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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
CARE BB
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 8 Jan 2026
View Full Report52-Week Range
Valuation
Financials (FY2024)
Source: CRISILInvestment Thesis
Premier Cryogenics Limited is the dominant industrial and medical gas manufacturer in Northeast India, operating from two plants in Assam and serving a captive regional market with high logistical barriers to outside competition. The company's combination of regional market leadership, essential product portfolio, and growing industrial and healthcare demand from government-supported Northeast India development initiatives makes it a strong investment case. At ₹300 per share in the unlisted market, investors should review audited financials, plant capacity utilisation, and client composition before investing.
Pros
Cons
Business Segments
Industrial Gases
Manufacture and supply of industrial oxygen, nitrogen, argon, and dissolved acetylene for steel fabrication, metalworking, oil & gas, and manufacturing industries across Northeast India
Medical Gases
Production and distribution of medical-grade oxygen and other medical gases to hospitals, nursing homes, and healthcare facilities across Assam and Northeast India
Cryogenic Products & Specialty Gases
Supply of liquid nitrogen, liquid oxygen, liquid argon in cryogenic dewars and tankers to research institutions, food processing, and specialty industrial users
Revenue Model
Premier Cryogenics Limited generates revenue through the sale of compressed and liquefied industrial and medical gases in cylinders, bulk liquid form, and on-site generation contracts. Revenue comes from long-term supply agreements with PSUs (OIL, ONGC, Numaligarh Refinery), hospitals, and manufacturing industries, as well as spot cylinder sales to smaller customers. The regional monopoly position supports stable pricing power.
Detailed Analysis
Growth Plans
Act East Policy and Union Budget investment in Northeast India's industrialisation driving demand for industrial gases
Assam's growing oil and gas sector (OIL India, ONGC) expanding consumption of industrial oxygen and nitrogen
Post-COVID expansion of hospital infrastructure in Northeast India increasing medical oxygen demand
Numaligarh Refinery expansion and other large industrial projects in Assam creating significant new gas demand
Recent Developments
Union Budget 2024 and Act East Policy investments have accelerated industrial development in Northeast India including Assam, driving increased demand for industrial gases from steel, construction, and manufacturing sectors where Premier Cryogenics is the primary supplier.
2024-02Post-COVID-19, hospitals across Northeast India have significantly increased medical oxygen storage and supply infrastructure, benefiting regional medical gas suppliers like Premier Cryogenics with expanded supply contracts.
2023-11Comparable Companies
LINDEINDIA · ~₹50,000 Cr (listed)
Frequently Asked Questions
About Premier Cryogenics
Premier Cryogenics Limited (PCL) is one of Northeast India's leading industrial gases manufacturing companies, headquartered in Guwahati, Assam. Incorporated on 6 January 1994, the company has grown over three decades into a diversified gas manufacturer and distributor serving critical industries including healthcare, aerospace and defence, oil and gas, food and beverage, steel, and research organizations. The company's state-of-the-art manufacturing plant at Guwahati has been in operation since 1996 and produces Liquid Nitrogen, Liquid Oxygen, Industrial and Medical Oxygen, Industrial and High Purity Nitrogen gas, Dissolved Acetylene, Dry Compressed Air, Nitrous Oxide, and a range of specialty gas mixtures. A second plant at Samaguri in Assam became operational in 2018, significantly expanding PCL's production capacity and geographic reach within the northeastern region. PCL derives revenue through gas sales and also through the construction of medical gas pipeline infrastructure — a growing segment as hospitals and healthcare institutions in the Northeast invest in upgrading their gas supply systems. The company has built long-standing relationships with prominent clients including the Indian Air Force, major oil exploration companies, and leading hospitals across the region. The company is promoted by Abhijit Barooah, the Managing Director, who brings over three decades of experience in the industrial gases industry, and his sister Anamika Choudhury. The management team has demonstrated consistent operational capability, growing the company's total operating income to approximately Rs. 73 crore and net worth to approximately Rs. 98 crore as of March 31, 2024. PCL was rated 'BBB+' by CARE Ratings in December 2024, reflecting its stable financial profile, established market position in Northeast India, and growing customer base. The rating acknowledges PCL's experienced promoters and its strategic position as a key supplier of industrial and medical gases in a region that is underserved by larger national gas companies. Its focus on specialty gases and high-purity products further differentiates it from commodity gas suppliers.
Key Milestones
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Industry Tailwinds
Act East Policy and Union Budget investment in Northeast India's industrialisation driving demand for industrial gases
Assam's growing oil and gas sector (OIL India, ONGC) expanding consumption of industrial oxygen and nitrogen
Post-COVID expansion of hospital infrastructure in Northeast India increasing medical oxygen demand
Numaligarh Refinery expansion and other large industrial projects in Assam creating significant new gas demand
Industry Headwinds
Entry of large national gas companies (Linde, INOX Air Products) into Northeast India markets
Natural disasters and flooding disrupting Assam's industrial activity and logistics infrastructure
Cost inflation in power tariffs (electricity is the primary input for gas production) compressing operating margins
Key Strengths
Experienced promoter
Established market position in north-east India
Satisfactory capacity utilisation of the plants
Satisfactory financial performance in FY25
Satisfactory capital structure and debt protection metrics
Key Weaknesses
Elongated working capital cycle
Modest scale of operation and geographical concentration risk
Profitability susceptible to volatility in power cost and transportation cost
Vulnerability of the business risk profile to any downturn in its end-user industry
Highly competitive nature of the industrial gas industry
Downward Factors
Decline in scale of operations below ₹60 crore and profit before interest, lease rentals, depreciation, and taxation (PBILDT)
Deterioration in operating cycle resulting in sizeable increase in finance cost from existing level on a sustained basis
Any large debt-funded capex/ acquisition deteriorating the gearing over 0.50x on a sustained basis
Concentrated geographic exposure to Northeast India — limited diversification
Source: Media Reports / Public Records
Small-to-mid scale relative to global and national industrial gas players
Source: AlphaHub Research
Revenues are entirely dependent on Northeast India's industrial and healthcare demand; regional economic slowdowns, floods, or disruptions can significantly impact all revenue streams simultaneously.
National players like Linde India, INOX Air Products, and Air Products India could increase their presence in Northeast India by establishing local filling stations or distribution networks, eroding Premier Cryogenics' price advantage.
Industrial and medical gas manufacturing is subject to stringent PESO (Petroleum and Explosives Safety Organisation) and CPCB regulations; any safety incident or compliance failure can result in plant shutdown and liability.
Northeast India's challenging terrain and periodic flooding can disrupt gas cylinder distribution logistics, causing supply chain disruptions and customer dissatisfaction.
Cryogenic manufacturing equipment requires regular capital replacement and maintenance; any major equipment failure can halt production at a plant, creating immediate revenue loss.
Subsidiary of INOX Wind
Unlisted
1994: Incorporated as Premier Cryogenics Limited in Assam under CIN L24111AS1994PLC004051
1995–2000: Established the Guwahati manufacturing plant and commenced production of industrial gases for Northeast India's oil & gas and industrial sectors
2000s: Expanded to establish the Samaguri (Nogaon district) plant, adding production capacity and geographic reach within Assam
2010s: Strengthened its position as Northeast India's dominant industrial gas manufacturer; expanded medical gas distribution to hospitals across the region
Ongoing: Operates as the largest industrial gas manufacturer in Northeast India with two active production facilities
Promoter-led management with long-standing operations in Assam's industrial gases sector since 1994; North East India-focused gas manufacturing company