Linde India Ltd
LINDEINDIA NSE
Linde India Ltd
CommoditiesNSE: LINDEINDIA BSE: 523457 Chemicals & Petrochemicals
Linde India Limited, a subsidiary of BOC Group,UK (owns 75% stake in the co), is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non cryogenic air separation plants.[1]
AI Verdict: HOLD Confidence: 4%
Linde India is a debt-free, high-quality industrial gas franchise trading at a PE of 113x and 15x book value with only 2% TTM sales growth. While the long-term profit CAGR of 41% over 10 years is impressive, current valuations leave little margin of safety given slowing revenue momentum.
Key Fundamentals
MidcapIndustrial GasesChemicalsMarket Cap
₹60,808 Cr
Volatility
Moderate
P/E Ratio
108.71
EBITDA
₹909 Cr
Return on Equity
12.52%
Debt to Equity
0.01
Book Value
₹500.3
EPS
₹52.52
52W High
₹8,049
52W Low
₹5,673
Technical Indicators
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 21.8%
Weaknesses
3- Stock is trading at 14.4 times its book value
- The company has delivered a poor sales growth of 11.5% over past five years.
- Company has a low return on equity of 13.0% over last 3 years.
Growth Rate
Revenue Growth
-0.88% ↗
Net Income Growth
22.21% ↗
Cash Flow Change
33.56% ↗
ROE
-4.87% ↗
ROCE
-2.06% ↗
EBITDA Margin (Avg.)
7.02% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoHOLD
Risk high
Linde India is a debt-free, high-quality industrial gas franchise trading at a PE of 113x and 15x book value with only 2% TTM sales growth. While the long-term profit CAGR of 41% over 10 years is impressive, current valuations leave little margin of safety given slowing revenue momentum.
Bull Case 8
- Company is virtually debt-free, providing strong balance sheet resilience in a capital-intensive sector
- 10-year compounded profit growth of 41% demonstrates exceptional long-term earnings power
- Stock has delivered 38% CAGR over 10 years and 36% over 5 years, significantly outperforming broader indices
- ROE has improved to 14% last year from 11% 10-year average, indicating improving capital efficiency
- 5-year compounded profit growth of 30% shows sustained earnings acceleration beyond a single cycle
- Backed by Linde plc, the world's largest industrial gas company, providing technology and operational expertise
- TTM profit growth of 24% indicates strong margin expansion even as sales grew only 2%
- Consistent dividend payout of 21.8% shows shareholder-friendly capital allocation despite growth investments
Bear Case 8
- PE ratio of 113x is extremely expensive, implying the market is pricing in aggressive growth that current 2% TTM sales growth does not support
- Price-to-book of 15x is excessive even for a quality compounder, leaving significant downside risk in a de-rating scenario
- 3-year compounded sales growth is negative at -7%, signalling revenue contraction over the medium term
- 3-year ROE of only 13% is modest for a stock commanding such a premium valuation multiple
- Dividend yield of just 0.16% offers negligible income cushion for investors during potential price corrections
- TTM sales growth of only 2% suggests demand saturation or pricing pressure in the industrial gas segment
- Analyst consensus is deeply split with only 1 buy, 1 hold, and 1 sell out of 3 total ratings, indicating no clear institutional conviction
- 5-year sales CAGR of 11% is characterised by the company itself as poor, lagging profit growth and suggesting margin-driven earnings that may not sustain
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Headwinds 3
- Q4 net profit drops 34.6% Jun 2
Consolidated net profit fell 34.60% YoY to ₹77.44 crore in Q4 FY26 versus ₹118.41 crore in Q4 FY25, despite revenue growing 3.79% to ₹614.33 crore.
- Stock down 7.71% over year Jun 2
Linde India shares have declined 7.71% over the past year, trading at ₹6,940 with a 14.0x price-to-book valuation.
- Weak sales growth, low ROE Jun 2
The company has delivered only 11.5% sales growth over five years and maintains a low return on equity of 13.0% over the last three years.
Positives 3
- FY26 full-year profit up 23% May 30
Linde India reported FY26 net profit of ₹5,508.74 million, up from ₹4,478.13 million in FY25, with revenue from operations increasing to ₹25,306.40 million.
- ₹12/share dividend declared Jun 12
Board recommended ₹12 per share total dividend including ₹8 special dividend on 85.28 million shares, with record date August 6, 2026 and AGM on August 13, 2026.
- New 1,450 TPD ASU commissioned May 27
Commercial production started at new Air Separation Unit at Jindal Stainless Kalinganagar, supplying 1,450 TPD Oxygen, 1,800 TPD Nitrogen, and 64 TPD Argon with additional merchant market capacity.
Neutral 1
- AGM scheduled August 13, 2026 Jun 2
The 90th AGM is set for August 13, 2026 with register of members closed August 7-13 for dividend payment and AGM purposes.
