NSE: LINDEINDIA · BSE: 523457
LINDE INDIA LIMITED
Produces and supplies industrial and medical gases, alongside a project engineering business. For FY26 the gases, related products and services segment generated 2,128.184 crore in revenue and 641.88 crore in EBIT, while the project engineering segment recorded 980.614 crore in revenue and 118.819 crore in EBIT. Per the segment disclosure, the gases stream made up 68.5% of period segment revenue and project engineering 31.5%. Operates 24 plants and 11 offices with 1,696 employees. The largest cost line is other operating expenses at 39.4% of revenue, with materials at 10.2%, depreciation at 9.3%, and employees at 2.2%. The company has invested in Zenataris Renewable Energy Private Limited, taking a 26.77% stake for captive procurement of renewable power for its operations, with Rs 69.90 crore paid in the final tranche of a Rs 105 crore commitment. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gases, related products & services (69%), Project engineering (32%). Asset-heavy industrial gases and engineering business with depreciation at 9.3% of revenue
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | 2,769 | 2,485 | 2,531 |
| EBITDA (ex other income) | — | — | 702 | 765 | 909 |
| margin % | — | — | 25.4 | 30.8 | 35.9 |
| Owners' profit | — | — | 434 | 455 | 549 |
| EPS, as reported (₹) | — | — | 50.90 | 53.33 | 64.37 |
| ROE % · ROCE % | — · — | — · — | 12.5 · 15.3 | 11.9 · 15.0 | 12.9 · 15.1 |
| Debt / equity (x) | — | — | 0.00 | 0.00 | 0.00 |
| Cash from operations | 385 | — | 437 | 584 | 786 |
| Capex | — | — | (572) | (1,331) | (766) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 634 | 606 | 592 | 571 | 644 | 701 | 614 | 694 |
| Profit before tax | 141 | 155 | 161 | 142 | 226 | 194 | 115 | 138 |
| Net profit | 106 | 116 | 118 | 107 | 171 | 193 | 77 | 105 |
| EPS (₹) | 12.48 | 13.64 | 13.88 | 12.57 | 20.05 | 22.67 | 9.08 | 12.26 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Gases, related products & services | 1,628 | 52.4 |
| Project engineering | 981 | 31.5 |
| Gases, related products and services | 500 | 16.1 |
| Total, before eliminations | 3,109 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LINDE INDIA LIMITED ◆ | 48,851 | 89.4 | 11.45 | 52.6 | 12.9 | 14.8 | — | 29.7 |
| ELLENBARRIE INDUS GASES L | 4,478 | 37.1 | 4.58 | — | 10.7 | 12.2 | — | 55.4 |
| STALLION IND FLUOROCHEM L | 2,217 | 33.2 | 3.26 | — | 6.4 | 8.7 | — | 20.8 |
| Hilltone Software and Gases Lt | 51 | 76.5 | 2.21 | — | 0.6 | (0.4) | — | (3.5) |
| NATIONAL OXYGEN LTD. | 29 | 15.6 | — | — | (30.1) | 10.1 | — | (18.9) |
| GAGAN GASES LTD. | 9 | 33.9 | 2.49 | — | 4.0 | 4.7 | — | 10.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 89.4 | 21.2 | 183 of 197 | 7% |
| P/B | 11.4 | 2.1 | 192 of 202 | 5% |
| ROCE | 14.8 | 8.1 | 60 of 220 | 73% |
| ROE | 12.9 | 7.3 | 54 of 202 | 74% |
| Debt / Equity | 0.0 | 0.2 | 2 of 202 | 84% |
| EBITDA margin | 29.7 | 14.0 | 22 of 201 | 90% |
| Revenue growth | 21.6 | 17.2 | 83 of 194 | 58% |
| Profit growth | (2.4) | 41.9 | 142 of 202 | 30% |
| Market cap | 48851 | 381 | 4 of 225 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for September quarter and half-year results | results | low | — | — |
| 14 Oct 2026 · Linde India Clarifies Sudden Volume Movement to BSE | regulatory legal | medium | — | — |
| 14 Oct 2026 · BSE seeks clarification from Linde India on unusual volume movement | compliance | minimal | — | — |
| 6 Oct 2026 · Quarterly demat/remat compliance certificate filed with exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · Linde India completes acquisition of ASUs from Tata Steel at Kalinganagar | regulatory legal | high | — | — |
| 25 Sept 2026 · Linde India trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Special window for re-lodgement of physical share transfer requests | compliance | minimal | — | — |
| 15 Sept 2026 · Linde India updates KMP contact details for material event disclosures | compliance | minimal | — | — |
| 10 Sept 2026 · Linde India 90th AGM minutes filed; Rs 12 dividend approved with Rs 8 special | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Linde India Q1 FY27 results: revenue up 22%, net profit marginally lower | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.