Ellenbarrie Industrial Gases
Book Building issueMainboardNSE₹853 Cr issue
+23.00%
Listing gain over issue price
Issue size
₹853 Cr
1 lot at cut-off
₹14,800
Lot size
37shares
Open
24 Jun 2025
Close
26 Jun 2025
Allotment
27 Jun 2025
Listing
01 Jul 2025
Listing performance
Issue price
₹400
Listed at
₹492
Listing-day close
₹541.20
Latest price
₹303.15
Close on 23 Oct 2026
Listing gain
+23.00%
Return since issue
-24.21%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Jun 2025 – 26 Jun 2025
- Listing date
- 01 Jul 2025
- Face value
- ₹2 per share
- Issue price
- ₹400 per share
- Lot size
- 37 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹853 Cr
- Market cap at offer price
- ₹5,637 Cr
- Promoter holding
- 96.47% → 81.59% pre-issue → post-issue
- ISIN
- INE236E01022
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- 3A, Ripon Street, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 63,93,938 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 37 shares per lot, in multiples, at ₹400
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 37 | ₹14,800 |
| Retail (max) | 13 | 481 | ₹1,92,400 |
| S-HNI (min) | 14 | 518 | ₹2,07,200 |
| S-HNI (max) | 67 | 2,479 | ₹9,91,600 |
| B-HNI (min) | 68 | 2,516 | ₹10,06,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
63,93,938
Anchor portion
₹256 Cr
at ₹400 per share
Valuation and performance
Valuation at offer price
₹400 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.36 | 5.91 |
| P/E (×) | 62.89 | 67.68 |
| Price to book (×) | 20.93 | — |
| Market cap | — | ₹5,637 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 24.97%
- ROCE
- 13.71%
- Debt / equity
- 0.32
- PAT margin
- 23.90%
- EBITDA margin
- 35.12%
- NAV per share
- ₹25.48
- Price to book
- 20.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ellenbarrie Industrial Gases
Ellenbarrie Industrial Gases Limited is a public limited company incorporated on November 23, 1973, and commenced business on April 9, 1974. The company manufactures and supplies industrial gases catering to a wide range of end-use industries. Its service offerings include project engineering services and turnkey solutions involving medical gas pipeline systems. The company also supplies products and medical equipment to healthcare facilities. As of March 31, 2024, the company operates eight facilities located across West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh. Three of its facilities are operated onsite at customer premises under lease cum operation and maintenance agreements ranging from 5 to 15 years. The company sold products to 1,836 customers in Fiscal 2024 and generated revenue from operations of ₹2,694.75 million in Fiscal 2024, growing from ₹2,051.07 million in Fiscal 2023.
Company Analysis
from DRHPEllenbarrie Industrial Gases Limited manufactures and supplies industrial gases including oxygen, nitrogen, hydrogen, carbon dioxide, and argon to customers across electronics, steel, chemicals, fertilizer, manufacturing, healthcare, and food and beverage industries.
Ellenbarrie Industrial Gases Limited is a public limited company incorporated on November 23, 1973, and commenced business on April 9, 1974. The company manufactures and supplies industrial gases catering to a wide range of end-use industries. Its service offerings include project engineering services and turnkey solutions involving medical gas pipeline systems. The company also supplies products and medical equipment to healthcare facilities. As of March 31, 2024, the company operates eight facilities located across West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh. Three of its facilities are operated onsite at customer premises under lease cum operation and maintenance agreements ranging from 5 to 15 years. The company sold products to 1,836 customers in Fiscal 2024 and generated revenue from operations of ₹2,694.75 million in Fiscal 2024, growing from ₹2,051.07 million in Fiscal 2023.
