Linde India Limited (LINDEINDIA)
₹6,184.50 +3.11% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Linde India's revenue was ₹694 Cr (+21.6% year on year, +13.1% on the previous quarter), and net profit ₹105 Cr (-2.4% year on year); the operating margin was 28.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹694 | +21.6% | +13.1% |
| Operating profit | ₹201 | +1.8% | +15.9% |
| Net profit | ₹105 | -2.4% | +35.8% |
| EPS (₹) | 12.26 | -2.5% | +35.0% |
| Operating margin | 28.9% | — | — |
LINDEINDIA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.3% of the LINDEINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.63%. That is close to its usual level.
Delivery in the last 5 sessions: 53.7% · 56.0% · 45.2% · 52.4% · 55.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Linde India has executed a Conveyance Deed with Tata Steel Limited (TSL) to complete the acquisition and transfer of two 1,800 tonnes per day (TPD) Air Separation Units (ASUs). The units are located at TSL's Kalinganagar Phase II Expansion Project. Following the completion of the acquisition, Linde India has officially commenced the supply of industrial gases to Tata Steel effective 30 September 2026. This de-captivation aligns with Linde's long-term on-site gas supply strategy for major steel producers.
- Acquisition and transfer completed for 2 × 1800 TPD Air Separation Units
- Units are situated at Tata Steel's Kalinganagar Phase II Expansion Project
- Conveyance Deed executed and industrial gas supply commenced effective 30 September 2026
- Follows earlier intimations dated 13 February 2023 and 4 September 2024
Linde India Limited has submitted updated contact details for its Key Managerial Personnel authorized to determine the materiality of events under Regulation 30(5) of SEBI LODR Regulations. This follows the assumption of office by Mr Vikash Dokania as Chief Financial Officer, effective 15 September 2026, previously announced on 11 August 2026. The authorized personnel include Managing Director Milan Sadhukhan, Company Secretary Amit Dhanuka, and CFO Vikash Dokania. This filing is purely compliance-driven and has no financial or operational impact on the company.
- Appointment of Mr Vikash Dokania as Chief Financial Officer effective from 15 September 2026
- Earlier notification referenced letter no. Sect/69 dated 11 August 2026
- List of 3 authorized KMPs under Regulation 30(5) submitted to stock exchanges
- Joint contact details updated under phone number +91 9240240883
Linde India Limited has submitted the official minutes of its 90th Annual General Meeting held on August 13, 2026. A total of 75 members attended via video conference, representing 83.478% of the total 85,284,223 shares. All four ordinary resolutions—including financial statements adoption, dividend declaration, director re-appointment, and cost auditor remuneration—were approved with 91.29% to 99.99% majority votes. The Chairman noted FY26 revenue of Rs 25,306 million (+2% YoY) and PAT of Rs 5,509 million (+23% YoY).
- Total voter turnout represented 83.478% of outstanding equity shares (71,193,702 votes polled)
- Dividend declaration resolution approved with 97.423% votes in favour (69,358,845 votes)
- Adoption of FY26 financial statements approved with 91.289% votes in favour
- Chairman noted FY26 operations revenue of Rs 25,306 million and PAT of Rs 5,509 million
- Promoter entity The BOC Group Ltd. represented 63,963,167 shares (75.0% of paid-up capital)
Linde India concluded its 90th Annual General Meeting on August 13, 2026, with all four resolutions passed by the requisite majority. Key approvals included the adoption of FY26 financial statements and the declaration of a dividend. Notably, Resolution 3 regarding the re-appointment of Director Michael James Devine saw significant institutional pushback, with 77.64% of institutional votes cast against the proposal, though it passed due to 100% promoter support. Total voter turnout was 83.48% of the total 8.52 crore equity shares.
- Total voter turnout reached 83.48% with 7,11,93,702 votes polled out of 8,52,84,223 total shares.
- Resolution 3 (Director re-appointment) faced 77.64% opposition from public institutional voters (53,52,952 votes against).
- Resolution 2 (Dividend declaration) was approved with an overall majority of 97.42%.
