Linde India Ltd(LINDEINDIA)

NSE: LINDEINDIABSE: 523457

₹ 5,697-3.49%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 48,586 crWebsite: www.linde.inUpdated: 24 Oct 2026

About

Linde India Ltd supplies oxygen, nitrogen, argon and specialty gases through onsite pipelines, bulk liquid distribution and packaged gas solutions. It also designs and delivers air separation plants through its Project Engineering division. The company describes itself as one of India's leading industrial gases and engineering companies. It reported revenue of Rs 2,530.64 crore in FY26.^[1][2]

Business segments

Gases, related products & services: 68.5% of segment revenue in FY26, with an EBIT margin of 30.2%.^[3]
Project Engineering: 31.5% of segment revenue in FY26, with an EBIT margin of 12.1%. It designs and delivers air separation plants and engineering solutions.^[3][1]
External revenue from Gases was Rs 2,128.18 Cr in FY26, up from Rs 2,040.74 Cr in FY25.^[1][4]
External revenue from Project Engineering was Rs 402.46 Cr in FY26, down from Rs 444.64 Cr in FY25.^[1][4]

Products and supply modes

Supplies oxygen, nitrogen, argon and specialty gases through onsite pipeline systems, bulk liquid distribution and packaged gas solutions (FY26).^[1]
Liquid nitrogen grew faster than liquid oxygen for the second year in a row in FY26, driven by electronics and food & beverage.^[1]
The ASUs at Selaqui, Jamshedpur, Rourkela and Taloja hold FSSC 22000 certification for food-grade liquid nitrogen (FY26).^[1]

Operations

The expanded Jamshedpur workshop makes cryogenic vessels with an annual capacity of about 2,000 KL, supported by a U-stamp-certified facility in Kolkata (FY26).^[1]
Packaged gases capacity was increased at Baroda in FY26, and new packaged gas sites are planned.^[1]
Renewable energy sourcing reached 155 GWh in FY25 (+14% YoY), replacing 13% of grid power use.^[5]
Solar rooftop installations totalling 914 KWp were completed across 8 sites, including Uluberia, as of FY25.^[5]
The company had 2 joint ventures and 3 associate companies in FY26.^[1]

Key operating numbers

Project Engineering's order backlog stood at INR 24,653 million at the end of March 2026. Management expects to recognise it as revenue over 1 to 3 years.^[1]
The Merchant Bulk business recorded its highest-ever liquid loading volumes in FY26.^[1]
Project Engineering revenue fell 42.1% YoY in FY25 as projects reached completion.^[5]

Customers and distribution

In FY26, Project Engineering won contracts for Tata Dholera, India's first commercial semiconductor fab, and for Tata OSAT in Assam.^[1]
Project Engineering is building an ASU for Reliance at Nagothane, a nitrogen plant for Adani at Dahej, and nitrogen plants for IOCL, BPCL and Petronet LNG (FY26).^[1]
Won new greenfield projects in the solar segment under five-year contracts in FY26.^[1]
Won India's largest Medical Gas Pipeline System order, from DRFMS Hospital, Mumbai, in FY26.^[1]
Customers order, track deliveries and monitor inventory through the Linde Connect digital platform and a 24x7 Customer Service Centre.^[1]

Expansion and capex

Capital commitments outstanding were Rs 8,135.98 (as printed) as of FY25.^[4]
425 MUs of renewable energy supply were contracted for the Tata KPO site, expected to start in 2026.^[5]

Recent developments

On 30 Sep 2026, Linde India completed the acquisition of two 1800 TPD Air Separation Units from Tata Steel and began supplying gas to Tata Steel.^[6]
Management recognises uncertainty around the outcome of the SEBI related-party transaction matter (FY26 annual report).^[1]
The company had zero outstanding borrowing as of 31 March 2026.^[1]

End-market growth outlook

Management projects defence-sector industrial gas demand to grow at a 30-35% CAGR over 2025-2030.^[5]
Management projects electronics and semiconductor industrial gas demand to grow at a 12-15% CAGR over 2025-2030.^[5]
Management expects the Indian industrial gases market to grow about 7% a year, roughly 1.5x industrial production growth.^[5]

Market Cap

₹48,586 Cr

High / Low

₹8,043 / 5,653

Stock P/E

88.9

Price / Book

11.4

Book Value

₹500

EPS

₹64.4

No. of Shares

8.53 Cr

ROCE

18.2%

ROE

13.6%

OPM

27.2%

Debt / Equity

0.00

Sales

₹2,531 Cr

Net Profit

₹549 Cr

Promoter holding

75.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Linde India Ltd(LINDEINDIA)

About

Business segments

Products and supply modes

Operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

End-market growth outlook

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions