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Produces and distributes industrial and medical gases (oxygen, nitrogen, hydrogen) across India, majority-owned by global gases group Linde plc.
Produces and distributes industrial and medical gases (oxygen, nitrogen, hydrogen) across India, majority-owned by global gases group Linde plc.
Customers pay for gas under long-term supply contracts, from large on-site plants built beside a steel mill or refinery to liquid gas delivered by tanker and cylinders to smaller users, so income recurs for as long as the customer operates. A separate engineering arm builds gas plants for other companies as one-off projects, which makes its revenue lumpier.
In one line: India's Air Products/Airgas.
Moat: wide (scale, installed base, switching costs). On-site gas plants built next to customer facilities and long-term supply contracts make switching very costly.
Headquarters: Kolkata, India · Founded: 1935 · Employees: 2,419
Size Linde India (LINDEINDIA.NS) is an India Materials company (Chemicals: Specialty) with a market value of $6.20B, the 184th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹6,859 on 6 Nov 2026.
Performance Over six months the shares fell 12.6%, against -8.4% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 13.3% over the last twelve months (peer median +7.7%); the operating margin is 22.3% (peer median 13.3%).
Valuation It trades at 97.2× forward earnings against a peer median of 19.0× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +36 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.6 points below its cost of capital (9.3% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹27.3B | ₹25.3B | ₹24.9B | ₹27.7B | ₹25.1B |
| Revenue growth | — | +2% | -10% | +10% | — |
| Gross profit | ₹12.6B | ₹11.3B | ₹9.90B | ₹9.13B | ₹7.73B |
| EBITDA | ₹8.62B | ₹9.23B | ₹7.73B | ₹7.10B | ₹6.13B |
| Net income | ₹4.94B | ₹5.49B | ₹4.55B | ₹4.34B | ₹4.30B |
| Free cash flow | n/a | ₹705M | -₹6.89B | -₹688M | ₹3.27B |
| Capital expenditure | n/a | ₹7.66B | ₹13.3B | ₹5.72B | ₹3.63B |
| Total debt | ₹10.3B | ₹789M | ₹424M | ₹207M | ₹220M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Linde India LINDEINDIA.NS | $6.20B | -13% | +13% | 22% | 97.2× | 47.9% |
| Air Products APD | $67.9B | +4% | +5% | 24% | 21.2× | n/a |
| Linde LIN | $237B | +5% | +8% | 27% | 27.0× | 14.4% |
| Air Liquide AI.PA | $134B | +15% | -1% | 21% | 29.0× | 18.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LINDEINDIA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.6% | -0.4% | highest of 21 |
| 6-month return | -12.6% | -8.4% | 8th lowest of 21 |
| Distance from 52-week high | -14.8% | -30.0% | 6th highest of 21 |
| Revenue growth (TTM) | +13.3% | +7.7% | 9th highest of 21 |
| Operating margin | 22.3% | 13.3% | 5th highest of 21 |
| Forward P/E | 97.2× | 19.0× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 47.9% | 7.3% | most demanding of 17 |
| Growth delivered (Del g) | +11.5% | +9.7% | 7th highest of 17 |
| Hurdle (Req g minus delivered) | +36.4 pp | -0.7 pp | most demanding of 17 |
| ROIC minus cost of capital | -0.6 pp | -0.2 pp | 11th highest of 21 |
| EV / EBITDA | 68.9× | 10.5× | most expensive of 14 |
| Net debt / EBITDA | 0.9× | 1.4× | 4th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Linde India LINDEINDIA.NS | India | $6.20B | -13% | +13% | 22% | 97.2× | 47.9% | +11.5% |
| Shenzhen Capchem Technology 300037.SZ | China | $6.16B | -21% | +72% | 13% | 19.0× | 19.3% | +26.6% |
| Haohua Chemical Science & Technology 600378.SS | China | $6.29B | -9% | +20% | 9% | 22.1× | 11.0% | +25.2% |
| NewMarket NEU | United States | $6.39B | +1% | +1% | 20% | n/a | -0.8% | +6.3% |
| SOL SOL.MI | Italy | $6.39B | +6% | +9% | 14% | 30.5× | 16.9% | +12.8% |
| Inner Mongolia Junzheng Energy & Chemical 601216.SS | China | $5.92B | -16% | +3% | 11% | 12.0× | -3.4% | +11.3% |
| Kingboard 0148.HK | Hong Kong | $5.78B | -17% | +19% | 15% | 5.0× | n/a | n/a |
| Nissan Chemical 4021.T | Japan | $5.72B | 0% | +10% | 23% | 15.9× | 9.3% | +6.0% |
| Zhejiang Longsheng 600352.SS | China | $5.70B | -11% | -1% | 19% | 13.7× | -5.2% | -3.1% |
| Coromandel International COROMANDEL.NS | India | $5.69B | -7% | +24% | 8% | 27.3× | n/a | n/a |
| Canmax Technologies 300390.SZ | China | $5.62B | -64% | +98% | 27% | 7.3× | n/a | n/a |
| Croda International CRDA.L | United Kingdom | $6.88B | +31% | +3% | 16% | 23.3× | 19.9% | +4.1% |
| LB Group Co., Ltd. Class A 002601.SZ | China | $5.58B | -8% | +7% | 7% | 22.4× | 5.0% | +12.9% |
| Gujarat Fluorochemicals FLUOROCHEM.NS | India | $5.42B | +23% | +20% | 17% | 53.0× | n/a | n/a |
| Hoshine Silicon Industry 603260.SS | China | $5.32B | -33% | -7% | -6% | 41.7× | 22.5% | +18.5% |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 10.2× | 5.1% | +0.7% |
| Methanex MX.TO | Canada | $5.18B | +12% | +31% | 23% | 6.9× | -9.4% | +7.1% |
| Celanese CE | United States | $5.10B | -19% | +1% | 9% | 7.6× | 5.3% | +11.0% |
| Sumitomo Chemical 4005.T | Japan | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% | +0.4% |
| Navin Fluorine International NAVINFLUOR.NS | India | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% | +22.7% |
| Westlake WLK | United States | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% | +8.3% |