Announcement
Announcement Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 30 Sep - Linde India completed acquisition of 2x1800 TPD ASUs at Tata Steel Kalinganagar and began gas supply.
Source: Bse
Linde India Limited (LINDEINDIA)
Large CapChemicals stocks · Large cap · NSE
Linde India Limited is an industrial gases and engineering company, a subsidiary of Linde plc. It provides industrial, medical, and specialty gases, and offers project engineering services for air separation units and nitrogen plants. The company serves key sectors like metals, oil & gas, healthcare, and electronics across India.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals15 Oct 2026 · screener
Latest result11 Aug, 06:46 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -3.6% / mo · MACD + · near 52W low · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
LINDEINDIAD candles · FIT view-16.8%Latest close ₹6003.50 on 2026-10-19
Bar
-2.8%
RSI
41
MACD hist
10.35
52W pos
14%
2026-10-19O ₹6178.50H ₹6196.00L ₹5991.50C ₹6003.50Vol 12,236 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
LINDEINDIANifty ChemicalsNifty 500
- LINDEINDIA
- -14.2%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -8.6 pp
Chart stats
19 Oct 2026- From 52W high
- -25.4%
- 52W range position
- 14%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.63x
- Avg traded value
- ₹11.8 Cr
- 20D price channel
- ₹5,925.5 - ₹6,479.5
₹8,049
₹5,673 - ₹8,049
₹159.7
Latest completed session
20-session average
24.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +21.5% · PAT -1.9% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model-108.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -2% YoY · margin compression · Rev +22% YoY · +13% QoQ
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹694 Cr | +21.5% | +13.0% |
| EBITDA | ₹201 Cr | +2.0% | +16.2% |
| Operating margin | 29.0% | -500 bps | +100 bps |
| PAT | ₹105 Cr | -1.9% | +36.4% |
| PAT margin | 15.1% | -361 bps | +259 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 93.80
- P/B
- 12.02
- EV/EBITDA
- 44.46
- Market Cap
- 51232.00Cr
Profitability
- ROE
- 13.60%
- ROCE
- 18.20%
- ROA
- 9.40%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- -7.00%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 53.71×
- Altman Z
- 8.25
- Book Value
- 500.00
Cash Flow
- FCF Yield
- 0.16%
- FCF Positive Y
- 8/5
- OCF
- 786.00 Cr
- EPS TTM
- 64.06
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 694+13.0% vs prev
Net Profit
₹ CrLatest: 105+36.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 41. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.7% over last month) — short-term momentum negative.
- RSI(14) at 41 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 25% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
48
RS percentile
Stage 4 Downtrend
1M return
-3.8%
3M return
-14.2%
6M return
-17.4%
1Y return
-1.0%
RS 1D
-3
RS 20D
+18
Sector rank
#13
Industry rank
-
Stage evidence
- Price is 12.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 99.88-1.91%
RS vs Nifty 500100
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth14/25
Quality10/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Fair-value margin of safety is negative at -108.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
93.8
PB
12.0
EV/EBITDA
44.5
ROE
13.6%
ROCE
18.2%
FCF Yield
0.2%
Debt/Equity
0.0
MoS
-108.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-108.3%
Previous: -108.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
45
45
45
45
45
45
45
45
45
45
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹848.93
-607.2% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,882.7
-108.3% MoS
PEG
5.10
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ELLEN
Micro
Ellenbarrie Industrial Gases Limited
Industrial Gases
match 79
49
38.1
12.9%
+15%
FAIR VALUE
STEAMHOUSE
Micro
Steamhouse India Limited
Chemicals & Petrochemicals
match 36
39
77.3
25.3%
-68%
WATCHLIST
FLUOROCHEM
Large
Gujarat Fluorochemicals Limited
Specialty Chemicals
match 23
36
82.2
7.8%
-80%
WATCHLIST
FACT
Large
Fertilizers and Chemicals Travancore Limited
Fertilizers
match 21
17
—
-2.9%
—
OVERVALUED
SUMICHEM
Large
Sumitomo Chemical India Limited
Fertilizers & Agrochemicals
match 18
44
35.3
16.2%
-73%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T18:07:40.578Z
Management commentary snapshot
FY25 revenue declined 10.2% to 24,854 MINR, primarily due to a 42% drop in Project Engineering Division (PED) billing. The Gases division showed resilience with 2% growth. Overall EBITDA increased 6.9% to 8,329 MINR, with margins expanding by 536bps to 33.5%.
While the Gases division demonstrated resilience and overall EBITDA improved, the substantial revenue contraction in PED and the qualified audit opinion for FY25 raise concerns about project execution consistency and financial reporting quality. The significant drop in cash and current assets also warrants close monitoring.
Current business mix
Revenue by Division (FY25)
Latest issuer-disclosed distribution across 2 reported categories.
Gases82.1%
PED17.9%
Growth engines
Defence Sector
positivePolicy support, rising domestic orders, and export ambitions are expected to drive 30-35% CAGR (2025-2030) for bulk & industrial gases.
Healthcare Sector
positiveRapid urbanization of tier 2 & 3 cities and medical tourism are expected to drive 12-15% CAGR (2025-2030) for O2 & specialty gases.
Electronics Sector
positiveMake in India policy and global manufacturing shift are expected to drive 10-12% CAGR (2025-2030) for specialty gases, N2 & LAR.
Space Sector
positiveLow-cost satellite manufacturing and launch, plus export potential, are expected to drive 5-10% CAGR (2025-2030) for bulk & rare gases.
Capacity and execution
Solar Rooftop Installations
positiveSolar rooftop installations at 8 PGP & SPC sites, totaling 914 KWp, including Uluberia.
Renewable Energy Contract
positiveRE contracted for 425 MUs for Tata KPO, with operations expected to start in 2026.
Electric Forklifts Deployment
positiveElectric Forklifts have been deployed at select sites to enhance eco-productivity.
Tailwinds
India's Economic Growth
positiveIndia aims to achieve a $5 trillion economy by 2027, supported by infrastructure projects and a focus on self-reliance.
Energy Transition Focus
positivePledged to achieve net zero emissions by 2070, with focus on Solar & EV sectors, driving demand for related gases.
Industrial Gases Market Growth
positiveIndustrial gases market growth is expected at +7% (1.5x Industrial Production), driven by consolidation and expansion in key sectors.
Risk radar
Qualified Audit Opinion
negativeThe Independent Auditor’s Report and Secretarial Audit Report for FY2024-25 contained qualifications, which were read out at the AGM.
PED Revenue Volatility
negativePED revenue declined 42.1% in FY25 due to project cycles, indicating potential volatility in this segment's contribution.
Cash and Current Asset Decline
negativeCurrent assets decreased by 49% and cash & cash equivalents by 85% YoY, potentially impacting liquidity and future investments.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document presents financial performance for the full financial year ended March 31, 2025, compared to the previous financial year, making year-over-year comparison appropriate for assessing annual trends.
Sector KPIs management disclosed
Net Revenue
negativeNet Revenue stood at 24,854 MINR for FY25, a -10.2% decline from 27,687 MINR in FY24.
EBITDA
positiveOverall EBITDA increased by 6.9% to 8,329 MINR in FY25 from 7,793 MINR in FY24.
EBITDA Margin
positiveOverall EBITDA Margin expanded by 536bps to 33.5% in FY25 from 28.1% in FY24.
Gases Division Revenue Growth
positiveGases division reported a modest growth of +2% (+402 MINR) in FY25, driven by high gas demand and strong pricing discipline.
Management forward view
Self-Financing Growth Capex
neutralManagement stated self-financing for strategic investments in growth capex projects, supported by strong cash generation.
Sustainable Development Focus
positiveCompany is on track for 35% GHG emission reduction by 2035, expanding zero waste programs, and increasing RE sourcing.
Talent Development
positiveInitiatives include a mentoring program for women leaders, intentional career path development, and succession planning.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Audit Qualifications | Qualified opinion in FY25 Independent Auditor's and Secretarial Audit Reports. | Resolution of audit qualifications and improved transparency in financial reporting in subsequent periods. |
| PED Revenue & Order Book | PED revenue declined 42% in FY25; division has a 'healthy third-party order book'. | Conversion of the order book into revenue and stabilization or growth in PED's financial contribution. |
| Cash and Cash Equivalents | Down 85% YoY to 1,454 MINR in Mar 2025. | Stabilization and growth in cash reserves to support ongoing operations and planned growth capex. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 64th percentile within Chemicals. Main check: results consistency is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
25 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Chemicals: 64th pctile, median 73 · Large: 59th pctile, median 73
Evidence depth
Financial-only
25 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.2%.
- ▸8 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 16%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Linde India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Sep - Our letter no. Sect/77 dated 17 September 2026 enclosing therewith copies of newspaper publication published on Wednesday, 16 September 2026 with respect to "special ....
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 11 Aug - Linde India approved Q1 FY27 results and appointed Vikash Dokania CFO from 15 September 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Our letter no. Sect/72 dated 13 August 2026 enclosing therewith copies of newspaper publication regarding extract of consolidated financial results of the Company for ....
Source: Bse
Annual reportAug 2026
Aug 2026 · Reg. 34 (1) Annual Report. 20 Jul - 90th AGM on 13 Aug 2026; 120% dividend proposed, annual report dispatched.
Source: Bse
Annual reportAug 2026
Aug 2026 · Communication To Members- Letter Under Regulation 36(1)(B) Of The SEBI (LODR) Regulations, 2015 2d - Linde India schedules 90th AGM on 13 August 2026 and shares FY2025-26 annual report access.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Record Date For The Purpose Of Payment Of Dividend 30 May - FY26 audited results, Rs12 dividend recommended, AGM on 13 Aug 2026; auditors issued modified opinion.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 2d - Our letter no. Sect/65 dated 21 July 2026 enclosing therewith public notice published by the Company in connection with Notice of its 90th Annual General …
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Our letter no. Sect/57 dated 9 July 2026 together with the public notice published by the Company sharing details in connection with the Company''s 90th …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 14 Jul - Linde India invested Rs 69.9 crore in Zenataris Renewable Energy; final tranche of Rs 105 crore plan.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jun - Our letter no. Sect/45 dated 1 June 2026 containing copies of newspaper publication with respect to extract of consolidated financial results of the Company for …
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.