Linde India share price today

Linde India Ltd's share price was ₹6,390.50 at the close on 4 November 2026. It has been falling for 7 weeks. That is 2.5% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹5,652 and ₹7,809, and at that close it sat 34% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Linde India Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 22 weeks running.

Over the last 11 years the share price moved +2,477% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 19 June 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: indian funds and insurers (DIIs) cut their stake for 3 quarters in a row, revenue up on a year earlier for 4 quarters in a row and operating margin down 5 points on a year earlier.

1. Indian funds and insurers (DIIs) cut their stake for 3 quarters in a row

   From 7% to 6.7% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 4 quarters in a row

   In the June 2026 quarter revenue was ₹694 crore, +21.5% on a year earlier.

3. Operating margin down 5 points on a year earlier

   29% in the June 2026 quarter, from 34%.

For April to June 2026 (the quarter ended 30 June 2026), Linde India reported revenue of ₹694 crore, up 21.5% from ₹571 crore a year earlier, and a profit of ₹105 crore, down 1.9% from ₹107 crore.

Linde India results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Linde India closed at ₹6,390.50 on 4 November 2026, up 8.7% from ₹5,878.50 a year earlier (7 November 2025) and up 152.4% over five years. Its highest weekly close since February 2016 was ₹9,481.45 on 18 May 2024.

Linde India share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

564 weekly closes from 26 February 2016 to 4 November 2026.

4 Nov 2026: Linde India closed at ₹6,390.50, up 13.1% on the week and up 2.3% on the month. 6 Aug 2026: ex-date for a dividend + special dividend of ₹12 a share.

Earlier

• Results for April to June 2026: Revenue up 21.5% and profit down 1.9% on a year earlier.

Linde India paid ₹4 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.06% at the ₹6,390.50 close on 4 November 2026. The last was a dividend + special dividend of ₹12 a share, ex-date 6 August 2026.

Linde India dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Linde India Ltd paid out 19% of its profit as dividends in FY26, and it paid a dividend in each of its last 10 reported years.

From the NSE corporate-actions record, read 5 November 2026.

Linde India's management made 0 promises we could check against what it later reported.

Our read after the latest results, written 17 May 2026.

What is changing at Linde India, from the latest results and calls: odisha asu capacity expansion (tata steel de-captivation), operating leverage inflection, gas segment margin and medical oxygen demand secular growth.

• Odisha ASU Capacity Expansion (Tata Steel De-captivation). Linde plc signed Oct 2024 agreements to de-captivate two large ASUs at Tata Steel Kalinganagar, more than doubling on-site capacity, long-term take-or-pay O2/N2/Ar contracts plus merchant market. ₹425 Cr capital spending. ⚠ estimate
• Operating Leverage Inflection, Gas Segment Margin. Operating margin expanded 490 basis points on a year earlier to 36.7% in October to December 2025, operating leverage from higher utilization of onsite and merchant gas capacity feeding directly to operating profit. ⚠ estimate
• Medical Oxygen Demand Secular Growth. Healthcare volumes growing consistently, medical oxygen, nitrous oxide, and medical gas distribution systems to hospitals form a structural recurring demand base insulated from industrial cycles. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

89.24% of minority shareholders rejected the ₹417.7 Cr Praxair supply transaction in March 2026 EGM, Linde India now needs to restructure supply chain or find alternative sourcing, with potential short-term disruptions.

The main risks

• RPT Supply Chain Disruption (Praxair India): 89.24% of minority shareholders rejected the ₹417.7 Cr Praxair supply transaction in March 2026 EGM, Linde India now needs to restructure supply chain or find alternative sourcing, with potential short-term disruptions. ✓ fact
• CFO Vacancy and Governance Trust Deficit: CFO Neeraj Kumar Jumrani resigned Dec 5, 2025 (same day as SAT ruling), interim CFO Ajay Kumar Sah appointed Feb 16, 2026; governance credibility severely impaired after 5-year RPT saga. ⚠ estimate
• Revenue Lumpiness from PED Project Timing: FY25 revenue declined 10.2% on a year earlier to ₹2,485 Cr from ₹2,769 Cr, PED project completion timing and gas volume rescheduling create lumpiness that distorts reported revenue trends. ✓ fact
• Structural Promoter Conflict (BOC Group UK vs Minority Shareholders): The 75% promoter (BOC Group UK, part of Linde plc) is the same entity whose subsidiaries (Praxair India, Linde South Asia Services) are at the center of the RPT dispute, structural minority-promoter conflict is endemic. ⚠ estimate

Our read after the latest results, written 17 May 2026.

