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Model Note · LINDE INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LINDE INDIA LIMITED Discounted cash flow · base FY26
LINDE INDIA LIMITED
Value per share, this model₹694
CMP 2026-09-10₹6,250.00
Difference(88.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of LINDE INDIA LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
2% a year
FY26 1.8% · 5-yr CAGR —%
EBITDA margin
35.9%
FY26 35.9% · 5-yr average 30.7%
Depreciation · capex, % of revenue
9.3% · 30.3%, fading to 1.2× depreciation
FY26 9.3% · 30.3%
Working capital, % of added revenue · tax
2.2% · 27.2%
8 working-capital days · effective 27.2%
Discount rate
11.00%
1-yr beta 0.76
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(110) · ₹0 · ₹0 cr
FY26 net debt ₹(110) cr
Shares
8.53 crore
8.53 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
2,531
2,581
2,633
2,686
2,739
2,794
growth %
1.8
2.0
2.0
2.0
2.0
2.0
EBITDA
909
927
945
964
983
1,003
Depreciation
(235)
(240)
(245)
(250)
(255)
(260)
NOPAT
491
500
510
520
530
541
less capex
(766)
(782)
(672)
(557)
(437)
(312)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
(43)
82
212
347
488
Present value
(41)
70
163
241
305
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · LINDE INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
738
PV of the terminal value (87% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
718
777
848
935
1,044
10.5%
656
706
764
834
919
11.0%
604
645
694
751
819
11.5%
558
594
634
682
738
12.0%
519
549
584
624
670
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
