Financials Linde India Limited

Equities

Market Closed - Bombay S.E. Other stock markets 06:00:50 2024-04-26 am EDT			5-day change	1st Jan Change
8,354 ^INR	-0.51%		+13.25%	+48.18%

Feb. 29	Linde India Acquires 24% Stake in Indian Renewable Energy Company	MT
Feb. 26	Zenataris Renewable Energy Private Limited announced that it has received INR 410.899994 million in funding from Linde India Limited	CI

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	41,614	41,542	153,559	322,895	343,815	712,460	-	-
Enterprise Value (EV) ¹	41,614	41,542	143,679	322,895	343,815	712,460	712,460	712,460
P/E ratio	5.72 x	27.5 x	-	73.6 x	63.9 x	161 x	116 x	74.9 x
Yield	-	0.62%	-	-	0.3%	0.14%	0.16%	0.18%
Capitalization / Revenue	-	2.82 x	7.27 x	12.9 x	11 x	24.7 x	18.3 x	13.5 x
EV / Revenue	-	2.82 x	7.27 x	12.9 x	11 x	24.7 x	18.3 x	13.5 x
EV / EBITDA	-	11 x	28.1 x	55.8 x	45 x	99 x	68.2 x	46.8 x
EV / FCF	-	14 x	34 x	-	129 x	-84.6 x	-134 x	388 x
FCF Yield	-	7.12%	2.94%	-	0.77%	-1.18%	-0.75%	0.26%
Price to Book	-	1.86 x	-	-	10.9 x	20.6 x	18.1 x	15.1 x
Nbr of stocks (in thousands)	85,284	85,284	85,284	85,284	85,284	85,284	-	-
Reference price ²	488.0	487.1	1,801	3,786	4,031	8,354	8,354	8,354
Announcement Date	2/25/20	3/1/21	2/24/22	2/13/23	5/23/23	-	-	-

¹INR in Million²INR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	14,711	21,120	25,053	31,355	28,888	38,844	52,774
EBITDA ¹	-	3,766	5,466	5,785	7,642	7,196	10,444	15,208
EBIT ¹	-	2,006	3,652	3,914	5,113	5,176	7,802	12,250
Operating Margin	-	13.63%	17.29%	15.62%	16.31%	17.92%	20.09%	23.21%
Earnings before Tax (EBT) ¹	-	2,287	6,979	4,692	6,097	5,767	8,108	12,645
Net income ¹	7,272	1,511	5,072	4,388	5,381	4,415	6,130	9,517
Net margin	-	10.27%	24.02%	17.52%	17.16%	15.28%	15.78%	18.03%
EPS ²	85.27	17.72	-	51.45	63.09	51.77	71.86	111.6
Free Cash Flow ¹	-	2,959	4,522	-	2,660	-8,420	-5,330	1,834
FCF margin	-	20.11%	21.41%	-	8.48%	-29.15%	-13.72%	3.48%
FCF Conversion (EBITDA)	-	78.57%	82.72%	-	34.81%	-	-	12.06%
FCF Conversion (Net income)	-	195.81%	89.15%	-	49.44%	-	-	19.27%
Dividend per Share ²	-	3.000	-	-	12.00	12.00	13.50	15.00
Announcement Date	2/25/20	3/1/21	2/24/22	2/13/23	5/23/23	-	-	-

¹INR in Million²INR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	9,880	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	2,959	4,522	-	2,660	-8,420	-5,330	1,834
ROE (net income / shareholders' equity)	-	6.86%	11.7%	-	18.4%	13.4%	16.5%	22%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	-	262.0	-	-	368.0	406.0	461.0	555.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	431	1,367	-	3,632	13,748	8,526	7,191
Capex / Sales	-	2.93%	6.47%	-	11.58%	47.59%	21.95%	13.63%
Announcement Date	2/25/20	3/1/21	2/24/22	2/13/23	5/23/23	-	-	-

¹INR in Million²INR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8,354 INR

Average target price

6,780 INR

Spread / Average Target

-18.83%

	1st Jan change	Capi.
LINDE INDIA LIMITED	+48.18%	8.54B
LINDE PLC	+7.91%	213B
AIR PRODUCTS & CHEMICALS, INC.	-13.78%	52.48B
NIPPON SANSO HOLDINGS CORPORATION	+20.42%	12.5B
HANGZHOU OXYGEN PLANT GROUP CO.,LTD.	-1.75%	3.9B
AIR WATER INC.	+21.44%	3.39B
SOL S.P.A.	+25.90%	3.39B
JIANGSU NATA OPTO-ELECTRONIC MATERIAL CO., LTD.	-9.74%	1.87B
SICHUAN QIAOYUAN GAS CO.,LTD.	+6.68%	1.71B
JINHONG GAS CO.,LTD.	-22.62%	1.23B