Linde India Ltd. (LINDEINDIA) AI Stock Analysis

Linde India Ltd.

(NSE:LINDEINDIA)

Select Model

Rating:65.7Neutral

Price Target:INR 6,092.00▲(5.80% Upside)

Action:downgraded

Date:09/06/26

The overall score reflects a financially robust company with strong profitability and an exceptionally conservative balance sheet as the primary strengths, offset by a rich valuation and currently weak, oversold technical profile. The high quality of the underlying business supports an above-average score, but expensive pricing and bearish recent price action meaningfully cap the upside in the near term.

Positive Factors

Strong profitabilityHigh net and EBITDA margins indicate that Linde India retains substantial operating profitability across its industrial-gases activities. This provides internal funding capacity, supports resilience through normal industry cycles, and gives the company room to continue investing in customer supply systems and engineering capabilities.

Negative Factors

Uneven free-cash-flow conversionAlthough operating cash generation reached about 8.37B in FY2026, free cash flow remained small relative to net income after prior negative periods. This uneven conversion suggests that reinvestment, capital spending, or working-capital needs can absorb profits and constrain internally funded expansion.

Linde India Ltd. (LINDEINDIA) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 481.98B
Dividend Yield: 0.21%
Average Volume (3M): 2,586
Price to Earnings (P/E): 88.2
Beta (1Y): 0.84
Revenue Growth: 10.43%
EPS Growth: 21.86%
Country: India
Employees: 269
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Linde India Ltd. Business Overview & Revenue Model

Company Description

Linde India Limited is a leading industrial gases enterprise operating within India. Its business is structured into two principal divisions: Gases and Related Products, and Project Engineering. The Gases and Related Products segment primarily manufa...

Linde India Ltd. Financial Statement Overview

Summary

Financial performance is very strong, combining high and improving profitability, a conservatively financed balance sheet with minimal debt, and solid operating cash generation. The score is kept below the maximum due to volatility in free cash flow from heavy investment phases and some recent margin fluctuation versus prior peak levels.

Income Statement

86Very Positive

Balance Sheet

92Very Positive

Cash Flow

72Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Dec 2022
Income Statement
Total Revenue	26.54B	25.31B	24.85B	27.68B	25.05B	21.12B
Gross Profit	14.86B	12.55B	19.13B	17.91B	14.78B	14.25B
EBITDA	9.78B	9.83B	8.40B	7.87B	6.84B	8.82B
Net Income	5.46B	5.49B	4.55B	4.34B	4.39B	5.07B
Balance Sheet
Total Assets	0	58.08B	51.43B	48.55B	44.00B	40.17B
Cash, Cash Equivalents and Short-Term Investments	1.10B	1.12B	1.47B	9.83B	11.87B	9.85B
Total Debt	0	789.16M	423.71M	206.90M	226.65M	242.93M
Total Liabilities	-42.67B	15.42B	13.23B	13.87B	9.34B	13.02B
Stockholders Equity	42.67B	42.67B	38.20B	34.68B	24.41B	27.15B
Cash Flow
Free Cash Flow	517.05M	705.22M	-7.47B	-687.84M	2.13B	4.52B
Operating Cash Flow	3.95B	8.37B	5.84B	5.03B	5.03B	5.89B
Investing Cash Flow	-3.34B	-7.56B	-13.05B	-6.05B	-2.45B	984.26M
Financing Cash Flow	-1.06B	-1.16B	-1.12B	-1.05B	-955.57M	-281.55M

Linde India Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price5758.00

Price Trends

50DMA6184.29Negative

100DMA6583.34Negative

200DMA6708.86Negative

Market Momentum

MACD-155.41Positive

RSI32.67Neutral

STOCH16.72Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:LINDEINDIA, the sentiment is Negative. The current price of 5758.00 is below the 20-day moving average (MA) of 5931.70, below the 50-day MA of 6184.29, and below the 200-day MA of 6708.86, indicating a bearish trend. The MACD of -155.41 indicates Positive momentum. The RSI at 32.67 is Neutral, neither overbought nor oversold. The STOCH value of 16.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:LINDEINDIA.

Linde India Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:LINDEINDIA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:FINEORG	75Outperform	INR 154.84B	35.84	―	0.22%	7.26%	5.73%
IN:VINATIORGA	70Outperform	INR 102.97B	22.93	―	0.86%	10.98%	-5.48%
IN:ATUL	68Neutral	INR 147.89B	19.18	―	0.60%	18.15%	42.38%
IN:LINDEINDIA	66Neutral	INR 481.74B	88.22	―	0.21%	10.43%	21.86%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:ANURAS	49Neutral	INR 129.99B	74.35	―	0.13%	51.77%	36.90%
IN:AARTIIND	47Neutral	INR 157.96B	29.74	―	0.23%	39.85%	103.71%

* General Sector Average

Performance Comparison

IN:LINDEINDIA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:LINDEINDIA	Linde India Ltd.	5648.65	-331.95	-5.55%
IN:AARTIIND	AARTI Industries Ltd	435.45	50.76	13.20%
IN:ANURAS	Anupam Rasayan India Ltd.	1141.80	69.42	6.47%
IN:ATUL	Atul Limited	5023.05	-838.81	-14.31%
IN:FINEORG	Fine Organic Industries Ltd.	5050.20	647.14	14.70%
IN:VINATIORGA	Vinati Organics Limited	993.30	-654.08	-39.70%

Linde India Ltd. Corporate Events

Linde India Closes Trading Window Ahead of September Quarter Results

Sep 25, 2026

Linde India Ltd. has announced the closure of its trading window for designated persons and their immediate relatives from 1 October 2026, in line with SEBI’s Prohibition of Insider Trading Regulations and the company’s own code of conduc...

Linde India Opens Special Window for Physical Share Transfer Requests

Sep 17, 2026

Linde India Limited has notified stock exchanges that it has published newspaper advertisements in Kolkata editions of Business Standard and Aajkaal about a special window for fresh lodgement and re-lodgement of physical share transfer requests. The...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 06, 2026

Linde India Ltd. AI Stock Analysis