Pharmaceuticals and chemicalsSteelHealthcareRailway, aviation, aerospace and spaceDefenceEngineering and infrastructurePetrochemicals and oil and gasElectronicsPower and energyMetal productionAnimal husbandryFood and beverageManufacturingFertilizer
Objects of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹1,768.98 million p.23
- Setting up of an air separation unit at our Uluberia-II plant with a capacity of 220 TPD ₹1,300.00 million p.23
- General corporate purposes p.23
- Setting up of an air separation unit at Uluberia-II plant with a capacity of 220 TPD p.42
- General corporate purposes p.72
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹1,768.98 million p.109
- Setting up of an air separation unit at our Uluberia-II plant with a capacity of 220 TPD ₹1,300.00 million p.109
- General corporate purposes p.123
- Funding capex for expansion of manufacturing capacity at Uluberia, West Bengal plant and other growth initiatives p.199
- Funding capex for capacity expansion initiatives and establishing pan-India presence p.199
- General corporate purposes and working capital
- Funding capital expenditure for the Uluberia-II project - setting up an air separation unit with capacity of 220 TPD for merchant use, to be commissioned in September 2025 p.315
- General corporate purposes p.23
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹2 aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹2 aggregating up to ₹4,000.00 million
- Offer for Sale
- Up to 14,427,620 Equity Shares of face value of ₹2 aggregating up to ₹ [●] million
- Price Band
- Price Band of minimum price of ₹ [●] per Equity Share (Floor Price) and maximum price of ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹2 each
Business Model
The company earns revenue from (i) sale of gases including oxygen, nitrogen, hydrogen, carbon dioxide, argon, nitrous oxide, and medical oxygen supplied through cylinders, cryogenic tankers, and via pipelines; (ii) project engineering services involving design, engineering, supply, installation and commissioning of tonnage air supply units on a turnkey basis; and (iii) supply of medical equipment to healthcare facilities. The company operates both onsite facilities at customer premises where gases are piped directly to customers under long-term contracts (ranging from 5 to 15 years), and standalone facilities serving package customers through cylinder supplies on purchase order basis. Revenue from operations in Fiscal 2024 comprised ₹2,261.77 million from sale of gases, related products and services, and ₹433 million from other services.
Business Segments
Supply of industrial gases to pharmaceutical and chemical manufacturing companies
Supply of industrial gases to steel manufacturing companies including onsite facilities
Supply of gases through dealer and retail distribution channels
Supply of medical gases and equipment to healthcare facilities
Supply of industrial gases to railway, aviation, aerospace and space sectors
Supply of industrial gases to defence sector
Supply of industrial gases to engineering and infrastructure companies
Supply of industrial gases to petrochemical and oil and gas companies
Supply of industrial gases to other industries including power and energy, metal production, animal husbandry and electronics
Manufacturing and sale of oxygen gas
Manufacturing and sale of nitrogen gas
Manufacturing and supply of oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, nitrous oxide, dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixture and specialty gases to diverse industries
Supply of liquified industrial gases through cryogenic tankers to large-scale consumers requiring substantial quantities
Supply of compressed gases in cylinders to medium to small-scale consumers
Supply of gases through facilities located at customer premises via pipelines, including operation and maintenance services
Design, engineering, supply, installation and commissioning of tonnage air separation units and medical gas pipeline systems on turnkey basis
Supply of industrial gases to pharmaceutical manufacturers and chemical production facilities
Supply of industrial gases including oxygen, nitrogen, argon for steel manufacturing processes
Sale of industrial gases (oxygen, nitrogen, argon, acetylene, hydrogen, carbon dioxide, helium, specialty gases, welding mixtures) and medical gases (medical oxygen, nitrogen, nitrous oxide, medical grade carbon dioxide) in various purities and supply options (compressed, liquid, cylinders, cryogenic tankers, pipelines)
Design, engineering, supply, installation and commissioning of cryogenic air separation units (ASUs) and non-cryogenic gas plants on turnkey basis; operations and maintenance services for ASUs; design, installation, commissioning and maintenance of medical gas pipeline systems; supply of medical equipment including sterilizers, spirometers, ventilators, bed-side monitors, laryngoscopes, bronchoscopes, and pulmonary function testing machines; consultancy services for ASU procurement and gas plant projects
Manufacture and sale of industrial and medical gases, and provision of services including facility fees and operation and maintenance charges on air separation plants. Also includes finance lease arrangements on plant and machinery.
Construction and project-related activity for air separation plants. Revenue from construction contracts is recognised over time as performance obligations are satisfied using the percentage of completion method.
