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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 2/100PAT -2% YoY · margin compression · Rev +22% YoY · +13% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Division (FY25)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
41NeutralSMA20 -4.7% / mo · MACD −
Technical chart
LINDEINDIAdaily · 1Y · AUTO-6.2%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 31.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.0% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 12% 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.
Relative Strength & Trend Stage
- Price is 9.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -120.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 75%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Chemicals: 64th pctile, median 73 · Large: 59th pctile, median 73
24 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 99.00
- P/B
- 12.69
- EV/EBITDA
- 46.97
- Market Cap
- 54119.00Cr
Profitability
- ROE
- 13.60%
- ROCE
- 18.20%
- ROA
- 9.40%
- Dividend Y
- 0.06%
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
- 0.15%
- FCF Positive Y
- 8/5
- OCF
- 786.00 Cr
- EPS TTM
- 64.06
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Chemicals, ranked by similarity
Peers
Business-comparable names in Chemicals, ranked by similarity
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.