Linde India Ltd

₹ 6,426 -0.48%

05 Sep - 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 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]

Website BSE NSE

Market Cap ₹ 54,797 Cr.
Current Price ₹ 6,426
High / Low ₹ 8,781 / 5,202
Stock P/E 122
Book Value ₹ 448
Dividend Yield 0.07 %
ROCE 16.9 %
ROE 12.4 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 21.7%

Cons

Stock is trading at 14.4 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

Consolidated Figures in Rs. Crores / View Standalone

	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	38	22	22	20	21	25	19	21	18	22	13	6
Interest	1	1	1	2	1	1	1	4	2	2	2	7	3
Depreciation	46	44	48	66	49	50	51	52	51	52	55	56	56
Profit before tax	98	137	141	141	134	143	159	142	152	143	157	161	144
Tax %	-75%	34%	22%	30%	25%	24%	25%	26%	25%	26%	26%	27%	26%
	172	91	110	99	100	109	120	105	114	106	116	118	107
EPS in Rs	20.15	10.66	12.90	11.64	11.71	12.75	14.08	12.36	13.33	12.48	13.64	13.88	12.57
Raw PDF

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	2,403
	1,539	1,705	1,866	1,347	1,096	1,564	2,371	2,066	1,720	1,625
Operating Profit	287	328	326	415	375	548	765	702	765	778
OPM %	16%	16%	15%	24%	25%	26%	24%	25%	31%	32%
	40	8	15	862	36	335	113	85	75	60
Interest	116	116	103	86	6	3	6	7	13	14
Depreciation	195	206	199	177	176	181	253	201	214	218
Profit before tax	16	13	39	1,013	229	698	618	579	614	606
Tax %	-20%	-21%	35%	28%	34%	27%	13%	25%	26%
	19	16	26	727	151	507	538	434	455	448
EPS in Rs	2.23	1.90	3.01	85.27	17.72	59.47	63.09	50.90	53.33	52.57
Dividend Payout %	34%	53%	50%	12%	17%	23%	19%	24%	22%

Compounded Sales Growth
10 Years:	%
5 Years:	7%
3 Years:	6%
TTM:	-11%

Compounded Profit Growth
10 Years:	%
5 Years:	30%
3 Years:	14%
TTM:	0%

Stock Price CAGR
10 Years:	36%
5 Years:	57%
3 Years:	24%
1 Year:	-13%

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	1,925
CWIP	80	36	44	53	17	68	225	483	975
Investments	61	58	0	0	4	9	32	50	58
	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	440	584
	-128	-59	-73	981	-54	98	-306	-539	-1,305
	-80	-261	-216	-1,193	-201	-28	-119	-109	-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	-12	-29
ROCE %		5%	5%	10%	10%	17%	21%	17%	17%

Shareholding Pattern

Numbers in percentages

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 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%
	2.77%	2.80%	2.77%	2.85%	2.89%	2.25%	2.31%	3.03%	2.42%	2.27%	2.63%	2.51%
	7.77%	7.80%	8.01%	7.76%	7.44%	7.22%	7.45%	6.84%	6.88%	6.81%	6.49%	6.62%
	14.45%	14.39%	14.23%	14.38%	14.67%	15.52%	15.23%	15.13%	15.70%	15.92%	15.90%	15.87%
No. of Shareholders	50,995	50,481	44,457	44,137	49,724	54,661	52,221	60,138	63,324	66,819	67,569	68,796

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Jun 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%	2.51%
	10.31%	13.05%	13.83%	13.02%	11.42%	8.31%	8.01%	7.45%	6.49%	6.62%
	8.87%	9.02%	9.63%	9.97%	11.96%	14.10%	14.23%	15.23%	15.90%	15.87%
No. of Shareholders	19,627	21,084	20,131	19,537	23,783	48,537	44,457	52,221	67,569	68,796

* 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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