Linde India LimitedQ1 FY27 Results & Financial Update
Linde India Limited: Q1 FY27 consolidated results and company financials – revenue ₹694.36 Cr, PAT ₹104.59 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Linde India Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Linde India Limited posted consolidated revenue from operations of INR 694.363 crore for the quarter ended June 30, 2026, alongside total income of INR 700.191 crore.
Profit before share of profit of joint ventures and tax stood at INR 138.051 crore for the quarter. After factoring in a share of profit from joint ventures amounting to INR 1.629 crore, total profit before tax reached INR 139.680 crore.
Tax expenses for the quarter were reported at INR 35.086 crore, comprising current tax of INR 33.113 crore and deferred tax of INR 1.973 crore.
Consolidated profit after tax (PAT) for Q1 FY27 was recorded at INR 104.594 crore, resulting in a basic and diluted earnings per share (EPS) of INR 12.26 on an equity share capital base of INR 85.284 crore.
Segment performance highlights that the gases, related products and services division generated INR 544.416 crore in external revenue, while the project engineering division contributed INR 224.564 crore in total segment revenue before inter-segment eliminations of INR 74.617 crore.
Operating expenses included raw material consumption of INR 95.209 crore, stock-in-trade purchases of INR 91.902 crore, employee benefits expense of INR 14.557 crore, and substantial power and fuel costs of INR 129.724 crore.
Depreciation and amortisation expenses for the quarter were steady at INR 62.410 crore, while finance costs stood at INR 5.942 crore.
The company continues to navigate ongoing regulatory and legal scrutiny regarding related party transactions and business allocation agreements with fellow subsidiaries, with matters currently sub-judice before the Supreme Court of India.
01 · Business model
What does Linde India do?
Linde India Limited operates primarily in two main segments: the manufacture and sale of industrial, medical, and special gases along with related products and services, and a project engineering division specializing in cryogenic and non-cryogenic air separation plants and projects.
The industrial gases division supplies critical pipeline, merchant liquid, and packaged gases to diverse manufacturing, healthcare, and chemical processing sectors across India, backed by an extensive network of production facilities and distribution infrastructure.
The project engineering business designs, manufactures, and constructs complex air separation plants, offering end-to-end execution capabilities from engineering design to on-site commissioning for internal requirements and external industrial clients.
02 · Historical context
What shaped the business before this quarter
On March 24, 2020, the company and Praxair India Private Limited entered into a joint venture and shareholders agreement to align customer approach and allocate geographic and product responsibilities across India.
SEBI issued an order on July 24, 2024, raising concerns over business allocations and directing a valuation exercise, which was subsequently contested through appeals before the Securities Appellate Tribunal and the Supreme Court of India.
The company received a registered valuer report dated March 16, 2026, regarding business allocations, against which it filed an interlocutory application seeking interim protection before the Supreme Court.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹694.36 Cr |
| Total income | ₹700.19 Cr |
| Profit before tax | ₹139.68 Cr |
| Profit after tax | ₹104.59 Cr |
| EPS | ₹12.26 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 15.1% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 20.1% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹5.83 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The gases, related products and services segment generated gross segment revenue of INR 544.416 crore before inter-segment adjustments, driven by steady industrial and medical gas demand.
The project engineering segment contributed gross segment revenue of INR 224.564 crore from the design, manufacture, and execution of cryogenic and non-cryogenic air separation units.
What drove margins
Power and fuel represented one of the largest operating cost items at INR 129.724 crore for the quarter, reflecting the energy-intensive nature of air separation and gas compression operations.
Depreciation and amortisation charges totalled INR 62.410 crore, reflecting the capital-intensive asset base of ASU plants and distribution infrastructure.
Cost of materials consumed stood at INR 95.209 crore, purchase of stock-in-trade at INR 91.902 crore, and other expenses at INR 161.273 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Reported segment revenue of INR 544.416 crore and a segment result (profit before interest and tax) of INR 132.236 crore, with segment assets standing at INR 5,055.758 crore.
Reported segment revenue of INR 224.564 crore and a segment result of INR 23.462 crore, with segment assets recorded at INR 470.353 crore.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The company entered into share subscription and shareholders' agreements alongside power purchase agreements with renewable energy special purpose vehicles (Avaada MHYavat, FPEL Surya, and Zenataris Renewable Energy) to procure renewable power.
07 · Reported developments
What changed operationally
The company delivered a consolidated profit after tax of INR 104.594 crore for Q1 FY27, backed by stable contributions from both industrial gases and project engineering operations.
08 · Beyond the numbers
What changed beyond the numbers
Reported update
CFO Succession
The Board approved the appointment of Mr. Vikash Dokania as Chief Financial Officer effective September 15, 2026, following the demission of Interim CFO Mr. Ajay Kumar Sah at the close of business hours on September 14, 2026.
09 · Key Q&A
The quarter, answered directly
What does Linde India do?
Linde India Limited operates primarily in two main segments: the manufacture and sale of industrial, medical, and special gases along with related products and services, and a project engineering division specializing in cryogenic and non-cryogenic air separation plants and projects.
What is the clearest takeaway from Q1 FY27?
Linde India Limited posted consolidated revenue from operations of INR 694.363 crore for the quarter ended June 30, 2026, alongside total income of INR 700.191 crore.
What drove revenue or demand?
The gases, related products and services segment generated gross segment revenue of INR 544.416 crore before inter-segment adjustments, driven by steady industrial and medical gas demand.
What mattered most for margins or profitability?
Power and fuel represented one of the largest operating cost items at INR 129.724 crore for the quarter, reflecting the energy-intensive nature of air separation and gas compression operations.
What changed operationally beyond the headline numbers?
The company entered into share subscription and shareholders' agreements alongside power purchase agreements with renewable energy special purpose vehicles (Avaada MHYavat, FPEL Surya, and Zenataris Renewable Energy) to procure renewable power.
What should the next disclosure help confirm?
Monitor the hearings and final outcome of the appeal pending before the Hon'ble Supreme Court of India regarding related party transactions and valuation reports.
10 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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11 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Supreme Court Proceedings: Monitor the hearings and final outcome of the appeal pending before the Hon'ble Supreme Court of India regarding related party transactions and valuation reports.
- 02
CFO Transition: Track the formal assumption of office by incoming Chief Financial Officer Mr. Vikash Dokania effective September 15, 2026.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.