Linde
LINDEINDIA NSE
Linde
ChemicalsNSE: LINDEINDIA BSE: 523457 Industrial Gases
Key Fundamentals
MidcapIndustrial GasesChemicalsMarket Cap
₹52,949 Cr
Volatility
Low Risk
P/E Ratio
96.78
EBITDA
₹927 Cr
Return on Equity
12.87%
Debt to Equity
0.02
Book Value
₹500.3
EPS
₹52.52
52W High
₹8,049
52W Low
₹5,673
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 21.8%
Weaknesses
3- Stock is trading at 12.6 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.
Growth Rate
Revenue Growth
-0.17% higher than
3Y
Net Income Growth
20.71% higher than
3Y
Cash Flow Change
34.6% lower than
3Y
ROE
8.06% lower than
3Y
ROCE
7.17% higher than
3Y
EBITDA Margin (Avg.)
11.53% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
Linde India Ltd, with a market cap of ₹52,949 Cr, is a nearly debt-free industrial gases company trading at a PE of 97.2x and 12.45x book value. The company has delivered strong 10-year profit CAGR of 41% but revenue growth has been modest at 5% over the same period, with 3-year sales CAGR turning negative at -7%.
Bull Case 8
- Company is almost debt free, providing strong balance sheet resilience and financial flexibility in a capital-intensive chemicals sector
- Exceptional long-term profit compounding with 10-year compounded profit growth of 41%, indicating significant margin expansion and operational leverage
- TTM profit growth of 24% signals a reacceleration in earnings after a sluggish 3-year CAGR of just 1%
- 5-year compounded profit growth of 30% substantially outpaces 5-year sales growth of 11%, reflecting improving cost efficiency and pricing power
- ROE has improved from a 10-year average of 11% to 14% in the last year, showing a trend of improving capital efficiency
- TTM sales growth of 10% marks a recovery from the negative 3-year sales CAGR of -7%, suggesting a potential demand upturn
- Backed by Linde plc, a global leader in industrial gases, providing access to proprietary technology, operational expertise, and long-term contracts
- Consistent dividend payout ratio of 21.8% maintained despite cyclical revenue patterns, reflecting management's confidence in cash flow generation
Bear Case 8
- PE ratio of 97.2x is extremely elevated relative to broader market and chemicals sector averages, leaving very little margin of safety
- Price-to-book of 12.45x indicates the stock trades at a significant premium to its asset base, well above sector norms
- 5-year sales CAGR of only 11% and 10-year sales CAGR of just 5% reflect structurally slow top-line growth for such a richly valued company
- 3-year compounded sales growth is negative at -7%, indicating a meaningful period of revenue contraction
- 3-year ROE of 13% is modest for a company commanding a near-100x PE multiple, suggesting limited return generation relative to valuation
- Dividend yield of just 0.19% offers negligible income return, providing little downside cushion for investors
- Stock CAGR of -3% over 1 year and only 1% over 3 years shows the market has already repriced the stock after its earlier rally, with 5-year CAGR moderating to 20%
- 3-year profit CAGR of just 1% contrasts sharply with the 10-year figure of 41%, suggesting the high-growth phase may have already matured
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Positives 2
- Strong PAT growth, dividend declared Sep 10
Linde India reported a 23% jump in PAT for FY26 on revenue of ₹25,306 million (up 2% YoY). Shareholders approved a ₹12 per share dividend at the 90th AGM.
- Gases business steady growth Sep 10
The core Gases segment grew 4% in FY26, outpacing overall revenue growth and indicating healthy demand from industrial customers.
TL;DR: Linde India is delivering solid profit growth with PAT up 23% despite modest 2% revenue expansion, suggesting improving margins and operating leverage. The ₹12 dividend signals management confidence in cash flows. With only one recent news item available, visibility on risks is limited. The trend appears positive, but investors should watch whether the Gases segment can sustain mid-single-digit growth momentum.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 721 | 711 | 706 | 630 | 653 | 634 | 606 | 592 | 571 | 644 | 701 | 614 | 694 |
| Expenses | 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% |
| Other Income | 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 |
| PBT | 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% |
| Net Profit | 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 |
Profit & Loss
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 |
| Expenses | 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% |
| Other Income | 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 |
| PBT | 4 | 1 | 10 | 16 | 47 | 1,013 | 236 | 711 | 614 | 571 | 606 | 727 | 723 |
| Tax % | -51% | -4164% | -31% | -17% | 29% | 28% | 34% | 28% | 13% | 25% | 26% | 24% | — |
| Net Profit | 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 |
| Div. Payout % | 237% | 27% | 48% | 45% | 38% | 12% | 16% | 22% | 19% | 24% | 23% | 19% | — |
Balance Sheet
| Particulars | 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 |
| Borrowings | 1,564 | 1,388 | 1,445 | 1,282 | 1,199 | 108 | 7 | 24 | 22 | 21 | 42 | 79 |
| Other Liabilities | 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 |
| Fixed Assets | 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 |
| Other Assets | 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 Flow
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 271 | 242 | 293 | 252 | 376 | 327 | 339 | 589 | 629 | 437 | 584 | 786 |
| Investing | -264 | -58 | -128 | -59 | -73 | 981 | -54 | 98 | -306 | -539 | -1,305 | -705 |
| Financing | -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
| Particulars | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Linde insights
65 extracted metrics + investor summaries across FY03–FY26.
Documents
1
Clarification sought from Linde India Ltd
30 Jun - Exchange has sought clarification from Linde India Ltd on June 30, 2026, with reference to Movement in Volume. 30 Jun - Exchange has sought clarification from Linde India Ltd on June 30, 2026, with reference to Movement in Volume.
2
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
28 Apr - Linde India says it is not a SEBI-defined large corporate; initial disclosure filed on 28 April 2026. 28 Apr - Linde India says it is not a SEBI-defined large corporate; initial disclosure filed on 28 April 2026.
3
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
28 Apr - Linde India says it is not a SEBI-defined large corporate; initial disclosure filed on 28 April 2026. 28 Apr - Linde India says it is not a SEBI-defined large corporate; initial disclosure filed on 28 April 2026.
4
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
15 Apr - Letter no. Sect/32 dated 15th April 2026 with respect to certificate under regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. You are requested … 15 Apr - Letter no. Sect/32 dated 15th April 2026 with respect to certificate under regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. You are requested …
5
Minutes Of Extra-Ordinary General Meeting Of The Company Held Through Video Conference/Other Audio-Visual Means On Thursday, 5Th March 2026
3 Apr - EGM minutes: material RPT approval for Praxair India worth Rs 4,177 million for FY2025-26 was not passed. 3 Apr - EGM minutes: material RPT approval for Praxair India worth Rs 4,177 million for FY2025-26 was not passed.
Frequently Asked Questions about Linde
What does Linde India Ltd do?
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]
Where is Linde India Ltd (LINDEINDIA) listed?
Linde India Ltd trades as LINDEINDIA on the NSE and under code 523457 on the BSE.
Which sector does Linde India Ltd belong to?
Linde India Ltd is classified under the Chemicals sector, in the Industrial Gases industry.
What is the market capitalisation of Linde India Ltd?
Linde India Ltd has a market capitalisation of ₹52,949 Cr, which places it in the Large Cap band.
What is the PE ratio of Linde India Ltd?
Linde India Ltd trades at a PE ratio of 96.78, on earnings per share of ₹52.52, against a book value of ₹500.3 per share.
What is the 52-week high and low of Linde India Ltd?
Over the last 52 weeks Linde India Ltd has traded between ₹5,673 and ₹8,049.
Does Linde India Ltd pay dividends?
Linde India Ltd has a dividend yield of 0.19%.
What is the Return on Equity (ROE) of Linde India Ltd?
Linde India Ltd reported a return on equity of 12.87%. Its debt-to-equity ratio is 0.02.
Company Information
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]
Website lindeindia.in
CEO Mr. Neeraj Kumar Jumrani
Employees 256
Listed 1999-06-16
Face Value ₹ 10
Issued Size 8,52,84,223
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/LINDEINDIA.md for Linde India Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.