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 ₹ 60,157 Cr.
- Current Price ₹ 7,054
- High / Low ₹ 9,750 / 5,202
- Stock P/E 132
- Book Value ₹ 448
- Dividend Yield 0.06 %
- ROCE 17.0 %
- ROE 12.5 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
Cons
- Stock is trading at 15.8 times its book value
- The company has delivered a poor sales growth of 7.12% over past five years.
- Dividend payout has been low at 14.2% of profits 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 15m | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| 1,825 | 2,033 | 2,192 | 1,762 | 1,471 | 2,112 | 3,136 | 2,769 | 2,485 | |
| 1,539 | 1,705 | 1,866 | 1,347 | 1,096 | 1,564 | 2,371 | 2,066 | 1,720 | |
| Operating Profit | 287 | 328 | 326 | 415 | 375 | 548 | 765 | 702 | 765 |
| OPM % | 16% | 16% | 15% | 24% | 25% | 26% | 24% | 25% | 31% |
| 40 | 8 | 15 | 862 | 36 | 335 | 113 | 85 | 75 | |
| Interest | 116 | 116 | 103 | 86 | 6 | 3 | 6 | 7 | 13 |
| Depreciation | 195 | 206 | 199 | 177 | 176 | 181 | 253 | 201 | 214 |
| Profit before tax | 16 | 13 | 39 | 1,013 | 229 | 698 | 618 | 579 | 614 |
| Tax % | -20% | -21% | 35% | 28% | 34% | 27% | 13% | 25% | 26% |
| 19 | 16 | 26 | 727 | 151 | 507 | 538 | 434 | 455 | |
| EPS in Rs | 2.23 | 1.90 | 3.01 | 85.27 | 17.72 | 59.47 | 63.09 | 50.90 | 53.33 |
| Dividend Payout % | 34% | 53% | 50% | 12% | 17% | 23% | 19% | 24% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | 6% |
| TTM: | -10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 30% |
| 3 Years: | 14% |
| TTM: | 6% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 34% |
| 5 Years: | 70% |
| 3 Years: | 35% |
| 1 Year: | -23% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 14% |
| Last Year: | 12% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| Reserves | 1,356 | 1,365 | 1,377 | 2,087 | 2,149 | 2,630 | 3,055 | 3,383 | 3,735 |
| 1,445 | 1,282 | 1,199 | 108 | 7 | 24 | 22 | 21 | 42 | |
| 722 | 680 | 759 | 970 | 1,045 | 1,277 | 1,238 | 1,316 | 1,280 | |
| Total Liabilities | 3,608 | 3,412 | 3,420 | 3,250 | 3,286 | 4,017 | 4,400 | 4,805 | 5,143 |
| 2,573 | 2,498 | 2,162 | 2,035 | 1,989 | 1,869 | 1,762 | 1,822 | 1,958 | |
| CWIP | 80 | 36 | 44 | 53 | 17 | 68 | 225 | 483 | 975 |
| Investments | 61 | 58 | 0 | 0 | 4 | 9 | 32 | 50 | 25 |
| 895 | 821 | 1,214 | 1,162 | 1,276 | 2,071 | 2,380 | 2,450 | 2,185 | |
| Total Assets | 3,608 | 3,412 | 3,420 | 3,250 | 3,286 | 4,017 | 4,400 | 4,805 | 5,143 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| 293 | 252 | 376 | 327 | 339 | 589 | 629 | 437 | 584 | |
| -128 | -59 | -73 | 981 | -54 | 98 | -306 | -539 | -1,305 | |
| -80 | -261 | -216 | -1,193 | -201 | -28 | -119 | -105 | -112 | |
| Net Cash Flow | 85 | -68 | 87 | 115 | 84 | 659 | 203 | -208 | -833 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 71 | 63 | 61 | 79 | 101 | 73 | 47 | 63 | 57 |
| Inventory Days | 102 | 91 | 66 | 57 | 72 | 37 | 22 | 32 | 69 |
| Days Payable | 447 | 348 | 293 | 327 | 477 | 312 | 156 | 235 | 349 |
| Cash Conversion Cycle | -274 | -194 | -166 | -190 | -303 | -202 | -87 | -139 | -224 |
| Working Capital Days | -50 | -42 | -33 | -24 | 13 | -3 | -9 | -11 | -26 |
| ROCE % | 5% | 5% | 10% | 10% | 17% | 21% | 17% | 17% |
Documents
Announcements
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Appointment Of M/S P Sarawagi & Associates, Company Secretaries As The Secretarial Auditors
17h - Approved FY25 audited results; 120% dividend declared; MD re-appointed; ongoing SEBI regulatory matters disclosed.
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Announcement under Regulation 30 (LODR)-Change in Management
17h - FY25 audited results approved with modified opinion; 120% dividend recommended; MD re-appointed; SEBI investigation ongoing.
- Date Of Annual General Meeting (AGM) And Book Closure 17h
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Corporate Action-Board approves Dividend
17h - FY25 audited results with modified opinion; 120% dividend; MD re-appointed; ongoing SEBI probe and related party issues.
- Audited Standalone And Consolidated Financial Results For The Financial Year Ended 31 March 2025 18h
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Financial Year 2010
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Business Segment
Gas and Related Products: It comprises of pipeline gas supplies to large industrial customers like primary steel, glass and chemical industries, supply of liquefied gases through Cryogenic tankers (Bulk) to cater to demand across a wide range of industrial sectors and compressed gas supply in cylinders (Packaged Gas) for meeting smaller demand for gases mainly across fabrication, manufacturing and construction industry.
Healthcare business: It provides high quality gases for pharmaceutical use such as medical oxygen, synthetic air and nitrous oxide in addition to providing state of the art medical gas distribution systems to major hospitals.
Project Engineering division (PED): It comprises the business of design, engineering, supply, installation, testing and commissioning of Air Separation plants and related projects on turnkey basis. [1][2]