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Linde India Ltd.
(LINDEINDIA)
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Rating:61Neutral
Price Target:
₹5,959.00
▼(-11.36% Downside)
Action:Reiterated
Date:09/06/26
The score is supported primarily by strong underlying financial quality (high margins and very low leverage), but is held back by weak technical momentum (below major moving averages with negative MACD) and a demanding valuation (P/E ~99 with a low dividend yield).
Positive Factors
Strong profitability
High net and EBITDA margins indicate that Linde India converts revenue into substantial operating and bottom-line profit. This profitability provides internal funding capacity, supports resilience across served industrial markets, and can help sustain investment in gases, equipment, and engineering capabilities.
Negative Factors
Uneven cash conversion
Weak conversion of reported earnings into free cash flow can limit internally generated funding despite strong accounting profitability. The recent negative FCF periods and modest FY2026 conversion suggest reinvestment, working-capital, or capital-spending demands may continue to absorb cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
High net and EBITDA margins indicate that Linde India converts revenue into substantial operating and bottom-line profit. This profitability provides internal funding capacity, supports resilience across served industrial markets, and can help sustain investment in gases, equipment, and engineering capabilities.
Read all positive factors
Linde India Ltd. (LINDEINDIA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹481.74B
Dividend Yield0.21%
Average Volume (3M)3.10K
Price to Earnings (P/E)88.2
Beta (1Y)0.84
Revenue Growth10.43%
EPS Growth21.86%
CountryIN
Employees269
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)64.06
Shares Outstanding85,284,225
10 Day Avg. Volume1,006
30 Day Avg. Volume3,101
Financial Highlights & Ratios
PEG Ratio5.14
Price to Book (P/B)13.68
Price to Sales (P/S)23.06
P/FCF Ratio827.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)70.6
Revenue Forecast (FY)₹29.26B
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 man...
Linde India Ltd. Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
58
Neutral
| 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 | 0.00 | 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 | 0.00 | 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
Negative
6722.45
Price Trends
6184.29
Negative
6583.34
Negative
6708.86
Negative
Market Momentum
-155.41
Positive
32.67
Neutral
16.72
Positive
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 6722.45 is above the 20-day moving average (MA) of 5931.70, above the 50-day MA of 6184.29, and above 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹102.97B | 22.94 | ― | 0.86% | 5.09% | 5.44% | |
70 Neutral | ₹154.84B | 35.84 | ― | 0.22% | 7.26% | 5.73% | |
62 Neutral | ₹147.89B | 19.18 | ― | 0.60% | 18.15% | 42.38% | |
61 Neutral | ₹481.74B | 88.22 | ― | 0.21% | 10.43% | 21.86% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹129.99B | 74.35 | ― | 0.13% | 51.77% | 36.90% | |
47 Neutral | ₹157.96B | 29.74 | ― | 0.23% | 27.05% | 123.98% |
* General Sector Average
IN:LINDEINDIA
Linde India Ltd.
5,648.65
-361.30
-6.01%
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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 con...
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. T...
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.