** Recently-listed Ellenbarrie Industrial Gases NSE:ELLEN 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 NSE:TATASTEEL, Dr Reddy's NSE:DRREDDY, NMDC NSE:NMDC and Laurus Labs NSE:LAURUSLABS 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