Mid City Gas

Linde India Ltd.

LINDEINDIA

₹6679.5

0.91% (60.0)

Market Cap

₹56,891 Cr.

P/E

125.08

Linde India Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Linde India Ltd. Shareprice

Has the share price of Linde India grown faster than its competition?

Linde India has given better returns compared to its competitors.
Linde India has grown at ~60.52% over the last 5yrs while peers have grown at a median rate of 22.56%

Is Linde India stock expensive?

Yes, Linde India is expensive.
Latest PE of Linde India is 123, while 3 year average PE is 93.52.
Also latest EV/EBITDA of Linde India is 73.48 while 3yr average is 59.26.

View FAQ's On Business

Growth Table

Linde India Ltd.
Gujarat Fluorochemic
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	-25.88	23.93	24.79	39.43	59.24	53.87	48.11	39.97	39.37	33.06
TTM EPS CAGR	5.92	-1.36	19.42	2.76	-8.32	34.58	49.42	71.41	50.59	33.73
Sales CAGR	-10.23	-2.25	4.07	12.80	7.92	2.81	2.52	2.22	4.64	5.06
PAT Margin (Abs Growth)	-1.48	-8.34	5.41	-25.60	14.51	14.91	14.72	14.30	15.34	10.62
PE CAGR	-30.02	25.64	4.50	35.69	73.69	14.33	-0.88	-18.34	-7.45	-0.50
CFO CAGR	-30.55	-13.86	8.83	7.54	3.07	9.60	5.90	7.64	5.43	6.69

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Linde India Ltd.
Gujarat Fluorochemic
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In Rs. Cr.	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Mar'23	Mar'24	Mar'25
Assets	3,608	3,412	3,420	3,250	3,286	4,523	5,077	5,637	5,143
Non Current Assets	2,743	2,645	2,292	2,097	1,968	2,366	2,687	3,237	4,148
Net Block	2,573	2,498	2,162	2,035	1,989	1,869	1,762	1,822	1,871
Capital Work in Progress	80.29	35.91	44.46	52.94	17.06	68.04	225	483	975
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—
Long Term Investments	60.63	57.89	0.03	0.03	3.67	9.32	32.05	50.16	1.44
Current Assets	769	675	765	902	1,041	1,845	2,181	2,214	977
Inventory	68.68	68.33	70.96	65.41	68.59	69.10	77.41	85.04	107
Accounts Receivable	357	353	365	383	407	423	401	481	385
Short Term Investments	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	106	38.64	125	241	326	988	1,191	980	147
Liabilities	3,608	3,412	3,420	3,250	3,286	4,523	5,077	5,637	5,143
Shareholders Funds	1,441	1,451	1,462	2,172	2,234	2,715	3,140	3,468	3,820
Share Capital	85.28	85.28	85.28	85.28	85.28	85.28	85.28	85.28	85.28
Reserves	1,356	1,365	1,377	2,087	2,149	2,630	3,053	3,381	3,735
Non Current Liabilities	1,154	942	595	294	342	933	870	850	296
Secured Loans	—	—	—	—	—	—	—	—	—
Unsecured Loans	990	776	417	—	—	—	—	—	—
Current Liabilities	1,013	1,020	1,364	784	710	875	1,066	1,319	1,026
Accounts Payable	302	261	315	374	452	588	539	624	542
Short Term Loans	100.00	150	250	8.47	—	—	—	—	—