- Promoter group, holding 75% of the company, voted 100% in favor of all four resolutions.
- Public non-institutional voters showed high support for the dividend at 99.58% in favor.
Linde India Limited concluded its 90th Annual General Meeting on August 13, 2026, with shareholders approving all four proposed resolutions. Key approvals included the adoption of financial statements for the year ended March 31, 2026, and the declaration of a dividend. While all resolutions passed, the re-appointment of Director Michael James Devine saw significant opposition from public institutional investors (77.64% against), though it passed due to 100% promoter support. Total voter turnout was high at 83.48% of the total share capital.
- All 4 resolutions passed with the requisite majority during the meeting held via video conferencing.
- Total voter turnout represented 83.48% of the company's 8,52,84,223 total equity shares.
- The resolution for dividend declaration for FY26 was approved with 97.42% of total votes in favor.
- Public institutional investors showed 77.64% opposition to the re-appointment of Director Michael James Devine.
- Promoter group, holding 75% of the company, voted 100% in favor of all resolutions.
Linde India reported a standalone revenue of ₹694.36 Cr for Q1 FY27, marking a 21.6% YoY increase from ₹571.08 Cr. Standalone PAT stood at ₹103.03 Cr, a slight decline from ₹105.07 Cr in the year-ago period, primarily due to higher power and fuel costs which rose to ₹129.72 Cr. The company appointed Vikash Dokania as CFO effective September 15, 2026. However, auditors highlighted significant legal uncertainty regarding Related Party Transactions (RPT) with Praxair India, which shareholders rejected in March 2026 and is currently under Supreme Court review.
- Standalone revenue from operations grew 21.6% YoY to ₹694.36 Cr in the quarter ended June 30, 2026.
- Gases segment revenue contributed ₹544.42 Cr, while Project Engineering contributed ₹224.56 Cr before inter-segment eliminations.
- Shareholders rejected Related Party Transaction proposals at the EGM held on March 5, 2026, creating regulatory uncertainty.
- New CFO Vikash Dokania, a 42-year-old CA from Coca-Cola India, will take charge on September 15, 2026.
- The company is contesting a SEBI-mandated valuation report dated March 16, 2026, regarding 'business foregone' in the Supreme Court.
Linde India reported a consolidated net profit of ₹104.59 Cr for the quarter ended June 2026, marking a 35% sequential recovery from ₹77.45 Cr in the March 2026 quarter. Revenue from operations grew 13% QoQ to ₹694.36 Cr, supported by steady performance in the Gases segment (₹544.4 Cr) and Project Engineering (₹224.6 Cr). The company also finalized its leadership transition by appointing Vikash Dokania, formerly with Coca-Cola India, as CFO effective September 15, 2026. While sequential growth is strong, net profit remains slightly below the ₹107.19 Cr reported in the year-ago June 2025 quarter.
- Consolidated Revenue for Q1 FY27 reached ₹694.36 Cr, a 13% increase over the previous quarter's ₹614.33 Cr.
- Net Profit (Consolidated) recovered to ₹104.59 Cr from ₹77.45 Cr in the preceding quarter.
- Gases segment revenue contributed ₹544.42 Cr, while Project Engineering contributed ₹224.56 Cr before inter-segment eliminations.
- New CFO Vikash Dokania (42) brings experience in M&A and strategy from Coca-Cola India, starting September 15, 2026.
- Total Consolidated Assets grew to ₹6,451.5 Cr as of June 30, 2026, compared to ₹5,808.3 Cr in March 2026.
Linde India reported a strong 21.6% YoY growth in consolidated revenue for Q1 FY27, reaching ₹694.4 cr. However, consolidated net profit saw a marginal decline of 2.4% YoY to ₹104.6 cr, compared to ₹107.2 cr in the same period last year. The Gases segment remains the primary driver, contributing ₹544.4 cr to the top line. Additionally, the board has appointed Mr. Vikash Dokania, a seasoned professional from Coca-Cola India, as the permanent CFO effective September 15, 2026.
