Linde India is the country's leading industrial gases company, supplying oxygen, nitrogen and other gases to steel, chemicals, healthcare and electronics customers from 26 plants across 21 states. The Q2 print will speak to whether the margin compression seen in Q1 FY27 — PAT down ~2% YoY despite ~21.6% revenue growth — persists amid a sharp September power-price spike, and how the newly commissioned Kalinganagar ASUs begin contributing from 30 September 2026.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 6,943.63 Mn |
| Previous quarter PAT | Rs. 1,045.94 Mn |
| Market cap | Rs. 48,747.35 Cr |
| CMP | Rs. 5,718.0 |
The Board of Directors will meet on Tuesday, 3 November 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, under Reg 29 of SEBI LODR. The intimation was made on 26 October 2026.
The quarter's central question is whether the Q1 FY27 pattern — standalone revenue up 21.59% YoY but standalone PAT down 1.94% YoY and consolidated PAT down 2.42% — persists into Q2, with these the first results approved under new CFO Vikash Dokania (effective 15 Sep 2026). The derived-demand backdrop stayed firm through the quarter, with IIP growth of +6.7% to +8.0% YoY in each of July, August and September and cumulative Apr–Sep crude steel output of 85.1 Mt, up 2.9% YoY, with finished-steel consumption outpacing production. The swing factor is energy cost: IEX day-ahead prices averaged Rs. 5.7/unit for the quarter, up 46% YoY, escalating to Rs. 7.3/unit in September (+105% YoY), against a starting position where Q1's power & fuel cost as a share of revenue had actually improved 3.87pp YoY to 18.68% on a 22% renewable share and captive/open-access contracts. The Kalinganagar 2x1,800 TPD ASUs contributed essentially nothing to Q2, since gas supply to Tata Steel commenced effective 30 September 2026 — the final day of the quarter — making the P&L impact a H2 FY27 event, while PED enters with a ~Rs. 20,000 Mn third-party order book after Q1 PED revenue of Rs. 2,245.64 Mn. The regulatory overhang on RPT matters with Praxair India remains unresolved, with appeals pending before the Supreme Court and modified auditor conclusions flagging impacts as indeterminate.
Kalinganagar ramp timing: Gas supply to Tata Steel commenced effective 30 September 2026, the final day of the quarter under review.
Margin bridge vs the September power spike
PED execution and Dahej progress
PAT trajectory and regulatory overhang: These are the first results approved under new CFO Vikash Dokania, effective 15 September 2026.
Balance sheet deployment and plant optimisation
Standalone revenue rose 21.59% YoY to Rs. 6,943.63 Mn in Q1 FY27, up 13.03% QoQ. However, standalone PAT fell 1.94% YoY to Rs. 1,030.33 Mn, so revenue growth has not fully reached the bottom line.
The Conveyance Deed for the 2x1,800 TPD air separation units at Tata Steel's Kalinganagar Phase II Expansion Project was executed on 30 September 2026, with supply of industrial gases commencing effective the same day. Because this was the final day of Q2 FY27, the quarter reflects essentially none of the ASU contribution.
SEBI inquiries and orders on related party transactions with Praxair India Private Limited and Linde South Asia Services Private Limited remain ongoing, with appeals pending before the Supreme Court and NSE valuation reports on the table. Statutory auditors have issued modified conclusions, with impacts stated as indeterminate.
Vikash Dokania, a Chartered Accountant, was appointed CFO effective 15 September 2026. Interim CFO Ajay Kumar Sah demitted office at close of business on 14 September 2026, making the Q2 FY27 results the first approved under the new CFO.