Linde India Ltd
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]
- Market Cap ₹ 51,965 Cr.
- Current Price ₹ 6,094
- High / Low ₹ 8,246 / 5,202
- Stock P/E 118
- Book Value ₹ 443
- Dividend Yield 0.07 %
- ROCE 16.9 %
- ROE 12.3 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 22.0%
Cons
- Stock is trading at 13.8 times its book value
- The company has delivered a poor sales growth of 7.12% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Commodities Chemicals Chemicals & Petrochemicals Industrial Gases
Part of BSE 500 BSE 200 Nifty 500 BSE MidCap Nifty MNC
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 15m | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,428 | 1,491 | 1,567 | 1,825 | 2,033 | 2,192 | 1,762 | 1,471 | 2,112 | 3,136 | 2,769 | 2,485 | 2,403 | |
1,167 | 1,214 | 1,337 | 1,539 | 1,705 | 1,866 | 1,347 | 1,096 | 1,564 | 2,371 | 2,066 | 1,720 | 1,625 | |
Operating Profit | 261 | 277 | 230 | 287 | 328 | 326 | 415 | 375 | 548 | 765 | 702 | 765 | 778 |
OPM % | 18% | 19% | 15% | 16% | 16% | 15% | 24% | 25% | 26% | 24% | 25% | 31% | 32% |
59 | 11 | 22 | 34 | 11 | 23 | 862 | 44 | 348 | 109 | 77 | 68 | 53 | |
Interest | 74 | 103 | 90 | 116 | 116 | 103 | 86 | 6 | 3 | 6 | 7 | 13 | 14 |
Depreciation | 129 | 181 | 162 | 195 | 206 | 199 | 177 | 176 | 181 | 253 | 201 | 214 | 218 |
Profit before tax | 117 | 4 | 1 | 10 | 16 | 47 | 1,013 | 236 | 711 | 614 | 571 | 606 | 599 |
Tax % | 34% | -51% | -4,164% | -31% | -17% | 29% | 28% | 34% | 28% | 13% | 25% | 26% | |
77 | 5 | 23 | 13 | 19 | 33 | 727 | 156 | 514 | 536 | 426 | 448 | 441 | |
EPS in Rs | 9.07 | 0.63 | 2.75 | 1.57 | 2.22 | 3.93 | 85.27 | 18.24 | 60.26 | 62.82 | 49.99 | 52.51 | 51.75 |
Dividend Payout % | 17% | 237% | 27% | 48% | 45% | 38% | 12% | 16% | 22% | 19% | 24% | 23% |
Compounded Sales Growth | |
---|---|
10 Years: | 5% |
5 Years: | 7% |
3 Years: | 6% |
TTM: | -11% |
Compounded Profit Growth | |
---|---|
10 Years: | 92% |
5 Years: | 30% |
3 Years: | 14% |
TTM: | 0% |
Stock Price CAGR | |
---|---|
10 Years: | 34% |
5 Years: | 49% |
3 Years: | 26% |
1 Year: | -25% |
Return on Equity | |
---|---|
10 Years: | 9% |
5 Years: | 13% |
3 Years: | 14% |
Last Year: | 12% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 |
Reserves | 1,342 | 1,304 | 1,307 | 1,310 | 1,322 | 1,342 | 2,052 | 2,118 | 2,606 | 3,029 | 3,349 | 3,694 |
1,528 | 1,564 | 1,388 | 1,445 | 1,282 | 1,199 | 108 | 7 | 24 | 22 | 21 | 42 | |
1,011 | 926 | 883 | 722 | 680 | 759 | 970 | 1,048 | 1,287 | 1,246 | 1,324 | 1,289 | |
Total Liabilities | 3,966 | 3,880 | 3,664 | 3,563 | 3,369 | 3,385 | 3,215 | 3,259 | 4,003 | 4,382 | 4,780 | 5,110 |
1,665 | 2,201 | 2,158 | 2,573 | 2,498 | 2,162 | 2,035 | 1,989 | 1,869 | 1,762 | 1,822 | 1,925 | |
CWIP | 744 | 356 | 577 | 80 | 36 | 44 | 53 | 17 | 68 | 225 | 483 | 975 |
Investments | 15 | 15 | 15 | 15 | 15 | 0 | 0 | 2 | 2 | 16 | 27 | 27 |
1,542 | 1,308 | 915 | 895 | 821 | 1,179 | 1,127 | 1,251 | 2,064 | 2,378 | 2,448 | 2,183 | |
Total Assets | 3,966 | 3,880 | 3,664 | 3,563 | 3,369 | 3,385 | 3,215 | 3,259 | 4,003 | 4,382 | 4,780 | 5,110 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
