LINDEINDIA · Chemicals
Linde India Ltd. reported revenue of ₹701 cr for October to December 2025, +15.7% on the year and +8.8% on the quarter. Over the last four quarters revenue comes to ₹2,508 cr, −0.6% on the four before.
Operating profit (EBITDA) was ₹257 cr, a margin of 36.7%, +498 bps on the year and −717 bps on the quarter. Over the last 8 quarters the margin has ranged from 28.2% to 43.8%, averaging 33.4%. Operating costs grew +7.2% against revenue growth of +15.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹192 cr, +68.4% on the year and +12.3% on the quarter, with earnings per share of ₹22.46. Profit before other income, one-offs and tax grew 39.7%, so 29 points of the headline growth came from outside the core business. The tax rate was 21% against an average of 26% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹586 cr, +35.0% 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 ₹68.65 over the last four quarters, the stock at ₹6,200.00 trades at 90.3 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.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +68.4% on the year; profit before other income, exceptional items and tax +39.7%.
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.
| Metric | Q2 FY26 |
|---|---|
| Gases and Related Products Segment Revenue (₹ crore) | 560.43 |
| Project Engineering Segment Revenue (₹ crore) | 225.04 |
| Gases Segment Result (₹ crore) | 215.87 |
| Project Engineering Segment Result (₹ crore) | 23.73 |
| Gases Revenue Share of Gross Segment Total | 71.35% |
| Inter-segment Revenue (₹ crore) | 141.27 |
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.
| 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 ₹701 cr (+15.7% on the year) and net profit of ₹192 cr (+68.4% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +39.7% on the year, against +68.4% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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