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IDBI Capital Report
Everest Kanto Cylinder Ltd. is a leading manufacturer of seamless steel gas cylinders in India with an estimated market share of 50%. With rising penetration of compressed natural gas stations in India, we believe the gas cylinder companies will benefit as CNG stations will require cascades.
Importantly, car companies are witnessing rising number of CNG cars while diesel cars continue to lose share. These factors will benefit Everest Kanto Cylinder as it is the market leader in gas cylinders in India and is expanding its capacities.
Over the coming two years, the company will become a net debt free company and will have strong return ratios. Current valuation is attractive considering it stares at strong growth prospects.
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