Ellenbarrie Industrial Gases

What Ellenbarrie Industrial Gases does

Ellenbarrie Industrial Gases Limited (EIGL) is a Kolkata-headquartered, publicly listed industrial gases manufacturer founded in 1973. The company operates as the largest 100% Indian-owned industrial gases company in terms of installed manufacturing capacity, revenue, and profitability in Fiscal 2024, holding a 2.65% market share by revenue with 1,836 customers served. EIGL produces and distributes industrial gases (oxygen, nitrogen, argon, hydrogen, carbon dioxide, helium, acetylene, nitrous oxide, synthetic air, and specialty gas mixtures) and medical gases through a tri-modal supply network spanning on-site pipeline supply, bulk cryogenic tanker delivery, and cylinder distribution. Manufacturing is anchored by cryogenic Air Separation Units (ASUs) operating at one of India's largest oxygen plants (1,250 TPD capacity as of March 2024), supplemented by PSA, VPSA, and hydrogen electrolysis technologies across nine production facilities in West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh.

The company serves a diversified customer base across steel manufacturing (Jairaj Ispat, government-owned steel majors via 2,500 TPD O&M contract), healthcare (AIIMS, West Bengal Medical Services Corporation, Chittaranjan National Cancer Institute), pharmaceuticals (Dr. Reddy's, Laurus Labs, Hetero Labs, Neuland Labs), defense and aerospace (Indian Armed Forces, Indian Air Force, Eastern Naval Command, Space Research Organisation), railways, oil and gas public sector undertakings, shipbuilding (Hindustan Shipyard), engineering firms, and food processing (Haldiram, JK Papers). Revenue is generated through multi-year on-site supply contracts (15-20 years) for large industrial customers, tender-based government contracts, merchant liquid supply via cryogenic tankers, and cylinder sales. The company also derives revenue from medical gas pipeline systems (MGPS) installation and maintenance, medical equipment supply, and EPC engineering services for ASUs and gas infrastructure. Following its June 2024 IPO that raised Rs 853 crore, EIGL is listed on NSE (ELLEN) and BSE (544421) and continues expanding capacity through Uluberia-II (220 TPD commissioned December 2025), Kurnool ASU, and the TruAir acquisition completed in 2025.

Name

Ellenbarrie Industrial Gases

Legal name

Ellenbarrie Industrial Gases Limited

Website

https://ellenbarrie.com

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

251–500 employees

Short description

EIGL is India's largest 100% Indian-owned industrial gases company (founded 1973), producing oxygen, nitrogen, argon, and hydrogen via cryogenic air separation. It serves steel, healthcare, pharmaceutical, defense, and aerospace customers through on-site pipeline supply, bulk tanker delivery, and cylinder distribution, alongside medical gas pipeline systems and EPC services.

Ownership category

akta.pro rank

Product category

Industrial Gases

NAICS

Industrial Gas Manufacturing (32512)

SIC

Chemicals & Allied Products (2800)

akta.pro primary industry

Air Separation (Oxygen/Nitrogen/Argon) (IMAEACAA)

akta.pro secondary industries

Medical & Healthcare Gases (IMAEACAF), Industrial Gas & Air Separation Equipment (ASU, PSA, Cryogenic Systems) (IMAHAEAI), Anesthesia & Respiratory Gas Delivery Equipment (Breathing Circuits, Vaporizers, Gas Mixers) (HLAHAGAK), Food & Beverage Gases (Carbonation/Freezing/Packaging) (IMAEACAI), Industrial Gases (Compressed/Cryogenic) Bulk Transport (TLADALAE)

Keywords

• Industrial gas production
• Cryogenic air separation
• Medical gas supply
• Hydrogen electrolysis
• Medical pipeline systems

