Linde India Ltd

₹ 5,623 -1.76%

26 Oct 4:01 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 ₹ 47,953 Cr.
Current Price ₹ 5,623
High / Low ₹ 8,049 / 5,614
Stock P/E 87.4
Book Value ₹ 496
Dividend Yield 0.07 %
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 11.3 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 BSE 500 BSE Commodities BSE 200 Nifty MNC Nifty 500 BSE Dollex 200 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 Nifty Midcap150 Momentum 50 Nifty Midsmallcap400 Momentum Quality 100 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 200 Equal Weight BSE 1000 Nifty Chemicals Nifty500 Shariah Nifty MidSmallcap400 50:50

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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	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:	31%
5 Years:	19%
3 Years:	-2%
1 Year:	-8%

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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	106%	101%	104%	79%	118%	82%	98%	121%	107%	84%	101%	109%

Ratios

Standalone / 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

Mar 2026

Gases Revenue Share
%

xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
		xx.xx	xx.xx		xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
		xx				xx	xx	xx	xx	xx	xx
	x,xxx.xx					xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx
						xxx	x,xxx		xxx	xxx

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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

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 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%
	2.25%	2.31%	3.03%	2.42%	2.27%	2.63%	2.51%	2.35%	2.03%	2.05%	2.03%	2.12%
	7.22%	7.45%	6.84%	6.88%	6.81%	6.49%	6.62%	6.75%	6.95%	6.88%	6.79%	6.74%
	15.52%	15.23%	15.13%	15.70%	15.92%	15.90%	15.87%	15.90%	16.02%	16.08%	16.17%	16.14%
No. of Shareholders	54,661	52,221	60,138	63,324	66,819	67,569	68,796	68,078	66,620	63,167	63,024	62,340

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	75.00%	75.00%	75.00%	75.03%	75.00%	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%	2.05%	2.12%
	10.31%	13.05%	13.83%	13.02%	11.42%	8.31%	8.01%	7.45%	6.49%	6.88%	6.74%
	8.87%	9.02%	9.63%	9.97%	11.96%	14.10%	14.23%	15.23%	15.90%	16.08%	16.14%
No. of Shareholders	19,627	21,084	20,131	19,537	23,783	48,537	44,457	52,221	67,569	63,167	62,340

* 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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