Linde India Ltd.

•

linde.inBSE: 523457NSE: LINDEINDIA

Market Cap₹ 53,075 Cr.

Current Price

High / Low₹ 8,049 / 5,673

Stock P/E97.1

Book Value₹ 512

Price to Book13.62

Dividend Yield0.19 %

ROCE18.5 %

ROE13.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Gases and Related Products: 84.1% • Project Engineering: 15.9%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Company is almost debt free
Operating margins have improved to 35.5% from 27.7%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.26x)
Working capital cycle has improved - days down from -7 to -24
Stock looks reasonably valued - P/E of 97.1 is below its historical median

CONS

Receivables are growing faster than sales - a possible quality concern
Stock is trading at 13.6x its book value
Rich enterprise valuation - EV/EBITDA of 62.5x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsInds. Gases & FuelsIndustrial Gases & Fuels

Part ofNIFTYM150MOMNTM50 NIFTY MNC NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 150

S.No.	Name
1.	LINDEINDIA	6223.25	97.14	53074.50	0.19	104.59	-2.42	694.36	21.59	18.50	29.12
2.	PETRONET	287.00	10.23	43050.00	3.48	1137.14	35.07	5557.84	-53.22	25.43	28.14
3.	BHARATCOAL	33.00	119.80	15368.10	0.00	-68.09	-202.39	3587.27	-7.20	4.32	-1.80
4.	ELLEN	380.25	44.42	5359.08	0.00	34.96	86.86	98.72	18.04	15.70	38.12
5.	IRMENERGY	279.95	15.72	1149.47	0.54	33.81	142.86	354.75	24.26	8.64	17.27
6.	NOL	56.33	16.70	28.40	0.00	-2.01	-7.27	3.04	-59.88	14.39	-40.85

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	721	711	706	630	653	634	606	592	571	644	701	614	694
	557	538	520	452	469	456	414	382	374	362	444	441	562
Operating Profit	164	174	186	179	184	179	192	210	197	282	257	173	132
OPM %	22.75%	24.41%	26.36%	28.33%	28.20%	28.19%	31.72%	35.46%	34.50%	43.83%	36.64%	28.14%	19.04%
	18	19	22	18	19	16	19	13	4	4	4	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
Profit before Tax	132	141	156	141	150	141	155	161	142	226	194	115	140
Tax %	25.75%	24.47%	25.04%	26.21%	25.49%	26.15%	26.30%	26.67%	26.12%	25.31%	26.54%	33.43%	25.12%
Net Profit	0	0	0	0	114	106	116	118	107	171	193	77	105
	11.71	12.75	14.08	12.36	13.33	12.48	13.64	13.88	12.57	20.05	22.67	9.08	12.26

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,136	2,769	2,485	2,531	2,654
	2,372	2,072	1,724	1,632	1,810
Operating Profit	763	697	761	899	844
OPM %	24.35%	25.17%	30.64%	35.53%	31.81%
	105	83	72	28	20
Interest	6	7	13	14	17
Depreciation	253	201	214	235	241
Profit before Tax	618	579	614	733	675
Tax %	12.98%	25.01%	25.86%	25.16%	27.01%
Net Profit	538	434	455	549	493
EPS	63.09	50.90	53.33	64.37	—
Dividend Payout %	19.02%	23.58%	22.50%	18.64%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: -7%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 1%

STOCK PRICE CAGR

10 Years:: 32%
5 Years:: 20%
3 Years:: 1%
1 Year:: -3%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 13%
Last Year:: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	85	85	85	85
	3,053	3,381	3,732	4,178
	61	57	79	89
Trade Payables	539	624	542	575
	1,338	1,489	1,735	2,091
Total Liabilities	5,077	5,637	6,173	7,017
	1,762	1,822	1,925	2,093
Capital Work in Progress	225	483	975	1,343
	32	50	74	82
	77	85	107	123
	0	481	385	508
Cash & Bank	1,191	980	147	112
	1,788	1,736	2,560	2,757
Total Assets	5,077	5,637	6,173	7,017

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	820	440	584	786
Cash from Investing	-306	-539	-1,305	-705
Cash from Financing	-119	-109	-112	-116
	203	-208	-833	-35

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00
	3.03	2.42	2.27	2.63	2.51	2.35	2.03	2.05	2.03
	6.84	6.88	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
	15.14	15.70	15.93	15.89	15.87	15.90	16.02	16.07	16.17

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Shareholders meeting

2026-09-10 - Linde India Limited has informed the Exchange with copy of minutes of Annual General Meeting held on August 13, 2026

2026-08-13

Copy of Newspaper Publication

2026-08-13 - Linde India Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Shareholders meeting

2026-08-13 - Linde India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 13, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-13

Shareholders meeting

2026-08-13 - Linde India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 13, 2026

2026-08-11

Outcome of Board Meeting

2026-08-11 - Linde India Limited has informed the Exchange regarding Outcome of Board Meeting held on August 11, 2026.

