Linde India Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: June 13, 2025, 5:56 am

Market Cap	61,329 Cr.
Current Price	7,192
High / Low	9,750/5,202
Stock P/E	137
Book Value	443
Dividend Yield	0.06 %
ROCE	17.0 %
ROE	12.4 %
Face Value	10.0
PEG Ratio	6.01

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Linde India Ltd

Competitors of Linde India Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Gagan Gases Ltd	10.4 Cr.	23.0	31.5/17.6	38.5	7.33	0.00 %	10.6 %	8.49 %	10.0
Bhagawati Oxygen Ltd	12.3 Cr.	53.3	84.7/36.3		17.2	0.00 %	6.85 %	10.6 %	10.0
Refex Industries Ltd	6,277 Cr.	486	600/150	33.1	96.8	0.02 %	25.3 %	22.0 %	2.00
Linde India Ltd	61,329 Cr.	7,192	9,750/5,202	137	443	0.06 %	17.0 %	12.4 %	10.0
Industry Average	33,803.00 Cr	1,938.58		69.53	141.08	0.02%	14.94%	13.37%	8.00

All Competitor Stocks of Linde India Ltd

Quarterly Result

Metric	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	534	588	686	697	630	721	711	706	630	653	634	606	592
Expenses	403	453	542	529	444	557	538	520	452	469	456	414	382
Operating Profit	132	135	144	168	186	164	174	186	179	184	179	192	210
OPM %	25%	23%	21%	24%	30%	23%	24%	26%	28%	28%	28%	32%	35%
Other Income	14	11	35	28	22	18	19	22	18	19	16	19	13
Interest	1	1	1	1	2	1	1	1	4	2	2	2	7
Depreciation	46	46	47	48	66	49	50	51	52	51	52	55	56
Profit before tax	99	98	130	146	140	132	141	156	141	150	141	155	161
Tax %	35%	-72%	30%	23%	30%	26%	24%	25%	26%	25%	26%	26%	27%
Net Profit	64	169	91	113	99	98	107	117	104	112	104	114	118
EPS in Rs	7.49	19.84	10.64	13.27	11.58	11.51	12.51	13.74	12.23	13.08	12.24	13.37	13.82

Last Updated: May 31, 2025, 8:35 am

Below is a detailed analysis of the quarterly data for Linde India Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Sales, as of Mar 2025, the value is 592.00 Cr.. The value appears to be declining and may need further review. It has decreased from 606.00 Cr. (Dec 2024) to 592.00 Cr., marking a decrease of 14.00 Cr..
For Expenses, as of Mar 2025, the value is 382.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 414.00 Cr. (Dec 2024) to 382.00 Cr., marking a decrease of 32.00 Cr..
For Operating Profit, as of Mar 2025, the value is 210.00 Cr.. The value appears strong and on an upward trend. It has increased from 192.00 Cr. (Dec 2024) to 210.00 Cr., marking an increase of 18.00 Cr..
For OPM %, as of Mar 2025, the value is 35.00%. The value appears strong and on an upward trend. It has increased from 32.00% (Dec 2024) to 35.00%, marking an increase of 3.00%.
For Other Income, as of Mar 2025, the value is 13.00 Cr.. The value appears to be declining and may need further review. It has decreased from 19.00 Cr. (Dec 2024) to 13.00 Cr., marking a decrease of 6.00 Cr..
For Interest, as of Mar 2025, the value is 7.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 2.00 Cr. (Dec 2024) to 7.00 Cr., marking an increase of 5.00 Cr..
For Depreciation, as of Mar 2025, the value is 56.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 55.00 Cr. (Dec 2024) to 56.00 Cr., marking an increase of 1.00 Cr..
For Profit before tax, as of Mar 2025, the value is 161.00 Cr.. The value appears strong and on an upward trend. It has increased from 155.00 Cr. (Dec 2024) to 161.00 Cr., marking an increase of 6.00 Cr..
For Tax %, as of Mar 2025, the value is 27.00%. The value appears to be increasing, which may not be favorable. It has increased from 26.00% (Dec 2024) to 27.00%, marking an increase of 1.00%.
For Net Profit, as of Mar 2025, the value is 118.00 Cr.. The value appears strong and on an upward trend. It has increased from 114.00 Cr. (Dec 2024) to 118.00 Cr., marking an increase of 4.00 Cr..
For EPS in Rs, as of Mar 2025, the value is 13.82. The value appears strong and on an upward trend. It has increased from 13.37 (Dec 2024) to 13.82, marking an increase of 0.45.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 3:38 pm

Metric	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023n n 15m	Mar 2024	TTM
Sales	1,324	1,428	1,491	1,567	1,825	2,033	2,192	1,762	1,471	2,112	3,136	2,769	2,524
Expenses	1,120	1,167	1,214	1,337	1,539	1,705	1,866	1,347	1,096	1,564	2,371	2,066	1,790
Operating Profit	205	261	277	230	287	328	326	415	375	548	765	702	734
OPM %	15%	18%	19%	15%	16%	16%	15%	24%	25%	26%	24%	25%	29%
Other Income	74	59	11	22	34	11	23	862	44	348	109	77	73
Interest	40	74	103	90	116	116	103	86	6	3	6	7	10
Depreciation	113	129	181	162	195	206	199	177	176	181	253	201	210
Profit before tax	126	117	4	1	10	16	47	1,013	236	711	614	571	587
Tax %	29%	34%	-51%	-4,164%	-31%	-17%	29%	28%	34%	28%	13%	25%
Net Profit	89	77	5	23	13	19	33	727	156	514	536	426	434
EPS in Rs	10.49	9.07	0.63	2.75	1.57	2.22	3.93	85.27	18.24	60.26	62.82	49.99	50.92
Dividend Payout %	14%	17%	237%	27%	48%	45%	38%	12%	16%	22%	19%	24%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year
YoY Net Profit Growth (%)
Change in YoY Net Profit Growth (%)

No data available for trend analysis.

Growth

Compounded Sales Growth
10 Years:	5%
5 Years:	7%
3 Years:	6%
TTM:	-10%

Compounded Profit Growth
10 Years:	92%
5 Years:	30%
3 Years:	14%
TTM:	6%

Stock Price CAGR
10 Years:	34%
5 Years:	68%
3 Years:	33%
1 Year:	-23%

Return on Equity
10 Years:	9%
5 Years:	13%
3 Years:	14%
Last Year:	12%

Last Updated: Unknown

Balance Sheet

Last Updated: June 12, 2025, 3:10 pm

Month	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023	Mar 2024	Mar 2025
Equity Capital	85	85	85	85	85	85	85	85	85	85	85	85
Reserves	1,342	1,304	1,307	1,310	1,322	1,342	2,052	2,118	2,606	3,029	3,349	3,694
Borrowings	1,528	1,564	1,388	1,445	1,282	1,199	108	7	24	22	21	42
Other Liabilities	1,011	926	883	722	680	759	970	1,048	1,287	1,246	1,324	1,289
Total Liabilities	3,966	3,880	3,664	3,563	3,369	3,385	3,215	3,259	4,003	4,382	4,780	5,110
Fixed Assets	1,665	2,201	2,158	2,573	2,498	2,162	2,035	1,989	1,869	1,762	1,822	1,925
CWIP	744	356	577	80	36	44	53	17	68	225	483	975
Investments	15	15	15	15	15	0	0	2	2	16	27	27
Other Assets	1,542	1,308	915	895	821	1,179	1,127	1,251	2,064	2,378	2,448	2,183
Total Assets	3,966	3,880	3,664	3,563	3,369	3,385	3,215	3,259	4,003	4,382	4,780	5,110

Below is a detailed analysis of the balance sheet data for Linde India Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Equity Capital, as of Mar 2025, the value is 85.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 85.00 Cr..
For Reserves, as of Mar 2025, the value is 3,694.00 Cr.. The value appears strong and on an upward trend. It has increased from 3,349.00 Cr. (Mar 2024) to 3,694.00 Cr., marking an increase of 345.00 Cr..
For Borrowings, as of Mar 2025, the value is 42.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 21.00 Cr. (Mar 2024) to 42.00 Cr., marking an increase of 21.00 Cr..
For Other Liabilities, as of Mar 2025, the value is 1,289.00 Cr.. The value appears to be improving (decreasing). It has decreased from 1,324.00 Cr. (Mar 2024) to 1,289.00 Cr., marking a decrease of 35.00 Cr..
For Total Liabilities, as of Mar 2025, the value is 5,110.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 4,780.00 Cr. (Mar 2024) to 5,110.00 Cr., marking an increase of 330.00 Cr..
For Fixed Assets, as of Mar 2025, the value is 1,925.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,822.00 Cr. (Mar 2024) to 1,925.00 Cr., marking an increase of 103.00 Cr..
For CWIP, as of Mar 2025, the value is 975.00 Cr.. The value appears strong and on an upward trend. It has increased from 483.00 Cr. (Mar 2024) to 975.00 Cr., marking an increase of 492.00 Cr..
For Investments, as of Mar 2025, the value is 27.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 27.00 Cr..
For Other Assets, as of Mar 2025, the value is 2,183.00 Cr.. The value appears to be declining and may need further review. It has decreased from 2,448.00 Cr. (Mar 2024) to 2,183.00 Cr., marking a decrease of 265.00 Cr..
For Total Assets, as of Mar 2025, the value is 5,110.00 Cr.. The value appears strong and on an upward trend. It has increased from 4,780.00 Cr. (Mar 2024) to 5,110.00 Cr., marking an increase of 330.00 Cr..

Notably, the Reserves (3,694.00 Cr.) exceed the Borrowings (42.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	229	271	242	293	252	376	327	339	589	629	437	584
Cash from Investing Activity +	-385	-264	-58	-128	-59	-73	981	-54	98	-306	-539	-1,305
Cash from Financing Activity +	169	-8	-222	-80	-261	-216	-1,193	-201	-28	-119	-105	-112
Net Cash Flow	12	-1	-37	85	-68	87	115	84	659	203	-208	-833

Free Cash Flow

Month	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023n n 15m	Mar 2024
Free Cash Flow	205.00	260.00	276.00	229.00	286.00	327.00	325.00	307.00	368.00	524.00	765.00	681.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023	Mar 2024
Debtor Days	85	74	75	78	71	63	61	79	101	73	47	63
Inventory Days	86	104	153	141	102	91	66	57	72	37	22	32
Days Payable	310	424	541	466	447	348	293	327	477	312	156	235
Cash Conversion Cycle	-139	-246	-313	-247	-274	-194	-166	-190	-303	-202	-87	-139
Working Capital Days	-9	-32	-45	27	-50	-42	-39	-20	6	-3	-9	-11
ROCE %	4%	5%	3%	3%	4%	5%	6%	11%	10%	17%	21%	17%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
FIIs	2.59%	2.65%	2.77%	2.80%	2.77%	2.85%	2.89%	2.25%	2.31%	3.03%	2.42%	2.27%
DIIs	8.31%	7.97%	7.77%	7.80%	8.01%	7.76%	7.44%	7.22%	7.45%	6.84%	6.88%	6.81%
Public	14.10%	14.38%	14.45%	14.39%	14.23%	14.38%	14.67%	15.52%	15.23%	15.13%	15.70%	15.92%
No. of Shareholders	48,537	51,974	50,995	50,481	44,457	44,137	49,724	54,661	52,221	60,138	63,324	66,819

