LINDEINDIA · Chemicals
Linde India Ltd. reported revenue of ₹571 cr for April to June 2025, −12.6% on the year and −3.5% on the quarter. Over the last four quarters revenue comes to ₹2,403 cr, −11.0% on the four before.
Operating profit (EBITDA) was ₹197 cr, a margin of 34.5%, +632 bps on the year and −97 bps on the quarter. Over the last 8 quarters the margin has ranged from 24.5% to 35.5%, averaging 29.7%. Operating costs grew −20.3% against revenue growth of −12.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹105 cr, −6.3% on the year and −11.0% on the quarter, with earnings per share of ₹12.32. Profit before other income, one-offs and tax grew faster, at +5.3%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹441 cr, +0.2% on the four before.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹51.75 over the last four quarters, the stock at ₹6,200.00 trades at 119.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 34.5%, +632 bps on the year (−97 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹706 cr | ₹630 cr | ₹653 cr | ₹634 cr | ₹606 cr | ₹592 cr | ₹571 cr | ₹644 cr | ₹701 cr | ₹614 cr | ₹694 cr | ₹723 cr |
| YoY | — | — | −9% | −11% | −14% | −6% | −13% | +2% | +16% | +4% | +22% | +12% |
| EBITDA margin | 26.3% | 28.4% | 28.2% | 28.2% | 31.7% | 35.5% | 34.5% | 43.8% | 36.7% | 28.2% | 28.9% | 32.0% |
| Other income, % of PBT | 14% | 13% | 13% | 11% | 12% | 8% | 3% | 2% | 22% | 5% | 4% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 25% | 26% | 26% | 27% | 26% | 25% | 21% | 26% | 25% | 25% |
| Net profit | ₹117 cr | ₹104 cr | ₹112 cr | ₹104 cr | ₹114 cr | ₹118 cr | ₹105 cr | ₹171 cr | ₹192 cr | ₹85.0 cr | ₹105 cr | ₹119 cr |
| YoY | — | — | +14% | −3% | −3% | +13% | −6% | +64% | +68% | −28% | −0% | −31% |
| Core profit YoY | — | — | +15% | +2% | +1% | +20% | +5% | +80% | +40% | −26% | −3% | −32% |
| EPS | ₹13.74 | ₹12.23 | ₹13.08 | ₹12.24 | ₹13.37 | ₹13.82 | ₹12.32 | ₹20.05 | ₹22.46 | ₹9.99 | ₹12.26 | ₹13.93 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Linde India Ltd. reported revenue of ₹571 cr (−12.6% on the year) and net profit of ₹105 cr (−6.3% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +5.3% on the year, against −6.3% for reported profit.
None of the 7 checks that could run raised a question.
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