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Linde India Ltd.
NSE: LINDEINDIABasic MaterialsSpecialty Chemicals
- Last close
- ₹5,723.50
- Day change
- −₹177.00 (−3.00%)vs
- Market cap
- ₹51,247 crIndian rupees
- Research updated
- 1 report
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About Linde India
Linde India Ltd. is a leading industrial gases company, specializing in the production and distribution of a range of gases, including oxygen, nitrogen, and hydrogen, crucial for various industrial applications. The company plays a pivotal role in supporting industries such as healthcare, manufacturing, petrochemicals, and electronics by providing essential gases that facilitate critical processes. Linde India Ltd. is part of the global Linde Group, which is a leader in the industrial gases sector worldwide, known for its innovative solutions and sustainable practices in gas production and distribution. The company has established a robust infrastructure across India, with state-of-the-art production facilities and an extensive distribution network, ensuring the reliable supply of industrial gases to its customers. Linde India Ltd.'s commitment to quality and safety standards makes it a preferred partner for businesses looking to enhance operational efficiency and product quality. In the financial market, Linde India Ltd. represents a significant entity within the industrial segment, demonstrating the influence of industrial gases on economic growth and development, as its operations directly interface with broader industrial output and technological advancements.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: LINDEINDIA
- Employees
- 252
- Headquarters
- Kolkata, India
- ISIN
- INE473A01011
- Website
- linde.in
Public research · Report of
Business model & financial foundation
Linde India (NSE: LINDEINDIA), Industrial gases and gas-plant project engineering: revenue of ₹2,531 crore in FY26 (+1.8% on FY25), an EBITDA margin of 35.9%, net profit of ₹549.0 crore and net cash of ₹110.4 crore.
- Revenue, FY26 (₹ crore)
- 2,531
- consolidated
- Revenue growth, FY26
- +1.8%
- on FY25
- EBITDA margin, FY26
- 35.9%
- EBITDA (revenue less cogs, power, employee, other expenses; excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 549.0
- to owners
- Return on equity, FY26
- 13.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -110.4
- Net debt (borrowings less cash and equivalents; negative = net cash)
- Market capitalisation (₹ crore)
- 53,610
- at the close of 13 Oct 2026
Company profile
Linde India makes and distributes industrial and medical gases (oxygen, nitrogen, argon, specialty gases) through onsite air separation units for steel and other large customers and a merchant liquid and cylinder business, and designs and builds gas plants through its Project Engineering division. It is 75% owned by Linde plc's BOC Group and has no debt. Its scope excludes hydrogen, CO2 and green energy, which the group allocates to Praxair India.
| Item | Value |
|---|---|
| Legal name | Linde India Limited (formerly BOC India Limited) |
| Exchange and ticker | NSE: LINDEINDIA; BSE: 523457 |
| ISIN | INE473A01011 |
| CIN | L40200WB1935PLC008184 |
| Sector | Materials |
| Industry | Industrial gases and gas-plant project engineering |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse & Co Chartered Accountants LLP |
| Market capitalisation | ₹53,610 crore (13 Oct 2026) |
| Shares outstanding | 8.53 crore shares (FY26) |
| Price | ₹5,988 (close, 13 Oct 2026) |
| 52-week range | ₹5,673 - ₹8,049 (to 13 Oct 2026) |
| Website | https://www.linde.in |
Corporate structure and shareholding
Parent: The BOC Group Ltd, UK (75.00%), part of Linde plc.