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Kotak Equity Opportunities Fund - Regular Plan	814,736	3.2	488.42	814,736	2025-04-22 17:25:28	0%
Axis Midcap Fund	461,771	1.26	276.82	461,771	2025-04-22 17:25:28	0%
Kotak ELSS Tax Saver Fund	200,000	2.91	119.9	200,000	2025-04-22 17:25:28	0%
Axis Growth Opportunities Fund	180,617	1.13	108.28	180,617	2025-04-22 17:25:28	0%
DSP Mid Cap Fund	168,397	0.7	100.95	168,397	2025-04-22 17:25:28	0%
Axis Special Situations Fund	91,942	4.61	55.12	91,942	2025-04-22 17:25:28	0%
Kotak ESG Opportunities Fund	67,000	4.22	40.17	67,000	2025-04-22 17:25:28	0%
Canara Robeco Mid Cap Fund	65,450	2.43	39.24	65,450	2025-04-22 17:25:28	0%
Aditya Birla Sun Life MNC Fund - Div	23,789	0.43	14.26	23,789	2025-04-22 17:25:28	0%
Aditya Birla Sun Life MNC Fund - Gr	23,789	0.43	14.26	23,789	2025-04-22 17:25:28	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Dec 22	Dec 21	Dec 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	50.90	63.09	51.45	59.47	17.72
Diluted EPS (Rs.)	50.90	63.09	51.45	59.47	17.72
Cash EPS (Rs.)	73.55	91.73	72.44	80.08	38.15
Book Value[Excl.RevalReserv]/Share (Rs.)	406.69	368.19	356.45	318.33	261.98
Book Value[Incl.RevalReserv]/Share (Rs.)	406.69	368.19	356.45	318.33	261.98
Revenue From Operations / Share (Rs.)	324.64	367.66	293.76	247.64	172.50
PBDIT / Share (Rs.)	91.38	101.80	77.47	70.50	47.78
PBIT / Share (Rs.)	67.82	72.15	55.54	49.23	27.14
PBT / Share (Rs.)	66.97	71.48	55.01	81.17	26.61
Net Profit / Share (Rs.)	49.99	62.08	50.50	58.81	17.52
NP After MI And SOA / Share (Rs.)	50.90	63.09	51.45	59.47	17.72
PBDIT Margin (%)	28.14	27.68	26.37	28.46	27.69
PBIT Margin (%)	20.89	19.62	18.90	19.88	15.73
PBT Margin (%)	20.62	19.44	18.72	32.77	15.42
Net Profit Margin (%)	15.39	16.88	17.19	23.75	10.15
NP After MI And SOA Margin (%)	15.67	17.16	17.51	24.01	10.27
Return on Networth / Equity (%)	12.51	17.13	14.43	18.68	6.76
Return on Capital Employeed (%)	15.32	17.75	14.04	13.36	8.98
Return On Assets (%)	9.03	12.22	9.98	12.62	4.61
Asset Turnover Ratio (%)	0.60	0.74	0.59	0.58	0.45
Current Ratio (X)	1.88	2.21	2.10	2.13	1.54
Quick Ratio (X)	1.80	2.13	2.02	2.06	1.44
Inventory Turnover Ratio (X)	6.84	11.26	9.32	5.71	2.56
Dividend Payout Ratio (NP) (%)	23.57	21.39	0.00	5.04	56.44
Dividend Payout Ratio (CP) (%)	16.11	14.55	0.00	3.71	26.07
Earning Retention Ratio (%)	76.43	78.61	0.00	94.96	43.56
Cash Earning Retention Ratio (%)	83.89	85.45	0.00	96.29	73.93
Interest Coverage Ratio (X)	107.21	153.50	147.29	196.87	65.27
Interest Coverage Ratio (Post Tax) (X)	59.65	94.60	97.01	75.05	24.66
Enterprise Value (Cr.)	53673.99	33189.90	27993.22	20254.57	7958.20
EV / Net Operating Revenue (X)	19.39	10.59	11.17	9.59	5.41
EV / EBITDA (X)	68.87	38.23	42.37	33.69	19.53
MarketCap / Net Operating Revenue (X)	19.74	10.97	11.67	10.06	5.63
Retention Ratios (%)	76.42	78.60	0.00	94.95	43.55
Price / BV (X)	15.76	10.95	9.62	7.82	3.71
Price / Net Operating Revenue (X)	19.74	10.97	11.67	10.06	5.63
EarningsYield	0.01	0.01	0.01	0.02	0.01