229 | 271 | 242 | 293 | 252 | 376 | 327 | 339 | 589 | 629 | 440 | 584 | |
-385 | -264 | -58 | -128 | -59 | -73 | 981 | -54 | 98 | -306 | -539 | -1,305 | |
169 | -8 | -222 | -80 | -261 | -216 | -1,193 | -201 | -28 | -119 | -109 | -112 | |
Net Cash Flow | 12 | -1 | -37 | 85 | -68 | 87 | 115 | 84 | 659 | 203 | -208 | -833 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 74 | 75 | 78 | 71 | 63 | 61 | 79 | 101 | 73 | 47 | 63 | 57 |
Inventory Days | 104 | 153 | 141 | 102 | 91 | 66 | 57 | 72 | 37 | 22 | 32 | 69 |
Days Payable | 424 | 541 | 466 | 447 | 348 | 293 | 327 | 477 | 312 | 156 | 235 | 349 |
Cash Conversion Cycle | -246 | -313 | -247 | -274 | -194 | -166 | -190 | -303 | -202 | -87 | -139 | -224 |
Working Capital Days | -66 | -81 | 16 | -70 | -69 | -81 | -22 | 6 | -3 | -9 | -12 | -29 |
ROCE % | 5% | 3% | 3% | 4% | 5% | 6% | 11% | 10% | 17% | 21% | 17% | 17% |
Documents
Announcements
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
7 Oct - Letter no. Sect/69 dated 7 October 2025 with respect to Certificate under Regulation 74 (5) of SEBI (Depositories and Participants) Regulations, 2018. You are requested …
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
29 Sep - Letter no. Sect/68 dated 29 September 2025 enclosing therewith copies of newspaper publication published on Friday, 26 September 2025 with respect to "Saksham Niveshak Campaign" …
-
Closure of Trading Window
25 Sep - Trading window closed from 1 Oct 2025 until 48 hours post results for quarter/half-year ended 30 Sep 2025.
-
Rumour verification - Regulation 30(11)
20 Sep - Company says Rs82 crore Khordha investment is non-binding MoU; discussions ongoing; premature to comment.
-
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015
15 Sep - Linde India began commercial production at new Unnao gas facility on 15 Sep 2025.
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from bse
-
Financial Year 2010
from nse
Concalls
-
Aug 2025TranscriptNotesPPT
-
Aug 2024TranscriptNotesPPT
-
Aug 2023TranscriptNotesPPT
-
Jun 2022TranscriptNotesPPT
-
Jun 2021TranscriptNotesPPT
-
Sep 2020TranscriptNotesPPT
-
Sep 2017TranscriptNotesPPT
-
Feb 2016TranscriptNotesPPT
-
Dec 2014TranscriptNotesPPT
-
Jul 2014TranscriptNotesPPT
-
Dec 2013TranscriptNotesPPT
-
Jul 2013TranscriptNotesPPT
Business Segments [1] [2]
1.Gases, Related Products & Services (65% in FY25 vs 68% in FY23): In this segment, the company offers onsite, bulk, and packaged gas solutions through 26 operating plants, with a Pan-India presence. Its portfolio includes industrial and specialty gases, mixtures, equipment, and engineering services. Key products include Oxygen, Nitrogen, Argon, Helium, Carbon Dioxide, Xenon, and Krypton.
a) On-site: It supplies pipeline gases to large-scale industries such as primary steel, glass, and chemicals.
b) Merchant Bulk: It delivers liquefied gases via cryogenic tankers to medium-scale customers across various sectors.
c) Packaged: Offers compressed gases in cylinders for smaller industrial applications, including fabrication, manufacturing, and construction. [3] [4]