LINDEINDIA
Large CapLinde India Limited
Industrials
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 is neutral, 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 31 Mar 2026
Bad · 0/100PAT -35% YoY · margin compression · Rev +4% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹614 Cr | +3.7% | -12.4% |
| EBITDA | ₹173 Cr | -17.6% | -32.7% |
| Operating margin | 28.0% | -700 bps | -900 bps |
| PAT | ₹77 Cr | -34.8% | -60.1% |
| PAT margin | 12.5% | -739 bps | -1499 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
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.
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
55NeutralSMA20 +13.0% / mo
Technical chart
LINDEINDIAweekly · 3Y-9.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 46. Wait for confirmation.
- SMA20 rising (~11.5% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 21% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 -137.1%.
- 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
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 79th percentile of the scored universe and 75th percentile within Industrials. 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 · Industrials: 75th pctile, median 68 · Large: 58th pctile, median 74
23 documents indexed, 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 0.1%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 107.00
- P/B
- 13.74
- EV/EBITDA
- 51.30
- Market Cap
- 58611.00Cr
Profitability
- ROE
- 13.60%
- ROCE
- 18.20%
- ROA
- 9.45%
- 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
- 64.93×
- Altman Z
- 8.22
- Book Value
- 500.00
Cash Flow
- FCF Yield
- 0.14%
- FCF Positive Y
- 8/5
- OCF
- 786.00 Cr
- EPS TTM
- 64.37
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 51%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — 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.