| Entity | Holding | Business |
|---|---|---|
| Linde South Asia Services Pvt Ltd | n.d. | Joint venture providing shared services |
| Bellary Oxygen Company Pvt Ltd | n.d. | Joint venture, being wound up; paid one-off dividend FY26 |
| Zenataris Renewable Energy Pvt Ltd | 26.77% | Associate, captive renewable power |
| Avaada MHYavat Pvt Ltd | n.d. | Associate, captive renewable power |
| FPEL Surya Pvt Ltd | n.d. | Associate, captive renewable power |
No subsidiaries. Entities listed are joint ventures and associates, equity accounted. Group business allocation with fellow subsidiary Praxair India (2020 agreement) is the subject of SEBI proceedings.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 2.35% | 2.04% | 2.05% | 2.04% |
| Domestic institutions | 6.75% | 6.94% | 6.88% | 6.79% |
| of which mutual funds | 6.29% | 6.49% | 6.44% | 6.34% |
| Retail | 12.59% | 12.62% | 12.66% | 12.89% |
| Other | 3.31% | 3.40% | 3.41% | 3.28% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Linde India earns from onsite ASUs supplying steel customers under long contracts, merchant liquid/cylinder gas deliveries, and Project Engineering (PED) external and internal plant construction. Consolidation adds equity-accounted JVs/associates, not subsidiaries. PED revenue to Gases is eliminated: FY26 gross PED revenue 980.61cr but external revenue402.456cr. Royalty and shared-services payments accrue to the group.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Gases, related products & services | 2,128 | 68.5% | 641.9 | 86.6% | 5,032 | 86.6% |
| Project Engineering | 980.6 | 31.5% | 118.8 | 16.0% | 384.7 | 6.6% |
| Unallocated / inter-segment eliminations | -19.2 | -2.6% | 391.8 | 6.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Ellenbarrie Industrial Gases | Only listed Indian industrial-gas pure play |
| Linde plc | |
| Air Liquide | Global industrial-gas major, same business model |
| Air Products and Chemicals | Global industrial-gas major; onsite-heavy model |
| Nippon Sanso Holdings | Asian industrial-gas major |
| INOX Air Products (private) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,112 | 2,505 | 2,769 | 2,485 | 2,531 |
| Cost of revenue (vendor classification) * | 1,090 | 1,439 | 1,446 | 572.6 | 572.2 |
| Other operating costs (vendor classification) * | 568.8 | 433.7 | 565.2 | 1,094 | 988.7 |
| EBITDA (vendor classification) * | 606.9 | 668.9 | 780.7 | 835.6 | 982.3 |
| EBIT * | 701.0 | 481.8 | 586.1 | 626.1 | 748.0 |
| Finance costs | 3.05 | 4.49 | 7.27 | 12.6 | 14.5 |
| Profit before tax | 697.9 | 477.3 | 578.9 | 613.5 | 733.5 |
| Total tax expense | 190.7 | 38.5 | 144.8 | 158.7 | 184.5 |
| Profit for the year | 507.2 | 438.8 | 434.1 | 454.8 | 549.0 |
| Basic and diluted EPS (₹) | 59.47 | 51.45 | 50.90 | 53.33 | 64.37 |
| Materials consumed + stock-in-trade purchases + inventory change | 970.8 | 566.8 | 566.9 | ||
| Power and fuel | 468.5 | 522.9 | 417.4 | ||
| Employee benefit expenses | 53.8 | 53.9 | 56.9 | ||
| Other expenses | 573.3 | 576.7 | 580.3 | ||
| EBITDA (revenue less cogs, power, employee, other expenses; excl. other income) | 702.3 | 765.1 | 909.1 | ||
| Other income | 77.0 | 67.8 | 18.2 | ||
| Depreciation and amortisation | 200.9 | 213.8 | 234.9 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit before JV share and tax | 571.1 | 606.5 | 678.0 | ||
| Share of profit of joint ventures (equity method) | 7.75 | 7.03 | 55.5 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 434.1 | 454.8 | 549.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (all attributable to owners) | 2,715 | 3,468 | 3,820 | 4,267 | |
| Borrowings (excl. lease liabilities) | 24.3 | 0.00 | 0.00 | 0.00 | |
| Cash and cash equivalents | 983.3 | 978.8 | 145.4 | 110.4 | |
| Trade receivables | 395.9 | 481.0 | 384.9 | 508.0 | |
| Inventories | 69.1 | 85.0 | 106.6 | 123.0 | |
| Trade payables | 579.3 | 624.3 | 541.7 | 574.6 | |
| Property, plant and equipment (net) | 19.1 | 1,770 | 1,852 | 1,986 | |
| Capital work-in-progress | 68.0 | 483.5 | 975.3 | 1,343 | |
| Total assets | 4,017 | 4,805 | 5,143 | 5,808 | |
| Lease liabilities (current + non-current) | 20.7 | 42.4 | 78.9 | ||
| Other bank balances (unclaimed dividend, restricted) | 1.02 | 1.34 | 1.70 | ||
| Net debt (borrowings less cash and equivalents; negative = net cash) | -978.8 | -145.4 | -110.4 | ||
| Equity-accounted JV investments (LSAS + Bellary) | 25.6 | 49.6 | 56.0 | ||
| Investments in renewable SPV associates (debt instruments) and others | 24.5 | 24.9 | 26.0 | ||
