Linde India Ltd

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Linde India Ltd

₹ 6,514 -0.34%
25 Aug 1:05 p.m.
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]
a) Gases, Related Products & Services (78% in Q1 FY27 vs 87% in Q1 FY26):[2]
The company supplies industrial and specialty gases such as oxygen, nitrogen, and argon through onsite pipeline systems, bulk liquid distribution networks, and packaged gas solutions. Its healthcare portfolio caters to hospitals and healthcare providers by offering medical gases and associated solutions.
b) Project Engineering Division (22% in Q1 FY26 vs 13% in Q1 FY26):[3]
The company offers turnkey engineering solutions for cryogenic gases, including the design, supply, installation, and commissioning of medium- to large-sized Air Separation Units (ASUs), nitrogen plants, and gas distribution networks. The division also manufactures cryogenic equipment such as distillation columns, cold boxes, cryogenic vessels,
and vaporizers for both internal use and
external customers.

Website BSE NSE
  • Market Cap ₹ 55,553 Cr.
  • Current Price ₹ 6,514
  • High / Low ₹ 8,049 / 5,653
  • Stock P/E 101
  • Book Value ₹ 496
  • Dividend Yield 0.06 %
  • ROCE 18.2 %
  • ROE 13.7 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 21.8%

Cons

  • Stock is trading at 13.1 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.

* 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 Nifty Midcap150 Momentum 50 BSE Commodities Nifty Total Market Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25

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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
557 538 520 452 469 456 414 382 374 362 444 441 494
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%
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 % 26% 24% 25% 26% 25% 26% 26% 27% 26% 25% 21% 26% 25%
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
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Mar 2023 15m Mar 2024 Mar 2025 Mar 2026 TTM
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
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%
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
Profit before tax 4 1 10 16 47 1,013 236 711 614 571 606 727 723
Tax % -51% -4,164% -31% -17% 29% 28% 34% 28% 13% 25% 26% 24%
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
Dividend Payout % 237% 27% 48% 45% 38% 12% 16% 22% 19% 24% 23% 19%
Compounded Sales Growth
10 Years: 5%
5 Years: 11%
3 Years: -7%
TTM: 10%
Compounded Profit Growth
10 Years: 41%
5 Years: 30%
3 Years: 1%
TTM: 24%
Stock Price CAGR
10 Years: 33%
5 Years: 22%
3 Years: 3%
1 Year: 4%
Return on Equity
10 Years: 11%
5 Years: 14%
3 Years: 13%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Mar 2023 Mar 2024 Mar 2025 Mar 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
1,564 1,388 1,445 1,282 1,199 108 7 24 22 21 42 79
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
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
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

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Mar 2023 Mar 2024 Mar 2025 Mar 2026
271 242 293 252 376 327 339 589 629 437 584 786
-264 -58 -128 -59 -73 981 -54 98 -306 -539 -1,305 -705
-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%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Insights

In beta
Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Mar 2023 Mar 2024 Mar 2025
Gases Revenue Share
%

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Top 2 Customer Revenue Share
%
Number of Operating Plants
count
PED Order Book
INR million
Medical Oxygen Daily Delivery
TPD

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
2.89% 2.25% 2.31% 3.03% 2.42% 2.27% 2.63% 2.51% 2.35% 2.03% 2.05% 2.03%
7.44% 7.22% 7.45% 6.84% 6.88% 6.81% 6.49% 6.62% 6.75% 6.95% 6.88% 6.79%
14.67% 15.52% 15.23% 15.13% 15.70% 15.92% 15.90% 15.87% 15.90% 16.02% 16.08% 16.17%
No. of Shareholders 49,72454,66152,22160,13863,32466,81967,56968,79668,07866,62063,16763,024

* 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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Documents

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