LINDEINDIA
Linde India Limited
Industrial and medical gases and project engineering services
Commodities›Chemicals›Chemicals & Petrochemicals›Industrial Gases
linde.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹6184.50
Market cap
52,762 Cr
Stock P/E
96.6
P/B
12.36
Dividend yield
0.2%
ROE (FY26)
12.9%
ROCE (FY26)
17.5%
Operating margin (FY26)
26.6%
OCF / EBITDA (FY26)
86.4%
OCF / EBITDA (3Y)
76.0%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Linde India makes and supplies industrial and medical gases such as oxygen, nitrogen and argon, and builds air separation plants for customers, mainly in India.
Company snapshot
1stBy market cap
Ranked among 4 companies in Industrial Gases.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 83.9% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Gases, related products & services | 83.9% | 508 Cr | 128 Cr | 3,463 Cr |
| Project engineering | 43.4% | 263 Cr | 36 Cr | 369 Cr |
| Share of profit from Joint Venture | — | 0 Cr | 2 Cr | 0 Cr |
Shares add up to 127% because segment revenues are before inter-segment eliminations.
What we see
Positives
- ✓Net margin of 21.7% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 711 Cr | 706 Cr | 630 Cr | 653 Cr | 634 Cr | 606 Cr | 592 Cr | 571 Cr | 644 Cr | 701 Cr | 614 Cr | 694 Cr |
| Operating expenses (approx.) | 538 Cr | 520 Cr | 452 Cr | 469 Cr | 456 Cr | 414 Cr | 382 Cr | 374 Cr | 362 Cr | 444 Cr | 441 Cr | 494 Cr |
| EBITDA | 174 Cr | 186 Cr | 179 Cr | 184 Cr | 179 Cr | 192 Cr | 210 Cr | 197 Cr | 282 Cr | 257 Cr | 173 Cr | 201 Cr |
| OPM % | 24.4% | 26.4% | 28.3% | 28.2% | 28.2% | 31.7% | 35.5% | 34.5% | 43.8% | 36.6% | 28.1% | 28.9% |
| Other income | 19 Cr | 22 Cr | 18 Cr | 19 Cr | 16 Cr | 19 Cr | 13 Cr | 4 Cr | 4 Cr | 4 Cr | 6 Cr | 6 Cr |
| Interest | 1 Cr | 1 Cr | 4 Cr | 2 Cr | 2 Cr | 2 Cr | 7 Cr | 3 Cr | 3 Cr | 6 Cr | 3 Cr | 6 Cr |
| Depreciation | 50 Cr | 51 Cr | 52 Cr | 51 Cr | 52 Cr | 55 Cr | 56 Cr | 56 Cr | 56 Cr | 62 Cr | 61 Cr | 62 Cr |
| Profit before tax | 143 Cr | 159 Cr | 142 Cr | 152 Cr | 143 Cr | 157 Cr | 161 Cr | 144 Cr | 228 Cr | 245 Cr | 116 Cr | 140 Cr |
| Tax % | 24.1% | 24.6% | 26.0% | 25.1% | 25.8% | 25.9% | 26.6% | 25.7% | 25.1% | 21.0% | 33.2% | 25.1% |
| Net profit | 109 Cr | 120 Cr | 105 Cr | 114 Cr | 106 Cr | 116 Cr | 118 Cr | 107 Cr | 171 Cr | 193 Cr | 77 Cr | 105 Cr |
| EPS (₹) | ₹12.75 | ₹14.08 | ₹12.36 | ₹13.33 | ₹12.48 | ₹13.64 | ₹13.88 | ₹12.57 | ₹20.05 | ₹22.67 | ₹9.08 | ₹12.26 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,115 Cr | 2,192 Cr | 1,762 Cr | 1,471 Cr | 2,112 Cr | 2,505 Cr | 2,769 Cr | 2,485 Cr | 2,531 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,787 Cr | 1,865 Cr | 1,345 Cr | 1,096 Cr | 1,565 Cr | 1,927 Cr | 2,066 Cr | 1,720 Cr | 1,622 Cr | Sign in free for the trailing twelve months |
| EBITDA | 328 Cr | 326 Cr | 417 Cr | 375 Cr | 547 Cr | 578 Cr | 702 Cr | 765 Cr | 909 Cr | Sign in free for the trailing twelve months |
| OPM % | 15.5% | 14.9% | 23.7% | 25.5% | 25.9% | 23.1% | 25.4% | 30.8% | 35.9% | Sign in free for the trailing twelve months |
| Other income | 8 Cr | 8 Cr | 19 Cr | 33 Cr | 55 Cr | 82 Cr | 77 Cr | 68 Cr | 18 Cr | Sign in free for the trailing twelve months |
| Interest | 116 Cr | 103 Cr | 86 Cr | 6 Cr | 3 Cr | 4 Cr | 7 Cr | 13 Cr | 14 Cr | Sign in free for the trailing twelve months |
| Depreciation | 206 Cr | 199 Cr | 177 Cr | 176 Cr | 181 Cr | 187 Cr | 201 Cr | 214 Cr | 235 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 13 Cr | 39 Cr | 1,013 Cr | 229 Cr | 698 Cr | 477 Cr | 579 Cr | 614 Cr | 733 Cr | Sign in free for the trailing twelve months |
| Tax % | -20.8% | 34.8% | 28.2% | 33.9% | 27.3% | 8.1% | 25.0% | 25.9% | 25.2% | Sign in free for the trailing twelve months |
| Net profit | 16 Cr | 26 Cr | 727 Cr | 151 Cr | 507 Cr | 439 Cr | 434 Cr | 455 Cr | 549 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹1.90 | ₹3.01 | ₹85.27 | ₹17.72 | ₹59.47 | ₹51.45 | ₹50.90 | ₹53.33 | ₹64.37 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | 56.4% | 5.0% | 26.2% | 23.5% | 22.4% | 18.6% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 85 Cr | 85 Cr | 85 Cr | 85 Cr | 85 Cr | 85 Cr | 85 Cr | 85 Cr | 85 Cr |
| Reserves | 1,365 Cr | 1,377 Cr | 2,087 Cr | 2,149 Cr | 2,630 Cr | 2,955 Cr | 3,383 Cr | 3,735 Cr | 4,181 Cr |
| Borrowings | 926 Cr | 657 Cr | 8 Cr | — | — | — | — | — | — |
| Other liabilities | 1,032 Cr | 1,292 Cr | 1,070 Cr | 1,038 Cr | 1,302 Cr | 1,354 Cr | 1,337 Cr | 1,323 Cr | 1,542 Cr |
| Total liabilities | 3,409 Cr | 3,410 Cr | 3,250 Cr | 3,272 Cr | 4,017 Cr | 4,394 Cr | 4,805 Cr | 5,143 Cr | 5,808 Cr |
| Fixed assets (net) | 2,497 Cr | 2,161 Cr | 2,035 Cr | 1,989 Cr | 1,848 Cr | 1,769 Cr | 1,802 Cr | 1,906 Cr | 2,073 Cr |
| CWIP | 36 Cr | 44 Cr | 53 Cr | 17 Cr | 68 Cr | 186 Cr | 483 Cr | 975 Cr | 1,343 Cr |
| Investments | 58 Cr | 0.03 Cr | 0.03 Cr | 4 Cr | 9 Cr | 29 Cr | 50 Cr | 58 Cr | 82 Cr |
| Inventories | 68 Cr | 71 Cr | 65 Cr | 69 Cr | 69 Cr | 80 Cr | 85 Cr | 107 Cr | 123 Cr |
| Trade receivables | 353 Cr | 355 Cr | 383 Cr | 407 Cr | 396 Cr | 505 Cr | 481 Cr | 385 Cr | 508 Cr |
| Cash & bank | 38 Cr | 125 Cr | 240 Cr | 324 Cr | 983 Cr | 1,240 Cr | 979 Cr | 145 Cr | 110 Cr |
| Other assets | 359 Cr | 654 Cr | 474 Cr | 463 Cr | 643 Cr | 585 Cr | 925 Cr | 1,568 Cr | 1,569 Cr |
| Total assets | 3,409 Cr | 3,410 Cr | 3,250 Cr | 3,272 Cr | 4,017 Cr | 4,394 Cr | 4,805 Cr | 5,143 Cr | 5,808 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 252 Cr | 380 Cr | 327 Cr | 339 Cr | 589 Cr | 569 Cr | 437 Cr | 584 Cr | 786 Cr |
| Cash from investing | -58 Cr | -74 Cr | 981 Cr | -54 Cr | 98 Cr | -193 Cr | -498 Cr | -1,265 Cr | -705 Cr |
| Cash from financing | -261 Cr | -220 Cr | -1,193 Cr | -201 Cr | -28 Cr | -118 Cr | -146 Cr | -152 Cr | -116 Cr |
| Net cash flow | -67 Cr | 87 Cr | 115 Cr | 84 Cr | 659 Cr | 257 Cr | -208 Cr | -833 Cr | -35 Cr |
| Free cash flow (OCF − Capex) | 172 Cr | 286 Cr | 243 Cr | 269 Cr | 452 Cr | 557 Cr | -135 Cr | -747 Cr | 19 Cr |
Ratios
| Metric | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 5.5% | 6.7% | 50.4% | 10.5% | 25.8% | 15.8% | 16.9% | 16.4% | 17.5% |
| ROE % | 1.1% | 1.8% | 33.5% | 6.8% | 18.7% | 14.4% | 12.5% | 11.9% | 12.9% |
| Debtor days | 61 | 59 | 79 | 101 | 68 | 73 | 63 | 56 | 73 |
| Inventory days | 130 | 93 | 78 | 146 | 64 | 42 | 56 | 162 | 174 |
| Days payable | 490 | 415 | 444 | 962 | 544 | 335 | 410 | 823 | 811 |
| Cash conversion cycle | -299 | -262 | -287 | -715 | -412 | -220 | -291 | -604 | -564 |
| OCF / EBITDA % | 76.9% | 116.5% | 78.4% | 90.4% | 107.7% | 98.3% | 62.2% | 76.3% | 86.4% |
| OCF / EBITDA % (3 years) | — | — | 89.6% | 93.6% | 93.7% | 99.8% | — | — | 76.0% |
| Debt / equity | 0.64 | 0.45 | 0.0039 | — | — | — | — | — | — |
| Current ratio | 0.66 | 0.56 | 1.15 | 1.47 | 2.11 | 2.09 | 1.87 | 0.95 | 0.86 |
| Net debt / EBITDA | 2.71 | 1.63 | -0.56 | -0.86 | -1.80 | -2.14 | -1.39 | -0.19 | -0.12 |