Company: Premier Cryogenics Limited
CIN: L24111AS1994PLC004051
ISIN: INE101F01017
Face Value: ₹10
Incorporated: 6 January 1994
Registered Office: Guwahati, Assam
Industry: Industrial & Medical Gases / Cryogenic Services
Status: CSE-listed but effectively illiquid; commonly traded through the unlisted-share market
Executive Summary
Premier Cryogenics Limited is an Assam-based industrial and medical gas manufacturer with a long operating history in the North-East Indian market.
The company manufactures and supplies oxygen, nitrogen, liquid oxygen, liquid nitrogen, medical oxygen, dissolved acetylene, nitrous oxide, carbon dioxide and speciality gases, while also providing cryogenic engineering, tank maintenance, gas-distribution and hospital pipeline solutions. Its official website states that its customers include the Indian Air Force, Indian Army, ONGC, Oil India, IOCL, NRL, BRPL, hospitals, Railways, construction companies and cement manufacturers.
Financially, Premier Cryogenics has demonstrated a relatively strong margin profile. FY2024-25 revenue from operations was ₹74.65 crore, while PAT increased to ₹13.03 crore from ₹12.20 crore in FY2023-24. EBITDA, calculated from the reported profit before finance cost, depreciation and amortisation, was approximately ₹22.77 crore, giving an EBITDA margin of roughly 30.5% on revenue from operations.
The company is interesting because of its niche regional position, high-margin industrial-gas business, long-standing institutional customers and relatively modest market capitalisation.
However, investors should pay particular attention to liquidity, working-capital intensity, borrowing, customer concentration, regional concentration and the absence of an active exchange market.
1. Company Overview
Premier Cryogenics Limited was incorporated in 1994 and operates primarily from Assam.
Its first Guwahati manufacturing facility has been operating since 1996, while its Samaguri facility commenced operations in 2018. The company describes itself as a major industrial-gas manufacturer in North-East India.
The company’s official website provides detailed information about its manufacturing facilities and product portfolio.
Official Company Website:
Premier Cryogenics Official Website
Corporate Reports & Financial Information:
Premier Cryogenics Corporate Reports
2. Business Model
Premier Cryogenics operates across three broad areas:
A. Industrial & Medical Gases
Major products include:
- Oxygen
- Liquid Oxygen
- Nitrogen
- Liquid Nitrogen
- Medical Oxygen
- Carbon Dioxide
- Dissolved Acetylene
- Nitrous Oxide
- Argon
- Helium
- Hydrogen
- High-purity gases
- Calibration gases
- Speciality gas mixtures
The company supplies gases in both bulk and packaged formats depending on customer requirements.
B. Cryogenic Engineering Services
Premier Cryogenics provides services related to:
- Cryogenic storage tanks
- Cryogenic transport tanks
- Gas distribution networks
- Hospital pipeline systems
- Nitrogen purging systems
- Oilfield nitrogen applications
- Air/gas compressor maintenance
- Cryogenic equipment repair and maintenance
This creates an additional engineering/service component beyond simply selling industrial gases.
C. Speciality Gases
The company also supplies high-purity and speciality gases used in:
- Research laboratories
- Pharmaceutical applications
- Electronics
- Welding
- Calibration
- Food processing
- Defence
- Aerospace
- Oil & gas
Its website states that purity levels of up to 99.999% can be supplied for certain applications.
3. Key Customer Segments
Premier Cryogenics has a diversified industrial customer base spanning several sectors.
Defence & Aerospace
The company supplies gases to the Indian Army and Indian Air Force and states that it has developed high-pressure cylinder-filling capabilities for aerospace applications.
Oil & Gas
Nitrogen is used extensively in exploration, production, refinery operations, purging and cooling.
The company states that it supplies nitrogen and speciality gases to major oil and gas customers and refineries.
Healthcare
Medical oxygen, nitrous oxide, carbon dioxide and hospital gas-pipeline solutions form an important healthcare offering.
Steel & Metals
Oxygen, nitrogen and argon have significant applications in steel and alloy manufacturing.
Research & Technology
High-purity gases are used in laboratories, research institutions, calibration and advanced industrial applications.
The company specifically mentions supply relationships with research organisations, including ISRO.
4. Manufacturing Footprint
The company operates two manufacturing locations:
Factory 1:
Lokhra Road, Saukuchi, Guwahati, Assam
Factory 2:
Gandhalibebejia, Samaguri, Nagaon, Assam
The company’s corporate website provides the addresses and contact information for both facilities.
