LINDEINDIA
Linde India share price & financials
- Price
- ₹7,460.5
- Market cap
- ₹53.1k Cr
- Sector
- Chemicals
What Linde India does
Linde India manufactures and distributes industrial, medical and specialty gases such as liquid oxygen, liquid nitrogen and liquid argon, supplying steel, healthcare, automotive, electronics, chemical and oil & gas customers through onsite pipeline supply, bulk cryogenic delivery and packaged cylinders. Its Project Engineering Division (PED) designs, builds and sells air separation units (ASUs) and related plants to third parties on a project basis. The company is 75%-owned by The BOC Group Ltd (UK), a wholly owned subsidiary of Linde plc, giving it access to Linde's global technology and engineering base.
Segments
- Gases
- Project Engineering Division (PED)
- Air Separation Units / N2 plants built in India
- 100+
- ASUs operated on Build-Own-Operate (BOO) basis
- 20+
- World's largest ASU installation
- 5 x 5,250 TPD at Jamnagar
- Compressed gas cylinders in circulation
- 150,000+
- Compressed gas volume distributed via cylinders
- ~20 lakh m3 per month
- Customers served in Bulk gases business
- 1,000+
Quarterly results
Q1 FY27: revenue up 21.5%, net profit down 1.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 634 | 606 | 592 | 571 | 644 +2% | 701 +16% | 614 +4% | 694 +22% |
| EBITDA | 179 | 192 | 210 | 197 | 282 +58% | 257 +34% | 173 −18% | 201 +2% |
| Net profit | 104 | 114 | 118 | 105 | 169 +63% | 192 +68% | 85 −28% | 103 −2% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −3.7% 1Y
1Y: ₹6,465 on 10 Sept 2025 → ₹6,227.5. High ₹7,847.5 (7 May 2026), low ₹5,695.5 (18 Nov 2025).
Financials, as filed
Revenue fell 0.9% a year over 3 years, FY23 to FY26. Operating margin widened to 35.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.6k Cr | ₹2.8k Cr | ₹2.5k Cr | ₹2.5k Cr |
| Operating profit | ₹633 Cr | ₹703 Cr | ₹765 Cr | ₹909 Cr |
| Operating margin | 24.3% | 25.4% | 30.8% | 35.9% |
| Interest | ₹5 Cr | ₹7 Cr | ₹13 Cr | ₹15 Cr |
| Depreciation | ₹207 Cr | ₹202 Cr | ₹214 Cr | ₹235 Cr |
| Net profit | ₹469 Cr | ₹426 Cr | ₹448 Cr | ₹551 Cr |
| Net margin | 18.0% | 15.4% | 18.0% | 21.8% |
| Cash from operations | ₹629 Cr | ₹437 Cr | ₹584 Cr | ₹786 Cr |
| Free cash flow | ₹280 Cr | ₹-127 Cr | ₹-739 Cr | ₹25 Cr |
| ROCE | 21.0% | 17.0% | 17.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY20 | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹85 Cr | ₹85 Cr | ₹85 Cr | ₹85 Cr | ₹85 Cr | ₹85 Cr |
| Reserves | ₹2.1k Cr | ₹2.6k Cr | ₹3.0k Cr | ₹3.3k Cr | ₹3.9k Cr | ₹4.1k Cr |
| Borrowings | ₹7 Cr | ₹24 Cr | ₹22 Cr | ₹21 Cr | ₹67 Cr | ₹79 Cr |
| Other liabilities | ₹1.0k Cr | ₹1.3k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.5k Cr |
| Total liabilities | ₹3.3k Cr | ₹4.0k Cr | ₹4.4k Cr | ₹4.8k Cr | ₹5.4k Cr | ₹5.8k Cr |
| Fixed assets | ₹2.0k Cr | ₹1.9k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.1k Cr |
| Capital work in progress | ₹17 Cr | ₹68 Cr | ₹225 Cr | ₹483 Cr | ₹1.3k Cr | ₹1.3k Cr |
| Investments | ₹2 Cr | ₹2 Cr | ₹16 Cr | ₹27 Cr | ₹62 Cr | ₹43 Cr |
| Other assets | ₹1.3k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.4k Cr | ₹2.1k Cr | ₹2.3k Cr |
| Total assets | ₹3.3k Cr | ₹4.0k Cr | ₹4.4k Cr | ₹4.8k Cr | ₹5.4k Cr | ₹5.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.48 pp while the public added +0.30 pp. The shareholder count shrank 8% to 63,024.
- Promoters
- 75.0%
- FIIs
- 2.0%
- DIIs
- 6.8%
- Public
- 16.2%
Since Jun 2025
- FIIs −0.48 pp
- Public +0.30 pp
- DIIs +0.17 pp
How it drifted, 12 quarters
Over this window the public went from 14.7% to 16.2% — +1.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 2.9%, DIIs 7.4%, Public 14.7%.Dec '23: Promoters 75.0%, FIIs 2.3%, DIIs 7.2%, Public 15.5%.Mar '24: Promoters 75.0%, FIIs 2.3%, DIIs 7.5%, Public 15.2%.Jun '24: Promoters 75.0%, FIIs 3.0%, DIIs 6.8%, Public 15.1%.Sep '24: Promoters 75.0%, FIIs 2.4%, DIIs 6.9%, Public 15.7%.Dec '24: Promoters 75.0%, FIIs 2.3%, DIIs 6.8%, Public 15.9%.Mar '25: Promoters 75.0%, FIIs 2.6%, DIIs 6.5%, Public 15.9%.Jun '25: Promoters 75.0%, FIIs 2.5%, DIIs 6.6%, Public 15.9%.Sep '25: Promoters 75.0%, FIIs 2.4%, DIIs 6.8%, Public 15.9%.Dec '25: Promoters 75.0%, FIIs 2.0%, DIIs 7.0%, Public 16.0%.Mar '26: Promoters 75.0%, FIIs 2.0%, DIIs 6.9%, Public 16.1%.Jun '26: Promoters 75.0%, FIIs 2.0%, DIIs 6.8%, Public 16.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kotak Mutual Fund through its various Funds Mutual fund +1.58 pp 2.83% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Linde India above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| The BOC Group Ltd., U.K. | 75.00% | unchanged |
| Kotak Mutual Fund through its various Funds Mutual fund | 2.83% | +1.58 pp |
| Manish Jain | 1.96% | unchanged |
| Nippon Life India Trustee Ltd. through its various Funds Mutual fund | 1.40% | −1.46 pp |
| Vanaja Sundar Iyer | 1.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in LINDEINDIA
Filings to Aug 2026
0 new, 7 added, 2 trimmed, 0 sold out — net −0.07 L shares (−0.3%).
- Held by funds
- ₹1.5k Cr
- 13 schemes
- Biggest holder
- Nippon India Multi Cap Fund
- ₹973 Cr · 1.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹973 Cr | held | May '13 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹255 Cr | held | Aug '21 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹148 Cr | −0.10 L | Oct '13 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹138 Cr | held | Aug '21 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹13 Cr | +0.01 L | Sep '21 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹9 Cr | +0.00 L | Sep '21 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹4 Cr | +0.00 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 2 trimmed — net −7,076 shares (−0.3%)
- Funds are sitting on
- +624%
- vs est. average cost
- Held by funds
- ₹1.5k Cr
- 13 schemes · ≈ 3.4% of the company
- Biggest holder
- Nippon India Multi Cap Fund
- ₹973 Cr · 1.7% of that fund
Shares held by these funds −16%
Aug '23 24.25 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹6228, this stock must grow earnings at 45% every year for 7 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹855 — downside of 86%.
- Growth the price implies
- 45.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 5.5% a year
- net profit, FY23–FY26 · EPS 5.5%
- The gap
- 0.4 pp
- -86% downside if it only repeats history
Learn to analyse Linde India
Guides on how to read this kind of business and the numbers that matter.