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Swing Capital

Linde India Ltd

NSE: LINDEINDIA BSE: 523457Infra

Linde India Limited, a subsidiary of BOC Group,UK (owns 75% stake in the co), is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non cryogenic air separation plants.[1]

₹7,208
52W: ₹5653 — ₹8049
PE 105 · Book ₹463 · +1457% vs book
Market Cap₹61,470 Cr
Stock P/E105Price to Earnings
ROCE16.9%Return on Capital
ROE12.3%Return on Equity
Div. Yield0.06%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 22.0%

Weaknesses

  • −Stock is trading at 15.6 times its book value
  • −The company has delivered a poor sales growth of 7.12% over past five years.

Shareholding Pattern

Promoters75%
FIIs2.05%
DIIs6.88%
Public16.08%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters75%75%75%75%75%75%75%75%
FIIs3.03%2.42%▼0.62.27%▼0.12.63%▲0.42.51%▼0.12.35%▼0.22.03%▼0.32.05%▲0.0
DIIs6.84%6.88%▲0.06.81%▼0.16.49%▼0.36.62%▲0.16.75%▲0.16.95%▲0.26.88%▼0.1
Public15.13%15.7%▲0.615.92%▲0.215.9%▼0.015.87%▼0.015.9%▲0.016.02%▲0.116.08%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales711706630653634606592571644701
Expenses538520452469456414382374362444
Operating Profit174186179184179192210197282257
OPM %24%26%28%28%28%32%35%34%44%37%
Net Profit107117104112104114118105169192
EPS ₹12.5113.7412.2313.0812.2413.3713.8212.3219.8222.46

AI Insights

Revenue Trend

TTM revenue at ₹2,508Cr, up 0.9% YoY. OPM at 38%.

Debt Position

Borrowings at ₹67Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,266Cr (65% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 6.88% (-0.88pp change). FIIs: 2.05% (-0.80pp change). Promoters hold 75%.

Margin & Efficiency

ROCE improving from 5% (Dec 2013) to 17% (Mar 2025). Working capital days: -29.

Valuation

PE 105x with 16.9% ROCE. Price is 1457% above book value of ₹463. Dividend yield: 0.06%.

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