A current industry source citing the company’s credit-rating information reports aggregate installed capacity of approximately:
- 32,775.85 MTPA – Nitrogen & Oxygen, liquid and gaseous
- 340.56 MTPA – Dissolved Acetylene
- 65.55 MTPA – Nitrous Oxide
These figures should be verified against the latest company disclosures before being used for transaction-level due diligence.
5. Industry Opportunity
The industrial-gas industry benefits from multiple structural demand drivers.
Healthcare
Growth in hospitals, medical infrastructure and healthcare capacity supports demand for medical oxygen and other medical gases.
Manufacturing
Steel, metals, fabrication, welding and engineering industries consume oxygen, nitrogen, argon and other industrial gases.
Oil & Gas
Nitrogen is used in exploration, refinery operations, purging and inerting applications.
Food & Beverage
Nitrogen and carbon dioxide have applications in food processing, packaging and beverage manufacturing.
Defence & Aerospace
High-purity and specialised gases are critical in several aerospace and defence applications.
Research & Electronics
High-purity speciality gases are used in laboratories, electronics and advanced manufacturing.
Premier Cryogenics’ ability to serve multiple sectors reduces dependence on a single end-market, although its geographical concentration remains an important consideration.
6. Financial Performance
FY2024-25
According to the company’s audited annual report:
| Particular | FY2024-25 | FY2023-24 |
|---|---|---|
| Revenue from Operations | ₹74.65 Cr | ₹73.01 Cr |
| Other Income | ₹3.75 Cr | ₹3.73 Cr |
| Total Revenue | ₹78.41 Cr | ₹76.74 Cr |
| EBITDA* | ₹22.77 Cr | ₹21.83 Cr |
| PBT | ₹16.59 Cr | ₹15.67 Cr |
| PAT | ₹13.03 Cr | ₹12.20 Cr |
| EPS | ₹26.47 | ₹24.77 |
*Approximate EBITDA based on the company’s reported profit before finance cost, depreciation & amortisation.
FY2024-25 revenue from operations increased approximately 2.2%, while PAT increased approximately 6.8%. Management attributed the improvement mainly to higher turnover, lower material consumption and lower finance costs, partly offset by higher power, distribution and other expenses.
Official FY2024-25 Annual Report:
Premier Cryogenics Annual Report 2024-25
The company website also now lists its FY2025-26 Annual Report, along with AGM 2026 documentation.
FY2025-26 Annual Report:
Premier Cryogenics Annual Report 2025-26
The detailed FY2025-26 PDF was not machine-readable through the web source used for this report, so the audited financial analysis above deliberately relies on the accessible FY2024-25 report rather than estimating or fabricating FY2025-26 figures.
7. Profitability Analysis
One of the more notable characteristics of Premier Cryogenics is its profitability.
FY2024-25:
EBITDA margin on revenue from operations: ~30.5%
PBT margin: ~22.2%
PAT margin: ~17.5%
The high margin profile is partly explained by the nature of speciality/industrial gases and the company’s established customer relationships.
Historical data also shows that the company has maintained relatively healthy margins across several years.
However, investors should not automatically assume that historical margins will remain unchanged because gas manufacturing can be affected by electricity costs, transportation costs, raw-material costs, utilisation and regional competition.
8. Cash Flow
FY2024-25 cash-flow data indicates:
| Cash Flow | FY2024-25 |
|---|---|
| Operating Cash Flow | ~₹8.71 Cr |
| Investing Cash Flow | ~₹(4.67) Cr |
| Financing Cash Flow | ~₹(1.07) Cr |
| Net Cash Flow | ~₹2.98 Cr |
Operating cash flow remained positive, although it was below reported PAT.
This is an area investors should monitor closely because the company has a meaningful trade-receivables balance.
9. Balance Sheet
FY2024-25 balance-sheet data available from financial databases indicates:
| Particular | FY2024-25 |
|---|---|
| Fixed Assets | ~₹32.87 Cr |
| Investments | ~₹49.04 Cr |
| Trade Receivables | ~₹37.40 Cr |
| Inventory | ~₹1.45 Cr |
| Total Assets | ~₹137.07 Cr |
| Share Capital | ~₹5.01 Cr |
| Reserves | ~₹105.51 Cr |
| Borrowings | ~₹13.18 Cr |
| Trade Payables | ~₹1.04 Cr |
The combination of relatively modest borrowings and a sizeable investment portfolio provides some balance-sheet support.
Working Capital
The trade-receivable balance of approximately ₹37.4 crore against revenue of roughly ₹74.65 crore is worth monitoring.
The business therefore has a meaningful amount of capital tied up in customer receivables.
