Key Quantitative Figures

Standalone Financial Results (FY2026 vs FY2025):

  • Revenue from operations: ₹25,306.40 million (vs ₹24,853.76 million)
  • Total income: ₹25,979.00 million (vs ₹25,532.15 million)
  • Profit before tax: ₹7,270.10 million (vs ₹6,064.72 million)
  • Profit for the year: ₹5,508.74 million (vs ₹4,478.13 million)
  • Basic and diluted EPS: ₹64.59 (vs ₹52.51)
  • Total assets: ₹57,692.51 million (vs ₹51,101.84 million)
  • Net worth: ₹42,275.22 million (vs ₹37,790.10 million)

Consolidated Financial Results (FY2026 vs FY2025):

  • Revenue from operations: ₹25,306.40 million (vs ₹24,853.76 million)
  • Profit for the year: ₹5,489.65 million (vs ₹4,548.45 million)
  • Basic and diluted EPS: ₹64.37 (vs ₹53.33)
  • Total assets: ₹58,082.76 million (vs ₹51,427.44 million)
  • Net worth: ₹42,665.47 million (vs ₹38,199.44 million)

Segment-wise Performance (Standalone FY2026):

  • Gases, related products & services revenue: ₹21,231.84 million
  • Project engineering revenue: ₹9,806.14 million
  • Gases segment profit: ₹6,418.80 million
  • Project engineering profit: ₹1,188.19 million

Dividend Recommendation

The Board of Directors has recommended a total dividend of 120% (i.e., ₹12 per equity share) inclusive of a special dividend of 80% (i.e., ₹8 per equity share) on 85,284,223 fully paid-up equity shares of ₹10 each for the year ended 31st March 2026.

Annual General Meeting and Book Closure

The 90th Annual General Meeting is scheduled for Thursday, 13th August 2026. The Register of Members and Share Transfer Books will be closed from Friday, 7th August 2026 to Thursday, 13th August 2026 (both days inclusive) for the AGM and dividend payment.

Regulatory and Legal Matters

SEBI Investigation on Related Party Transactions:

  • SEBI has been investigating related party transactions with Praxair India Private Limited (PIPL) and Linde South Asia Services Private Limited since shareholders rejected the material RPT resolution in the 85th AGM (24 June 2021).
  • SEBI issued an Interim Ex Parte Order on 29th April 2024, which was set aside by SAT on 22nd May 2024.
  • SEBI passed an order dated 24th July 2024 directing that materiality threshold for RPTs must be applied on aggregate basis of all transactions with a related party in a financial year.
  • Company appealed to SAT, which dismissed the appeal on 5th December 2025.
  • Company filed appeal before Supreme Court on 16th December 2025, which admitted the appeal on 16th January 2026 but granted no stay.
  • Company sought shareholder approval for RPTs with PIPL at EGM on 5th March 2026, which was not passed by shareholders.
  • Company received further summons from SEBI dated 9th April 2026 and 28th April 2026, and responded on 19th May 2026.

Business Allocation Agreement with PIPL:

  • SEBI order dated 24th July 2024 directed NSE to appoint a valuer to assess business foregone and received through geographic allocation under JV agreement.
  • Company received valuation report from NSE dated 16th March 2026.
  • Company filed Interlocutory Application before Supreme Court on 1st April 2026 seeking stay on actions based on valuation report.
  • Matter is sub-judice and pending hearing before Supreme Court.

Auditor's Qualification

Price Waterhouse & Co Chartered Accountants LLP issued qualified opinion on both standalone and consolidated financial results due to indeterminate impact of:

1. SEBI's interpretation of RPT materiality threshold (aggregate basis vs individual contract basis)

2. Valuation of business allocation with PIPL under JV agreement

The auditors stated that the probable consequences and related implications on the financial results are presently not determinable due to ongoing regulatory and legal proceedings.

Other Significant Notes

  • Expenses for FY2026 include net reversal of ₹900 million due to change in contractual arrangements and management reassessment.
  • The financial results include two joint ventures: Linde South Asia Services Private Limited and Bellary Oxygen Company Private Limited.
  • Company has investments in four renewable energy SPVs classified as debt instruments measured at amortized cost.
  • The board meeting commenced at 1:30 p.m. and concluded at 4:00 p.m. on 30th May 2026.

Financial Impact Assessment

Management is unable to estimate the financial impact of the SEBI matters and business allocation valuation due to the pending Supreme Court appeal and sub-judice status of the cases. The uncertainties around the ultimate outcomes mean the impact is not presently ascertainable.