Fresh Issue proceeds for capital expenditure and general corporate purposes"}
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Over 50 years of operational history in industrial gases
Strong revenue and PAT growth — revenue CAGR ~23% over FY23-FY25
On-site gas supply model providing captive demand and long-term revenue visibility
Diversified customer base across steel, healthcare, and manufacturing sectors
⚠️Weaknesses
Historical delisting from Calcutta Stock Exchange may weigh on investor sentiment
High customer concentration risk
Significant geographic concentration in West Bengal
🚀Opportunities
Growing demand for industrial gases from expanding steel and healthcare sectors in India
Government infrastructure push driving demand from PSUs and large industrials
Capacity expansion funded by fresh issue proceeds to capture incremental demand
🔥Threats
Competition from large multinational industrial gas players
Regulatory and safety risks given hazardous nature of products
Tender-based PSU contracts offer no guaranteed renewals
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Long-standing operational history since 1973 with established customer relationships across key industrial sectors
✓
Diversified product portfolio covering oxygen, nitrogen, argon, and specialty gases serving multiple end-use industries
✓
On-site facility model at customer locations providing stable, long-term supply arrangements
✓
Strong revenue and profit growth trajectory with revenue CAGR of approximately 23% between FY23 and FY25
✓
Experienced promoter management team with deep domain knowledge in industrial gases
✓
Expanding manufacturing footprint supported by fresh issue proceeds for capex
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
Customer concentration risk — loss of key customers could materially impact revenues
⚠
Four facilities operate at customer sites, creating dependency on customer relationships
⚠
Government/PSU contracts awarded through competitive tendering with no guarantee of renewal
⚠
Hazardous nature of industrial gases exposes operations to significant safety and liability risks
⚠
Geographic concentration — five of nine facilities located in West Bengal
⚠
Historical delisting from Calcutta Stock Exchange may affect investor confidence
⚠
Under-utilization or inability to ramp new capacities could hurt financial performance
✓ Subscribe
Should You Apply?
Ellenbarrie Industrial Gases Limited is a 50-year-old manufacturer and supplier of industrial gases with nine facilities across India, serving steel, healthcare, and manufacturing sectors through both on-site and merchant supply models. The company has delivered strong financial performance with revenue growing at a ~23% CAGR from FY23 to FY25 and PAT rising sharply from ₹28.1 Cr (FY23) to ₹83.3 Cr (FY25), reflecting improving operating leverage. At the upper price band of ₹400, the stock is priced at ~62.9x FY25 earnings, which is a premium valuation, but justified by the high-growth trajectory and strong sectoral tailwinds from India's expanding industrial and healthcare sectors. Investors with a medium-to-long-term horizon may consider subscribing, while noting risks around customer concentration, historical delisting, and geographic concentration in West Bengal.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
IPO Timeline
Key milestones from opening to listing.
📅
IPO Opens
2025-06-24
🔒
IPO Closes
2025-06-26
🎯
Allotment
01 Jul 2025
🏛️
Listing
2025-07-01
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (3)
Motilal Oswal
IIFL Capital
JM Financial
Registrar to the Issue
📋
KFin Technologies Limited
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Ellenbarrie Industrial Gases Limited
CIN
U24112WB1973PLC029102
Registered Office
3A, Ripon Street, Kolkata - 700016, West Bengal, India
Contact Person
Aditya Keshri
Phone
033-48226521
Website
www.ellenbarrie.com