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Linde India Q2 FY27 results: net profit down 30.5% to ₹118.81 crore, revenue up 12.3%
Linde India Limited reported Q2 FY27 consolidated revenue of ₹723.20 crore, up 12.3% from Q2 FY26, while net profit fell 30.5% to ₹118.81 crore. EBITDA was ₹231.58 crore and the EBITDA margin was 32.0%, compared with 43.8% a year earlier.
Key points
- Consolidated revenue rose 12.3% year on year to ₹723.20 crore in Q2 FY27.
- Net profit fell 30.5% year on year to ₹118.81 crore, while basic EPS fell to ₹13.93 from ₹20.05.
- EBITDA fell 18.0% to ₹231.58 crore, and the margin declined 11.8 percentage points to 32.0%.
- Against Q1 FY27, revenue rose 4.2% to ₹723.20 crore and net profit rose 13.6% to ₹118.81 crore.
- For H1 FY27, revenue rose 16.6% to ₹1,417.56 crore, while net profit fell 19.7% to ₹223.41 crore.
How did Linde India perform in Q2 FY27?
Linde India’s consolidated Q2 FY27 revenue was ₹723.20 crore, up ₹79.01 crore or 12.3% from Q2 FY26. Total income rose ₹82.35 crore or 12.7% to ₹730.07 crore. Against Q1 FY27, revenue increased ₹28.84 crore or 4.2%, while total income rose ₹29.88 crore or 4.3%.
Consolidated EBITDA was ₹231.58 crore in Q2 FY27, down ₹50.74 crore or 18.0% from Q2 FY26, and the EBITDA margin fell 11.8 percentage points to 32.0%. Profit before tax fell ₹71.11 crore or 31.4% to ₹155.18 crore, while net profit fell ₹52.19 crore or 30.5% to ₹118.81 crore. Basic EPS declined ₹6.12 to ₹13.93.
Sequentially, Q2 FY27 EBITDA rose ₹31 crore or 15.5% from ₹200.58 crore in Q1 FY27, and the margin increased 3.1 percentage points to 32.0%. Net profit rose ₹14.22 crore or 13.6% from ₹104.59 crore, while basic EPS increased ₹1.67 to ₹13.93. On the standalone basis, revenue was ₹723.20 crore and profit was ₹114.95 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 723.20 | 694.36 | 644.19 | +12.3% | +4.2% |
| Other income | 6.87 | 5.83 | 3.53 | +94.6% | +17.8% |
| Total expenses | 574.88 | 562.14 | 421.43 | +36.4% | +2.3% |
| EBITDA | 231.58 | 200.58 | 282.32 | −18.0% | +15.5% |
| EBITDA margin | 32.0% | 28.9% | 43.8% | −11.8 pp | +3.1 pp |
| Profit before tax | 155.18 | 138.05 | 226.29 | −31.4% | +12.4% |
| Tax | 40.23 | 35.09 | 57.28 | −29.8% | +14.6% |
| Net profit | 118.81 | 104.59 | 171 | −30.5% | +13.6% |
| EPS (₹) | 13.93 | 12.26 | 20.05 | −30.5% | +13.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Linde India's costs and profit?
Total expenses rose ₹153.45 crore or 36.4% year on year to ₹574.88 crore in Q2 FY27. Other expenses increased ₹120.29 crore or 61.3% to ₹316.48 crore, cost of materials consumed rose ₹33.01 crore or 48.2% to ₹101.55 crore, and finance costs rose ₹12.66 crore or 401.9% to ₹15.81 crore. Depreciation increased ₹11.04 crore or 19.6% to ₹67.45 crore, while employee cost rose ₹1.62 crore or 11.1% to ₹16.20 crore.
Other income increased ₹3.34 crore or 94.6% to ₹6.87 crore, while tax expense fell ₹17.05 crore or 29.8% to ₹40.23 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26. Despite the increase in other income and the reduction in tax, the higher expense lines coincided with lower EBITDA, profit before tax and net profit. The filing did not state the reasons for the changes in the expense lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 101.55 | 68.54 | +33.01 | +48.2% |
| Employee cost | 16.20 | 14.58 | +1.62 | +11.1% |
| Finance costs | 15.81 | 3.15 | +12.66 | +401.9% |
| Depreciation | 67.45 | 56.41 | +11.04 | +19.6% |
| Other expenses | 316.48 | 196.19 | +120.29 | +61.3% |
| Total expenses | 574.88 | 421.43 | +153.45 | +36.4% |
| Other income | 6.87 | 3.53 | +3.34 | +94.6% |
| Tax | 40.23 | 57.28 | −17.05 | −29.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue rose ₹202.29 crore or 16.6% to ₹1,417.56 crore from H1 FY26. Total income increased ₹207.12 crore or 16.9% to ₹1,430.26 crore. Profit before tax fell ₹75.28 crore or 20.4% to ₹293.23 crore, while net profit declined ₹54.78 crore or 19.7% to ₹223.41 crore.
Basic EPS for H1 FY27 was ₹26.2, down ₹6.42 or 19.7% from ₹32.62 in H1 FY26. The first-half figures therefore showed higher revenue and total income alongside lower profit before tax, net profit and EPS.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,418 | 1,215 | +16.6% |
| Profit before tax | 293.23 | 368.51 | −20.4% |
| Net profit | 223.41 | 278.19 | −19.7% |
| EPS (₹) | 26.20 | 32.62 | −19.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹6,766.47 crore at 30 September 2026, against ₹5,808.28 crore at 31 March 2026. Total equity rose to ₹4,388.36 crore from ₹4,266.55 crore, while borrowings were ₹950.0 crore against no borrowings at the previous balance-sheet date. Cash and cash equivalents increased to ₹204.58 crore from ₹110.45 crore.
