Ellenbarrie Wins a Rs 481 Crore BHEL Order for a Cryogenic Air Plant, and the Stock Climbs Toward Rs 395
- September 29, 2026
- Posted by: Chaitanya Auti
- Category: News
Ellenbarrie Rs 366.85, up 2.17% (29 Sep, 10:22 AM). New order Rs 481 crore from BHEL. Listed July 2025 at Rs 492. P/E 41.95 vs industry 40.09.
Quick Answer
The Ellenbarrie share price was Rs 366.85 at 10:22 AM on 29 September 2026, up 2.17 percent, after the company secured a Rs 481 crore turnkey contract from BHEL for a cryogenic air separation unit. The order covers design, engineering, supply, erection, commissioning and operator training for a 1,200 tonnes-per-day plant feeding BHEL’s coal-to-ammonium nitrate project in Odisha. The stock touched an intraday high of Rs 395 before easing, and it remains 27 percent below its listing-day close after debuting at a 23 percent premium in July 2025. Ellenbarrie trades at a P/E of 41.95 against an industry figure of 40.09, broadly in line with the sector.
Ellenbarrie Industrial Gases Limited, an industrial and medical gases manufacturer with roots going back over five decades, said it has secured a Rs 481 crore contract from Bharat Heavy Electricals Limited. The order covers the design, engineering, supply, erection, testing, pre-commissioning, commissioning, trial runs, operation, operator training, performance guarantee demonstration, spares supply and handover of a 1,200 TPD cryogenic air separation unit, delivered on a turnkey basis for BHEL’s coal-to-ammonium nitrate project in Odisha.
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The stock reacted positively, rising from a previous close of Rs 359.05 to touch Rs 395 intraday. This article covers the order, the company’s IPO history, live levels and the risks behind the Ellenbarrie Industrial Gases share price.
Ellenbarrie Share Price: What the BHEL Order Covers
| Item | Detail |
|---|---|
| Client | Bharat Heavy Electricals Limited (BHEL) |
| Value | Rs 481 crore |
| Scope | Design, engineering, supply, erection, commissioning, operator training, spares, handover |
| Basis | Turnkey |
| Unit | 1,200 TPD cryogenic Air Separation Unit (ASU) |
| End use | BHEL’s coal-to-ammonium nitrate (2,000 TPD) project, Odisha |
For the Ellenbarrie share price, this is a large engineering, procurement and construction style contract rather than a recurring gas-supply deal, and it plays to Ellenbarrie Industrial Gases’ turnkey project engineering business, which the company built alongside its core gas manufacturing operations. Turnkey orders of this size can lift revenue meaningfully but also carry execution risk over the life of the project, and they are the kind of win the Ellenbarrie Industrial Gases share price tends to react to quickly.
Also read – NCC Wins a Rs 1,077 Crore Andhra Pradesh Water Order the Same Day the Stock Hits a Fresh 52-Week Low
Ellenbarrie Share Price Today: Numbers and Technical Levels
| Metric | Value (29 Sep, 10:22 AM) |
|---|---|
| Ellenbarrie share price | Rs 366.85 (up 2.17%) |
| Previous close | Rs 359.05 |
| Day range | Rs 358.65 to Rs 395.00 |
| 52-week high / low | Rs 502.00 / Rs 175.00 |
| Volume so far | 35.72 lakh shares |
| RSI (14-day) | 62.1 |
| MACD vs signal line | 12.90 vs 14.60 |
| SuperTrend | Bullish, support at Rs 321.89 |
| 20-day average | Rs 353.58 |
| Market cap (Friday close) | Rs 5,061 crore |
| P/E vs industry P/E | 41.95 vs 40.09 |
The Ellenbarrie Industrial Gases share price touched Rs 395 intraday before easing back, and it remains 27 percent below its 52-week high of Rs 502 while sitting more than double its 52-week low of Rs 175. The RSI of 62.1 is on the firmer side of neutral, and the stock is 3.8 percent above its 20-day average of Rs 353.58.
