How has been the historical performance of Ellen.Indl.Gas?

Revenue Growth and Operating Income Trends

Over the last several years, Ellen.Indl.Gas has exhibited a remarkable increase in net sales, rising from ₹66.94 crores in March 2012 to ₹312.48 crores by March 2025. This nearly fivefold growth underscores the company’s expanding market presence and operational scale. Total operating income, which includes other operating income, has followed a similar trajectory, reaching ₹312.48 crores in the latest fiscal year, up from ₹71.41 crores in 2012.

Despite fluctuations in other operating income, which has diminished to zero in recent years, the core sales growth has been the primary driver of the company’s top-line expansion. This growth has been accompanied by rising raw material and purchase costs, reflecting increased production and procurement activities. Notably, employee costs and power expenses have also escalated, consistent with the company’s scaling operations.

Profitability and Margin Improvements

The company’s operating profit (PBDIT) excluding other income has surged impressively, from ₹14.71 crores in 2012 to ₹109.73 crores in 2025. Including other income, operating profit reached ₹145.68 crores in the latest fiscal year, reflecting enhanced operational efficiency and income diversification. This improvement is mirrored in the operating profit margin, which expanded from around 20.6% in 2012 to over 35% in 2025, signalling stronger cost management and pricing power.

Profit before tax has also seen a dramatic turnaround, moving from marginal profits and losses in earlier years to ₹107.83 crores in 2025. Correspondingly, profit after tax has improved from a loss of ₹3.57 crores in 2012 to a substantial profit of ₹83.29 crores in 2025. The PAT margin has strengthened significantly, rising from negative territory in the early years to 26.65% in the most recent fiscal year, highlighting the company’s successful transition to sustained profitability.

Earnings per share (EPS) have reflected this positive trend, moving from negative values in the early 2010s to ₹6.36 in 2025, indicating enhanced shareholder value creation.

Cash Flow and Capital Structure

Cash flow from operating activities has fluctuated over the years but showed a positive trend recently, with ₹4 crores generated in 2025 compared to ₹43 crores in 2024. Despite significant cash outflows from investing activities, primarily due to capital expenditure, the company has managed to maintain financing activities that support its growth, with ₹51 crores raised in 2025. The net cash inflow/outflow has been relatively stable, with minor fluctuations reflecting the company’s investment and financing cycles.

Equity capital has increased notably, particularly with a change in face value from ₹10 to ₹2 per share, resulting in a higher number of shares outstanding. Reserves have also grown substantially, from negative reserves in earlier years to ₹467.17 crores in 2025, indicating accumulated retained earnings and improved financial health.

Summary of Historical Performance

In summary, Ellen.Indl.Gas has undergone a significant transformation over the past decade. The company has expanded its revenue base substantially, improved profitability margins, and reversed earlier losses to generate consistent net profits. The operating profit margin improvement from around 20% to over 35% and the PAT margin turnaround from negative to over 26% are particularly noteworthy. These gains have been supported by effective cost control, increased operational scale, and strategic financial management.

Cash flow management remains an area to watch, with investing activities consistently absorbing cash, but financing inflows have helped maintain liquidity. The company’s equity base and reserves have strengthened, providing a solid foundation for future growth. Overall, Ellen.Indl.Gas’s historical performance reflects a successful recovery and growth phase, positioning it well for continued expansion in the industrial gas sector.

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