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Last Updated: April 2, 2026, 3:15 am
Author: Getaka|Social: XLinkedIn

Linde India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹4,649.83Overvalued by 33.59%vs CMP ₹7,002.00

P/E (102.0) × ROE (12.3%) × BV (₹463.00) × DY (0.06%)

₹1,653.44Overvalued by 76.39%vs CMP ₹7,002.00
MoS: -323.5% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹4,769.4423%Over (-31.9%)
Graham NumberEarnings₹844.2516%Over (-87.9%)
Earnings PowerEarnings₹440.6711%Over (-93.7%)
DCFCash Flow₹830.7514%Over (-88.1%)
Net Asset ValueAssets₹463.307%Over (-93.4%)
EV/EBITDAEnterprise₹1,369.729%Over (-80.4%)
Earnings YieldEarnings₹684.207%Over (-90.2%)
ROCE CapitalReturns₹524.557%Over (-92.5%)
Revenue MultipleRevenue₹437.095%Over (-93.8%)
Consensus (9 models)₹1,653.44100%Overvalued
Key Drivers: P/E of 102 makes PE-ROE unreliable — asset/earnings models are better benchmarks. | Wide model spread (₹437–₹4,769) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 2.6%

*Investments are subject to market risks

Investment Snapshot

69
Linde India Ltd scores 69/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health81/100 · Strong
ROCE 16.9% GoodROE 12.3% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 75.0% Stable
Earnings Quality75/100 · Strong
OPM expanding (25% → 28%) ImprovingWorking capital: -29 days (improving) Efficient
Quarterly Momentum80/100 · Strong
Revenue (4Q): -1% YoY FlatProfit (4Q): +35% YoY StrongOPM: 37.0% (up 5.0% YoY) Margin expansion
Industry Rank35/100 · Weak
P/E 102.0 vs industry 67.0 Premium to peersROCE 16.9% vs industry 14.9% Average3Y sales CAGR: 6% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:15 am

Market Cap 59,713 Cr.
Current Price 7,002
Intrinsic Value₹1,653.44
High / Low 7,870/5,202
Stock P/E102
Book Value 463
Dividend Yield0.06 %
ROCE16.9 %
ROE12.3 %
Face Value 10.0
PEG Ratio39.65

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

View Share Price Target for Linde India Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Linde India Ltd 59,713 Cr. 7,002 7,870/5,202102 4630.06 %16.9 %12.3 % 10.0
Refex Industries Ltd 2,778 Cr. 203 534/18813.2 97.50.25 %25.3 %22.0 % 2.00
Gagan Gases Ltd 10.3 Cr. 22.7 37.7/17.693.3 7.170.00 %10.6 %8.49 % 10.0
Bhagawati Oxygen Ltd 8.32 Cr. 36.0 67.0/33.659.4 17.50.00 %6.68 %10.6 % 10.0
Industry Average31,245.50 Cr1,815.9366.98146.290.08%14.87%13.35%8.00

All Competitor Stocks of Linde India Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 697630721711706630653634606592571644701
Expenses 529444557538520452469456414382374362444
Operating Profit 168186164174186179184179192210197282257
OPM % 24%30%23%24%26%28%28%28%32%35%34%44%37%
Other Income 282218192218191619134453
Interest 1211142227336
Depreciation 48664950515251525556565662
Profit before tax 146140132141156141150141155161142226243
Tax % 23%30%26%24%25%26%25%26%26%27%26%25%21%
Net Profit 1139998107117104112104114118105169192
EPS in Rs 13.2711.5811.5112.5113.7412.2313.0812.2413.3713.8212.3219.8222.46

Last Updated: March 4, 2026, 1:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 9:16 pm

MetricDec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023n n 15mMar 2024Mar 2025TTM
Sales 1,4281,4911,5671,8252,0332,1921,7621,4712,1123,1362,7692,4852,508
Expenses 1,1671,2141,3371,5391,7051,8661,3471,0961,5642,3712,0661,7201,562
Operating Profit 261277230287328326415375548765702765946
OPM % 18%19%15%16%16%15%24%25%26%24%25%31%38%
Other Income 59112234112386244348109776874
Interest 74103901161161038663671318
Depreciation 129181162195206199177176181253201214230
Profit before tax 117411016471,013236711614571606772
Tax % 34%-51%-4,164%-31%-17%29%28%34%28%13%25%26%
Net Profit 77523131933727156514536426448584
EPS in Rs 9.070.632.751.572.223.9385.2718.2460.2662.8249.9952.5168.42
Dividend Payout % 17%237%27%48%45%38%12%16%22%19%24%23%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2024-2025
YoY Net Profit Growth (%)5.16%
Change in YoY Net Profit Growth (%)0.00%

