Linde India Ltd.

“Linde India is a structurally exceptional industrial gas compounder with a wide moat, strong ROCE, and a genuine multi-decade tailwind from India's industrialization — but the current 107x trailing P/E prices in near-perfect long-run execution, delivers roughly 2x total return over 10 years at best, and carries a non-trivial governance risk from a 75% parent that has already attempted a below-market delisting. The business deserves a place on every long-term investor's watchlist; it does not deserve capital at today's price.”