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 ₹ 56,774 Cr.
- Current Price ₹ 6,662
- High / Low ₹ 7,870 / 5,202
- Stock P/E 96.2
- Book Value ₹ 469
- Dividend Yield 0.07 %
- ROCE 16.9 %
- ROE 12.4 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 21.7%
Cons
- Stock is trading at 14.2 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 BSE Dollex 200 Nifty 500 Nifty MNC
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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,825 | 2,033 | 2,192 | 1,762 | 1,471 | 2,112 | 3,136 | 2,769 | 2,485 | 2,508 | |
| 1,539 | 1,705 | 1,866 | 1,347 | 1,096 | 1,564 | 2,371 | 2,066 | 1,720 | 1,562 | |
| Operating Profit | 287 | 328 | 326 | 415 | 375 | 548 | 765 | 702 | 765 | 946 |
| OPM % | 16% | 16% | 15% | 24% | 25% | 26% | 24% | 25% | 31% | 38% |
| 40 | 8 | 15 | 862 | 36 | 335 | 113 | 85 | 75 | 81 | |
| Interest | 116 | 116 | 103 | 86 | 6 | 3 | 6 | 7 | 13 | 18 |
| Depreciation | 195 | 206 | 199 | 177 | 176 | 181 | 253 | 201 | 214 | 230 |
| Profit before tax | 16 | 13 | 39 | 1,013 | 229 | 698 | 618 | 579 | 614 | 779 |
| Tax % | -20% | -21% | 35% | 28% | 34% | 27% | 13% | 25% | 26% | |
| 19 | 16 | 26 | 727 | 151 | 507 | 538 | 434 | 455 | 590 | |
| EPS in Rs | 2.23 | 1.90 | 3.01 | 85.27 | 17.72 | 59.47 | 63.09 | 50.90 | 53.33 | 69.17 |
| Dividend Payout % | 34% | 53% | 50% | 12% | 17% | 23% | 19% | 24% | 22% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | 6% |
| TTM: | -1% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 30% |
| 3 Years: | 14% |
| TTM: | 34% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 38% |
| 5 Years: | 31% |
| 3 Years: | 21% |
| 1 Year: | 12% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 85 | 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 | 3,911 |
| 1,445 | 1,282 | 1,199 | 108 | 7 | 24 | 22 | 21 | 42 | 67 | |
| 722 | 680 | 759 | 970 | 1,045 | 1,277 | 1,238 | 1,316 | 1,280 | 1,307 | |
| Total Liabilities | 3,608 | 3,412 | 3,420 | 3,250 | 3,286 | 4,017 | 4,400 | 4,805 | 5,143 | 5,371 |
| 2,573 | 2,498 | 2,162 | 2,035 | 1,989 | 1,869 | 1,762 | 1,822 | 1,925 | 1,949 | |
| CWIP | 80 | 36 | 44 | 53 | 17 | 68 | 225 | 483 | 975 | 1,266 |
| Investments | 61 | 58 | 0 | 0 | 4 | 9 | 32 | 50 | 58 | 62 |
| 895 | 821 | 1,214 | 1,162 | 1,276 | 2,071 | 2,380 | 2,450 | 2,185 | 2,095 | |
| Total Assets | 3,608 | 3,412 | 3,420 | 3,250 | 3,286 | 4,017 | 4,400 | 4,805 | 5,143 | 5,371 |
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 | -70 | -69 | -73 | -25 | 12 | -3 | -9 | -11 | -29 |
| ROCE % | 5% | 5% | 10% | 10% | 17% | 21% | 17% | 17% |
Insights
In beta| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Number of Employees Count ・Standalone data |
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| Project Engineering Division (PED) Order Book Rs. Million |
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| Number of Operating Facilities Units ・Standalone data |
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| ASU Plant Capacity - Ludhiana TPD ・Standalone data |
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| Distribution - Tons per Trip Improvement % YoY ・Standalone data |
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| Cylinders in Circulation Count ・Standalone data |
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Documents
Announcements
- Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 13 Feb
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Announcement under Regulation 30 (LODR)-Newspaper Publication
12 Feb - Letter no. Sect/19 dated 12th February 2026 enclosing therewith public notice published by the Company in connection with Notice of its Extra-Ordinary General Meeting. You …
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Announcement under Regulation 30 (LODR)-Newspaper Publication
11 Feb - Letter no. Sect/17 dated 11th February 2026 enclosing therewith the newspaper publications containing extract of Consolidated Financial Results of the Company for the quarter and …
- Notice Of Extra-Ordinary General Meeting (''EGM'') 10 Feb
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Updated Contact Details Of KMP For Determination And Disclosure Of Material Events/Information
9 Feb - Unaudited Q3 and 9M results to Dec 31, 2025; interim CFO from Feb 16, 2026; SEBI valuation dispute ongoing.
Annual reports
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Financial Year 2025
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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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Concalls
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Aug 2025TranscriptAI SummaryPPT
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Aug 2024TranscriptAI SummaryPPT
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Aug 2023TranscriptAI SummaryPPT
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Jun 2022TranscriptAI SummaryPPT
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Jun 2021TranscriptAI SummaryPPT
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Sep 2020TranscriptAI SummaryPPT
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Sep 2017TranscriptAI SummaryPPT
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Feb 2016TranscriptAI SummaryPPT
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Dec 2014TranscriptAI SummaryPPT
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Jul 2014TranscriptAI SummaryPPT
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Dec 2013TranscriptAI SummaryPPT
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Jul 2013TranscriptAI SummaryPPT
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]