Linde India Ltd has shown a consistent positive trend in YoY Net Profit Growth (%) in the last 1 years from 2024-2025 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:5%
5 Years:7%
3 Years:6%
TTM:-11%
Compounded Profit Growth
10 Years:92%
5 Years:30%
3 Years:14%
TTM:0%
Stock Price CAGR
10 Years:36%
5 Years:55%
3 Years:24%
1 Year:-13%
Return on Equity
10 Years:9%
5 Years:13%
3 Years:14%
Last Year:12%

Last Updated: September 5, 2025, 9:50 am

Balance Sheet

Last Updated: December 10, 2025, 3:00 am

MonthDec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 85858585858585858585858585
Reserves 1,3421,3041,3071,3101,3221,3422,0522,1182,6063,0293,3493,6943,866
Borrowings 1,5281,5641,3881,4451,2821,19910872422214267
Other Liabilities 1,0119268837226807599701,0481,2871,2461,3241,2891,316
Total Liabilities 3,9663,8803,6643,5633,3693,3853,2153,2594,0034,3824,7805,1105,334
Fixed Assets 1,6652,2012,1582,5732,4982,1622,0351,9891,8691,7621,8221,9251,949
CWIP 7443565778036445317682254839751,266
Investments 1515151515002216272727
Other Assets 1,5421,3089158958211,1791,1271,2512,0642,3782,4482,1832,093
Total Assets 3,9663,8803,6643,5633,3693,3853,2153,2594,0034,3824,7805,1105,334

Reserves and Borrowings Chart

Cash Flow

MonthDec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 229271242293252376327339589629437584
Cash from Investing Activity + -385-264-58-128-59-73981-5498-306-539-1,305
Cash from Financing Activity + 169-8-222-80-261-216-1,193-201-28-119-105-112
Net Cash Flow 12-1-3785-688711584659203-208-833
Free Cash Flow -1585181160184286251271454280-127-739
CFO/OP 93%106%101%104%79%118%82%98%121%107%84%101%

Free Cash Flow

MonthDec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023n n 15mMar 2024Mar 2025
Free Cash Flow260.00276.00229.00286.00327.00325.00307.00368.00524.00765.00681.00723.00

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

MonthDec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025
Debtor Days 7475787163617910173476357
Inventory Days 1041531411029166577237223269
Days Payable 424541466447348293327477312156235349
Cash Conversion Cycle -246-313-247-274-194-166-190-303-202-87-139-224
Working Capital Days -66-8116-70-69-81-226-3-9-12-29
ROCE %5%3%3%4%5%6%11%10%17%21%17%17%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
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 2.77%2.85%2.89%2.25%2.31%3.03%2.42%2.27%2.63%2.51%2.35%2.03%
DIIs 8.01%7.76%7.44%7.22%7.45%6.84%6.88%6.81%6.49%6.62%6.75%6.95%
Public 14.23%14.38%14.67%15.52%15.23%15.13%15.70%15.92%15.90%15.87%15.90%16.02%
No. of Shareholders 44,45744,13749,72454,66152,22160,13863,32466,81967,56968,79668,07866,620