After reviewing the key financial ratios for Linde India Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 10.00.
For Basic EPS (Rs.), as of Mar 24, the value is 50.90. This value is within the healthy range. It has decreased from 63.09 (Mar 23) to 50.90, marking a decrease of 12.19.
For Diluted EPS (Rs.), as of Mar 24, the value is 50.90. This value is within the healthy range. It has decreased from 63.09 (Mar 23) to 50.90, marking a decrease of 12.19.
For Cash EPS (Rs.), as of Mar 24, the value is 73.55. This value is within the healthy range. It has decreased from 91.73 (Mar 23) to 73.55, marking a decrease of 18.18.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 406.69. It has increased from 368.19 (Mar 23) to 406.69, marking an increase of 38.50.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 406.69. It has increased from 368.19 (Mar 23) to 406.69, marking an increase of 38.50.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 324.64. It has decreased from 367.66 (Mar 23) to 324.64, marking a decrease of 43.02.
For PBDIT / Share (Rs.), as of Mar 24, the value is 91.38. This value is within the healthy range. It has decreased from 101.80 (Mar 23) to 91.38, marking a decrease of 10.42.
For PBIT / Share (Rs.), as of Mar 24, the value is 67.82. This value is within the healthy range. It has decreased from 72.15 (Mar 23) to 67.82, marking a decrease of 4.33.
For PBT / Share (Rs.), as of Mar 24, the value is 66.97. This value is within the healthy range. It has decreased from 71.48 (Mar 23) to 66.97, marking a decrease of 4.51.
For Net Profit / Share (Rs.), as of Mar 24, the value is 49.99. This value is within the healthy range. It has decreased from 62.08 (Mar 23) to 49.99, marking a decrease of 12.09.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 50.90. This value is within the healthy range. It has decreased from 63.09 (Mar 23) to 50.90, marking a decrease of 12.19.
For PBDIT Margin (%), as of Mar 24, the value is 28.14. This value is within the healthy range. It has increased from 27.68 (Mar 23) to 28.14, marking an increase of 0.46.
For PBIT Margin (%), as of Mar 24, the value is 20.89. This value exceeds the healthy maximum of 20. It has increased from 19.62 (Mar 23) to 20.89, marking an increase of 1.27.
For PBT Margin (%), as of Mar 24, the value is 20.62. This value is within the healthy range. It has increased from 19.44 (Mar 23) to 20.62, marking an increase of 1.18.
For Net Profit Margin (%), as of Mar 24, the value is 15.39. This value exceeds the healthy maximum of 10. It has decreased from 16.88 (Mar 23) to 15.39, marking a decrease of 1.49.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 15.67. This value is within the healthy range. It has decreased from 17.16 (Mar 23) to 15.67, marking a decrease of 1.49.
For Return on Networth / Equity (%), as of Mar 24, the value is 12.51. This value is below the healthy minimum of 15. It has decreased from 17.13 (Mar 23) to 12.51, marking a decrease of 4.62.
For Return on Capital Employeed (%), as of Mar 24, the value is 15.32. This value is within the healthy range. It has decreased from 17.75 (Mar 23) to 15.32, marking a decrease of 2.43.
For Return On Assets (%), as of Mar 24, the value is 9.03. This value is within the healthy range. It has decreased from 12.22 (Mar 23) to 9.03, marking a decrease of 3.19.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.60. It has decreased from 0.74 (Mar 23) to 0.60, marking a decrease of 0.14.
For Current Ratio (X), as of Mar 24, the value is 1.88. This value is within the healthy range. It has decreased from 2.21 (Mar 23) to 1.88, marking a decrease of 0.33.
For Quick Ratio (X), as of Mar 24, the value is 1.80. This value is within the healthy range. It has decreased from 2.13 (Mar 23) to 1.80, marking a decrease of 0.33.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 6.84. This value is within the healthy range. It has decreased from 11.26 (Mar 23) to 6.84, marking a decrease of 4.42.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 23.57. This value is within the healthy range. It has increased from 21.39 (Mar 23) to 23.57, marking an increase of 2.18.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 16.11. This value is below the healthy minimum of 20. It has increased from 14.55 (Mar 23) to 16.11, marking an increase of 1.56.
For Earning Retention Ratio (%), as of Mar 24, the value is 76.43. This value exceeds the healthy maximum of 70. It has decreased from 78.61 (Mar 23) to 76.43, marking a decrease of 2.18.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 83.89. This value exceeds the healthy maximum of 70. It has decreased from 85.45 (Mar 23) to 83.89, marking a decrease of 1.56.
For Interest Coverage Ratio (X), as of Mar 24, the value is 107.21. This value is within the healthy range. It has decreased from 153.50 (Mar 23) to 107.21, marking a decrease of 46.29.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 59.65. This value is within the healthy range. It has decreased from 94.60 (Mar 23) to 59.65, marking a decrease of 34.95.
For Enterprise Value (Cr.), as of Mar 24, the value is 53,673.99. It has increased from 33,189.90 (Mar 23) to 53,673.99, marking an increase of 20,484.09.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 19.39. This value exceeds the healthy maximum of 3. It has increased from 10.59 (Mar 23) to 19.39, marking an increase of 8.80.
For EV / EBITDA (X), as of Mar 24, the value is 68.87. This value exceeds the healthy maximum of 15. It has increased from 38.23 (Mar 23) to 68.87, marking an increase of 30.64.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 19.74. This value exceeds the healthy maximum of 3. It has increased from 10.97 (Mar 23) to 19.74, marking an increase of 8.77.
For Retention Ratios (%), as of Mar 24, the value is 76.42. This value exceeds the healthy maximum of 70. It has decreased from 78.60 (Mar 23) to 76.42, marking a decrease of 2.18.
For Price / BV (X), as of Mar 24, the value is 15.76. This value exceeds the healthy maximum of 3. It has increased from 10.95 (Mar 23) to 15.76, marking an increase of 4.81.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 19.74. This value exceeds the healthy maximum of 3. It has increased from 10.97 (Mar 23) to 19.74, marking an increase of 8.77.
For EarningsYield, as of Mar 24, the value is 0.01. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 23) which recorded 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Linde India Ltd as of June 13, 2025 is: 6,024.16