TL;DR: Linde India delivered strong full-year FY26 profit growth of 23% and is returning cash to shareholders via a ₹12 dividend including a special component. However, Q4 FY26 saw a sharp 34.6% profit decline and the stock has underperformed over the past year with subdued long-term sales growth and ROE. The new ASU at Jindal Stainless adds capacity and merchant market opportunity, but investors should watch whether quarterly margins recover in FY27.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 630 | 721 | 711 | 706 | 630 | 653 | 634 | 606 | 592 | 571 | 644 | 701 | 614 |
| Expenses | 444 | 557 | 538 | 520 | 452 | 469 | 456 | 414 | 382 | 374 | 362 | 444 | 441 |
| Operating Profit | 186 | 164 | 174 | 186 | 179 | 184 | 179 | 192 | 210 | 197 | 282 | 257 | 173 |
| OPM % | 30% | 23% | 24% | 26% | 28% | 28% | 28% | 32% | 35% | 34% | 44% | 37% | 28% |
| Other Income | 22 | 18 | 19 | 22 | 18 | 19 | 16 | 19 | 13 | 4 | 4 | 53 | 6 |
| Interest | 2 | 1 | 1 | 1 | 4 | 2 | 2 | 2 | 7 | 3 | 3 | 6 | 3 |
| Depreciation | 66 | 49 | 50 | 51 | 52 | 51 | 52 | 55 | 56 | 56 | 56 | 62 | 61 |
| PBT | 140 | 132 | 141 | 156 | 141 | 150 | 141 | 155 | 161 | 142 | 226 | 243 | 115 |
| Tax % | 30% | 26% | 24% | 25% | 26% | 25% | 26% | 26% | 27% | 26% | 25% | 21% | 26% |
| Net Profit | 99 | 98 | 107 | 117 | 104 | 112 | 104 | 114 | 118 | 105 | 169 | 192 | 85 |
| EPS in Rs | 11.58 | 11.51 | 12.51 | 13.74 | 12.23 | 13.08 | 12.24 | 13.37 | 13.82 | 12.32 | 19.82 | 22.46 | 9.99 |
Profit & Loss
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 15m | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,491 | 1,567 | 1,825 | 2,033 | 2,192 | 1,762 | 1,471 | 2,112 | 3,136 | 2,769 | 2,485 | 2,531 |
| Expenses | 1,214 | 1,337 | 1,539 | 1,705 | 1,866 | 1,347 | 1,096 | 1,564 | 2,371 | 2,066 | 1,720 | 1,622 |
| Operating Profit | 277 | 230 | 287 | 328 | 326 | 415 | 375 | 548 | 765 | 702 | 765 | 909 |
| OPM % | 19% | 15% | 16% | 16% | 15% | 24% | 25% | 26% | 24% | 25% | 31% | 36% |
| Other Income | 11 | 22 | 34 | 11 | 23 | 862 | 44 | 348 | 109 | 77 | 68 | 67 |
| Interest | 103 | 90 | 116 | 116 | 103 | 86 | 6 | 3 | 6 | 7 | 13 | 14 |
| Depreciation | 181 | 162 | 195 | 206 | 199 | 177 | 176 | 181 | 253 | 201 | 214 | 235 |
| PBT | 4 | 1 | 10 | 16 | 47 | 1,013 | 236 | 711 | 614 | 571 | 606 | 727 |
| Tax % | -51% | -4164% | -31% | -17% | 29% | 28% | 34% | 28% | 13% | 25% | 26% | 24% |
| Net Profit | 5 | 23 | 13 | 19 | 33 | 727 | 156 | 514 | 536 | 426 | 448 | 551 |
| EPS in Rs | 0.63 | 2.75 | 1.57 | 2.22 | 3.93 | 85.27 | 18.24 | 60.26 | 62.82 | 49.99 | 52.51 | 64.59 |
| Div. Payout % | 237% | 27% | 48% | 45% | 38% | 12% | 16% | 22% | 19% | 24% | 23% | 19% |
Balance Sheet
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 |
| Reserves | 1,304 | 1,307 | 1,310 | 1,322 | 1,342 | 2,052 | 2,118 | 2,606 | 3,029 | 3,349 | 3,694 | 4,142 |
| Borrowings | 1,564 | 1,388 | 1,445 | 1,282 | 1,199 | 108 | 7 | 24 | 22 | 21 | 42 | 79 |
| Other Liabilities | 926 | 883 | 722 | 680 | 759 | 970 | 1,048 | 1,287 | 1,246 | 1,324 | 1,289 | 1,463 |
| Total Liabilities | 3,880 | 3,664 | 3,563 | 3,369 | 3,385 | 3,215 | 3,259 | 4,003 | 4,382 | 4,780 | 5,110 | 5,769 |
| Fixed Assets | 2,201 | 2,158 | 2,573 | 2,498 | 2,162 | 2,035 | 1,989 | 1,869 | 1,762 | 1,822 | 1,925 | 2,093 |
| CWIP | 356 | 577 | 80 | 36 | 44 | 53 | 17 | 68 | 225 | 483 | 975 | 1,343 |
| Investments | 15 | 15 | 15 | 15 | 0 | 0 | 2 | 2 | 16 | 27 | 27 | 43 |
| Other Assets | 1,308 | 915 | 895 | 821 | 1,179 | 1,127 | 1,251 | 2,064 | 2,378 | 2,448 | 2,183 | 2,291 |
| Total Assets | 3,880 | 3,664 | 3,563 | 3,369 | 3,385 | 3,215 | 3,259 | 4,003 | 4,382 | 4,780 | 5,110 | 5,769 |
Cash Flow
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 271 | 242 | 293 | 252 | 376 | 327 | 339 | 589 | 629 | 437 | 584 | 786 |
| Investing | -264 | -58 | -128 | -59 | -73 | 981 | -54 | 98 | -306 | -539 | -1,305 | -705 |
| Financing | -8 | -222 | -80 | -261 | -216 | -1,193 | -201 | -28 | -119 | -105 | -112 | -116 |
| Net Cash Flow | -1 | -37 | 85 | -68 | 87 | 115 | 84 | 659 | 203 | -208 | -833 | -35 |
| Free Cash Flow | 5 | 181 | 160 | 184 | 286 | 251 | 271 | 454 | 280 | -127 | -739 | 25 |
| CFO/OP | 106 | 101 | 104 | 79 | 118 | 82 | 98 | 121 | 107 | 84 | 101 | 109 |
Ratios
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 75 | 78 | 71 | 63 | 61 | 79 | 101 | 73 | 47 | 63 | 57 | 73 |
| Inventory Days | 153 | 141 | 102 | 91 | 66 | 57 | 72 | 37 | 22 | 32 | 69 | 79 |
| Days Payable | 541 | 466 | 447 | 348 | 293 | 327 | 477 | 312 | 156 | 235 | 349 | 370 |
| Cash Conversion Cycle | -313 | -247 | -274 | -194 | -166 | -190 | -303 | -202 | -87 | -139 | -224 | -217 |
| Working Capital Days | -81 | 16 | -70 | -69 | -81 | -22 | 6 | -3 | -9 | -11 | -29 | -40 |
| ROCE % | 3% | 3% | 4% | 5% | 6% | 11% | 10% | 17% | 21% | 17% | 17% | 18% |
Documents
1
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
28 Apr - Linde India says it is not a SEBI-defined large corporate; initial disclosure filed on 28 April 2026. 28 Apr - Linde India says it is not a SEBI-defined large corporate; initial disclosure filed on 28 April 2026.
2
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
28 Apr - Linde India says it is not a SEBI-defined large corporate; initial disclosure filed on 28 April 2026. 28 Apr - Linde India says it is not a SEBI-defined large corporate; initial disclosure filed on 28 April 2026.
3
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
15 Apr - Letter no. Sect/32 dated 15th April 2026 with respect to certificate under regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. You are requested … 15 Apr - Letter no. Sect/32 dated 15th April 2026 with respect to certificate under regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. You are requested …
4
Minutes Of Extra-Ordinary General Meeting Of The Company Held Through Video Conference/Other Audio-Visual Means On Thursday, 5Th March 2026
3 Apr - EGM minutes: material RPT approval for Praxair India worth Rs 4,177 million for FY2025-26 was not passed. 3 Apr - EGM minutes: material RPT approval for Praxair India worth Rs 4,177 million for FY2025-26 was not passed.
5
Closure of Trading Window
27 Mar - Trading window closed from 1 April 2026 until 48 hours after audited financials announcement. 27 Mar - Trading window closed from 1 April 2026 until 48 hours after audited financials announcement.
Frequently Asked Questions about Linde India Ltd
What does Linde India Ltd do?
Linde India Limited, a subsidiary of BOC Group,UK (owns 75% stake in the co), is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non cryogenic air separation plants.[1]
Where is Linde India Ltd (LINDEINDIA) listed?
Linde India Ltd is listed on the Indian stock exchanges. It is listed on NSE: LINDEINDIA and BSE: 523457. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Linde India Ltd belong to?
Linde India Ltd operates in the Commodities sector within the Chemicals & Petrochemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Linde India Ltd?
Linde India Ltd has a market capitalisation of approximately ₹60807.65 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Linde India Ltd?
The Price-to-Earnings (PE) ratio of Linde India Ltd is 108.71. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Linde India Ltd?
Over the past 52 weeks, Linde India Ltd has traded between a low of ₹5,673 and a high of ₹8,049. This range helps investors understand the stock's price volatility and recent trading levels.
Does Linde India Ltd pay dividends?
Yes, Linde India Ltd has a dividend yield of 0.17%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Linde India Ltd?
Linde India Ltd has a Return on Equity (ROE) of 12.52%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Linde India Ltd on Tapetide?
On Tapetide, you can view Linde India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Linde India Limited, a subsidiary of BOC Group,UK (owns 75% stake in the co), is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non cryogenic air separation plants.[1]
Website lindeindia.in
CEO Mr. Neeraj Kumar Jumrani
Employees 256
Listed 1999-06-16
Face Value ₹ 10
Issued Size 8,52,84,223