Linde India Share Price & Earnings Call Analysis

Financials of Linde India

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Linde India

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +697630721711706630653634606592571644701
Expenses +529444557538520452469456414382374362444
Operating Profit168186164174186179184179192210197282257
OPM %24%30%23%24%26%28%28%28%32%35%34%44%37%
Other Income +282218192218191619134453
Interest1211142227336
Depreciation48664950515251525556565662
Profit before tax146140132141156141150141155161142226243
Tax %23%30%26%24%25%26%25%26%26%27%26%25%21%
Net Profit +1139998107117104112104114118105169192
EPS in Rs13.2711.5811.5112.5113.7412.2313.0812.2413.3713.8212.3219.8222.46

Financials of Linde India

Profit & Loss

Annual income statement trend

Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023 15mMar 2024Mar 2025TTM
Sales +1,4281,4911,5671,8252,0332,1921,7621,4712,1123,1362,7692,4852,508
Expenses +1,1671,2141,3371,5391,7051,8661,3471,0961,5642,3712,0661,7201,562
Operating Profit261277230287328326415375548765702765946
OPM %18%19%15%16%16%15%24%25%26%24%25%31%38%
Other Income +59112234112386244348109776874
Interest74103901161161038663671318
Depreciation129181162195206199177176181253201214230
Profit before tax117411016471,013236711614571606772
Tax %34%-51%-4,164%-31%-17%29%28%34%28%13%25%26%
Net Profit +77523131933727156514536426448584
EPS in Rs9.070.632.751.572.223.9385.2718.2460.2662.8249.9952.5168.42
Dividend Payout %17%237%27%48%45%38%12%16%22%19%24%23%

Financials of Linde India

Balance Sheet

Capital structure and asset base

Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital85858585858585858585858585
Reserves1,3421,3041,3071,3101,3221,3422,0522,1182,6063,0293,3493,6943,866
Borrowings +1,5281,5641,3881,4451,2821,19910872422214267
Other Liabilities +1,0119268837226807599701,0481,2871,2461,3241,2891,316
Total Liabilities3,9663,8803,6643,5633,3693,3853,2153,2594,0034,3824,7805,1105,334
Fixed Assets +1,6652,2012,1582,5732,4982,1622,0351,9891,8691,7621,8221,9251,949
CWIP7443565778036445317682254839751,266
Investments1515151515002216272727
Other Assets +1,5421,3089158958211,1791,1271,2512,0642,3782,4482,1832,093
Total Assets3,9663,8803,6643,5633,3693,3853,2153,2594,0034,3824,7805,1105,334

Financials of Linde India

Cash Flows

Operating, investing and financing cash movement

Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +229271242293252376327339589629437584
Cash from Investing Activity +-385-264-58-128-59-73981-5498-306-539-1,305
Cash from Financing Activity +169-8-222-80-261-216-1,193-201-28-119-105-112
Net Cash Flow12-1-3785-688711584659203-208-833
Free Cash Flow-1585181160184286251271454280-127-739
CFO/OP93%106%101%104%79%118%82%98%121%107%84%101%

Financials of Linde India

Ratios

Working capital efficiency and return ratios

Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Mar 2023Mar 2024Mar 2025
Debtor Days7475787163617910173476357
Inventory Days1041531411029166577237223269
Days Payable424541466447348293327477312156235349
Cash Conversion Cycle-246-313-247-274-194-166-190-303-202-87-139-224
Working Capital Days-66-8116-70-69-81-226-3-9-11-29
ROCE %5%3%3%4%5%6%11%10%17%21%17%17%