Linde India Ltd

₹ 6,094 -0.98%

20 Oct - close price

lindeindia.in BSE: 523457 NSE: LINDEINDIA

About

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]

Key Points

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]

Website BSE NSE

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

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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 BSE Allcap BSE Commodities BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty LargeMidcap 250 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty 500 Multicap 50:25:25 Nifty India Manufacturing Nifty Total Market Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	588	686	697	630	721	711	706	630	653	634	606	592	571
	453	542	529	444	557	538	520	452	469	456	414	382	374
Operating Profit	135	144	168	186	164	174	186	179	184	179	192	210	197
OPM %	23%	21%	24%	30%	23%	24%	26%	28%	28%	28%	32%	35%	34%
	11	35	28	22	18	19	22	18	19	16	19	13	4
Interest	1	1	1	2	1	1	1	4	2	2	2	7	3
Depreciation	46	47	48	66	49	50	51	52	51	52	55	56	56
Profit before tax	98	130	146	140	132	141	156	141	150	141	155	161	142
Tax %	-72%	30%	23%	30%	26%	24%	25%	26%	25%	26%	26%	27%	26%
	169	91	113	99	98	107	117	104	112	104	114	118	105
EPS in Rs	19.84	10.64	13.27	11.58	11.51	12.51	13.74	12.23	13.08	12.24	13.37	13.82	12.32
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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%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
	2.80%	2.77%	2.85%	2.89%	2.25%	2.31%	3.03%	2.42%	2.27%	2.63%	2.51%	2.35%
	7.80%	8.01%	7.76%	7.44%	7.22%	7.45%	6.84%	6.88%	6.81%	6.49%	6.62%	6.75%
	14.39%	14.23%	14.38%	14.67%	15.52%	15.23%	15.13%	15.70%	15.92%	15.90%	15.87%	15.90%
No. of Shareholders	50,481	44,457	44,137	49,724	54,661	52,221	60,138	63,324	66,819	67,569	68,796	68,078

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	75.00%	75.00%	75.00%	75.03%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
	5.82%	2.93%	1.54%	1.98%	1.62%	2.59%	2.77%	2.31%	2.63%	2.35%
	10.31%	13.05%	13.83%	13.02%	11.42%	8.31%	8.01%	7.45%	6.49%	6.75%
	8.87%	9.02%	9.63%	9.97%	11.96%	14.10%	14.23%	15.23%	15.90%	15.90%
No. of Shareholders	19,627	21,084	20,131	19,537	23,783	48,537	44,457	52,221	67,569	68,078

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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