Ellenbarrie Industrial Gases shares rise 5% after securing Rs 481 crore order from BHEL

Shares of Ellenbarrie Industrial Gases rallied 5.10% to Rs 377.35 on Tuesday after the company secured a Rs 481-crore contract from Bharat Heavy Electricals Ltd (BHEL) to build a 1,200 TPD cryogenic Air Separation Unit (ASU).

The turnkey contract covers the design, engineering, supply, erection, testing, commissioning, operator training and handover of the unit for BHEL’s 2,000 TPD Coal to Ammonium Nitrate Project.

The project will be executed over eight quarters and is expected to be commissioned in FY29. It will be carried out on a Build and Transfer (B&T) basis, with Ellenbarrie having no long-term ownership or operational role.


The order strengthens Ellenbarrie’s presence in India’s emerging coal gasification ecosystem, which aims to reduce import dependence and boost domestic production of chemicals, fertilisers and industrial feedstocks. Coal gasification requires large quantities of oxygen and nitrogen, making cryogenic ASUs a critical component.

Commenting on the order, Varun Agarwal, Joint Managing Director of Ellenbarrie Industrial Gases, said the project marks a strategic milestone and demonstrates the company’s ability to execute large-scale cryogenic ASUs for complex industrial applications.

He added that the project would be Ellenbarrie’s largest plant to date, taking it into the group of companies capable of building plants with capacities exceeding 1,000 TPD.

Stock performance, valuation and technical indicators

Ellenbarrie Industrial Gases shares have surged around 45% over the past three months. The company has a market capitalisation of approximately Rs 5,060 crore, while its 52-week high stands at Rs 502.

The stock trades at a price-to-earnings (P/E) ratio of 41.94, a price-to-sales (P/S) ratio of 8.14 and a price-to-book (P/B) ratio of 5.18.

Technically, the stock is trading above six of its eight key simple moving averages (SMAs).

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