Linde India Ltd logo

Linde India Ltd

LINDEINDIA NSE

Key Fundamentals

MidcapIndustrial GasesChemicals
Market Cap
₹57,443 Cr
Volatility
Moderate
P/E Ratio
104.51
EBITDA
₹927 Cr
Return on Equity
12.87%
Debt to Equity
0.02
Book Value
₹500.3
EPS
₹52.52
52W High
₹8,049
52W Low
₹5,673

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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40 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

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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 13.6 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

Revenue Growth
-0.17% ↘
Net Income Growth
20.71% ↘
Cash Flow Change
34.60% ↗
ROE
8.06% ↘
ROCE
7.17% ↘
EBITDA Margin (Avg.)
11.53% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Linde India Ltd is a nearly debt-free specialty chemicals company trading at a market cap of ₹58,181 Cr with a PE of 105.6x and ROE of ~14%. While profitability growth has been strong at 30% CAGR over five years, revenue growth has been modest at 11% over the same period, creating a valuation versus growth tension.

Bull Case 8
  • Company is almost debt-free, providing significant financial flexibility and resilience during economic downturns
  • Compounded profit growth of 30% CAGR over 5 years demonstrates strong operating leverage and improving margins
  • TTM profit growth of 24% indicates continued earnings momentum in the most recent period
  • Stock has delivered 35% CAGR over 10 years, reflecting consistent long-term wealth creation
  • ROE has improved from 11% (10-year average) to 14% (last year), showing a trend of improving capital efficiency
  • Backed by Linde plc, a global leader in industrial gases, providing technology access, operational expertise, and brand credibility
  • TTM sales growth has accelerated to 10% compared to a negative 3-year CAGR of -7%, suggesting a revenue recovery trajectory
  • Healthy dividend payout ratio of 21.8% maintained consistently despite reinvestment needs
Bear Case 8
  • PE ratio of 105.6x is extremely elevated relative to the chemicals sector average, leaving little margin of safety
  • Price-to-book of 13.52x indicates the stock is trading at a steep premium to its net asset value
  • 5-year compounded sales growth of only 11% is modest for a stock commanding a 100x+ earnings multiple
  • 3-year compounded sales growth is negative at -7%, indicating revenue contraction in the recent past
  • 3-year ROE average of only 13% is below what investors typically expect from a company at this valuation premium
  • Dividend yield of just 0.18% provides negligible income return for shareholders at current price levels
  • 3-year compounded profit growth of only 1% suggests earnings stagnation in the medium term despite the strong 5-year number
  • 10-year compounded sales growth of just 5% indicates the underlying business has limited organic top-line scalability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 2
  • Q1FY26 profit dips 2% YoY Aug 11

    Linde India standalone profit fell to ₹1,030.33 million in Q1FY26, down 2% YoY despite 22% revenue growth to ₹6,943.63 million, indicating margin pressure.

  • Q3 EPS guidance misses estimates Jul 31

    Linde (parent) projects Q3 adjusted EPS of $4.45-$4.55, missing the $4.54 analyst estimate, signaling potential near-term headwinds for the industrial gas giant.

Positives 5
  • $1.8B semiconductor gas investment Jul 31

    Linde secures long-term agreements to supply ultra-high-purity gases for semiconductor expansion in Phoenix and Taiwan, committing $1.8 billion in total capex.

  • FY26 EPS guidance raised Jul 31

    Linde raises fiscal 2026 adjusted EPS guidance to $17.70-$17.90, beating the $17.90 analyst estimate, reflecting confidence in full-year performance.

  • Six renewable power deals signed Jul 27

    Linde signed six new power purchase agreements across Europe, Africa, and India, adding 0.63 TWh annually from wind and solar assets to boost low-carbon energy sourcing.

  • Zero safety incidents in FY26 Jul 20

    Linde India reported zero safety incidents in FY26, increased renewable energy usage to 12.70%, and achieved reasonable assurance on sustainability disclosures.

  • 11th year in FTSE4Good Index Jul 22

    Linde included in FTSE4Good Index for 11th consecutive year, having enabled avoidance of 98 million metric tons CO2e in 2025.

Neutral 2
  • New CFO Vikash Dokania appointed Aug 11

    Linde India board appoints Vikash Dokania as new CFO alongside Q1FY26 results announcement.

  • 90th AGM notice filed Jul 21

    Linde India submitted intimation of its 90th AGM and FY26 Annual Report to stock exchanges.

TL;DR: Linde India shows strong revenue growth of 22% YoY but faces margin compression with profit declining 2%. The parent company's aggressive $1.8B semiconductor capex and raised FY26 EPS guidance signal robust long-term demand drivers. ESG credentials remain strong with zero safety incidents and expanding renewable energy use. The trend is constructive on growth but near-term profitability bears watching given the Q3 guidance miss at the parent level.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023 15mMar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jun 2026
Promoters 75.00%
Public 12.89%
DIIs 6.79%
Others 3.28%
FIIs 2.04%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
2.89%
0.00%
2.32%
3.03%
2.41%
2.27%
2.63%
2.51%
2.35%
2.04%
2.05%
2.04%
DIIs
11.41%
10.45%
8.69%
8.26%
8.30%
7.96%
7.75%
7.80%
8.00%
7.77%
7.44%
7.20%
7.45%
6.84%
6.89%
6.81%
6.49%
6.62%
6.75%
6.95%
6.88%
6.79%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
9.88%
10.72%
11.00%
11.32%
11.33%
11.55%
11.60%
11.56%
11.42%
11.56%
11.75%
12.51%
12.16%
12.14%
12.44%
12.60%
12.59%
12.59%
12.59%
12.62%
12.66%
12.89%
Others
3.71%
3.83%
5.31%
5.42%
5.37%
5.49%
5.65%
5.63%
5.57%
5.67%
2.92%
5.29%
3.07%
3.00%
3.26%
3.32%
3.30%
3.28%
3.30%
3.40%
3.41%
3.28%
No. of Shareholders
0
23,360
46,080
47,023
46,253
48,537
51,974
50,995
44,457
44,137
49,724
54,661
52,221
60,138
63,324
66,819
67,569
68,796
68,078
66,620
63,167
63,024

Documents

1
Concall - Sep 2017 Sep 2017
2
Concall - Sep 2020 Sep 2020
3
Concall - Jun 2021 Jun 2021
4
Concall - Jun 2022 Jun 2022
5
Concall - Aug 2023 Aug 2023

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 Chemicals sector within the Industrial Gases 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 ₹57443.19 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 104.51. 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 0.18%. 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 12.87%. 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

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