{
  "id": 10684006,
  "title": "Broker’s Call: Ellenbarrie Industrial Gases (Buy)",
  "url": "https://urgent.news/2026/09/29/brokers-call-ellenbarrie-industrial-gases-buy",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-29T11:19:58.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/brokers-call-ellenbarrie-industrial-gases-buy/article71523352.ece"
  },
  "original_language": "en",
  "account": "Ellenbarrie Industrial Gases (EIGL) has secured a significant contract with BHEL for the supply and erection of 1,200 tonne per day (tpd) argon-separation units (ASUs) for the construction of a 2,000-tpd coal-to-ammonium nitrate project in Jharsuguda, Odisha. The contract, worth ₹480 crore, is expected to be executed over two years and commissioned in FY29, contributing an incremental EBITDA of around ₹24 crore to the company. This project aligns with the Government of India's National Coal Gassification Mission, which could enhance future order visibility from similar initiatives. As a result, the broker is raising EIGL's FY27-29E revenue by 18-43 per cent and EBITDA/PAT by 3-7 per cent. With a valuation rollover to September 2028E, the company's TP is now at ₹430 (previously ₹385), based on an unchanged 30x September 2028E P/E. The broker remains optimistic, anticipating a 32 per cent, 33 per cent, and 30 per cent compound annual growth rate (CAGR) in revenue, EBITDA, and PAT for FY26-29E, driven by a 23 per cent year-on-year increase in merchant volume due to strong capacity expansion and improved merchant segment EBITDA margin to approximately 36 per cent in FY29E.",
  "summary": "We maintain Buy as we expect EIGL to deliver revenue/EBITDA/PAT CAGR of about 32%/33%/30% over FY26-29E driven by: a 23% CAGR in merchant volume on account of strong capacity expansion",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}