For an industrial-gas company, collection discipline and customer payment terms are important because cash conversion can materially affect returns on capital.
10. Shareholding
The June 2026 shareholding filing shows:
Promoter & Promoter Group: 74.287%
Public: 25.713%
Total equity shares: approximately 49.24 lakh.
Some of the significant promoter-group holdings include:
- Abhijit Barooah – ~32.26%
- Derby Commodities Pvt Ltd – ~29.45%
- Anamika Chowdhary – ~5.80%
- Kalpana Barooah – ~4.91%
- Assam Air Products Pvt Ltd – ~1.60%
The concentrated ownership structure means public-market liquidity can remain limited.
11. Unlisted / Listing Status – Important Clarification
This company requires a special explanation.
Premier Cryogenics’ annual report states that its shares continued to be listed on the Calcutta Stock Exchange, and that listing fees were paid for FY2024-25.
However, the same annual report explicitly states:
No shares of the company were reported to be traded in any stock exchange during the year.
It also states that there was no trading on the Calcutta Stock Exchange.
Therefore, Premier Cryogenics is technically CSE-listed, but it does not have an active exchange-trading market comparable with NSE/BSE-listed stocks.
This explains why the company is widely marketed by private-market platforms as an “unlisted share.”
For an investor, the practical issue is the same: price discovery and exit liquidity are limited.
12. Current Indicative Share Price
Current secondary-market references show a relatively wide range.
Moneycontrol
Current displayed price:
₹291.77/share
Market capitalisation:
₹144.49 crore
52-week range:
₹220 – ₹302.75
EPS shown:
₹24.80
P/E:
11.52x
P/B:
1.36x
Moneycontrol explicitly states that its unlisted-share prices are indicative and derived from partners, rather than exchange prices.
Premier Cryogenics Price & Financials – Moneycontrol
Other market references
Planify reported approximately ₹299.10 as of 31 August 2026, while WWIPL displayed approximately ₹300 in its latest available reference.
Therefore, a reasonable current indicative OTC reference range is approximately ₹292–₹300/share, rather than treating any one dealer’s quote as an official market price.
13. Valuation
Using the current indicative price of approximately ₹292–₹300:
Market Capitalisation
At ₹300/share:
49.24 lakh shares × ₹300 ≈ ₹147.7 crore
P/E
Using FY2024-25 audited EPS of ₹26.47:
At ₹300:
₹300 ÷ ₹26.47 ≈ 11.3x FY25 P/E
This is broadly consistent with the current market-platform valuation of around 11.5x, although the platform currently displays EPS of ₹24.80.
P/B
Using the current book value reference of approximately ₹220.74:
At ₹300:
P/B ≈ 1.36x
The valuation therefore appears much more earnings-supported than some highly speculative unlisted companies where valuation is based primarily on an assumed future IPO.
14. Valuation Sensitivity
Using FY2024-25 EPS of ₹26.47:
| P/E Multiple | Implied Price |
|---|---|
| 8x | ₹212 |
| 10x | ₹265 |
| 12x | ₹318 |
| 14x | ₹371 |
| 16x | ₹424 |
| 18x | ₹476 |
| 20x | ₹529 |
These are valuation sensitivity calculations, not price targets or forecasts.
At the current indicative market level around ₹292–₹300, the company is trading around the 11–11.5x earnings zone based on the available earnings metrics.
15. Competitive Advantages
Established regional position
Premier Cryogenics has been operating its Guwahati plant since 1996 and has developed a long-standing presence in North-East India.
Diverse product portfolio
The company is not dependent on a single gas. It offers oxygen, nitrogen, carbon dioxide, acetylene, nitrous oxide and speciality gases.
Institutional customers
Its customer references include defence, oil & gas, healthcare, railways and industrial customers.
Cryogenic engineering capability
The ability to repair and maintain cryogenic tanks and provide gas-distribution infrastructure adds service capability around the core manufacturing business.
Strong promoter ownership
Promoter and promoter-group ownership of approximately 74.3% provides a highly concentrated ownership structure.
16. Growth Drivers
Healthcare infrastructure
Expansion in hospitals and healthcare facilities can increase demand for medical oxygen and related gases.
Industrialisation of North-East India
Higher manufacturing and infrastructure activity in the region can increase industrial-gas demand.
Defence and aerospace
The company’s existing defence/aerospace exposure provides opportunities in speciality and high-purity gases.
Oil & gas activity
Exploration and refinery operations require nitrogen and other gases for multiple applications.
Speciality gases
High-purity gases can potentially provide better margins than commodity industrial gases because customers place greater emphasis on purity and reliability.