Supply of liquified gases through cryogenic tankers
Supply of compressed gases in cylinders
Direct supply to customer sites and operation and maintenance services
Project engineering services for air separation units, medical gas pipeline systems design and installation, and supply of medical equipment
SWOT Analysis
Strengths
- • Diversified customer base across multiple end-use industries(p.34)
- • Long-term contracts with onsite customers providing revenue stability(p.34)
- • Established operational presence across geographically strategic locations(p.35)
- • Track record of successful tender participation with government and PSU entities(p.36)
- • Established long industry experience of key leadership(p.52)
- • High insurance coverage of tangible assets(p.46)
- • Revenue diversification across multiple products(p.47)
- • Leading manufacturer with significant installed capacity across East and South India(p.115)
- • Comprehensive product portfolio serving diverse end-use industries(p.115)
- • Strong operational and distribution capabilities across East and South India(p.127)
- • Long-standing customer relationships providing stable cash flows(p.127)
- • Diversified customer base minimizing concentration risks(p.127)
- • Experienced management team with committed workforce(p.127)
- • Largest 100% Indian-owned industrial gases company by capacity and revenue(p.189)
- • Market leader in East, South India with over 50 years operating history(p.187)
- • Highly diversified customer base with 1,836 customers indicating limited concentration risk(p.194)
- • Long-standing customer relationships with high stickiness and repeat revenue(p.194)
- • Significant onsite business with long-term contracts providing assured cash flows(p.188)
- • Robust distribution network with third-highest fleet of tankers and cylinders in India(p.196)
- • Experienced management with 40+ years and 15+ years industry experience(p.198)
- • One of the largest oxygen plants in India with 1,250 TPD capacity(p.196)
- • Largest 100% Indian-owned industrial gases company by installed capacity, revenue and profitability(p.312)
- • Over 50 years of operating history in Indian industrial gases sector(p.312)
- • Market leadership in key states with significant installed capacity(p.312)
- • Third highest number of transport tankers and cylinders in India(p.313)
- • Diversified customer base with long-standing relationships across industries(p.314)
- • High repeat customer loyalty(p.313)
- • Experienced management team with deep industry expertise(p.314)
Weaknesses
- • High concentration of revenue from top customers creating dependency risk(p.34)
- • Geographic concentration of facilities in West Bengal exposing to regional risks(p.41)
- • Significant trade receivables and historical bad debt write-offs(p.41)
- • Three onsite facilities dependent on customer relationships for operations continuation(p.35)
- • Operational disruptions experienced at manufacturing facilities(p.35)
- • Incomplete machinery orders for expansion project(p.42)
- • Missing corporate records and secretarial filings(p.42)
- • Discrepancies in regulatory filings and past violations(p.43)
- • High employee attrition rate(p.49)
- • Contingent liabilities not provided in financial statements(p.53)
- • Promoter guarantees on borrowings create refinancing risk(p.56)
- • Unresolved SEBI settlement proceedings against promoters(p.43)
- • Records for certain corporate filings with ROC are not traceable, creating potential legal exposure(p.42)
- • Discrepancies exist in certain regulatory filings with compliance risks(p.43)
- • Concentration of manufacturing assets in West Bengal with limited geographic diversification(p.115)
- • Geographic concentration in East and South India limits national presence(p.199)
- • Package business is geographically limited due to high transportation costs(p.199)
- • Revenue concentration in top customers with largest customer at 12.87% of revenue(p.196)
- • Reliance on imports of key equipment components from international suppliers(p.197)
- • Revenue from dealer and retail network declined significantly from 30.93% to 11.44%(p.192)
- • High customer concentration risk with top customer representing significant revenue(p.313)
- • Significant customer concentration in top 10 customers(p.314)
- • Three facilities located at customer sites creating contract-dependent revenue(p.315)
- • Heavy reliance on power costs as largest component of cost structure(p.316)
- • Dependence on third-party logistics with limited control over transportation costs(p.316)
Opportunities
- • Expansion through new air separation unit at Uluberia with 220 TPD capacity(p.41)
- • Growing demand in key industrial sectors including steel and pharmaceuticals(p.37)
- • Capacity expansion at existing Kharagpur facility(p.35)
- • Strategic positioning in proximity to key pharmaceutical, steel and automotive hubs(p.41)
- • Expansion of specialty gases portfolio(p.45)
- • Pan-India manufacturing presence expansion(p.45)
- • Strategic acquisitions and alliances(p.45)
- • Merchant and onsite business mix creation(p.45)
- • Plant manufacturing capability addition(p.45)
- • Strong industry tailwind with projected 7.5% CAGR in Indian industrial gases market through 2028(p.150)
- • Expansion of manufacturing capabilities to establish pan-India presence(p.115)
- • High entry barriers in industrial gases due to capital intensity and customer relationships benefiting existing manufacturers(p.115)
- • Growing domestic demand driven by government initiatives like Make in India and import substitution(p.150)
