LINDEINDIA · Chemicals · filed 3 Nov 2026
Linde India Ltd. reported revenue of ₹723 cr for July to September 2026, +12.3% on the year and +4.2% on the quarter. That is faster than this quarter has grown in recent years (−4.6% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹2,733 cr, +13.2% on the four before.
Operating profit (EBITDA) was ₹232 cr, a margin of 32.0%, −1,181 bps on the year and +313 bps on the quarter. Over the last 8 quarters the margin has ranged from 28.2% to 43.8%, averaging 33.9%. Operating costs grew +35.9%, faster than revenue at +12.3%, so operating profit grew less than sales.
Net profit was ₹119 cr, −30.5% on the year and +13.6% on the quarter, with earnings per share of ₹13.93. Profit before other income, one-offs and tax fell 32.3%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹500 cr, −1.5% on the four before.
Of the 8 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, Linde India Ltd. ranks 7th on revenue growth; the sector median is +45.5%. Its margin moved −1,181 bps on the year against a sector median of −271 bps.
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.
On earnings per share of ₹58.64 over the last four quarters, the stock at ₹6,200.00 trades at 105.7 times trailing earnings.
The auditor did not give a clean conclusion on these results. What is the qualification about?
Qualified conclusion in the limited review report (p. limited review report).
Source: Auditor (p. limited review report)
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 32.0%, −1,181 bps on the year (+313 bps on the quarter).
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Operating cash flow for the first half ₹711 cr against profit of ₹223 cr.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, Borrowing while holding cash, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹506 cr | ₹508 cr | ▼ 0.3% |
| Inventory | ₹125 cr | ₹123 cr | ▲ 1.3% |
| Cash | ₹205 cr | ₹110 cr | ▲ 85.2% |
| Bank balances | ₹1.5 cr | ₹1.7 cr | ▼ 9.4% |
| Long-term borrowings | ₹925 cr | — | — |
| Short-term borrowings | ₹25.0 cr | — | — |
| Trade payables | ₹543 cr | ₹575 cr | ▼ 5.5% |
| Net block | ₹3,534 cr | ₹2,073 cr | ▲ 70.5% |
| Capital work in progress | ₹1,091 cr | ₹1,343 cr | ▼ 18.7% |
| Equity | ₹4,388 cr | ₹4,267 cr | ▲ 2.9% |
| Total assets | ₹6,766 cr | ₹5,808 cr | ▲ 16.5% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹711 cr | — |
| Capital expenditure | −₹1,358 cr | — |
| Investing cash flow | −₹1,444 cr | — |
| Financing cash flow | ₹827 cr | — |
| Dividends paid | −₹103 cr | — |
Operating cash flow was 3.18× profit. Receivables at 65 days of sales (−8 days against the last year end). Inventory at 16 days of sales (−2 days).
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Tax: Consolidated tax expense of ₹40.23 crore (current tax ₹21.72 crore, deferred tax ₹18.51 crore) on Profit before tax of ₹159.04 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Gases and Related Products Segment Revenue (₹ crore) | 562.76 | 544.42 | 560.43 |
| Project Engineering Segment Revenue (₹ crore) | 223.81 | 224.56 | 225.04 |
| Gases Segment Result (₹ crore) | 160.08 | 132.24 | 215.87 |
| Project Engineering Segment Result (₹ crore) | 20.47 | 23.46 | 23.73 |
| Gases Revenue Share of Gross Segment Total | 71.54% | 70.8% | 71.35% |
| Inter-segment Revenue (₹ crore) | 63.37 | 74.62 | 141.27 |
Worked out from filed numbers. Gases and Related Products Segment Revenue: Consolidated segment revenue from Gases, related products & services (₹5,627.57 million converted to ₹ crore) · Project Engineering Segment Revenue: Consolidated segment revenue from Project Engineering (₹2,238.05 million converted to ₹ crore) · Gases Segment Result: Consolidated segment profit before interest and tax for Gases business (₹1,600.77 million converted to ₹ crore) · Project Engineering Segment Result: Consolidated segment profit before interest and tax for Project Engineering (₹204.68 million converted to ₹ crore)
Read using the Speciality chemicals and CRAMS framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in growth · Customer and molecule concentration · Inventory days against sales.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Gases, related products & services | ₹563 cr | ▲ 0.4% | ₹160 cr | ▼ 25.8% |
| Project engineering | ₹224 cr | ▼ 0.5% | ₹20.5 cr | ▼ 13.7% |
| 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 ₹723 cr (+12.3% on the year) and net profit of ₹119 cr (−30.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −32.3% on the year, against −30.5% for reported profit.
2 checks raised a question: The auditor did not give a clean conclusion on these results. What is the qualification about?
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