Stock Performance and Market Context
On 20 Jan 2026, Ellenbarrie Industrial Gases Ltd’s stock price touched an intraday low of Rs.253.65, representing a 2.44% drop on the day and a 2.63% decline in the latest session. This marks the lowest price level the stock has seen in the past year, down sharply from its 52-week high of Rs.637. The stock has been on a downward trajectory for eight consecutive trading days, resulting in a cumulative loss of 21.54% over this period.
In comparison, the Sensex index, which opened flat but later declined by 257.06 points (-0.36%) to close at 82,950.32, remains 3.87% below its own 52-week high of 86,159.02. The Sensex has experienced a three-week consecutive fall, losing 3.28% in that timeframe. Ellenbarrie’s underperformance is further highlighted by its 1-year return of 0.00%, lagging behind the Sensex’s 7.66% gain.
The stock’s recent underperformance also extends to its sector, as it underperformed the Other Chemical products sector by 0.65% on the day of the new low. Additionally, Ellenbarrie is trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling sustained downward momentum.
Valuation and Financial Metrics
Ellenbarrie Industrial Gases Ltd currently holds a Mojo Score of 43.0, with a Mojo Grade of Sell, downgraded from Hold on 22 Dec 2025. The company’s market capitalisation grade stands at 3, reflecting its mid-cap status. Despite the recent price weakness, the company’s financials reveal a complex picture.
The stock is considered very expensive relative to its fundamentals, trading at a price-to-book value of 4. This valuation is notable given the company’s return on equity (ROE) of 9%, which is modest in comparison to its price multiples. Over the past year, Ellenbarrie’s profits have risen by 84%, indicating strong earnings growth despite the stagnant stock price.
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Operational and Financial Strengths
Despite the recent price decline, Ellenbarrie demonstrates a strong ability to service its debt, with a low Debt to EBITDA ratio of 1.00 times. This indicates manageable leverage and a stable financial position relative to earnings before interest, taxes, depreciation, and amortisation.
The company’s operating profit has exhibited robust long-term growth, expanding at an annual rate of 72.77%. Quarterly metrics further underscore this strength, with operating profit to interest coverage reaching a high of 31.58 times, signalling ample earnings to cover interest expenses. Profit before tax (PBT) excluding other income reached Rs.27.35 crores, while profit after tax (PAT) hit Rs.36.72 crores in the latest quarter, both representing peak quarterly figures.
Institutional Investor Activity
Institutional investors have increased their stake in Ellenbarrie Industrial Gases Ltd by 3.03% over the previous quarter, now collectively holding 15.58% of the company’s shares. This rise in institutional participation reflects a growing confidence among investors with greater analytical resources and fundamental assessment capabilities.
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Summary of Key Metrics
To summarise, Ellenbarrie Industrial Gases Ltd’s stock has declined to Rs.253.65, its lowest level in 52 weeks, reflecting a significant correction from its peak of Rs.637. The stock’s continuous fall over eight sessions and underperformance relative to the Sensex and sector benchmarks highlight current market pressures. The company’s valuation remains elevated with a price-to-book ratio of 4, despite a modest ROE of 9%.
Financially, Ellenbarrie shows strong profit growth and solid debt servicing capacity, with record quarterly profits and operating profit margins. The increased institutional shareholding suggests a degree of confidence in the company’s fundamentals, even as the stock price remains subdued.
Market conditions, including a three-week decline in the Sensex and the stock trading below all major moving averages, contribute to the cautious sentiment surrounding Ellenbarrie Industrial Gases Ltd at present.
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