- Consolidated Revenue from operations increased 21.6% YoY to ₹694.36 cr from ₹571.08 cr.
- Consolidated Net Profit for the quarter stood at ₹104.59 cr vs ₹107.19 cr in the year-ago period.
- Gases, related products & services segment revenue grew to ₹544.42 cr from ₹499.69 cr YoY.
- Project Engineering segment revenue contributed ₹224.56 cr to the quarterly performance.
- Mr. Vikash Dokania appointed as CFO effective 15 September 2026, succeeding the interim CFO.
Linde India Limited has scheduled its 90th Annual General Meeting (AGM) for August 13, 2026, to be conducted via video conferencing. The company has released its Annual Report for the Financial Year 2025-26, providing the web-link for shareholders whose email addresses are not registered. This filing is a procedural requirement under SEBI Regulation 36(1)(b). Additionally, the company reminded shareholders that dividend payments are now strictly electronic as per SEBI mandates effective April 1, 2024.
- 90th Annual General Meeting scheduled for August 13, 2026, at 10:00 a.m. IST.
- Annual Report for Financial Year 2025-26 is now available on the company's website.
- Electronic dividend payment mandate effective since April 1, 2024, for all security holders.
- Communication sent to members under SEBI Regulation 36(1)(b) regarding report access.
Linde India has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, reporting a total turnover of Rs 2,530.64 Cr. The core manufacturing of industrial and medical gases remains the dominant segment, contributing 84.10% of revenue, while project engineering accounts for 15.90%. The company maintains a strong domestic focus with exports contributing only 2.84% of turnover. Notably, the turnover rate for permanent employees improved significantly to 1.56% from 13.48% in the previous year, indicating better workforce stability.
- Manufacturing of industrial and medical gases contributed 84.10% to the total turnover of Rs 2,530.64 Cr
- Permanent employee turnover rate decreased to 1.56% in FY 2025-26 from 13.48% in FY 2024-25
- The company operates 24 plants and 11 offices across 28 states in India
- Women representation on the Board of Directors stands at 33.33% (2 out of 6 members)
- Exports account for a minimal 2.84% of the total turnover
Linde India has convened its 90th Annual General Meeting (AGM) for August 13, 2026. The Board has recommended a total dividend of Rs 12 per equity share (120% of face value) for FY26, which includes a significant special dividend of Rs 8 per share. This payout follows a TTM PAT of Rs 549 Cr and reflects the company's strong balance sheet with a Debt/Equity ratio of 0.02. Other agenda items include the re-appointment of Director Michael James Devine and the ratification of cost auditor fees.
- Proposed total dividend of 120% amounting to Rs 12 per equity share of Rs 10 face value.
- Includes a special dividend component of 80% (Rs 8 per share) for the year ended March 31, 2026.
- 90th AGM scheduled for August 13, 2026, to be conducted via Video Conference.
- Share transfer books to remain closed from August 7, 2026, to August 13, 2026, for dividend eligibility.
- Ratification of Rs 2,30,000 remuneration for Cost Auditors M/s. Mani & Co. for FY 2026-27.
Linde India has completed the final tranche of its planned Rs 105 Cr investment in Zenataris Renewable Energy Private Limited, an SPV of Fourth Partner Energy. On July 13, 2026, the company invested Rs 69.91 Cr to acquire 82,93,001 equity shares at a premium of Rs 74.30 per share. This transaction brings Linde India's total post-allotment shareholding in the SPV to 26.77%. The investment is strategically aimed at securing renewable power under a captive mechanism for its operations in Karnataka.
