Models
LINDE INDIA LIMITEDLINDEINDIAChemicals & Petrochemicals
₹694per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹694implied FY26 P/E 10.8× · EV/EBITDA 6.4×
Against CMP ₹6,250.00−88.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3187%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹519₹1,044
52-week rangetraded range, a fact not a value
₹5,673₹8,049
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 738 |
| PV of terminal value | 5,067 |
| Enterprise value | 5,805 |
| less net debt | 110 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,915 |
| ÷ 8.53 crore shares | ₹694 |
87% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 718 | 777 | 848 | 935 | 1,044 |
| 10.50% | 656 | 706 | 764 | 834 | 919 |
| 11.00% | 604 | 645 | 694 | 751 | 819 |
| 11.50% | 558 | 594 | 634 | 682 | 738 |
| 12.00% | 519 | 549 | 584 | 624 | 670 |
The outlined cell is your model. Green figures sit above the CMP of ₹6,250.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 549 · 687 · 855 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.77 |
| Rank correlation with discount rate | −0.59 |
| Rank correlation with revenue growth | +0.08 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,769 | 2,485 | 2,531 | 2,581 | 2,633 | 2,686 | 2,739 | 2,794 |
| growth % | — | (10.2) | 1.8 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
| EBITDA | 702 | 765 | 909 | 927 | 945 | 964 | 983 | 1,003 |
| margin % | 25.4 | 30.8 | 35.9 | 35.9 | 35.9 | 35.9 | 35.9 | 35.9 |
| less depreciation | (201) | (214) | (235) | (240) | (245) | (250) | (255) | (260) |
| EBIT | 501 | 551 | 674 | 687 | 700 | 714 | 729 | 743 |
| less tax on EBIT | (183) | (187) | (190) | (194) | (198) | (202) | ||
| NOPAT | 491 | 500 | 510 | 520 | 530 | 541 | ||
| add depreciation | 201 | 214 | 235 | 240 | 245 | 250 | 255 | 260 |
| less capex | (572) | (1,331) | (766) | (782) | (672) | (557) | (437) | (312) |
| less working-capital build | — | (1) | (1) | (1) | (1) | (1) | ||
| Free cash flow to firm | (135) | (747) | — | (43) | 82 | 212 | 347 | 488 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | (41) | 70 | 163 | 241 | 305 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 0, dividends at 18.6% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 674 | 687 | 700 | 714 | 729 | 743 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 687 | 700 | 714 | 729 | 743 | |
| Profit after tax | 549 | 500 | 510 | 520 | 530 | 541 |
| Dividends | (102) | (93) | (95) | (97) | (99) | (101) |
| Balance sheet, year end | ||||||
| Cash | 110 | (26) | (39) | 76 | 325 | 712 |
| Working capital | 56 | 57 | 58 | 60 | 61 | 62 |
| Net block and other assets | 5,642 | 6,184 | 6,611 | 6,918 | 7,100 | 7,152 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 4,267 | 4,673 | 5,088 | 5,512 | 5,944 | 6,384 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 739 | 754 | 769 | 784 | 800 | |
| Investing (capex) | (782) | (672) | (557) | (437) | (312) | |
| Financing (dividends) | (93) | (95) | (97) | (99) | (101) | |
| Net change in cash | (136) | (13) | 115 | 249 | 387 | |
| Free cash flow to equity | (43) | 82 | 212 | 347 | 488 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 2% | 35.9% | 11.00% | 5% | ₹694 | (88.9)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.