- • Rising emphasis on hydrogen as a clean energy source creating new market opportunities(p.150)
- • Industrial gases market in India expected to grow at 7.5% CAGR through 2028(p.189)
- • Government initiatives like Make in India and import substitution driving demand(p.190)
- • Expansion into speciality gases and electronic gases for semiconductors(p.198)
- • Initiate plant manufacturing to complement project engineering capabilities(p.199)
- • Expansion into North and West India to establish pan-India presence(p.199)
- • Fragmented market with consolidation opportunity through acquisitions(p.199)
- • Strategic alliances with international speciality gases companies(p.198)
- • Growth in onsite business with long-term contracts and assured cash flows(p.199)
- • Geographic expansion into North India through planned capacity additions(p.315)
- • Significant planned capacity expansion to meet growing demand(p.315)
- • Demonstrated ability to adapt to medical gases demand during COVID-19(p.313)
- • Five facilities certified to provide medical oxygen for expanded healthcare sector penetration(p.313)
- • Long-term contracted cash flows from onsite facility agreements(p.314)
Threats
- • Exposure to cyclicality and volatility in end-use industries especially steel(p.38)
- • Hazardous nature of industrial gases creating operational and liability risks(p.38)
- • Uncertainty in government tender awards and potential payment delays from PSUs(p.37)
- • Dependency on statutory licenses and regulatory approvals for continued operations(p.40)
- • Risk of facility disruptions due to power failures, accidents or equipment breakdowns(p.35)
- • Heavy dependence on oxygen and nitrogen sales(p.47)
- • Energy-intensive operations vulnerable to power cost fluctuations(p.48)
- • Dependence on uninterrupted electricity, fuel and water supply(p.48)
- • Intense competitive pressure from larger players(p.52)
- • Stringent environmental, health and safety regulations(p.47)
- • Macroeconomic downturn and inflation risks(p.62)
- • Pricing pressure from customers(p.54)
- • Variable interest rate financing exposure(p.50)
- • Funding requirements and deployment of net proceeds based on management estimates may be subject to change(p.111)
- • No assurance that project implementation will be achieved within timeframe or result in value creation(p.41)
- • Global industrial gases market growth dependent on macroeconomic conditions and end-industry demand(p.146)
- • Machinery suppliers may not honor quoted prices or supply commitments(p.122)
- • Supply chain challenges with inadequate storage and distribution infrastructure(p.152)
- • Energy-intensive production processes vulnerable to energy price fluctuations(p.152)
- • Stringent safety, environmental and regulatory compliance requirements(p.152)
- • Geopolitical tensions and pandemics can disrupt supply chains(p.152)
- • Hazardous transportation requirements and specialized vehicle needs(p.152)
- • High barriers to entry attracting global multinational competitors(p.182)
- • Competition from established multinational players with significant resources(p.182)
- • Demand dependent on macroeconomic conditions affecting key industrial end-users(p.315)
- • Risk of oversupply in industrial gases markets reducing production volumes(p.315)
- • Vulnerability to power supply disruptions and energy price fluctuations(p.316)
- • Fuel cost exposure affecting transportation charges through third-party providers(p.316)
- • Capacity utilization challenges from market conditions and customer requirements(p.315)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Padam Kumar Agarwala | Promoter/Promoter Selling Shareholder | 63.71% | — |
| Varun Agarwal | Promoter/Promoter Selling Shareholder | 25.74% | — |
| Padam Kumar Agarwala | Promoter | — | — |
| Varun Agarwal | Promoter | — | — |
| Padam Kumar Agarwala | Promoter | 63.71% | — |
| Varun Agarwal | Promoter | 25.74% | — |
| Shanti Prasad Agarwala | Promoter Group | 9.50% | — |
| Manisha Saraf | Promoter Group | 0.01% | — |
| Padam Kumar Agarwala Family Private Trust | Promoter Group | Negligible | — |
| Varun Agarwal Family Private Trust | Promoter Group | Negligible | — |
| Padam Kumar Agarwala | Promoter/Managing Director | — | — |
| Varun Agarwal | Promoter/Joint Managing Director | — | — |
| Padam Kumar Agarwala | Promoter | 89.45% (aggregate with Varun Agarwal) | — |
| Varun Agarwal | Promoter | 89.45% (aggregate with Padam Kumar Agarwala) | — |
| Padam Kumar Agarwala | Promoter | 46% | — |
| Varun Agarwal | Promoter | 26% | — |
| Shanti Prasad Agarwala | Promoter Group | 27% | — |
| Padam Kumar Agarwala | Promoter | — | — |
| Varun Agarwal | Promoter | — | — |
| Shanti Prasad Agarwala | Promoter | — | — |
| Padam Kumar Agarwala | Promoter Selling Shareholder | — | — |
| Varun Agarwal | Promoter Selling Shareholder | — | — |
Leadership
Padam Kumar Agarwala · Chairman and Managing Director
K. Srinivas Prasad · Chief Financial Officer
Aditya Keshri · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Offer documents
Ellenbarrie Industrial Gases IPO FAQs
What is the lot size of Ellenbarrie Industrial Gases IPO?
The minimum lot size of Ellenbarrie Industrial Gases IPO is 37 shares. One lot costs ₹14,800 at the cut-off price.
When does Ellenbarrie Industrial Gases IPO open and close?
Ellenbarrie Industrial Gases IPO opened for subscription on 24 Jun 2025 and closed on 26 Jun 2025.
What is the listing date of Ellenbarrie Industrial Gases IPO?
Ellenbarrie Industrial Gases IPO listed on 01 Jul 2025.