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Industrial Gases Sales: Sale of industrial gases including oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, acetylene, nitrous oxide, and specialty gas mixtures. Revenue generated through multiple supply modes: pipeline (on-site), bulk tankers (merchant liquid), and cylinders. Long-term contracts with large customers provide stable recurring revenue.
2. Medical Gases and Healthcare Services: Supply of medical gases (medical oxygen, nitrous oxide, carbon dioxide, compressed air) to hospitals and healthcare facilities. Includes Medical Gas Pipeline Systems (MGPS) installation, commissioning, and maintenance services.
3. Medical Equipment Sales and Installation: Sale and installation of medical equipment including emergency ventilators, central sterilisation systems (CSSD), lung function testing machines, ECG machines. Turnkey solutions for healthcare facilities.
4. EPC Solutions and Project Engineering: Engineering, Procurement, and Construction solutions for setting up cryogenic air separation plants, medical gas pipeline systems, and bulk gas installations. Also includes operations and maintenance of existing ASUs.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Ellenbarrie Industrial Gases manufactures and supplies industrial gases (oxygen, nitrogen, argon, hydrogen, carbon dioxide, helium, acetylene, nitrous oxide, synthetic air, dry ice, and specialty gas mixtures) and medical gases to industrial and healthcare customers in India, using cryogenic air separation, PSA/VPSA, and hydrogen electrolysis technologies. The company also provides Medical Gas Pipeline Systems (MGPS), turnkey EPC solutions for cryogenic plant setup, and medical equipment (ventilators, CSSD, spirometers, ECG machines) to hospitals, distributing product via on-site pipelines, bulk cryogenic tankers, and cylinders.

Product overview

Ellenbarrie Industrial Gases Ltd (EIGL) operates as a diversified industrial gases company offering a comprehensive portfolio centered on its core industrial gases (oxygen, nitrogen, argon, hydrogen, carbon dioxide, helium, acetylene, nitrous oxide, synthetic air, special gases) and medical gases (medical oxygen, medical nitrogen, medical nitrous oxide, medical CO2). The company complements its gas products with medical gas pipeline services (MGPS), a medical equipment portfolio (ventilators, CSSD systems, spirometry machines, ECG machines), and plant technologies (cryogenic air separation plants, PSA/VPSA plants, hydrogen generation plants). Additionally, EIGL provides EPC solutions and engineering services for setting up gas infrastructure. The product ecosystem is structured around production facilities (ASU plants at Uluberia, Parawada, Hyderabad, Kalyani, Panagarh, Kharagpur, Naganar, Kurnool) with distribution via cylinders, tankers, and pipelines. As of March 31, 2024, the company operates one of India's largest oxygen plants with 1250 TPD capacity and had 1,836 customers, making it the largest 100% Indian-owned industrial gases company.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Gases Manufactured portfolio of industrial gases including oxygen (compressed and liquid), nitrogen (compressed and liquid), argon (compressed and liquid), carbon dioxide, helium, acetylene, hydrogen, nitrous oxide, synthetic air, special gases (trimix), and welding gas mixtures, supplied at multiple purities via cylinders, cryogenic tankers, and on-site pipelines to industrial customers in steel, pharma, defence, energy, food, and engineering sectors.
• Medical Gases Portfolio of medical-grade gases including medical oxygen (gas and liquid), medical nitrogen, medical nitrous oxide, and medical grade carbon dioxide, supplied through cylinders, cryogenic cylinders, and cryogenic tankers to hospitals, healthcare facilities, and diagnostic centres for patient care, anesthesia, and respiratory therapy in compliance with pharmacopoeia standards.
• Medical Gas Pipeline Services (MGPS) Supply, installation and commissioning of Medical Gas Pipeline Systems ensuring safe, efficient, and uninterrupted delivery of medical gases to patient bedside in hospitals, healthcare facilities, and diagnostic centres. Includes medical oxygen, nitrous oxide, compressed air, CO2 and vacuum pipelines, gas control panels, bedhead units, and alarm systems.
• Emergency & Transport Ventilators Pressure-controlled and vacuum-controlled cardio-pulmonary ventilators for emergency and transport applications, sold and installed as part of Ellenbarrie's medical equipment offering to hospitals and healthcare facilities.
• Central Sterilisation System (CSSD) Complete Central Sterilisation System (CSSD) solutions including supply, installation, and maintenance of steam sterilizers, washer-cum-disinfectors, dryers, ETO sterilizers, and low temperature plasma sterilizers, offered to hospitals and healthcare facilities for sterile processing.
• Lung Function Testing System (Spirometry) Spirometry products including ultrasonic technology PC spirometers, true flow ultrasonic flow sensor technology based spirometers, and advanced lung function testing machines with DLCO capability, supplied to hospitals, diagnostic centres, and respiratory medicine departments.
• Electrocardiograph (ECG) Machine Advanced 12-channel ECG machines with simultaneous data acquisition, 7-inch touch screen display, interpretive ECG over 130 kinds of interpretation results based on Minnesota code, and PC compatibility through LAN for HIS/EMR applications. Supplied to hospitals and diagnostic centres.
• Synthetic Air Mixture of oxygen and nitrogen produced by controlled, homogenized mixing, used as zero gas in running and calibration of test equipment for environmental monitoring due to limited impurities. Supplied to industrial customers and laboratories for environmental monitoring applications.
• Dry Ice Solid carbon dioxide produced and sold as a product for various industrial and commercial applications including cold chain, food preservation, and dry ice blasting.
• EPC Solutions Engineering, Procurement, Construction, and commissioning solutions for setting up cryogenic air separation plants, medical gas pipeline systems, and bulk gas installations, including design, project management, quality management, operations and maintenance, and process upgradation services for industrial and healthcare customers in India and internationally.
• Engineering Services Specialized engineering services for installation, maintenance, and optimization of industrial and medical gas systems, including design and engineering, maintenance and safety audits, project management, and technical consultation for customers operating ASU plants, MGPS, and bulk gas installations.