- Final tranche investment of Rs 69.91 Cr completed on July 13, 2026
- Total planned investment in the renewable SPV reaches Rs 105 Cr
- Acquired 82,93,001 equity shares at a premium of Rs 74.30 per share
- Post-allotment shareholding in Zenataris Renewable Energy stands at 26.77%
- Investment represents approximately 2.76% of TTM Revenue (Rs 2,530 Cr)
Linde India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by KFin Technologies Limited (the company's Registrar and Share Transfer Agent), confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed. This is a standard administrative filing required by SEBI to verify the integrity of electronic share records. There is no impact on the company's financial performance or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Certificate issued by Registrar and Share Transfer Agent, KFin Technologies Limited, on July 3, 2026
- Confirmation that securities dematerialized/rematerialized have been reported to stock exchanges
- Filing submitted to NSE and BSE on July 6, 2026
Linde India has responded to a surveillance query from the National Stock Exchange (NSE) regarding a significant increase in trading volume. The company stated that it has disclosed all material information as per Regulation 30 and there are no pending announcements that could influence price or volume behavior. This is a standard procedural response to market volatility, particularly relevant for a stock trading at a high P/E of 113.8. The company maintains its TTM revenue of ₹2,530 Cr and a stable promoter holding of 75%.
- Response issued to NSE surveillance letter reference NSE/CM/Surveillance/17184 dated 29 June 2026
- Company confirms no undisclosed material events or information as of 30 June 2026
- Linde India currently trades at a high P/E ratio of 113.8 with a market cap of ₹62,418 Cr
- Promoter holding remains stable at 75.0% as of the latest reporting period
Linde India Limited has notified the stock exchanges regarding the closure of its trading window starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the board's approval of unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives. It is expected to reopen 48 hours after the financial results are officially declared to the exchanges.
- Trading window closure commences on Wednesday, July 1, 2026.
- Closure pertains to the approval of unaudited financial results for the quarter ending June 30, 2026.
- The window will reopen 48 hours after the results are announced to NSE and BSE.
- The notification follows SEBI (Prohibition of Insider Trading) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Total revenue from operations was INR 2,485.4 Cr in FY 2024-25, a 10.2% decline from INR 2,768.7 Cr. The Gases segment grew 2% to INR 2,040.8 Cr, while the Project Engineering Division (PED) declined 42.1% to INR 444.6 Cr due to project cycles and selective bidding.
Geographic Revenue Split
Linde India operates across East, North, and West-2 geographies following a business allocation agreement. While specific % splits per region are not disclosed, the company exited South, Central, and West-1 regions in favor of Praxair India (PIPL).
Profitability Margins
Profit After Tax (PAT) grew 5% to INR 447.8 Cr in FY 2024-25. PAT margin improved to 18.01% from 15.39% YoY. Standalone PAT margin was historically volatile, recorded at 41.3% in 2019 due to divestment gains and 10.15% in 2020.
EBITDA Margin
Consolidated EBITDA margin expanded by 536 basis points to 33.5% in FY 2024-25. Gases segment EBITDA margin rose to 35.9% (from 33.8%) and PED margin improved significantly to 22.4% (from 13.5%) due to project closures and cost discipline.
Capital Expenditure
Non-current assets increased 45% to INR 4,117.8 Cr in FY 2024-25, reflecting heavy investment in growth capex. Cash and equivalents dropped 85% from INR 978.8 Cr to INR 145.4 Cr as funds were deployed into multiple construction projects.
Credit Rating & Borrowing
Maintains a strong credit profile supported by parent Linde Plc. Interest coverage ratio was 65.54 times in 2020. Debt was significantly reduced via a INR 866.8 Cr prepayment in 2019, bringing the debt-to-equity ratio down to 0.05 times.
Operational Drivers
Raw Materials
Atmospheric air (primary source for ASUs), electricity (major cost component), and specialty chemicals like Silane, Ammonia, and Nitrous Oxide for the electronics/solar segments.
Import Sources
Sourced domestically through air separation units located near customer sites; specialty gases are often sourced through the global Linde Plc supply chain network spanning 100 countries.
Key Suppliers
Primary utility providers for electricity; specialty gas precursors sourced via Linde Plc affiliates and global chemical manufacturers.
Capacity Expansion
Expanding capacity through de-captivation of two additional Air Separation Units (ASUs) for Tata Steel in Odisha. Property, Plant & Equipment (PPE) increased 5% to INR 1,851.5 Cr in FY 2024-25.
Raw Material Costs
Power and fuel costs are the largest variable expense for air separation. The company focuses on 'take-or-pay' contracts (15-20 years) to pass through energy cost fluctuations to tonnage customers.