The SuperTrend indicator shows a bullish trend with support at Rs 321.89. Volume of 35.72 lakh shares on the day is well above typical turnover, showing the order news drew real buying interest.
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From a 23% Listing Pop to Today’s Order Win
The Ellenbarrie Industrial Gases share price has a short public history: the company listed on 1 July 2025 after an Rs 852.53 crore IPO priced at Rs 400 a share, debuting at Rs 492, a premium of about 23 percent. The issue drew subscription of 22.19 times, led by qualified institutional buyers at 64.23 times. Proceeds funded debt repayment and a new 220 TPD air separation unit at the company’s Uluberia-II plant in West Bengal.
The company reported FY25 revenue of Rs 348.43 crore, up 20 percent, and net profit of Rs 83.29 crore, up 84 percent, with an EBITDA margin near 35 percent at the time of listing. The current Ellenbarrie share price of Rs 366.85 is still below the Rs 400 issue price, so despite today’s order the stock has not recovered its listing-day gains.
Valuation and Risks for the Ellenbarrie Share Price
The Ellenbarrie Industrial Gases share price carries a P/E of 41.95, close to the industry figure of 40.09, so it is not priced at either a clear premium or discount to peers such as Linde India. Return on equity is 10.68 percent and debt to equity is a low 0.19, giving the company room to take on project-linked working capital without excessive leverage, which supports the Ellenbarrie share price on the balance-sheet side even before this order is executed.
Execution risk on the new BHEL contract is the main concern for the Ellenbarrie share price, since turnkey projects can face delays from site readiness, regulatory clearances or supply chain issues over their build period. Customer concentration in large industrial and public-sector orders, and competition from larger players in the industrial gases space, are the other risks.
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Conclusion
The Ellenbarrie Industrial Gases share price rose to touch Rs 395 after the company won a Rs 481 crore turnkey order from BHEL for a cryogenic air separation unit, though the stock remains below its July 2025 listing price. A P/E in line with the industry and low debt of 0.19 times equity are supports, while execution risk on the new turnkey contract and competition in industrial gases are the concerns. Investors deciding whether to buy Ellenbarrie shares should watch the Rs 353.58 average as support, follow stop-loss levels and consult a SEBI-registered adviser.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the Ellenbarrie Industrial Gases share price today?
Ans. The Ellenbarrie share price was Rs 366.85 at 10:22 AM on 29 September 2026, up 2.17 percent from Rs 359.05, after touching an intraday high of Rs 395.
What order has Ellenbarrie won from BHEL?
Ans. Ellenbarrie secured a Rs 481 crore turnkey contract to design, build and commission a 1,200 TPD cryogenic air separation unit for BHEL’s coal-to-ammonium nitrate project in Odisha.
When did Ellenbarrie Industrial Gases list?
Ans. The company listed on 1 July 2025 at Rs 492, a 23 percent premium to its Rs 400 issue price, after an Rs 852.53 crore IPO.
Is the Ellenbarrie share price still below its issue price?
Ans. Yes. At Rs 366.85 the stock remains below its Rs 400 IPO issue price and well below its listing-day close, despite today’s gain.
What were Ellenbarrie’s FY25 financial results?
Ans. Revenue was Rs 348.43 crore, up 20 percent, and net profit was Rs 83.29 crore, up 84 percent, with an EBITDA margin near 35 percent.
What are the key technical levels for the Ellenbarrie share price?
Ans. The key levels for the Ellenbarrie share price are SuperTrend support at Rs 321.89 and the 20-day average of Rs 353.58. The RSI is 62.1.
Is the Ellenbarrie share price expensive?
Ans. The P/E of 41.95 is close to the industry figure of 40.09, so the stock is roughly in line with peers rather than being at a clear premium or discount.
Should I buy Ellenbarrie shares after the BHEL order?
Ans. The order is a positive, but turnkey execution risk remains. Use a stop-loss, size positions carefully and consult a SEBI-registered adviser.