Company Overview
Linde India Limited (Scrip Code: 523457) reported its FY26 financial results and announced its 90th Annual General Meeting scheduled for 13 August 2026.
Financial Performance
Linde India delivered strong financial performance for FY26 with revenue from operations growing 1.8% YoY to ₹25,306.40 million. Net profit showed robust growth of 23% YoY to ₹5,508.74 million, while EBITDA increased 17.2% to ₹9,763.78 million. The company maintained zero outstanding borrowings as of 31 March 2026.
Segment Performance
The Gases Division contributed ₹21,282 million (84% of total revenue) with 4.3% growth, while the Project Engineering Division reported ₹4,025 million revenue, declining 9.5% YoY. The order backlog in Project Engineering stood at ₹24,653 million as of March 2026.
Dividend Declaration
The Board recommended a final dividend of 120% (₹12 per equity share), comprising normal dividend of 40% (₹4) and special dividend of 80% (₹8), totaling ₹1,023.41 million cash outflow. The record date is set for 6 August 2026 with payment expected on or about 31 August 2026.
90th AGM Details
The 90th Annual General Meeting will be held on 13 August 2026 via Video Conference/OAVM. Agenda items include adoption of FY26 financial statements, dividend declaration, re-appointment of director Mr. Michael James Devine, and ratification of Cost Auditor remuneration. Remote e-voting will be available from 10-12 August 2026 through NSDL.
SEBI Regulatory Matter
The company faces ongoing SEBI investigation regarding related party transactions with Praxair India Private Limited. SEBI's July 2024 order directed aggregation of RPTs for materiality assessment and valuation of business allocation arrangements. The company appealed to SAT (dismissed December 2025) and subsequently to Supreme Court (admitted January 2026). A valuation report was received in March 2026, but the matter remains sub-judice.
Audit Qualification
Price Waterhouse & Co issued a qualified audit opinion due to the SEBI dispute over RPT materiality thresholds and business allocation valuation. The auditors emphasized uncertainties regarding the outcome of these regulatory proceedings and their potential financial impact.
Management Changes
Mr. Abhijit Banerjee resigned as Managing Director effective 31 December 2025, succeeded by Mr. Milan Sadhukhan from 1 January 2026 for a 3-year term. Mr. Neeraj Kumar Jumrani resigned as CFO effective 15 February 2026, with Mr. Ajay Kumar Sah appointed as Interim CFO.
Corporate Actions
The company transferred 12,108 equity shares to IEPF Authority in June 2025. Unpaid dividends for FY2017 (₹320,488) were transferred to IEPF, with FY2018 dividends due for transfer in June 2026.
Operational Highlights
New investments included IOCL Panipat nitrogen project, N2O purification unit in Hyderabad, and Lucknow-Kanpur debulking station. The company maintained strong safety performance with zero 'InControl' incidents in distribution and achieved customer experience metrics of NPS +40, CES 4.2/5, and CSI 4.3/5.
Related Party Transactions
Significant transactions with fellow subsidiaries included purchase of goods and services (₹3,091.30 million), purchase of property, plant and equipment (₹1,804.63 million), royalty payments (₹698.81 million), support services cost (₹1,677.31 million), and revenue from operations (₹3,303.12 million).
Contingent Liabilities and Commitments
Contingent liabilities include excise duty and service tax (₹333.17 million), sales tax/VAT (₹136.82 million), income tax (₹274.43 million), and other claims (₹6.60 million). Capital commitments not provided for amounted to ₹6,953.24 million (net of advances of ₹7,551 million).
Corporate Governance
The company spent ₹117.67 million on CSR during FY26 and employed 252 permanent staff as of 31 March 2026. No sexual harassment complaints were received during the year. Secretarial Audit Report by P. Sarawagi & Associates contained a qualified opinion.