Geographical expansion
The company’s historical annual-report disclosures have indicated an intention to expand into new geographical markets.
17. Key Risks
1. Illiquidity
This is the most important risk.
Although technically listed on CSE, the company reported no exchange trading during FY2024-25.
An investor may therefore experience:
- Limited buyers
- Wide bid/ask spreads
- Delayed exits
- Dealer-dependent pricing
- Difficulty establishing fair value
2. Working-capital risk
Trade receivables are significant relative to annual revenue.
A deterioration in collections could affect operating cash flow.
3. Regional concentration
A substantial part of the company’s historical operating footprint is concentrated in North-East India.
Expansion into other regions could require additional capital and logistics investment.
4. Energy costs
Industrial-gas manufacturing is energy intensive. Electricity and operating costs can influence margins.
5. Customer concentration
Institutional customers are valuable but large customers can possess greater negotiating power.
6. Limited public-market disclosure
Because the shares do not trade actively on a major exchange, information flow and market scrutiny are lower than for NSE/BSE-listed companies.
7. No confirmed IPO
The current market information shows no DRHP filed.
Investors should therefore not purchase the shares solely on an assumed IPO thesis.
18. IPO / Listing Status
There is currently no verified DRHP or confirmed IPO timeline for Premier Cryogenics.
The company remains listed on the Calcutta Stock Exchange, but its own annual report records no trading on that exchange during FY2024-25.
Current private-market sources also show DRHP: No.
Therefore, the investment case should primarily be evaluated on:
Business performance + earnings + cash flows + balance sheet + valuation + liquidity
rather than a speculative future IPO.
19. What Investors Should Monitor
For further due diligence, investors should track:
- FY2025-26 audited revenue and PAT
- Current order book
- Capacity utilisation
- Trade receivables
- Operating cash flow
- Borrowings
- Interest costs
- Power and energy costs
- Expansion outside North-East India
- Growth in speciality gases
- Defence/aerospace orders
- Promoter shareholding
- Dividend history
- Any CSE/NSE/BSE listing development
- Any DRHP or IPO announcement
20. Investment Perspective
Premier Cryogenics is fundamentally different from many speculative unlisted businesses.
The company has:
- Established manufacturing facilities
- A long operating history
- Recurring industrial-gas demand
- Defence and healthcare exposure
- Speciality-gas capabilities
- Positive profitability
- Positive operating cash flow
- Significant promoter ownership
- A relatively modest valuation compared with many high-growth private companies
At the same time, the investment case is constrained by very low secondary-market liquidity and limited price discovery.
At an indicative price around ₹292–₹300, the stock is valued at approximately 11–11.5x earnings using the available earnings metrics.
The critical question for an investor is therefore whether Premier Cryogenics can continue growing its earnings and cash flows while maintaining its strong margins and improving liquidity/scale.
21. Overall Assessment
Premier Cryogenics can be viewed as a niche industrial-gas company with established regional presence and a profitable operating model.
The company benefits from exposure to:
Healthcare + Defence + Aerospace + Oil & Gas + Steel + Infrastructure + Speciality Gases
Its FY2024-25 performance was encouraging, with revenue from operations increasing to ₹74.65 crore and PAT reaching ₹13.03 crore.
The valuation around ₹292–₹300 is not based on an extremely aggressive earnings multiple, but the lack of active exchange liquidity remains a significant factor.
For investors evaluating Premier Cryogenics, earnings sustainability, cash conversion and the ability to scale beyond its traditional North-East market are likely to be more important than a simple IPO narrative.
22. Important Links
Official Website:
Premier Cryogenics Limited
Corporate Reports:
Premier Cryogenics Corporate Reports & Financial Information
Investor Information:
Premier Cryogenics Investor Information
FY2024-25 Annual Report:
Premier Cryogenics Annual Report 2024-25
FY2025-26 Annual Report:
Premier Cryogenics Annual Report 2025-26
Current Indicative Market Data:
Premier Cryogenics – Moneycontrol
Disclaimer
This report is prepared for research and informational purposes only and does not constitute investment advice, an offer, solicitation or recommendation to buy or sell securities.
Premier Cryogenics shares have very limited/absent active exchange trading, and secondary-market prices are indicative and may vary materially between buyers and sellers.
Financial figures should be verified against the latest audited financial statements and corporate disclosures before undertaking any transaction.
Valuation sensitivity calculations are illustrative and should not be interpreted as price targets or guaranteed returns.
For more such unlisted stocks visit https://unlistedcart.com/unlisted-shares/