Inventories were ₹124.57 crore at 30 September 2026, against ₹123.02 crore at 31 March 2026. Trade receivables were ₹506.48 crore compared with ₹507.99 crore, and trade payables were ₹542.77 crore compared with ₹574.59 crore. H1 FY27 operating cash flow was ₹711.18 crore, against ₹395.31 crore in H1 FY26.
Investing cash flow was negative ₹1,443.64 crore in H1 FY27, compared with negative ₹333.7 crore in H1 FY26, while financing cash flow was ₹826.6 crore against negative ₹105.68 crore. Capital expenditure was ₹1,376.49 crore in H1 FY27, up from ₹343.6 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,766 | 5,808 |
| Total equity | 4,388 | 4,267 |
| Borrowings | 950 | 0 |
| Cash and equivalents | 204.58 | 110.45 |
| Inventories | 124.57 | 123.02 |
| Trade receivables | 506.48 | 507.99 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 711.18 | 395.31 |
| Cash from investing | −1,444 | −333.70 |
| Cash from financing | 826.60 | −105.68 |
| Capital expenditure | 1,376 | 343.60 |
Source: Company's results filing (XBRL).
How has Linde India done over the last 8 quarters?
Revenue in the reported quarterly series reached its low of ₹571.08 crore in Q1 FY26 and its high of ₹723.2 crore in Q2 FY27. It has risen in each of the last five quarters on a year-on-year comparison, according to the reported trend data.
Net profit peaked at ₹193.32 crore in Q3 FY26 and bottomed at ₹77.45 crore in Q4 FY26. It then rose from ₹104.59 crore in Q1 FY27 to ₹118.81 crore in Q2 FY27. The EBITDA margin peaked at 43.8% in Q2 FY26, fell to 28.1% in Q4 FY26, and recovered to 32.0% in Q2 FY27.
Which businesses drove the quarter?
The Gases, related products & services segment reported revenue of ₹562.76 crore in Q2 FY27, against ₹560.42 crore in Q2 FY26, an increase of 0.4%. Segment EBIT was ₹160.08 crore, compared with ₹215.87 crore a year earlier, and the reported EBIT margin was 28.4%.
Project engineering reported revenue of ₹223.81 crore in Q2 FY27, against ₹225.04 crore in Q2 FY26, a decrease of 0.5%. Segment EBIT was ₹20.47 crore, compared with ₹23.73 crore, with a reported EBIT margin of 9.1%. The share of profit from joint ventures was ₹3.86 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Gases, related products & services | 562.76 | +0.4% | 160.08 | 28.4% |
| Project engineering | 223.81 | −0.5% | 20.47 | 9.1% |
| Share of profit/(loss) from Joint ventures | 0 | 3.86 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved and took on record Linde India’s unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 3 November 2026. The meeting ran from 2:45 p.m. to 4:15 p.m. The filing did not announce a dividend, fund raise or appointment.
How did Linde India shares react?
Linde India’s stock moved higher after the filing appeared after market hours. From the price when the filing appeared, it was up 5.1% after 5 minutes, 5.8% after 15 minutes and 6.2% after 30 minutes. On the reaction day, the stock closed 10.2% above its pre-results close.
By the next day’s close, the stock was up 7.6% from its pre-results close. The Industrial Gases industry median was up 3.6% on the reaction day and down 0.4% by the next day’s close, leaving Linde India ahead by 6.6 percentage points and 8.0 percentage points, respectively. The Nifty Midcap 150 was up 1.6% on the reaction day.
Earlier reaction-day moves were mixed: the stock fell 2.5% on 11 August 2026 and 3.9% on 30 May 2026, rose 4.2% on 9 February 2026, and moved up 0.4% on 6 November 2025. It also fell 2.9% on 7 August 2025, rose 7.2% on 23 May 2025, fell 2.8% on 7 February 2025 and declined 1.7% on 7 November 2024.
| After the filing | Stock | Industrial Gases median |
|---|---|---|
| 5 minutes | +5.1% | |
| 15 minutes | +5.8% | |
| 30 minutes | +6.2% | |
| Reaction day | +10.2% | +3.6% |
| Next day | +7.6% | −0.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | −2.5% |
| 30 May 2026 | −3.9% |
| 9 February 2026 | +4.2% |
| 6 November 2025 | +0.4% |
| 7 August 2025 | −2.9% |
| 23 May 2025 | +7.2% |
| 7 February 2025 | −2.8% |
| 7 November 2024 | −1.7% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Linde India's revenue in Q2 FY27?
Revenue from operations was ₹723.20 crore, up 12.3% from ₹644.19 crore in Q2 FY26 (consolidated).
Did Linde India make a profit in Q2 FY27?
Yes. Net profit was ₹118.81 crore, against a net profit of ₹171 crore in Q2 FY26.
What was Linde India's EPS in Q2 FY27?
Basic earnings per share were ₹13.93, against ₹20.05 in Q2 FY26.
How did Linde India shares react to the Q2 FY27 results?
On the reaction day the stock moved +10.2% from the previous close; the median Industrial Gases stock moved +3.6%.
When did Linde India announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.