Shareholding Pattern Chart

No. of Shareholders

Linde India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Multi Cap Fund 1,524,539 1.88 915.79N/AN/AN/A
Kotak Large & Midcap Fund 814,736 1.63 489.41N/AN/AN/A
Quant Mid Cap Fund 478,750 3.95 287.59N/AN/AN/A
Nippon India Small Cap Fund 400,000 0.37 240.28N/AN/AN/A
Nippon India ELSS Tax Saver Fund 271,642 1.1 163.18N/AN/AN/A
Nippon India Large Cap Fund 216,434 0.26 130.01N/AN/AN/A
Kotak ELSS Tax Saver Fund 200,000 1.91 120.14200,0002025-04-22 17:25:280%
Canara Robeco Large and Mid Cap Fund 149,452 0.36 89.78122,7662026-01-26 06:30:4921.74%
Axis Midcap Fund 108,626 0.21 65.25126,3752026-02-22 04:55:46-14.04%
Canara Robeco ELSS Tax Saver Fund 100,761 0.69 60.53N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Dec 22Dec 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 53.3350.9063.0951.4559.47
Diluted EPS (Rs.) 53.3350.9063.0951.4559.47
Cash EPS (Rs.) 77.5873.5591.7372.4480.08
Book Value[Excl.RevalReserv]/Share (Rs.) 447.91406.69368.19356.45318.33
Book Value[Incl.RevalReserv]/Share (Rs.) 447.91406.69368.19356.45318.33
Revenue From Operations / Share (Rs.) 291.42324.64367.66293.76247.64
PBDIT / Share (Rs.) 97.6791.38101.8077.4770.50
PBIT / Share (Rs.) 72.5967.8272.1555.5449.23
PBT / Share (Rs.) 71.1166.9771.4855.0181.17
Net Profit / Share (Rs.) 52.5149.9962.0850.5058.81
NP After MI And SOA / Share (Rs.) 53.3350.9063.0951.4559.47
PBDIT Margin (%) 33.5128.1427.6826.3728.46
PBIT Margin (%) 24.9020.8919.6218.9019.88
PBT Margin (%) 24.4020.6219.4418.7232.77
Net Profit Margin (%) 18.0115.3916.8817.1923.75
NP After MI And SOA Margin (%) 18.3015.6717.1617.5124.01
Return on Networth / Equity (%) 11.9012.5117.1314.4318.68
Return on Capital Employeed (%) 15.0415.3217.7514.0413.36
Return On Assets (%) 8.849.0312.229.9812.62
Asset Turnover Ratio (%) 0.490.600.740.590.58
Current Ratio (X) 0.961.882.212.102.13
Quick Ratio (X) 0.861.802.132.022.06
Inventory Turnover Ratio (X) 25.936.8411.269.325.71
Dividend Payout Ratio (NP) (%) 22.5023.5721.390.005.04
Dividend Payout Ratio (CP) (%) 15.3016.1114.550.003.71
Earning Retention Ratio (%) 77.5076.4378.610.0094.96
Cash Earning Retention Ratio (%) 84.7083.8985.450.0096.29
Interest Coverage Ratio (X) 65.96107.21153.50147.29196.87
Interest Coverage Ratio (Post Tax) (X) 36.4659.6594.6097.0175.05
Enterprise Value (Cr.) 53159.6353673.9933189.9027993.2220254.57
EV / Net Operating Revenue (X) 21.3919.3910.5911.179.59
EV / EBITDA (X) 63.8268.8738.2342.3733.69
MarketCap / Net Operating Revenue (X) 21.4519.7410.9711.6710.06
Retention Ratios (%) 77.4976.4278.600.0094.95
Price / BV (X) 13.9515.7610.959.627.82
Price / Net Operating Revenue (X) 21.4519.7410.9711.6710.06
EarningsYield 0.010.010.010.010.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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.
INDUSTRYADDRESSCONTACT
Industrial GasesOxygen House, P43, Taratala Road, Kolkata West Bengal 700088Contact not found
Management
NamePosition Held
Mr. Michael J DevineChairman
Mr. Abhijit BanerjeeManaging Director
Ms. Shalini SarinIndependent Director
Mr. Mannu SanganeriaNon Executive Director
Mr. Subba Rao AmarthaluruIndependent Director
Mr. Gobichettipalayam S KrishnanIndependent Director

FAQ

What is the intrinsic value of Linde India Ltd and is it undervalued?

As of 14 April 2026, Linde India Ltd's intrinsic value is ₹1653.44, which is 76.39% lower than the current market price of ₹7,002.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (12.3 %), book value (₹463), dividend yield (0.06 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Linde India Ltd?

Linde India Ltd is trading at ₹7,002.00 as of 14 April 2026, with a FY2026-2027 high of ₹7,870 and low of ₹5,202. The stock is currently in the middle of its 52-week range. Market cap stands at ₹59,713 Cr..

How does Linde India Ltd's P/E ratio compare to its industry?

Linde India Ltd has a P/E ratio of 102, which is above the industry average of 66.98. The premium over industry average may reflect growth expectations or speculative interest.

Is Linde India Ltd financially healthy?

Key indicators for Linde India Ltd: ROCE of 16.9 % indicates efficient capital utilization. Dividend yield is 0.06 %.

Is Linde India Ltd profitable and how is the profit trend?

Linde India Ltd reported a net profit of ₹448 Cr in Mar 2025 on revenue of ₹2,485 Cr. Compared to ₹514 Cr in Dec 2021, the net profit shows a declining trend.

Does Linde India Ltd pay dividends?

Linde India Ltd has a dividend yield of 0.06 % at the current price of ₹7,002.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Linde India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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