2026-08-11

Appointment

2026-08-11 - Linde India Limited has informed the Exchange regarding Appointment of Mr Vikash Dokania as Chief Financial Officer of the company w.e.f. September 15, 2026.

2026-08-11

Outcome of Board Meeting

2026-08-11 - Linde India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-21

Copy of Newspaper Publication

2026-07-21 - Linde India Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-21

General Updates

2026-07-21 - Linde India Limited has informed the Exchange about General Updates

News

Recent coverage and analyst commentary for LINDEINDIA

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Linde India Ltd.

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Name

LINDEINDIA

6223.25

97.14

53074.50

0.19

104.59

-2.42

694.36

21.59

18.50

29.12

PETRONET

287.00

10.23

43050.00

3.48

1137.14

35.07

5557.84

-53.22

25.43

28.14

BHARATCOAL

33.00

119.80

15368.10

0.00

-68.09

-202.39

3587.27

-7.20

4.32

-1.80

ELLEN

380.25

44.42

5359.08

0.00

34.96

86.86

98.72

18.04

15.70

38.12

IRMENERGY

279.95

15.72

1149.47

0.54

33.81

142.86

354.75

24.26

8.64

17.27

NOL

56.33

16.70

28.40

0.00

-2.01

-7.27

3.04

-59.88

14.39

-40.85

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

721

711

706

630

653

634

606

592

571

644

701

614

694

557

538

520

452

469

456

414

382

374

362

444

441

562

Operating Profit

164

174

186

179

184

179

192

210

197

282

257

173

132

OPM %

22.75%

24.41%

26.36%

28.33%

28.20%

28.19%

31.72%

35.46%

34.50%

43.83%

36.64%

28.14%

19.04%

Interest

Depreciation

Profit before Tax

132

141

156

141

150

141

155

161

142

226

194

115

140

Tax %

25.75%

24.47%

25.04%

26.21%

25.49%

26.15%

26.30%

26.67%

26.12%

25.31%

26.54%

33.43%

25.12%

Net Profit

114

106

116

118

107

171

193

105

11.71

12.75

14.08

12.36

13.33

12.48

13.64

13.88

12.57

20.05

22.67

9.08

12.26

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

3,136

2,769

2,485

2,531

2,654

2,372

2,072

1,724

1,632

1,810

Operating Profit

763

697

761

899

844

OPM %

24.35%

25.17%

30.64%

35.53%

31.81%

105

Interest

Depreciation

253

201

214

235

241

Profit before Tax

618

579

614

733

675

Tax %

12.98%

25.01%

25.86%

25.16%

27.01%

Net Profit

538

434

455

549

493

EPS

63.09

50.90

53.33

64.37

—

Dividend Payout %

19.02%

23.58%

22.50%

18.64%

—

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

3,053

3,381

3,732

4,178

Trade Payables

539

624

542

575

1,338

1,489

1,735

2,091

Total Liabilities

5,077

5,637

6,173

7,017

1,762

1,822

1,925

2,093

Capital Work in Progress

225

483

975

1,343

107

123

481

385

508

Cash & Bank

1,191

980

147

112

1,788

1,736

2,560

2,757

Total Assets

5,077

5,637

6,173

7,017

Mar 2023

Mar 2024

Mar 2025

Mar 2026

820

440

584

786

Cash from Investing

-306

-539

-1,305

-705

Cash from Financing

-119

-109

-112

-116

203

-208

-833

-35

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

75.00

3.03

2.42

2.27

2.63

2.51

2.35

2.03

2.05

2.03

6.84

6.88

6.81

6.49

6.62

6.75

6.95

6.88

6.79

Government

0.00

15.14

15.70

15.93

15.89

15.87

15.90

16.02

16.07

16.17

Linde India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Linde India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI