MarketFriction

Linde India Ltd

NSE LINDEINDIA · BSE 523457 · Industrial Gases
₹6,247.50 -1.19%
NSE close2026-10-01
52 week range5,673.00 - 8,049.00
Market cap₹52,869 Cr.
P/E96.3
Nifty 500Midcap 150Nifty MNC Price band 20% Delivery 28.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales711706630653634606592571644701614694
Expenses538520452469456414382374362444441494
Operating Profit174186179184179192210197282257173201
OPM %24%26%28%28%28%32%35%34%44%37%28%29%
Other Income19221819161913445366
Interest114222733636
Depreciation505152515255565656626162
Profit before tax141156141150141155161142226243115138
Tax %24%25%26%25%26%26%27%26%25%21%26%25%
Net Profit10711710411210411411810516919285103
EPS in Rs12.5113.7412.2313.0812.2413.3713.8212.3219.8222.469.9912.08
Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023 15mMar 2024Mar 2025Mar 2026TTM
Sales1,5671,8252,0332,1921,7621,4712,1123,1362,7692,4852,5312,654
Expenses1,3371,5391,7051,8661,3471,0961,5642,3712,0661,7201,6221,741
Operating Profit230287328326415375548765702765909913
OPM %15%16%16%15%24%25%26%24%25%31%36%34%
Other Income223411238624434810977686769
Interest90116116103866367131417
Depreciation162195206199177176181253201214235241
Profit before tax11016471,013236711614571606727723
Tax %-4,164%-31%-17%29%28%34%28%13%25%26%24%
Net Profit23131933727156514536426448551549
EPS in Rs2.751.572.223.9385.2718.2460.2662.8249.9952.5164.5964.35
Dividend Payout %27%48%45%38%12%16%22%19%24%23%19%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth5%11%-7%10%
Compounded Profit Growth41%30%1%24%
Stock Price CAGR33%19%1%-1%
Return on Equity11%14%13%14%
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital858585858585858585858585
Reserves1,3041,3071,3101,3221,3422,0522,1182,6063,0293,3493,6944,142
Borrowings1,5641,3881,4451,2821,19910872422214279
Other Liabilities9268837226807599701,0481,2871,2461,3241,2891,463
Total Liabilities3,8803,6643,5633,3693,3853,2153,2594,0034,3824,7805,1105,769
Fixed Assets2,2012,1582,5732,4982,1622,0351,9891,8691,7621,8221,9252,093
CWIP3565778036445317682254839751,343
Investments15151515002216274243
Other Assets1,3089158958211,1791,1271,2512,0642,3782,4482,1682,291
Total Assets3,8803,6643,5633,3693,3853,2153,2594,0034,3824,7805,1105,769
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity271242293252376327339589629437584786
Cash from Investing Activity-264-58-128-59-73981-5498-306-539-1,305-705
Cash from Financing Activity-8-222-80-261-216-1,193-201-28-119-105-112-116
Net Cash Flow-1-3785-688711584659203-208-833-35
Free Cash Flow5181160184286251271454280-127-73925
CFO/OP106%101%104%79%118%82%98%121%107%84%101%109%
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days7578716361791017347635773
Inventory Days153141102916657723722326979
Days Payable541466447348293327477312156235349370
Cash Conversion Cycle-313-247-274-194-166-190-303-202-87-139-224-217
Working Capital Days-8116-70-69-81-226-3-9-11-29-40
ROCE %3%3%4%5%6%11%10%17%21%17%17%18%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%
FIIs2.89%2.25%2.31%3.03%2.42%2.27%2.63%2.51%2.35%2.03%2.05%2.03%
DIIs7.44%7.22%7.45%6.84%6.88%6.81%6.49%6.62%6.75%6.95%6.88%6.79%
Public14.67%15.52%15.23%15.13%15.70%15.92%15.90%15.87%15.90%16.02%16.08%16.17%
No. of Shareholders49,72454,66152,22160,13863,32466,81967,56968,79668,07866,62063,16763,024

Fundamentals

Market Cap₹ 52,869 Cr.
Current Price₹ 6,200
Stock P/E96.3
Book Value₹ 496
ROCE18.2 %
ROE13.7 %
Dividend Yield0.06 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)10%
Compounded Profit Growth (TTM)24%
Standalone figures.
Valuation
Market capRs 53,281 Cr
Enterprise valueRs 53,248 Cr
P/E (TTM)97.08x
Price to book12.60x
Price to sales20.08x
EV / EBITDA54.25x
EV / EBIT71.94x
EV / sales20.06x
Price to cash flow67.83x
Earnings yield1.03%
Dividend yield0.19%
P/E, 3-year average117.78x
P/B, 3-year average14.61x
P/E, 5-year average91.75x
P/B, 5-year average12.55x
Profitability
Operating margin (excl. other income)35.92%
Operating margin (incl. other income)38.58%
EBITDA margin36.98%
Pre-tax margin27.24%
Net profit margin20.68%
Net margin, latest quarter14.84%
ROE13.76%
ROCE18.25%
ROA10.13%
ROE, 3-year average13.07%
ROCE, 3-year average17.60%
ROA, 3-year average9.50%
ROE, 5-year average15.73%
ROCE, 5-year average20.61%
ROA, 5-year average11.08%
ROIC (approx.)13.37%
Tax rate24.23%
Other income / net worth1.59%
Growth
Sales growth (latest year)1.82%
Profit growth (latest year)23.01%
Sales CAGR, 3 years-6.89%
Sales CAGR, 5 years11.46%
Profit CAGR, 3 years0.93%
Profit CAGR, 5 years28.78%
Sales growth QoQ13.03%
Profit growth QoQ20.93%
Sales growth YoY (latest quarter)21.59%
Profit growth YoY (latest quarter)-1.94%
Per share
EPS (TTM)Rs 64.35
EPS (latest year)Rs 64.59
EPS (latest quarter)Rs 12.08
EPS, 3-year averageRs 55.70
EPS, 5-year averageRs 58.03
Book value per shareRs 495.70
Sales per shareRs 311.18
Cash flow per shareRs 92.10
Free cash flow per shareRs 2.93
Dividend per share (latest year)Rs 12.00
Dividend per share, 3-year averageRs 12.00
Dividend per share, 5-year averageRs 12.30
Dividends
Dividend payout18.58%
Dividend payout, 3-year average21.81%
Dividend payout, 5-year average21.39%
Efficiency
Asset turnover0.44x
Fixed asset turnover1.21x
Inventory turnover10.38x
Inventory days35 days
Debtor days73 days
Debtors turnover4.98x
Creditor days370 days
Cash conversion cycle-217 days
Working capital days-40 days
Leverage
Total debtRs 79 Cr
Cash and bankRs 112 Cr
Net debtRs -33 Cr
Debt to equity0.02x
Net debt / EBITDA-0.03x
Interest coverage42.81x
Current ratio (filing 2026-03-31)0.86x
Quick ratio (filing 2026-03-31)0.76x
Trade payables (filing 2026-03-31)Rs 575 Cr
Owners' fund to total sources73.28%
Debt to assets1.37%
Cash flow
Cash from Operating Activity (latest year)Rs 786 Cr
Cash from Investing Activity (latest year)Rs -705 Cr
Cash from Financing Activity (latest year)Rs -116 Cr
Net Cash Flow (latest year)Rs -35 Cr
Free cash flow (latest year)Rs 25 Cr
FCFE (approx.: FCF + change in debt)Rs 62 Cr
Cash from ops / profit, 5 years1.31x
Sales to cash flow3.22x
Statement figures
Net sales (TTM)Rs 2,654 Cr
Net sales (latest year)Rs 2,531 Cr
Sales (latest quarter)Rs 694 Cr
Operating profit excl. other income (latest year)Rs 909 Cr
Operating profit (latest quarter)Rs 201 Cr
Other income (TTM)Rs 69 Cr
EBITDA (TTM)Rs 981 Cr
PBDT (TTM)Rs 964 Cr
Profit before tax (TTM)Rs 723 Cr
Tax (latest year)Rs 176 Cr
Net profit (TTM)Rs 549 Cr
Net profit (latest year)Rs 551 Cr
Net profit (latest quarter)Rs 103 Cr
Depreciation (TTM)Rs 241 Cr
Depreciation (latest quarter)Rs 62 Cr
Interest (TTM)Rs 17 Cr
Cost of goods sold (latest year)Rs 1,277 Cr
Total expenditure (latest year)Rs 1,622 Cr
Total income (latest year)Rs 2,598 Cr
Share capitalRs 85 Cr
ReservesRs 4,142 Cr
Shareholders' fundsRs 4,228 Cr
Total assetsRs 5,769 Cr
Net blockRs 2,093 Cr
Capital work in progressRs 1,343 Cr
InvestmentsRs 43 Cr
ReceivablesRs 508 Cr
InventoryRs 123 Cr
Other liabilitiesRs 1,463 Cr
Shares outstanding (crore)8.53
Ownership
Promoter holding75.00% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 97.1 is at the 33th percentile of its own 9.7-year range (median 120.7, low 5.7, high 341.6).
P/B 12.60 is at the 64th percentile (median 9.67).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodLINDEINDIANifty 50Difference
1 week+0.8%-2.8% +3.6 pts
1 month-2.0%-6.8% +4.8 pts
3 months-13.0%-7.6% -5.4 pts
6 months-8.7%+0.4% -9.1 pts
1 year-2.0%-9.9% +7.9 pts
2 years-27.1%-13.6% -13.6 pts
3 years+4.9%+14.2% -9.2 pts
5 years+137.7%+27.9% +109.8 pts
105 mutual fund schemes hold about ₹3,426 Cr. Over three months 9 bought more and 23 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Multi Cap Fund1.73%973 -3%
Kotak Large & Mid Cap Fund1.88%607 -0%
Quant Mid Cap Fund3.41%274 +1%
Nippon India Small Cap Fund0.31%255 -5%
Nippon India ELSS Tax Saver Fund1.01%148 -3%
Nippon India Large Cap Fund0.26%138 -1%
Kotak ELSS Tax Saver Fund2.00%128 -3%
Canara Rob Large and Mid Cap Fund0.36%95 -4%
Canara Rob Mid Cap Fund1.02%54 -7%
Invesco India Infrastructure Fund3.15%49 +2%
Canara Rob ELSS-Tax Saver Fund0.50%44 -14%
Baroda BNP Paribas Multi Cap Fund1.19%42 -4%
Tata Mid Cap Fund0.61%38 -6%
Bajaj Finserv Large & Mid Cap Fund1.55%38 -2%
Baroda BNP Paribas Innovation Fund3.85%35 -3%
Baroda BNP Paribas Mid Cap Fund1.15%31 -5%
Baroda BNP Paribas Multi Asset Fund1.78%26 -2%
ITI Multi Cap Fund1.65%26 +22%
Baroda BNP Paribas Large & Mid Cap Fund1.31%25 -4%
Tata Ethical Fund0.61%23 -5%
Kotak ESG Exclusionary Strategy Fund3.10%23 +1%
Baroda BNP Paribas Manufacturing Fund2.50%21 +1%
Axis Innovation Fund1.37%19 -12%
Baroda BNP Paribas ELSS Tax Saver Fund1.94%18 -3%
ITI Flexi Cap Fund1.11%18 -9%

Red flags

F-score 6 of 8
explainReceivables outrunning sales Receivables grew 32% vs sales +2% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2020-04-27The BOC Group LimitedPromoterssell25,276Rs 1.34 CrMarket Sale
2019-09-30The BOC Group LimitedPromotersother25,276Rs 1.21 CrOthers
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹694 Cr +21.5% vs Jun 2025. Net profit ₹103 Cr -1.9%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-06Dividend - Rs 4 Per Share/Special Dividend - 8 Per Share
2025-08-07Dividend - Rs 4.50 Per Share & Special Dividend - Rs 7.50 Per Share
2024-08-05Annual General Meeting/Dividend - Rs 4 Per Share/ Special Dividend - Rs 8 Per Share
2023-08-10Annual General Meeting/Dividend - Rs 4.50 Per Share/Special Dividend -Rs 7.50 Per Share
2022-06-01Annual General Meeting/Dividend - Rs 3.50 Per Share/Special Dividend - Rs 10 Per Share
2021-06-16 Annual General Meeting/Dividend - Rs 3 Per Share
2020-09-10 Annual General Meeting/Dividend - Rs 2.50 Per Share And Special Dividend - Rs 7.50 Per Share
2019-05-08 Annual General Meeting / Dividend - Rs 1.50 Per Share
2018-04-06 Annual General Meeting/ Dividend - Re 1 Per Share
2017-04-07 Annual General Meeting/Dividend Re 0.75 Per Share
2016-05-06 Annual General Meeting/ Dividend - Re 0.75/- Per Share (Book Closure Dates Revised)
2015-04-30Annual General Meeting / Dividend - Rs 1.50/- Per Share
2014-05-12Annual General Meeting/Dividend Rs 1.50 Per Share
2013-05-06Annual General Meeting/Dividend Rs 1.50 Per Share
2012-05-04Annual General Meeting And Dividend Rs.1.50 Per Share
2011-05-20Annual General Meeting And Dividend Rs.1.50 Per Share
2010-05-14Agm/Div-Rs.1.50 Per Share
2009-05-18Agm/Dividend - 15%
2008-05-15Agm/Dividend - 20%
2007-07-13Agm/Dividend-25%
2006-07-12Agm/Dividend-30%
DateTypeWhat it says
2026-09-30General UpdatesGeneral Updates
2026-09-15UpdatesUpdated contact details of Key Managerial Personnel for determining materiality of events/information and makingdisclosures.
2026-09-10Shareholder meetingWith copy of minutes of Annual General Meeting held on August 13, 2026
2026-08-13Shareholder meetingVoting results.
2026-08-13Shareholder meetingProceedings of Annual General Meeting held on August 13, 2026
2026-08-11Board meeting outcomeOutcome of Board Meeting held on August 11, 2026.
2026-08-11AppointmentAppointment of Mr Vikash Dokania as Chief Financial Officer of the company w.e.f. September 15, 2026.
2026-08-11Board meeting outcomeLinde India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-21General UpdatesGeneral Updates
2026-07-20UpdatesLinde India Business Responsibility and Sustainability Report 2025-26.
2026-07-20Shareholder meetingNotice of Annual General Meeting to be held on August 13, 2026
2026-07-14General UpdatesPlease find enclosed our letter no. Sect/60 dated 14 July 2026 in connection with update on investment by the Company in Zenataris Renewable Energy Pr...
2026-06-30Volume querySignificant increase in volume has been observed in Linde India Limited. The Exchange, in order to ensure that investors have latest relevant informat...
2026-06-29Volume querySignificant increase in volume has been observed in Linde India Limited. The Exchange, in order to ensure that investors have latest relevant informat...
2026-06-12General UpdatesPlease find enclosed our letter no. Sect/48 dated 12 June 2026 enclosing therewith communication sent to Members of the Company regarding intimation o...
2026-05-30DividendThe Board of Directors of the Company has recommended a total dividend of 120% (i.e., Rs. 12/- per equity share) inclusive of a special dividend of 80...
2026-05-30Updates1. Audited Standalone and Consolidated Financial Results for the financial year ended 31 March 2026 2. Recommendation of Dividend 3. Date of Annual Ge...
2026-05-30Record DateRecord date for the purpose of Dividend is 06-Aug-2026.
2026-05-30Board meeting outcomeLinde India Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-27Commencement of commercial pPlease find enclosed our letter no. Sect/42 dated 27 May 2026 in connection with commencement of commercial production at the Companys new Air Separat...
2026-05-22General UpdatesPlease find enclosed our letter no. Sect/40 dated 22 may 2026 in connection with update on investment by the Company in Zenataris Renewable Energy Pri...
2026-04-06Disclosure under SEBI TakeovThe BOC Group Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substan...
2026-04-03Shareholder meetingPlease find enclosed our letter no. Sect/30 dated 3rd April 2026 submitting the minutes of Extra-ordinary General Meeting of the Company held through ...
2026-03-27General UpdatesPlease find enclosed our letter no. Sect/26 dated 27th March 2026 in connection with intimation sent to the shareholders of the Company regarding tran...
2026-03-05Shareholder meetingVoting results.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2019-12-18CESTATLINDE INDIA LIMITED ---VS.--- DEHRADUN
2019-12-05CESTATLINDE INDIA LIMITED ---VS.--- DEHRADUN
2019-02-19CESTATLINDE INDIA LTD ---VS.--- ALWAR
2019-02-11CESTATLINDE INDIA LTD ---VS.--- ALWAR
2019-01-11CESTATLINDE INDIA LTD ---VS.--- ALWAR
2018-12-17CESTATLINDE INDIA LTD ---VS.--- ALWAR
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Linde India Ltd?

Linde India Ltd (LINDEINDIA) has a market capitalisation of Rs 52,869 Cr. at the 2026-10-01 close.

What is the P/E ratio of Linde India Ltd?

Linde India Ltd trades at a P/E of 96.3 on trailing twelve-month profit, at the 2026-10-01 close.

What were Linde India Ltd's latest quarterly results?

In the Jun 2026 quarter, Linde India Ltd sales was Rs 694 Cr (+21.5% vs Jun 2025) and net profit was Rs 103 Cr.

What is the 52-week high and low of Linde India Ltd?

The 52-week high is Rs 8,049.00 and the 52-week low is Rs 5,673.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03