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ELLEN IPO

Ellenbarrie Industrial Gases Limited

IPO Doc

Start Date24-06-2025

Application Timing10am-5pm

Price Range₹380 - ₹400

Min Qty37

Min. Investment₹14060

Listing DateNA

Close Date26-06-2025

About Ellenbarrie Industrial Gases Limited

Ellenbarrie Industrial Gases Limited, incorporated in 1973, is one of India’s leading manufacturers and suppliers of industrial, medical, and speciality gases. Headquartered in Kolkata, the company has a diverse portfolio that includes oxygen, nitrogen, helium, hydrogen, argon, acetylene, carbon dioxide, LPG, dry ice, and medical oxygen, catering to over 1,800 customers across various industries.

With eight manufacturing facilities across India and a strong presence in sectors like steel, pharmaceuticals, healthcare, petrochemicals, defence, and infrastructure, Ellenbarrie also offers engineering services such as installation of tonnage air separation units (ASUs), medical gas pipeline systems, and healthcare equipment.

Some of its key clients include AIIMS, Dr. Reddy’s Laboratories, Laurus Labs, GMM Pfaudler, and public sector oil marketing companies. As of FY25, the company has shown robust growth in revenue and profitability, with revenue rising to ?348.43 Cr and profit after tax increasing by 84% YoY to ?83.29 Cr.

Why To Invest in Ellenbarrie Industrial Gases Limited

Strong Financial Growth: Ellenbarrie’s PAT grew 84% in FY25, and EBITDA margin expanded to an impressive 35.12%. ROE stands at 16.88%, showing strong shareholder returns.

Diverse Industrial Base: Serving over 1,800 clients across critical sectors ensures revenue stability and reduces dependency on any single segment.

Capex-Driven Expansion: IPO proceeds will be used to reduce debt and set up a new Air Separation Unit with 220 TPD capacity, boosting future earnings potential.

Operational Excellence: The company operates in a largely monopolistic niche, with strong client retention, in-house engineering capabilities, and strategically located facilities.

Favorable Industry Tailwinds: Rising demand for industrial and medical gases in healthcare, steel, and pharma sectors positions the company for long-term growth.

Financial Table

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	845.97	672.54	551.27
Revenue	348.43	290.20	223.71
Profit After Tax	83.29	45.29	28.14
EBITDA	109.74	61.53	33.59
Net Worth	333.62	250.15	203.32
Reserves and Surplus	467.17	403.35	356.51
Total Borrowing	245.30	176.90	101.10

Strengths And Risks

Decades of Operational Excellence: With over 50 years in the industrial gas sector, Ellenbarrie Industrial Gases has established a strong brand presence and industry trust, making it a stable and experienced player in its field.

Diversified Product Portfolio: The company offers a wide range of industrial, medical, and speciality gases, reducing dependency on a single segment and ensuring a balanced revenue mix.

Extensive Manufacturing Network: EIGL operates eight manufacturing facilities across India, providing it with strong logistical and production capabilities for serving customers nationwide.

Strong Client Base & Long-Term Contracts: EIGL has enduring relationships with leading government and private institutions including AIIMS, Dr. Reddy’s, and PSU oil companies, ensuring recurring business and stability.

Robust Financial Performance: In FY25, the company achieved a PAT margin of 23.90% and Return on Net Worth (RoNW) of 24.97%, indicating strong profitability and efficient capital usage.

Low Leverage with Debt Reduction Plan: With a healthy Debt-to-Equity ratio of 0.32, and a portion of IPO proceeds earmarked for debt repayment, EIGL is well-positioned for future growth with reduced financial risk.

Aggressive IPO Valuation: The IPO is considered aggressively priced, with a Price-to-Book Value of 20.93, which may limit immediate listing gains or short-term upside potential for investors.

Capital-Intensive Business Model: The industrial gases industry requires significant investment in plants, logistics, and equipment, which can lead to high fixed costs and capital requirements.

Industry Demand Cyclicality: The company’s revenue is significantly influenced by industrial sectors like steel and infrastructure, which are sensitive to economic cycles and government spending.

Limited Global Exposure: EIGL primarily operates within India. Lack of international diversification exposes the company to domestic market risks and limits global growth potential.

Regulatory & Environmental Compliance Risks: Operating in a highly regulated sector, the company must continuously meet stringent safety, environmental, and industrial standards, which could impact operations and margins in case of non-compliance.

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Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

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NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

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U65929MP2003PTC016241

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IN-DP-611-2021

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Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

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ELLEN IPO

About Ellenbarrie Industrial Gases Limited

Why To Invest in Ellenbarrie Industrial Gases Limited