When Linde India reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Supreme Court ruling on SEBI LODR aggregation; quarterly RPT disclosure volumes with Praxair; any SEBI enforcement action.

Linde India is on 2 of our India lists: 52 week high & low and Small & mid cap stocks.

Linde India Ltd earned ₹105 Cr of net profit in the Jun 2026 quarter, −1.9% on the same quarter a year earlier. Full-year Mar 2026 profit was ₹549 Cr. Over 10 years profit has grown 40.0% a year on average. That is 15.1% of the quarter's revenue. The same quarter a year earlier earned ₹107 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, Mar 2026 profit was ₹549 Cr (+20.7% on the year before).

Why profit moved: revenue changed +21.5% on a year earlier and the margin moved −5.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +22.8% and revenue +10.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Linde India Ltd reported ₹694 Cr of revenue in the Jun 2026 quarter, +21.5% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 10 years it has grown 3.3% a year on average. The last full year, Mar 2026, came in at ₹2,531 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. In October 2024, parent Linde plc announced agreements with Tata Steel to take over two additional large air separation units currently under construction at the Kalinganagar Industrial Complex in Odisha. Transfer was expected in 2025. A long-term supply agreement for oxygen, nitrogen and argon was signed to support Tata Steel's major capacity expansion. Surplus capacity from the new ASUs also serves the local merchant gas market. The ₹425 Cr of spending was formally announced in May 2025 by Linde India with Chief Minister inauguration. New capacity is beginning to show in…

The last four reported quarters add to ₹2,653 Cr.

Mar 2026 revenue was ₹2,531 Cr, +1.9% on the year before.

Recent pace: the last four quarters grew +10.6% on average, against 3.3% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +10.4%, against −0.9% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +22.1%, against +10.4% a year (accelerating).

Linde India Ltd's operating margin was 29.0% in the Jun 2026 quarter, 5.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 10 years it has been between 15.0% and 36.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The gas business model carries high fixed costs (plant depreciation, power). As volumes ramp from Odisha ASUs and the growing merchant business, incremental revenue has a significantly higher flow-through to EBITDA. Q3 FY26 demonstrated this clearly: revenue +15.7% drove PAT +68% and EBITDA +33.7%. Pricing discipline across merchant and packaged gas businesses, combined with sustained healthcare volume growth, drives structural margin improvement. OPM trajectory from 8Q context data: 28% (Q1-Q4 FY24) → 35% (Q4 FY25) → 34% (Q1 FY26) → 44% (Q2 FY26, project-mix driven) → 37% (Q3 FY26), a structural step-change uplift.

Why the margin moved: operating margin changed −5.6 percentage points on the year while gross margin changed −3.7 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Over the last 3 years, 126% of Linde India Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In Mar 2026 it brought in ₹786 Cr of operating cash against ₹549 Cr of profit. After ₹771 Cr of spending on assets, ₹15.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 126% of profit came in as cash: the cash cycle got 86 days longer between FY20 and Mar 2026, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 3.2× depreciation over three years. The next section checks what that spending is building.

Linde India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −217 days in Mar 2026, up from −303 days in FY20. It spent ₹2,099 Cr on assets over the last 3 years. Customers take 73 days to pay, and stock sits for 79 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At Mar 2026 sales of ₹2,531 Cr, each day of that cycle ties up about ₹6.9 Cr, so roughly −₹1,505 Cr is tied up in the business at any time.

Mar 26: customers took 73 days to pay and stock sat for 79 days, about 2.6 months of sales sitting as stock, for a full cycle of −217 days, longer than FY20's −303.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 79 days. Customers pay about 73 days after that. Suppliers are paid at 370 days. Together that makes the −217-day cycle.

Spending on assets: ₹2,099 Cr over the last 3 years, against ₹650 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹1,343 Cr (Mar 2026): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Linde India Ltd's P/E is 99.7×, near the low end of its own history: it has been lower only 32% of the time. Its usual P/E (the middle reading) is 120.1×, over 9.6 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.