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of June 13, 2025, Linde India Ltd is Overvalued by 16.24% compared to the current share price 7,192.00

Intrinsic Value of Linde India Ltd as of June 13, 2025 is: 7,397.23

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of June 13, 2025, Linde India Ltd is Undervalued by 2.85% compared to the current share price 7,192.00

Last 5 Year EPS CAGR: 22.79%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Working Capital Days of -18.92, which is a positive sign. The stock has a low average Cash Conversion Cycle of -208.33, which is a positive sign. The company has higher reserves (2,064.58 cr) compared to borrowings (719.17 cr), indicating strong financial stability. The company has shown consistent growth in sales (1.54 cr) and profit (233.92 cr) over the years.	The stock has a low average ROCE of 8.83%, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Linde India Ltd:
1. Net Profit Margin: 15.39%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 15.32% (Industry Average ROCE: 14.94%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 12.51% (Industry Average ROE: 13.37%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 59.65
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.8
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 137 (Industry average Stock P/E: 69.53)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Linde India Ltd. is a Public Limited Listed company incorporated on 24/01/1935 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L40200WB1935PLC008184 and registration number is 008184. Currently Company is involved in the business activities of Manufacture of liquefied or compressed inorganic industrial or medical gases (elemental gases, liquid or compressed air, refrigerant gases, mixed industrial gases etc.). Company's Total Operating Revenue is Rs. 2485.38 Cr. and Equity Capital is Rs. 85.28 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Industrial Gases	Oxygen House, Kolkata West Bengal 700088	investor.relations.in@linde.com http://www.linde.in

Management
Name	Position Held
Mr. Michael J Devine	Chairman
Mr. Abhijit Banerjee	Managing Director
Mr. Arun Balakrishnan	Ind. Non-Executive Director
Mr. Jyotin Mehta	Ind. Non-Executive Director
Ms. Shalini Sarin	Ind. Non-Executive Director
Mr. Mannu Sanganeria	Non Executive Director

FAQ

What is the intrinsic value of Linde India Ltd?

Linde India Ltd's intrinsic value (as of 13 June 2025) is ₹6024.16 — 16.24% lower the current market price of 7,192.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 61,329 Cr. market cap, FY2025-2026 high/low of ₹9,750/5,202, reserves of 3,694 Cr, and liabilities of 5,110 Cr.

What is the Market Cap of Linde India Ltd?

The Market Cap of Linde India Ltd is 61,329 Cr..

What is the current Stock Price of Linde India Ltd as on 13 June 2025?

The current stock price of Linde India Ltd as on 13 June 2025 is 7,192.

What is the High / Low of Linde India Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of Linde India Ltd stocks is ₹9,750/5,202.

What is the Stock P/E of Linde India Ltd?

The Stock P/E of Linde India Ltd is 137.

What is the Book Value of Linde India Ltd?

The Book Value of Linde India Ltd is 443.

What is the Dividend Yield of Linde India Ltd?

The Dividend Yield of Linde India Ltd is 0.06 %.

What is the ROCE of Linde India Ltd?

The ROCE of Linde India Ltd is 17.0 %.

What is the ROE of Linde India Ltd?

The ROE of Linde India Ltd is 12.4 %.

What is the Face Value of Linde India Ltd?

The Face Value of Linde India Ltd is 10.0.