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Linde India Ltd.
Gujarat Fluorochemic
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In Rs. Cr.	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Mar'23	Mar'24	Mar'25
Sales	1,825	2,033	2,192	1,762	1,471	2,112	3,136	2,769	2,485
Operating Expenses	1,539	1,710	1,866	1,348	1,096	1,566	2,372	2,072	1,720
Raw Material	253	268	389	415	350	684	1,265	975	240
Material Cost (%)	13.51	13.44	17.90	23.74	23.51	32.53	40.14	35.06	9.19
Employee Cost	98.73	116	127	114	68.78	50.25	63.87	53.81	53.87
Power & Fuel Cost	818	922	890	349	347	403	514	468	—
Operating Profit	287	323	325	414	375	546	763	697	765
Other Income	31.47	7.75	9.48	21.50	32.65	55.53	105	82.52	67.84
OPM (%)	15.71	15.90	14.84	23.51	25.48	25.84	24.35	25.17	30.78
Depreciation and Amortisation	195	202	199	177	176	181	253	201	214
Interest	116	116	103	86.25	6.24	3.05	6.29	7.27	12.63
Profit Before Tax	15.81	13.41	39.38	1,013	229	698	618	579	606
Tax	-3.20	-2.78	13.68	286	77.56	191	80.23	145	159
Net Profit	19.01	16.19	25.69	727	151	507	538	434	448
Number of shares(Crs)	8.53	8.53	8.53	8.53	8.53	8.53	8.53	8.53	—
Dividend Payout Ratio(%)	33.64	52.68	49.79	11.73	16.93	22.70	19.02	23.58	—

TTM Values as of Mar 2025

Cash Flow

Linde India Ltd.
Gujarat Fluorochemic
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In Rs. Cr.	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	293	252	376	327	339	589	629	437	584
Profit Before Tax	15.81	13.41	39.38	1,013	229	698	618	579	614
Adjustments	285	322	293	-586	171	-136	160	128	178
OCF Before Working Capital	301	335	332	427	400	562	778	707	791
Working Capital Changes	-1.63	-77.62	51.22	-86.95	-31.97	102	41.80	-117	-18.08
Taxes Paid	-6.81	-5.28	-7.77	-13.30	-28.85	-75.30	-191	-153	-189
Cash from Investing Activity	-128	-59.29	-72.80	981	-54.14	98.43	-306	-539	-1,305
Net Fixed Assets Purchased	-132	-67.81	-89.46	1,330	-36.43	113	-343	-564	-1,323
Fixed Assets Purchased	-148	-79.83	-94.12	-83.32	-70.45	-137	-363	-572	-1,331
Fixed Assets Sold	16.13	12.02	4.66	1,413	34.02	249	19.71	7.40	7.86
Investment Purchased	—	-0.79	—	—	-2.90	—	-23.88	-41.09	—
Investment Sold	—	—	0.35	0.01	—	1.21	0.01	—	—
Interest Recieved	1.32	0.31	2.06	2.01	7.37	17.01	53.14	65.19	56.33
Dividends Recieved	—	—	—	9.75	14.55	21.68	4.24	0.75	1.65
Subsidiary Investments	—	—	—	—	—	—	—	—	—
Cash from Financing Activity	-79.68	-261	-216	-1,193	-201	-28.16	-119	-105	-112
Proceeds From Shares	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	50.00	0.00	-101	-1,079	-108	0.00	0.00	0.00	0.00
Proceeds From Borrowings	50.00	—	313	686	—	—	—	—	—
Repayment From Borrowings	—	—	-415	-1,765	-108	—	—	—	—
Interest Paid	-122	-117	-104	-98.18	-4.84	-0.77	-2.53	-1.90	—
Dividend Paid	-6.40	-6.40	-8.53	-12.79	-85.29	-25.59	-115	-102	-102
Net Cash Flow	85.14	-68.25	87.13	115	84.10	659	203	-208	-833
Opening Cash & Cash Equivalents	20.56	106	37.45	125	240	324	983	1,187	979
Effect of FX	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	106	37.45	125	240	324	983	1,187	979	145
Net Capex (est)	132	67.81	89.46	-1,330	36.43	-113	343	564	1,323
Free Cash Flow (est)	161	184	286	1,656	303	702	286	-127	-739

