Linde
Linde
ChemicalsKey Fundamentals
MidcapIndustrial GasesChemicalsTapetide Score
Data-driven rating, 0–100. How it works →
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 12.6 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
AI Analysis — Bull vs Bear
Linde India Ltd is a nearly debt-free industrial gases company with a market capitalisation of about ₹52,646 Cr. It trades at 96.7x earnings and 12.39x book value. Profit has compounded at 30% over 5 years and 24% on a TTM basis, but 3-year sales growth is -7% and 3-year ROE is a modest 13%. The stock has returned -3% over 1 year and 1% CAGR over 3 years, compared with 18% over 5 years and 32% over 10 years.
- Profit compounded at 30% over 5 years and 41% over 10 years, far ahead of sales growth of 11% and 5% over the same periods. This points to sustained margin expansion and a shift toward higher-value gas operations.
- TTM profit growth of 24% and TTM sales growth of 10% suggest a recovery after a weak 3-year stretch, when sales compounded at -7% and profit at 1%.
- The company is almost debt free. This limits financial risk and leaves balance-sheet room for capacity additions without heavy leverage, which matters in a capital-intensive industrial gases business.
- Long-term shareholder returns have been high, with a 10-year stock CAGR of 32% and a 5-year CAGR of 18%.
- Dividend payout is steady at 21.8% of profits. This shows consistent cash returns while most earnings are kept for reinvestment.
- ROE has improved over time, from a 10-year average of 11% to 14% for both the last year and the 5-year average. Capital efficiency is gradually getting better.
- With a market cap of about ₹52,646 Cr, the company is a large, established player in Indian industrial and medical gases, backed by its global parent Linde plc.
- At a P/E of 96.7, the implied earnings yield is only about 1.0%. This leaves little room for earnings disappointment and exposes the stock to significant de-rating risk.
- Price-to-book of 12.39x is steep for a company earning a 3-year average ROE of 13%. The market is pricing in much higher future returns than recent history supports.
- Sales compounded at -7% over the last 3 years, showing contraction or lumpiness in the topline despite the profit growth.
- 10-year sales CAGR is only 5%, well below profit growth of 41% over the same period. Future profit growth may increasingly depend on real volume growth rather than margin gains.
- 3-year profit CAGR of just 1% shows earnings momentum stalled for a meaningful period before the recent TTM rebound of 24%.
- Recent stock returns are weak: -3% over 1 year and 1% CAGR over 3 years. This suggests the premium valuation has already limited returns for recent entrants.
- Dividend yield of 0.19% gives investors negligible income support while they wait for growth to justify the 96.7x multiple.
- ROE of 13-14% is only moderate for a stock at these multiples. It is below what capital-light, high-multiple businesses typically deliver.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Tata Steel ASU acquisition completed Sep 30
Linde India has finalized the purchase of two air separation units from Tata Steel at Kalinganagar and has started gas supply. This is a key operational milestone that adds captive industrial gas capacity.
- FY26 PAT up 23%, ₹12 dividend Sep 10
FY26 revenue rose 2% to ₹25,306 million, while PAT jumped 23% and the Gases business grew 4%. Shareholders approved a ₹12 per share dividend at the 90th AGM.
- Vikash Dokania appointed CFO Sep 15
Linde India appointed Vikash Dokania as Chief Financial Officer effective September 15, 2026, and updated its key managerial personnel details with the stock exchanges.
TL;DR: Linde India is growing profit much faster than revenue: FY26 PAT rose 23% on just 2% revenue growth, which points to better margins and a richer mix in the core Gases segment (+4%). The main risk is the muted top-line growth, which means future gains depend on volume expansion rather than further margin improvement. A new CFO also brings some transition risk. The trend is improving, and the newly operational Kalinganagar ASUs should help revenue growth pick up in the coming quarters as Tata Steel volumes ramp up.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 721 | 711 | 706 | 630 | 653 | 634 | 606 | 592 | 571 | 644 | 701 | 614 | 694 |
| Expenses | 557 | 538 | 520 | 452 | 469 | 456 | 414 | 382 | 374 | 362 | 444 | 441 | 494 |
| Operating Profit | 164 | 174 | 186 | 179 | 184 | 179 | 192 | 210 | 197 | 282 | 257 | 173 | 201 |
| OPM % | 23% | 24% | 26% | 28% | 28% | 28% | 32% | 35% | 34% | 44% | 37% | 28% | 29% |
| Other Income | 18 | 19 | 22 | 18 | 19 | 16 | 19 | 13 | 4 | 4 | 53 | 6 | 6 |
| Interest | 1 | 1 | 1 | 4 | 2 | 2 | 2 | 7 | 3 | 3 | 6 | 3 | 6 |
| Depreciation | 49 | 50 | 51 | 52 | 51 | 52 | 55 | 56 | 56 | 56 | 62 | 61 | 62 |
| PBT | 132 | 141 | 156 | 141 | 150 | 141 | 155 | 161 | 142 | 226 | 243 | 115 | 138 |
| Tax % | 26% | 24% | 25% | 26% | 25% | 26% | 26% | 27% | 26% | 25% | 21% | 26% | 25% |
| Net Profit | 98 | 107 | 117 | 104 | 112 | 104 | 114 | 118 | 105 | 169 | 192 | 85 | 103 |
| EPS in Rs | 11.51 | 12.51 | 13.74 | 12.23 | 13.08 | 12.24 | 13.37 | 13.82 | 12.32 | 19.82 | 22.46 | 9.99 | 12.08 |
Profit & Loss
| Particulars | 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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2,654 |
| 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 | 1,741 |
| Operating Profit | 277 | 230 | 287 | 328 | 326 | 415 | 375 | 548 | 765 | 702 | 765 | 909 | 913 |
| OPM % | 19% | 15% | 16% | 16% | 15% | 24% | 25% | 26% | 24% | 25% | 31% | 36% | 34% |
| Other Income | 11 | 22 | 34 | 11 | 23 | 862 | 44 | 348 | 109 | 77 | 68 | 67 | 69 |
| Interest | 103 | 90 | 116 | 116 | 103 | 86 | 6 | 3 | 6 | 7 | 13 | 14 | 17 |
| Depreciation | 181 | 162 | 195 | 206 | 199 | 177 | 176 | 181 | 253 | 201 | 214 | 235 | 241 |
| PBT | 4 | 1 | 10 | 16 | 47 | 1,013 | 236 | 711 | 614 | 571 | 606 | 727 | 723 |
| 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 | 549 |
| 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 | 64.35 |
| Div. Payout % | 237% | 27% | 48% | 45% | 38% | 12% | 16% | 22% | 19% | 24% | 23% | 19% | — |
Balance Sheet
| Particulars | 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 | 42 | 43 |
| Other Assets | 1,308 | 915 | 895 | 821 | 1,179 | 1,127 | 1,251 | 2,064 | 2,378 | 2,448 | 2,168 | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY03–FY27.
Documents
Frequently Asked Questions about Linde
What does Linde India Ltd do?
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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]
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