Linde India Ltd (LINDEINDIA) Q1 FY27 Results Analysis: PAT Slips 1.9%, Revenue Surges 21.6%

Cofacto Research Updated August 11, 2026 2 min read

Negative

Linde India Ltd's Q1 FY27 numbers came in soft, with revenue of Rs. 694.36 Cr (+21.59% YoY) and PAT growth of -1.94% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	August 11, 2026
Quarter	Q1 FY 2026-2027
Revenue (Q1)	Rs. 694.36 Cr (+21.59% YoY)
PAT (Q1)	Rs. 103.03 Cr (-1.94% YoY)
EBITDA margin	28.89% (-561 bps YoY)
EPS (Q1)	Rs. 12.08 (-1.95% YoY)
Market cap	Rs. 59,356.03 Cr
CMP	Rs. 6,955.00

Quarter Snapshot

Revenue grew 21.6% but PAT declined 1.9%, with EBITDA margin compressing 5.6pp. The auditor's qualified opinion on the SEBI RPT matter is a material overhang. Gases segment performed well, but Project Engineering revenue fell and margins were squeezed by rising costs.

Key Investment Insights

Key Positives

Revenue from operations grew 21.6% YoY to Rs.694.36 Cr
Gases segment revenue grew 8.95% YoY to Rs.544.42 Cr
Power and fuel cost as percentage of revenue improved 3.87pp YoY to 18.68%
Project Engineering segment EBIT margin recovered from 5.75% in Q4 FY26 to 10.45% in Q1 FY27
Net worth grew 2.4% QoQ to Rs.4,330.85 Cr
Company maintains zero borrowings

Risk Factors

PAT declined 1.94% YoY despite 21.6% revenue growth
EBITDA margin compressed 5.6pp YoY to 28.89%
Project Engineering revenue declined 11.6% YoY to Rs.224.56 Cr
Finance costs surged 89% YoY and 123% QoQ
Cost of materials consumed as % of revenue jumped 7.42pp YoY
Statutory auditor issued qualified opinion on SEBI RPT matter