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Linde India Ltd.
Gujarat Fluorochemic
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	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Mar'23	Mar'24
Operational Ratios
Quick Ratio	0.69	0.59	0.51	1.07	1.37	2.03	1.97	1.61
Liquid Assets (Crs)	701	607	694	837	972	1,776	2,103	2,129
Current Liabilities (Crs)	1,013	1,020	1,364	784	710	875	1,066	1,319
Current Ratio	0.76	0.66	0.56	1.15	1.47	2.11	2.05	1.68
Current Assets (Crs)	769	675	765	902	1,041	1,845	2,181	2,214
Current Liabilities (Crs)	1,013	1,020	1,364	784	710	875	1,066	1,319
Interest Coverage Ratio	1.14	1.12	1.38	12.74	37.63	230	99.30	80.64
EBIT (Crs)	123	129	136	258	231	420	616	578
Interest Expenses (Crs)	116	116	103	86.25	6.24	3.05	6.29	7.27
Fixed Asset Turnover	0.66	0.70	0.81	0.65	0.52	0.73	1.04	0.85
Net Sales (Crs)	1,825	2,033	2,192	1,762	1,471	2,112	3,136	2,769
Fixed Assets (Crs)	2,762	2,891	2,690	2,729	2,846	2,902	3,020	3,273
Cash Conversion Cycle	-368	-303	-197	-209	-321	-192	-107	-150
Inventory Days	12.67	11.82	11.60	14.13	16.62	11.90	8.53	10.71
Days Receivable	65.80	61.23	59.74	77.43	98.01	71.76	47.99	58.17
Days Payable	447	376	268	301	436	276	163	219
Debt to Equity Ratio	1.00	0.88	0.82	0.05	0.00	0.00	0.00	0.00
Total Debt (Crs)	1,445	1,282	1,199	108	0.00	0.00	0.00	0.00
Shareholders Equity (Crs)	1,441	1,451	1,462	2,172	2,234	2,715	3,140	3,468
Free Cash Flow/Sales (%)	8.79	9.06	13.05	94.02	20.56	33.22	9.11	-4.60
Free Cash Flow(est) (Crs)	161	184	286	1,656	303	702	286	-127
Net Sales (Crs)	1,825	2,033	2,192	1,762	1,471	2,112	3,136	2,769
Profitability Ratios
Gross Margin (%)	86.49	86.56	82.10	76.26	76.49	67.47	59.86	64.94
Op Profit Margin (%)	15.71	15.90	14.84	23.51	25.48	25.84	24.35	25.17
Operating Profit (Crs)	318	331	335	436	407	601	869	779
Net Sales (Crs)	1,825	2,033	2,192	1,762	1,471	2,112	3,136	2,769
Net Profit Margin (%)	1.04	0.80	1.17	41.28	10.27	24.02	17.16	15.68
Net Profit (Crs)	19.01	16.19	25.69	727	151	507	538	434
Net Sales (Crs)	1,825	2,033	2,192	1,762	1,471	2,112	3,136	2,769
ROCE (%)	4.73	5.40	6.60	10.48	8.99	11.51	15.36	13.39
EBIT (Crs)	123	129	136	258	231	420	616	578
Capital Employed (Crs)	2,595	2,392	2,056	2,465	2,576	3,648	4,011	4,319
Return on Assets (%)	0.53	0.47	0.75	22.38	4.60	11.21	10.60	7.70
Net Profit (Crs)	19.01	16.19	25.69	727	151	507	538	434
Total Assets (Crs)	3,608	3,412	3,420	3,250	3,286	4,523	5,077	5,637
ROIC (%)	4.72	6.76	5.49	8.57	6.53	13.79	23.12	16.46
Op Profit after Taxes (Crs)	110	147	82.30	170	131	265	444	372
Invested Capital (Crs)	2,328	2,169	1,500	1,983	2,013	1,920	1,922	2,259
ROE (%)	1.32	1.12	1.76	33.48	6.76	18.68	17.14	12.52
Net Profit Margin (%)	1.04	0.80	1.17	41.28	10.27	24.02	17.16	15.68
Asset Turnover ratio	0.51	0.60	0.64	0.54	0.45	0.47	0.62	0.49
Equity Multiplier	2.50	2.35	2.34	1.50	1.47	1.67	1.62	1.63
Adjusted EPS	2.23	1.90	3.01	85.27	17.72	59.47	63.09	50.90
Valuation Ratios
P/E	159	281	226	7.77	54.83	41.88	63.90	126
Price to Book	2.10	3.14	3.98	2.60	3.71	7.82	10.95	15.77
EV/EBITDA	13.71	17.50	20.57	12.66	19.53	33.69	38.20	68.87
Dividend Yield (%)	0.21	0.19	0.22	1.51	0.31	0.54	0.30	0.19