Quantifiable outcome

• Largest 100% Indian-owned industrial gases company in terms of installed capacity, revenue, and profitability in Fiscal 2024
• +3 more outcomes

Named customers26 records

Segments8 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered support and operational.

• Raadhi Advisors LLPsupportStrategic or Co-development PartnerInvestor Relations consultant providing IR services to the company. Contact: Anup Sudhendranath, Managing Director.
• KFin Technologies LimitedoperationalOthersRegistrar and Share Transfer Agent (RTA) for the company, handling share transfers, dematerialization, and investor queries. Formerly known as KFin Technologies Private Limited.

Scale indicators11 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Linde India: Subsidiary of Linde plc and one of India's largest industrial gases companies, supplying oxygen, nitrogen, argon and hydrogen via on-site, bulk and cylinder channels. Direct competitor to EIGL across merchant, on-site pipeline and medical gas segments, with substantially greater scale and nationwide footprint.
• Air Liquide India: Indian arm of global industrial gas major Air Liquide, supplying industrial and medical gases to steel, healthcare, electronics and chemical customers. Competes directly with EIGL in on-site supply, merchant liquid, and medical gas pipeline contracts across India.
• INOX Air Products: Joint venture between INOX Group and Air Products serving the Indian industrial and medical gas market with on-site, bulk and cylinder supply. Directly comparable to EIGL on product mix (oxygen, nitrogen, argon, hydrogen), supply modes, and customer segments.
• Air Water Inc. Japanese industrial gases conglomerate and EIGL's former 51% shareholder (2013–2021). Continues to operate in India and competes with EIGL in Asian and Indian markets, with similar ASU/cryogenic technology and customer profiles in steel and chemicals.
• Refex Industries: Indian-listed gases and refrigerants company with growing industrial gas and medical oxygen operations. Smaller-scale domestic peer with overlapping products (oxygen, medical gases) and similar India-focused B2B distribution model.

Broad incumbents

• Nippon Sanso Holdings (Taiyo Nippon Sanso): Global industrial gases major operating under the Nippon Sanso / Matheson brands across Asia, the US and Europe. Competes broadly with EIGL through its India and Southeast Asia footprint, particularly in electronics-grade gases and on-site supply to industrial customers.
• Iwatani Corporation: Japanese industrial gases and energy company with a strong focus on hydrogen and helium supply. Comparable to EIGL on industrial gas production and hydrogen-related infrastructure, particularly relevant given EIGL's hydrogen electrolyzer ambitions.
• Messer Group: Privately-held German industrial gases major with significant operations in the Americas, Europe and Asia. Competes with EIGL in merchant, on-site and medical gases globally; particularly relevant as a potential counterparty or strategic investor in Indian market consolidation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ellenbarrie1
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Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ellenbarrie Industrial Gases