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Linde India

LINDEINDIA NSE
₹6,390.50 No trade today
P/E
99.31
View as Markdown
MCP
Close 4 Nov 2026 ₹6,390.50 +547.50 +9.37% 1Y
Start ₹5,843.00

Key Fundamentals

MidcapChemicals & PetrochemicalsChemicals

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
18.20%
Debt to Equity
0.02
EPS (TTM)
₹64.35
Book Value
₹500.30
Market Cap
—
P/E (TTM)
99.31
P/B
12.77
ROE
13.70%
Dividend Yield
0.21%
EBITDA
₹927 Cr
52W High
₹8,049.00
52W Low
₹5,544.00
Volume
0

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

43 Weak

Data confidence 100/100

Category scores

Quality
57
Good
Returns, margins, earnings quality 22% weight
Valuation
17
Poor
Cheap vs sector & own history 24% weight
Growth
37
Poor
Sales & profit trajectory 9% weight
Financial Health
85
Strong
Solvency, leverage, coverage 9% weight
Momentum
24
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 12.1 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish658
OscillatorsNeutral252
Moving AveragesStrong Bullish406

Key readings

RSI (14)
64.70
Neutral
MACD (12,26,9)
−76.88
Bullish
SMA (50)
6,142.44
Bullish
SMA (200)
6,718.44
Bearish

As of

Analyst Rating

Based on 2 analysts
TIED50%

0 of 2 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
0
0%
HOLD
1
50%
SELL
1
50%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10YIrregular period
5YIrregular period
3YIrregular period
1Y+1.85%
TTM+10.40%

Net profit

Net profit growth by window
10YIrregular period
5YIrregular period
3YIrregular period
1Y+22.99%
TTM+24.49%

Operating cash flow

Operating cash flow growth by window
10YIrregular period
5YIrregular period
3YIrregular period
1Y+34.59%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10YIrregular period
5YIrregular period
3YIrregular period
1Y+5.13 pp
TTM+2.03 pp

Revenue by year

Revenue by year, ₹ crore
Dec 2015₹1,567 Cr
Dec 2016₹1,825 Cr
Dec 2017₹2,033 Cr
Dec 2018₹2,192 Cr
Dec 2019₹1,762 Cr
Dec 2020₹1,471 Cr
Dec 2021₹2,112 Cr
Mar 2024₹2,769 Cr
Mar 2025₹2,485 Cr
Mar 2026₹2,531 Cr

Net profit by year

Net profit by year, ₹ crore
Dec 2015₹23.00 Cr
Dec 2016₹13.00 Cr
Dec 2017₹19.00 Cr
Dec 2018₹33.00 Cr
Dec 2019₹727 Cr
Dec 2020₹156 Cr
Dec 2021₹514 Cr
Mar 2024₹426 Cr
Mar 2025₹448 Cr
Mar 2026₹551 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹996 Cr +7.3% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Linde India Ltd trades at ₹6,390.50 as of 2026-11-04 with a market cap of ₹51,686.5 Cr. The company is virtually debt-free with a debt-to-equity ratio of 0.02 and has compounded profits at 41% over the past decade, but its TTM P/E of 99.31 and P/B of 12.77 reflect a steep premium, while three-year sales growth has contracted at -7% CAGR.

