India's Ellenbarrie Industrial Gases rises after Motilal Oswal initiates with 'buy'

Ellenbarrie Industrial Gases

08/09/2025 10:09

** Recently-listed Ellenbarrie Industrial Gases ELLE.NS rises 3.2% to 540.30 rupees

** Motilal Oswal initiates coverage on the industrial gases manufacturer with 'buy', sets PT at 680 rupees, implying a ~26% upside to current price

** Says, co's business model is underpinned by strong customer retention and high barriers to entry due to the structural rigidity of long-term pipeline contracts

** Co counts marquee names such as Tata Steel  TISC.NS, Dr Reddy's REDY.NS, NMDC NMDC.NS and Laurus Labs LAUL.NS  as customers, brokerage says

** Adds, ELLE is progressing towards a pan-India footprint, by increasing presence in northern and western parts of the country

** Expects ELLE to post a revenue, EBITDA and profit after tax CAGR of 39%, 49% and 52% respectively over FY25-FY28

** ELLE, which made its trading debut on July 1, up 35% over its issue price of 400 rupees

 (Reporting by Ananta Agarwal in Bengaluru)

 ((Ananta.Agarwal@thomsonreuters.com))