Linde India Limited Earnings Summary — Q4 FY2026
Linde India Reports Q4 FY26 Results Amid Ongoing Regulatory Scrutiny and Special Dividend Declaration
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 13.0% sequentially in Q1 FY2027.
- Revenue of ₹694 Cr is 21.6% higher year-on-year.
- Revenue has compounded at 4.4% annualised over the last 10 quarters.
- Net profit of ₹105 Cr is 2.4% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -0.3% annualised across the period.
- Operating margin stands at 28.9% in Q1 FY2027.
- Operating margin compressed by 561 bps year-on-year.
- Over the last two years operating margin has expanded by 69 bps.
- PBT margin is 20.1%.
- Expenses grew 32.0% against revenue growth of 21.6%.
- Operating profit of ₹201 Cr is 1.8% higher year-on-year.
- Operating leverage has been under pressure recently.
- 4 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 62/100 (Healthy) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 694 | 614 | 701 | 644 | 571 | 592 | 606 | 634 | 653 | 630 |
| Expenses | Accelerating | 494 | 441 | 444 | 362 | 374 | 382 | 414 | 456 | 469 | 452 |
| Operating Profit | Improving | 201 | 173 | 257 | 282 | 197 | 210 | 192 | 179 | 184 | 179 |
| Operating Margin | Stable | 28.9% | 28.1% | 36.6% | 43.8% | 34.5% | 35.5% | 31.7% | 28.2% | 28.2% | 28.3% |
| Other Income | Volatile | 7 | 7 | 55 | 6 | 6 | 13 | 22 | 18 | 21 | 19 |
| Interest | Volatile | 6 | 3 | 6 | 3 | 3 | 7 | 2 | 2 | 2 | 4 |
| Depreciation | Stable | 62 | 61 | 62 | 56 | 56 | 56 | 55 | 52 | 51 | 52 |
| Profit Before Tax | Improving | 140 | 116 | 245 | 228 | 144 | 161 | 157 | 143 | 152 | 142 |
| Tax | Stable | 35 | 39 | 52 | 57 | 37 | 43 | 41 | 37 | 38 | 37 |
| Net Profit | Improving | 105 | 77 | 193 | 171 | 107 | 118 | 116 | 106 | 114 | 105 |
| Net Margin | Stable | 15.1% | 12.6% | 27.6% | 26.5% | 18.8% | 20.0% | 19.2% | 16.8% | 17.4% | 16.7% |
Key Takeaways
- Consolidated revenue for Q4 FY26 grew 3.8% YoY to ₹6,143.33 million, though it declined significantly on a QoQ basis.
- Net profit saw a sharp contraction of 34.6% YoY, primarily due to higher other expenses and a lower share of profit from joint ventures compared to previous periods.
- The Board recommended a total dividend of ₹12 per share, including a special dividend of ₹8 per share for the fiscal year.
- Statutory Auditors issued a modified opinion for both Standalone and Consolidated results concerning related party transactions (RPT) and business allocation agreements.
- The Project Engineering segment experienced a notable decline in margin, with results dropping to ₹128.42 million from ₹549.76 million in the prior quarter.
- Ongoing legal disputes with SEBI regarding the materiality of transactions with Praxair India and a valuation of business 'foregone' remain pending before the Supreme Court.
Management Guidance
Management recognizes uncertainties regarding the ultimate outcome of SEBI investigations and valuation reports on business allocation, noting that the impact is not currently ascertainable as matters are sub-judice.
Sentiment Shift
Deteriorating
While revenue grew slightly YoY, the combination of a sharp profit decline, a modified audit opinion, and unresolved regulatory friction with SEBI regarding related party transactions weighs heavily on sentiment.
Outlook
The company faces governance-related headwinds due to the SEBI investigation into business allocation between Linde and Praxair. While the 'Gases' core segment remains stable, the 'Project Engineering' segment shows volatility and the overall growth trajectory is clouded by high valuation and regulatory risk.
From the Annual Report (Key Quotes)
“The Statutory Auditors have issued their report with modified opinion in respect of the Audited Standalone as well as Consolidated Financial Results.”
“Management recognizes the related uncertainties around their ultimate outcomes, the impact of which, if any, is not presently ascertainable.”
“Allocation of new merchant business between the Company and PIPL is determined on incumbency... to protect the interest of the Company.”
Official Quarterly Documents
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This summary is AI-generated from Linde India Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.