Linde India Limited (LINDEINDIA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-96.0%

₹229.95

vs ₹5,727.50 price

Levered DCF

₹2,273.97

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	106.32×	116.41×	126.42×	78.33×	41.83×	54.88×	7.76×	225.78×
P/B	13.68×	13.86×	15.82×	14.08×	7.81×	3.71×	2.6×	3.96×
P/S	23.06×	21.3×	19.82×	13.72×	10.04×	5.64×	3.2×	2.65×
EV / EBITDA	59.35×	62.91×	68.5×	48.54×	22.96×	19.41×	4.32×	20.11×
Gross margin	49.6%	77.0%	64.7%	59.0%	67.5%	52.4%	69.3%	46.8%
Operating margin	26.6%	22.1%	18.1%	15.6%	17.3%	13.9%	13.7%	6.1%
Net margin	21.7%	18.3%	15.7%	17.5%	24.0%	10.3%	41.3%	1.2%
Current ratio	0.86×	0.97×	1.87×	2.21×	2.13×	1.54×	1.22×	0.76×
Debt / equity	0.02×	0.01×	0.01×	0.01×	0.01×	0×	0.05×	0.81×
Interest coverage	46.51×	43.45×	68.97×	87.25×	119.59×	32.64×	2.8×	1.3×
Dividend yield	0.2%	0.2%	0.2%	0.1%	0.1%	1.0%	0.2%	0.1%
Payout ratio	18.6%	22.4%	23.5%	5.4%	5.0%	56.4%	1.8%	33.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.9%	11.9%	12.5%	18.0%	18.7%	6.8%	33.5%	1.8%
Return on invested capital	11.0%	9.9%	9.8%	11.4%	8.4%	5.2%	6.7%	3.1%
Return on assets	9.5%	8.8%	8.9%	10.0%	12.6%	4.6%	22.4%	0.8%
Free cash flow yield	0.1%	-1.4%	-0.1%	0.6%	2.1%	3.2%	4.3%	4.9%
Earnings yield	0.9%	0.9%	0.8%	1.3%	2.4%	1.8%	12.9%	0.4%
Enterprise value	₹583.3B	₹528.4B	₹539.2B	₹332.1B	₹202.6B	₹79.8B	₹55.1B	₹68.6B
Net debt / EBITDA	-0.03×	-0.12×	-1.22×	-1.7×	-1.09×	-0.77×	-0.1×	3.12×
Cash conversion cycle (days)	-56	-221	-67	-165	-271	-69	-240	-70