| Right-of-use assets | 31.7 | 54.0 | 86.9 | ||
| Goodwill + other intangibles | 19.9 | 19.7 | 19.8 | ||
| Other non-current assets (mainly capital advances) | 451.6 | 1,141 | 1,134 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 371.8 | 440.4 | 583.6 | 785.5 | |
| Free cash flow (vendor definition) * | 452.2 | -134.7 | -746.9 | 19.3 | |
| Dividends paid (the provider's sign: an outflow is negative) * | -25.6 | -102.1 | -102.0 | -102.0 | |
| Purchase of property, plant and equipment, sign as reported | 112.7 | -571.7 | -1,331 | -766.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average shares, basic and diluted (crore) | 8.53 | 8.53 | 8.53 | 8.53 | 8.53 |
| Estimated capital commitments (net of advances) | 813.6 | 695.3 | |||
| Standalone EBITDA as reported in Directors' report (incl. other income) | 779.3 | 832.9 | 976.4 | ||
| Employees at year end (count) | 269.00 | 256.00 | 252.00 | ||
| Issued ordinary shares (no dilution) (crore) | 8.53 | 8.53 | 8.53 | ||
| Three-year CFO / PAT to owners endingFY26 (x) | 1.26x | ||||
| Trade receivables year-on-year growth (%) | -20.0% | 32.0% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 634.4 | 605.9 | 591.9 | 571.1 | 644.2 | 701.0 | 614.3 | 694.4 |
| Cost of revenue (vendor classification) * | 143.9 | 132.4 | 115.5 | 111.7 | 159.8 | 144.3 | 188.2 | |
| Other operating costs (vendor classification) * | 294.7 | 271.0 | 252.7 | 251.3 | 266.7 | 283.6 | 291.0 | |
| EBITDA (vendor classification) * | 197.3 | 213.8 | 223.3 | 203.5 | 312.1 | 179.5 | 208.0 | |
| EBIT * | 145.6 | 158.6 | 167.8 | 147.5 | 250.4 | 118.7 | 145.6 | |
| Finance cost | 2.21 | 1.61 | 6.55 | 3.15 | 3.15 | 5.54 | 2.66 | 5.94 |
| Profit before tax | 143.4 | 157.0 | 161.3 | 144.3 | 228.3 | 244.8 | 116.0 | 139.7 |
| Tax expense | 37.0 | 40.7 | 42.9 | 37.2 | 57.3 | 51.5 | 38.6 | 35.1 |
| Profit for the period | 106.4 | 116.3 | 118.4 | 107.2 | 171.0 | 193.3 | 77.5 | 104.6 |
| Diluted EPS (₹) | 12.48 | 13.64 | 13.88 | 12.57 | 20.05 | 22.67 | 9.08 | 12.26 |
| Materials + stock-in-trade + inventory change | 143.9 | 132.4 | 115.5 | 111.7 | 151.1 | 159.8 | 144.3 | 188.2 |
| Employee benefits expense | 17.0 | 10.3 | 13.9 | 11.1 | 14.6 | 17.7 | 13.5 | 14.6 |
| Other expenses (excluding power and fuel) | 160.4 | 134.9 | 126.8 | 122.5 | 154.7 | 150.3 | 152.8 | 161.3 |
| EBITDA excl other income and JV share | 178.8 | 192.2 | 209.9 | 197.0 | 282.3 | 256.9 | 172.9 | 200.6 |
| Other income | 16.5 | 19.3 | 13.0 | 4.34 | 3.53 | 4.44 | 5.93 | 5.83 |
| Depreciation and amortisation | 51.7 | 55.2 | 55.5 | 56.0 | 56.4 | 61.7 | 60.8 | 62.4 |
| Share of profit of joint ventures | 2.04 | 2.33 | 0.51 | 2.12 | 1.99 | 50.8 | 0.62 | 1.63 |
| Profit attributable to owners | 106.4 | 116.3 | 118.4 | 107.2 | 171.0 | 193.3 | 77.5 | 104.6 |
| Exceptional items | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Non-controlling interest | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Power and fuel | 134.3 | 136.1 | 125.8 | 128.8 | 41.5 | 116.4 | 130.8 | 129.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 43.6% | 18.6% | 10.5% | -10.2% | 1.8% |
| EBITDA margin | 25.4% | 30.8% | 35.9% | ||
| Net margin | 15.7% | 18.3% | 21.7% | ||
| Return on equity | 12.5% | 12.5% | 13.6% | ||
| Return on capital employed | 28.1% | 16.9% | 17.2% | 18.5% | |
| Return on assets | 9.0% | 9.1% | 10.0% | ||
| Net debt (₹ crore) | -978.8 | -145.4 | -110.4 | ||
| Net debt / EBITDA | -1.39x | -0.19x | -0.12x | ||
| Interest cover | 229.8x | 107.3x | 80.6x | 49.6x | 51.6x |
| Asset turnover | 0.58x | 0.58x | 0.50x | 0.46x | |
| Receivable days | 68 | 63 | 57 | 73 | |
| Inventory days (on revenue) | 12 | 11 | 16 | 18 | |
| Payable days (on revenue) | 100 | 82 | 80 | 83 | |
| Cash conversion | 1.01x | 1.28x | 1.43x | ||
| Capex intensity | 5.3% | 20.6% | 53.5% | 30.3% | |
| Free cash flow (₹ crore) | 259.1 | -131.3 | -746.9 | 19.3 | |
| Dividend payout | 23.5% | 22.4% | 18.6% | ||
| EPS, diluted (₹) | 59.47 | 51.45 | 50.90 | 53.33 | 64.37 |
| Book value per share (₹) | 318.3 | 406.7 | 447.9 | 500.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, power, employee, other expenses; excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash and equivalents; negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, power, employee, other expenses; excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic and diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Linde India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Linde India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.