Manufacturing Efficiency
Focus on operational excellence and digital transformation to drive a 536 bps expansion in EBITDA margins despite a 10% drop in total revenue.
Logistics & Distribution
Operates the largest direct sales and distribution network in India for industrial gases, utilizing a specialized fleet of cryogenic tankers for bulk liquid transport.
Strategic Growth
Expected Growth Rate
6.80%
Growth Strategy
Focusing on high-margin long-term contracts, de-captivating onsite ASUs for major steel players, and targeting high-growth sectors like Semiconductors, Solar (SPC products), and Healthcare (Tier 2/3 city expansion).
Products & Services
Industrial gases (Oxygen, Nitrogen, Argon), Medical gases, Special gases (Nitrous Oxide, Silane, Ammonia), and Project Engineering services for cryogenic plant construction.
Brand Portfolio
Linde, BOC (subsidiary of Linde AG).
New Products/Services
Niche Specialty Gas (SPC) products for the semiconductor and solar industries, including high-purity Nitrogen and Silane, expected to drive future electronics segment revenue.
Market Expansion
Targeting the $5 trillion Indian economy goal by 2027 with focus on 11 Industrial Corridors and 100 Smart City projects to drive gas demand.
Market Share & Ranking
One of the largest players in the domestic industrial gases business with over 75 years of presence in India.
Strategic Alliances
Business Allocation Agreement with Praxair India (PIPL) for geographic and product-line specialization; JV with Bellary Oxygen Company (slated for divestment).
External Factors
Industry Trends
Shift toward 'Green Gases' and energy transition leadership. The industry is evolving from simple gas supply to end-to-end 'tonnage' solutions and de-captivation of customer-owned plants.
Competitive Landscape
Key competition includes Praxair India (though now a related party via parent merger), Air Liquide, and Inox Air Products.
Competitive Moat
Sustainable moat derived from 15-20 year take-or-pay contracts, high capital intensity of ASUs (entry barrier), and 75+ years of brand equity and technical expertise.
Macro Economic Sensitivity
Highly sensitive to Industrial Production (IP) growth (4.8%) and GDP growth (6.4-6.8%), as industrial gas demand is a direct derivative of manufacturing activity.
Consumer Behavior
Increased demand for home healthcare and medical oxygen in Tier 2 and 3 cities is driving a shift in the healthcare distribution model.
Geopolitical Risks
Trade barriers affecting the semiconductor or solar supply chains could delay the adoption of niche specialty gases in India.
Regulatory & Governance
Industry Regulations
Subject to Competition Commission of India (CCI) mandates, which previously required the divestment of southern region assets and the Bellary Oxygen Plant to maintain market competition.
Environmental Compliance
Committed to net-zero emissions by 2070; focus on decarbonizing the steel sector through hydrogen and carbon capture initiatives.
Taxation Policy Impact
Effective tax expense was INR 606.5 Cr in FY 2024-25. Fiscal policies supporting 'Make in India' and PLI schemes for electronics benefit the company's long-term demand.
Legal Contingencies
Involved in a legal dispute regarding the 'Business Allocation Agreement' with PIPL; regulators have directed a valuation to determine if the transfer of 'profit-making apparatus' exceeds RPT materiality thresholds.
Risk Analysis
Key Uncertainties
The outcome of the SEBI/WTM direction regarding the valuation of business allocation with PIPL could impact shareholder approval requirements and future corporate structure.
Geographic Concentration Risk
Concentrated in East, North, and West-2 regions of India following the business swap with Praxair India.
Third Party Dependencies
High dependency on the parent company, Linde Plc, for managerial, operational, and financial support (rating is notched up based on this support).
Technology Obsolescence Risk
Risk is low due to access to Linde Plc’s global technology pool, but the shift toward green hydrogen requires significant new technology adoption.
Credit & Counterparty Risk
Exposure to cyclical steel majors; mitigated by the 'take-or-pay' nature of contracts which secures minimum payments regardless of customer off-take.
