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.
Operating profit (EBITDA) was ₹232 cr, a margin of 32.0%, −1,181 bps on the year and +313 bps on the quarter. Operating costs grew +35.9%, faster than revenue at +12.3%, so operating profit grew less than sales.
Net profit was ₹115 cr, −32.0% on the year and +11.6% on the quarter, with earnings per share of ₹13.48. Profit before other income, one-offs and tax fell 33.4%, so the profit growth came from the business itself.
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.
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
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹4,344 cr | ₹4,228 cr | ▲ 2.8% |
| Total assets | ₹6,722 cr | ₹5,769 cr | ▲ 16.5% |
Receivables at 65 days of sales (−8 days against the last year end). Inventory at 16 days of sales (−2 days).
Emphasis of matter: “We draw attention to Note (iii)(A) to the consolidated financial results, which explains the Company's management assessment of related party transactions with reference to the Securities and Exchange Board of…”
SEBI issued Order dated July 24, 2024 directing valuation of business allocation under JV agreement with Praxair India; SAT dismissed appeal on Dec 5,…
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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹644 cr | ₹694 cr | ₹723 cr |
| YoY | — | — | +12% |
| EBITDA margin | 43.8% | 28.9% | 32.0% |
| Other income, % of PBT | 2% | 4% | 4% |
| Exceptional items | — | — | — |
| Tax rate | 25% | 25% | 26% |
| Net profit | ₹169 cr | ₹103 cr | ₹115 cr |
| YoY | — | — | −32% |
| Core profit YoY | — | — | −33% |
| EPS | ₹19.82 | ₹12.08 | ₹13.48 |
| Flags | · | · | 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 ₹115 cr (−32.0% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −33.4% on the year, against −32.0% 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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