Linde India Ltd.

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linde.inBSE: 523457NSE: LINDEINDIA

Market Cap₹ 54,207 Cr.

Current Price

High / Low₹ 8,049 / 5,673

Stock P/E98.8

Book Value₹ 507

Price to Book13.75

Dividend Yield0.19 %

ROCE18.5 %

ROE13.8 %

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 27.9%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.27x)
Working capital cycle has improved - days down from -7 to -24
Stock looks reasonably valued - P/E of 98.8 is below its historical median

CONS

Receivables are growing faster than sales - a possible quality concern
Stock is trading at 13.7x its book value
Rich enterprise valuation - EV/EBITDA of 59.4x

* 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	6356.05	99.21	54207.08	0.19	104.59	-2.42	694.36	21.59	18.50	29.12
2.	PETRONET	285.45	10.18	42817.50	3.50	1137.14	35.07	5557.84	-53.22	25.43	28.14
3.	BHARATCOAL	33.76	122.56	15722.03	0.00	-68.09	-202.39	3587.27	-7.20	4.32	-1.80
4.	ELLEN	356.75	41.67	5027.88	0.00	34.96	86.86	98.72	18.04	15.70	38.12
5.	IRMENERGY	282.90	15.89	1161.58	0.53	33.81	142.86	354.75	24.26	8.64	17.27
6.	NOL	57.93	17.17	29.21	0.00	-2.01	-7.27	3.04	-59.88	14.39	-40.85

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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	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
Profit before Tax	132	141	156	141	150	141	155	161	142	226	243	115	138
Tax %	25.75%	24.47%	25.04%	26.21%	25.49%	26.15%	26.30%	26.67%	26.12%	25.31%	21.19%	26.17%	25.40%
Net Profit	98	107	117	104	112	104	114	118	105	169	192	85	103
	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

Standalone Figures in Rs. Crores / View Consolidated

	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%
	110	83	72	77	69
Interest	6	7	13	14	17
Depreciation	253	201	214	235	241
Profit before Tax	614	571	606	727	723
Tax %	12.80%	25.35%	26.16%	24.23%	24.08%
Net Profit	536	426	448	551	549
EPS	62.82	49.99	52.51	64.59	—
Dividend Payout %	19.10%	24.00%	22.85%	18.58%	—

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:: -4%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	85	85	85	85
	3,027	3,348	3,692	4,139
	61	57	79	89
Trade Payables	539	624	542	575
	1,347	1,497	1,744	2,091
Total Liabilities	5,059	5,612	6,141	6,978
	1,762	1,822	1,925	2,093
Capital Work in Progress	225	483	975	1,343
	16	27	42	43
	77	85	107	123
	0	481	385	508
Cash & Bank	1,191	980	147	112
	1,786	1,734	2,560	2,757
Total Assets	5,059	5,612	6,141	6,978

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	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

Standalone Figures in Rs. Crores / View Consolidated

	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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