Bull Case 8
  • The company is almost debt-free with a debt-to-equity ratio of just 0.02, providing significant financial flexibility and resilience through business cycles.
  • Ten-year compounded profit growth stands at an impressive 41%, demonstrating strong long-term earnings expansion.
  • Five-year compounded profit growth of 30% reinforces a solid medium-term earnings trajectory.
  • TTM profit growth of 24% shows the earnings momentum remains healthy in the most recent period.
  • TTM sales growth has rebounded to 10%, indicating a recovery from the negative three-year sales CAGR.
  • Five-year average ROE of 14% and last-year ROE of 14% show the company has been steadily improving capital efficiency from a 10-year average of 11%.
  • The company has maintained a consistent dividend payout ratio of 21.8%, signalling disciplined capital allocation even while reinvesting for growth.
  • The stock is trading roughly 21% below its 52-week high of ₹8,049, which may appeal to investors looking at the long-term compounding story where the stock has delivered an 18% CAGR over five years and 32% over ten years.
Bear Case 8
  • At a TTM P/E of 99.31, the stock commands an extremely rich valuation relative to its current earnings, leaving little margin for any execution misstep.
  • Price-to-book of 12.77 is exceptionally elevated, meaning investors are paying a very steep premium over the company's net asset value.
  • Three-year compounded sales growth is negative at -7%, indicating a sustained revenue contraction over the medium term.
  • Three-year compounded profit growth has slowed to just 1%, a sharp deceleration from the 30% five-year and 41% ten-year figures, raising questions about whether the high-growth phase is behind.
  • ROE of 12.87% (current) and a three-year average of 13% are modest for a stock trading at such premium multiples, suggesting the valuation is not well-supported by current return ratios.
  • Dividend yield stands at only 0.21%, offering negligible income support to shareholders at the current price level.
  • The stock has delivered a negative 1-year return of -3% and a negative 3-year CAGR of -2%, indicating the market has been repricing expectations downward over recent periods.
  • Five-year compounded sales growth of only 11% is modest for a company valued at nearly 100 times earnings, highlighting a disconnect between top-line performance and valuation.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

5d ago

TL;DR: Linde India has limited recent news flow, but the sole development is a clear positive — completing the Tata Steel ASU acquisition adds operational capacity and a locked-in customer relationship. No visible headwinds from recent coverage. The trend is stable with incremental growth from new asset integration, though investors should watch for broader demand signals in the industrial gases space.

Positives 1
  • Tata Steel ASU acquisition done Sep 30

    Linde India finalized the purchase of two air separation units from Tata Steel at Kalinganagar and commenced gas supply, marking a key operational milestone for capacity expansion.

Quarterly Results

₹ Cr
LINDEINDIA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
721
711
706
630
653
634
606
592
571
644
701
614
694
723
Expenses
557
538
520
452
469
456
414
382
374
362
444
441
494
492
Operating Profit
164
174
186
179
184
179
192
210
197
282
257
173
201
232
OPM %
23%
24%
26%
28%
28%
28%
32%
35%
34%
44%
37%
28%
29%
32%
Other Income
18
19
22
18
19
16
19
13
4
4
53
6
6
7
Interest
1
1
1
4
2
2
2
7
3
3
6
3
6
16
Depreciation
49
50
51
52
51
52
55
56
56
56
62
61
62
67
PBT
132
141
156
141
150
141
155
161
142
226
243
115
138
155
Tax %
26%
24%
25%
26%
25%
26%
26%
27%
26%
25%
21%
26%
25%
26%
Net Profit
98
107
117
104
112
104
114
118
105
169
192
85
103
115
EPS (₹)
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
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
LINDEINDIA profit and loss, annual, ₹ crore
Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023 15mMar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
LINDEINDIA balance sheet, annual, ₹ crore
Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
LINDEINDIA cash flow, annual, ₹ crore
Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 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

LINDEINDIA financial ratios, annual
Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Linde insights

65 extracted metrics across FY03–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 75.00%
  • Public 12.80%
  • DIIs 6.74%
  • Others 3.34%
  • FIIs 2.12%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Concall · Aug 2025
    PPT
  • Concall · Aug 2024
    PPT
  • Concall · Aug 2023
    PPT
  • Concall · Jun 2022
    PPT
  • Concall · Jun 2021
    PPT

Frequently Asked Questions about Linde India

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.
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 PE ratio of Linde India Ltd?
Linde India Ltd trades at a PE ratio of 99.31 as of 4 Nov 2026, on earnings per share of ₹64.35, 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 ₹5,544 and ₹8,049 as of 4 Nov 2026.
Does Linde India Ltd pay dividends?
Linde India Ltd has a dividend yield of 0.21%.
What is the Return on Equity (ROE) of Linde India Ltd?
Linde India Ltd reported a return on equity of 13.70%. 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.

Website lindeindia.in
CEO Mr. Neeraj Kumar Jumrani
Employees 256
Listed 16 Jun 1999
Face Value ₹10

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