Quarterly Results

Linde India Ltd.
Gujarat Fluorochemic
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	697	630	721	711	706	630	653	634	606	592
Operating Expenses	529	444	557	538	520	452	469	456	414	382
Increase/Decrease in Stock	-3.56	0.77	-0.51	-1.02	-3.83	1.49	-1.91	8.98	-0.73	-17.73
Raw Material	198	129	177	147	124	109	88.00	47.27	54.24	50.21
Employee Cost	13.46	10.11	14.88	12.72	11.33	14.88	12.72	16.95	10.34	13.86
Selling and Distribution Expenses	30.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	110	102	112	113	115	127	127	134	136	126
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	168	186	164	174	186	179	184	179	192	210
Other Income	19.13	21.70	18.27	18.55	21.87	18.32	19.11	16.45	19.32	12.96
Interest	1.11	1.80	1.16	1.16	1.15	3.79	2.26	2.21	1.61	6.55
PBDT	186	206	181	191	207	193	201	193	210	216
Depreciation and Amortization	48.10	65.79	48.92	49.75	50.63	51.65	51.40	51.73	55.20	55.50
Profit Before Tax	138	140	132	141	156	141	150	141	155	161
Tax	30.98	41.74	34.04	34.56	39.13	37.05	38.16	36.96	40.67	42.87
Profit After Tax	107	98.74	98.14	107	117	104	112	104	114	118
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	110	99.25	99.88	109	120	105	114	106	116	118
Quarterly Ratios
EPS	12.90	11.64	11.71	12.75	14.08	12.36	13.33	12.48	13.64	13.88
Operating Profit Margin	24.08	29.57	22.74	24.41	26.36	28.33	28.20	28.19	31.72	35.46
Net Profit Margin	15.32	15.67	13.61	15.00	16.59	16.56	17.07	16.45	18.81	19.92

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

90.20%

Implied Growth Rate over a 5 year period*

34.00%

Implied Growth Rate over a 10 year period*

15.90%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on Linde India Ltd. Financials

How strong is Linde India balance sheet?

Balance sheet of Linde India is strong.
It shouldn't have solvency or liquidity issues.

Is the debt of Linde India increasing or decreasing?

Yes, The net debt of Linde India is increasing.
Latest net debt of Linde India is -₹146.71 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹1,959.66 Crs.

Is the profitablity of Linde India improving?

The profit is oscillating.
The profit of Linde India is ₹448 Crs for TTM, ₹434 Crs for Mar 2024 and ₹538 Crs for Mar 2023.

Does Linde India pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Linde India latest dividend payout ratio is 23.58% and 3yr average dividend payout ratio is 21.77%

How has Linde India allocated its funds?

Companies resources are majorly tied in miscellaneous assets

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Linde India Ltd.

Linde India Ltd.

Has the share price of Linde India grown faster than its competition?

Is Linde India stock expensive?

How strong is Linde India balance sheet?

Is the debt of Linde India increasing or decreasing?

Is the profitablity of Linde India improving?

Does Linde India pay decent dividends?

How has Linde India allocated its funds?

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