K
Back to companies
Specialty Chemicals & Gases

Linde India

LINDEINDIANSELarge CapParent: Linde plc
Live₹7,850syncing…

Industrial and specialty gas leader; the most direct listed beneficiary of semiconductor fab gas demand.

Market Cap
₹66.9k cr
Price
7850
1Y 14%
Direct exposure
70/100
0–100 directness
Hold / Watchlist
Fundamental
51/ 100
C

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)
81/ 100
A

Trend, momentum, volume and relative strength composite

Valuation
12/ 100

Higher = cheaper vs peers and own history

Final composite
57/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded
✓ Real / verified
  • · Live price, day change, market cap — NSE direct
  • · 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
  • · Sector P/E — NSE direct
  • · Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
  • · Earnings call AI summaries — Trendlyne (where available)
  • · Technical (TQ-100) score — computed from real OHLCV
  • · Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)
⚠ Analyst-set (qualitative)
  • · Segment classification + semicon directness score — analyst seed
  • · Bull/bear case + monitorables (curated thesis) — analyst seed
  • · Governance risk score (seed) — being replaced by AI-agent assessment
  • · Synthesized 5Y forecast removed entirely (was inaccurate)
Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.
Linde India · LINDEINDIA
₹7,850+22.53% over 6M
Price50 DMA200 DMA
RSI (14)
Momentum oscillator · 6M view
Volume (60D)
Fundamental score (SageOne 100)
51/ 100C

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 55
Red flags -4
Growth quality/ 20
0.0
Rev 1Y -10.3% · 3Y CAGR -0.5%
Margin & profitability/ 15
14.4
EBITDA 30.5% · PAT 17.5%
Return on capital/ 20
10.0
ROCE 19% · ROE 13%
Cash flow quality/ 15
6.5
OCF/EBITDA 56% · FCF yield -0.1%
Leverage discipline/ 10
10.0
Net Debt/EBITDA -0.60x
Reinvestment runway/ 8
4.9
ROCE × retention proxy
Accounting quality/ 7
4.9
OCF conversion proxy
Governance/ 5
4.4
Pledge 0.0% · Risk 12/100
Red flags (1)
  • − Declining revenueRev 1Y -10.3%-4
✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).
Technical score (TQ-100)
81/ 100A

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 81
Trend structure/ 20
19.8
Above 200DMA · -2% from 52W high
Momentum velocity/ 15
9.8
RSI(14) 50 · 1M -2.0%
Volume dynamics/ 15
12.0
Bucket: Large Cap
Relative strength/ 15
7.0
RS vs Nifty -2%
MA cluster/ 10
10.0
200DMA + 1Y trend confirmation
Mean-reversion runway/ 10
8.3
RSI(14) 50; ideal 50-60
Volatility profile/ 8
6.8
Bucket: Large Cap
Pattern integrity/ 7
7.0
Trend continuation proxy

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier
Maps to value-chain segments + computes 0-100 directness
Seed: Specialty Chemicals & Gases · 70/100
Governance assessor
Forensic-accounting flags + 0-100 risk score
Seed: 12/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

Pristine quality and the most direct semicon gas play, but valuations are at historic peak.

Bull case
  • +Pure-play gas leader
  • +Linde global parentage
  • +Long-term semicon demand
Bear case
  • −Valuations at peak
  • −Slow near-term growth
  • −Capex visibility limited
Key monitorables
Fab/OSAT contract winsCapex announcementsPricing power

Semiconductor exposure

How direct, how visible

Primary segment
Specialty Chemicals & Gases
All segments
Specialty Chemicals & Gases
Exposure type
Indirect / pull-through
Policy beneficiary
Yes
Import substitution
High
Governance risk score
12/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)
-10.3%
Rev CAGR (3Y)
-0.5%
EBITDA margin
30.5%
PAT margin
17.5%
ROCE
19%
ROE
13%
OCF / EBITDA
56%
Net Debt / EBITDA
-0.6x
Promoter holding
75.0%
Promoter pledge
0.0%
Valuation
P/E (TTM)
120.8
Forward P/E
80.0
EV/EBITDA
85.9
EV/Sales
26.2
P/B
19.5
FCF Yield
-0.1%
Dividend Yield
0.10%
Hist. percentile
90%
Peer percentile
95%
Technicals
RSI(14)
50
1M return
-2.0%
1Y return
14%
From 52W high
-2%
RS vs Nifty
-2%
>200 DMA
Yes
Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real
LineTTMFY25FY24FY23FY22FY21FY20
Revenue₹2.6k cr₹2.6k cr₹2.8k cr₹3.2k cr₹2.6k cr₹2.2k cr₹1.5k cr
↳ YoY growth+1.1%-10.3%-12.3%+25.2%+19.6%+44.1%—
EBITDA₹833 cr₹779 cr₹873 cr₹666 cr₹601 cr₹408 cr₹436 cr
↳ EBITDA margin32.3%30.5%30.7%20.5%23.2%18.8%29.0%
PAT₹584 cr₹448 cr₹426 cr₹536 cr₹437 cr₹514 cr₹156 cr
↳ PAT margin22.6%17.5%15.0%16.5%16.9%23.7%10.3%
OCF₹584 cr₹437 cr₹629 cr₹589 cr₹339 cr₹327 cr₹376 cr
↳ OCF / EBITDA70.1%56.1%72.1%88.5%56.4%80.2%86.2%
FCF (= OCF − capex)₹-721 cr₹-102 cr₹323 cr₹589 cr₹285 cr₹327 cr₹303 cr
Total Equity₹3.8k cr₹3.4k cr₹3.1k cr₹3.0k cr₹2.7k cr₹2.2k cr₹2.1k cr
Total Assets₹5.1k cr₹4.8k cr₹4.4k cr₹4.4k cr₹4.0k cr₹3.2k cr₹3.2k cr
↳ ROE15.4%13.0%13.7%17.8%16.2%23.3%7.3%
↳ ROA11.4%9.4%9.7%12.2%10.9%15.8%4.8%
Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.
Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 0.0%
Promoter
75.0%
Mutual Funds
6.4%
FII
2.1%
Public
16.1%
Promoter holding trend
75.0
Mar
75.0
Jun
75.0
Sep
75.0
Dec
75.0
Mar
75.0
Jun
75.0
Sep
75.0
Dec
75.0
Mar
Δ:+0.0% over 9 quarters
Commentary
  • ·MNC parent (Linde plc) holds 75% — maximum allowed
  • ·No pledge
Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation
Acceptable returns on capital, room for sharper allocation.
ROCE 19%, div yield 0.1%
Promoter holding
Promoter has strong skin in the game.
75.0%
Promoter pledge
No pledging — cleanest signal.
0.0%
Debt discipline
Net cash balance sheet.
Net Debt/EBITDA -0.60x
Cash conversion
Acceptable conversion; track working capital cycles.
OCF/EBITDA 56%
Governance composite
Clean governance signals across pledging, RPTs, auditor, KMP pay.
12/100 risk
Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Continued execution and policy tailwinds. The market has rewarded Linde India for delivery and is paying a premium for what comes next.

What we think it's missing

Consensus appears reasonable. Look for thesis-changing catalysts (margin inflection, new customer wins, segment mix shift) rather than narrative re-rating alone.

Thesis killers
  • ×Working capital blowout disclosed in next quarterly result
  • ×Project execution slip beyond stated commissioning date
  • ×Multiple compression on a single weak earnings print

References

Wire to live data sources in production

NSE filingsScreenerBSE corporate filingsAnnual report (latest)Concall transcript (latest)Investor presentation