Board Meeting Details

The adjourned board meeting was held on Tuesday, 11 August 2026, commencing at 2:30 p.m. and concluding at 3:40 p.m.

Financial Results Approval

The Board approved the Unaudited Standalone and Consolidated Financial Results for the quarter ended 30 June 2026. The financial results were reviewed by the Audit Committee and approved by the Board of Directors.

Standalone Financial Results (Rs. Million)

  • Revenue from operations: ₹6,943.63 (Q1 FY27) vs ₹5,710.80 (Q1 FY26) vs ₹6,143.33 (Q4 FY26)
  • Other income: ₹58.96 (Q1 FY27) vs ₹43.38 (Q1 FY26) vs ₹59.30 (Q4 FY26)
  • Total income: ₹7,002.59 (Q1 FY27) vs ₹5,754.18 (Q1 FY26) vs ₹6,202.63 (Q4 FY26)
  • Expenses: ₹5,621.40 (Q1 FY27) including cost of materials consumed ₹952.09, purchase of stock-in-trade ₹919.02, employee benefits ₹145.57, finance costs ₹59.42, depreciation ₹624.10, power and fuel ₹1,297.24, other expenses ₹1,612.73
  • Profit before tax: ₹1,381.19 (Q1 FY27) vs ₹1,422.19 (Q1 FY26) vs ₹1,153.99 (Q4 FY26)
  • Tax expense: ₹350.86 (current tax ₹331.13, deferred tax ₹19.73)
  • Profit for the period: ₹1,030.33 (Q1 FY27) vs ₹1,050.73 (Q1 FY26) vs ₹851.96 (Q4 FY26)
  • Earnings Per Share: ₹12.08 (basic and diluted, not annualized)
  • Paid-up equity share capital: ₹852.84 million (face value ₹10 each)

Consolidated Financial Results (Rs. Million)

  • Revenue from operations: ₹6,943.63 (Q1 FY27)
  • Other income: ₹58.28 (Q1 FY27)
  • Total income: ₹7,001.91 (Q1 FY27)
  • Profit before share of profit of joint ventures and tax: ₹1,380.51
  • Share of profit from joint ventures: ₹16.29
  • Profit before tax: ₹1,396.80
  • Tax expense: ₹350.86
  • Profit for the period: ₹1,045.94
  • Earnings Per Share: ₹12.26 (basic and diluted, not annualized)

Segment-wise Performance (Standalone)

Gases, related products & services:

  • Revenue: ₹5,444.16 million (Q1 FY27)
  • Segment results: ₹1,322.36 million (Q1 FY27)
  • Segment assets: ₹50,557.58 million
  • Segment liabilities: ₹5,091.09 million

Project engineering:

  • Revenue: ₹2,245.64 million (Q1 FY27)
  • Segment results: ₹234.62 million (Q1 FY27)
  • Segment assets: ₹4,703.53 million
  • Segment liabilities: ₹6,271.32 million

Management Appointment

The Board approved the appointment of Mr. Vikash Dokania as Chief Financial Officer (CFO) effective from 15 September 2026, based on recommendations of the Nomination and Remuneration Committee and Audit Committee. Mr. Ajay Kumar Sah, Interim CFO, will demit office on 14 September 2026.

Mr. Vikash Dokania Profile:

  • 42 years old, B.Com. (Hons.) Graduate and qualified Chartered Accountant
  • Extensive experience in commercial finance, business planning, investment management and corporate strategy
  • Previously worked with Coca-Cola India Pvt. Ltd.
  • Not related to any of the Directors of the Company

SEBI Litigation and Regulatory Matters

Related Party Transactions (Note iii)(A)):

  • Shareholders raised objections on RPTs with Praxair India Private Limited and Linde South Asia Services Private Limited since 85th AGM (24 June 2021)
  • SEBI investigation ongoing since October 2023 with multiple summons issued
  • SEBI Interim Ex Parte Order dated 29 April 2024 set aside by SAT on 22 May 2024
  • SEBI Order dated 24 July 2024 directed materiality threshold to be applied on aggregate basis for RPTs
  • SAT dismissed company's appeal on 5 December 2025
  • Supreme Court admitted appeal on 16 January 2026 but granted no stay
  • Extraordinary General Meeting held on 5 March 2026 for FY25-26 RPT approval was not passed by shareholders
  • Further summons from SEBI dated April 9, 2026, April 28, 2026, June 11, 2026, June 29, 2026 and July 7, 2026

Business Allocation Agreement (Note iii)(B)):

  • JV Agreement dated 24 March 2020 with Praxair India Private Limited for business allocation
  • SEBI Order dated 24 July 2024 directed NSE to appoint valuer for business foregone/received valuation
  • Valuation report dated 16 March 2026 received
  • Company filed Interlocutory Application in Supreme Court seeking stay on actions from valuation report
  • Matter pending in Supreme Court, last heard on 30 July 2026 (adjourned)

Auditor's Review

Price Waterhouse & Co Chartered Accountants LLP issued limited review report with emphasis of matter regarding:

1. Uncertain outcome of SEBI/SAT/Supreme Court proceedings on RPT materiality threshold

2. Uncertain outcome of business allocation valuation and related proceedings

3. Joint ventures' financial information not reviewed by their auditors

The auditors concluded that except for the indeterminate effect of these matters, nothing has come to their attention that causes them to believe that the financial statements contain material misstatement.

Additional Information

  • Financial results will be uploaded on company website and published in newspapers as per Regulation 47
  • Figures for three months ended 31 March 2026 are balancing figures between audited FY26 and published nine months ended 31 December 2025
  • Consolidated results include Linde India Limited and share of profit from two joint ventures: Linde South Asia Services Private Limited and Bellary Oxygen Company Private Limited
  • Investments in three SPV entities (Avaada MHYavat, FPEL Surya, Zenataris Renewable Energy) classified as debt instruments measured at amortized cost