Linde India Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 7,231.97 Cr (+12.26% YoY) and PAT growth of -30.52% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 7,231.97 Cr (+12.26% YoY) |
| PAT (Q2) | Rs. 118.81 Cr (-30.52% YoY) |
| EBITDA margin | 32.55% (-1158 bps YoY) |
| EPS (Q2) | Rs. 13.93 (-30.52% YoY) |
Revenue grew 12.26% YoY to Rs.7,231.97 cr (Rs.723.20 cr in crore terms as presented) but PAT fell 30.52% YoY on power-cost base effects, materials inflation, and a 401.90% YoY rise in finance costs following Rs.950 cr of borrowings. The Kalinganagar 2×1,800 TPD ASU transfer to Tata Steel was completed on 30 Sep 2026, providing a confirmed H2 growth catalyst, while the SEBI RPT matter with a 6 Nov 2026 Supreme Court hearing and modified auditor conclusions remains an unresolved overhang. No prior FY27 guidance exists in the record, so no guidance beat or miss can be established.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand — "likely ahead to in-line" (IIP +6.7–8.0% monthly; crude steel +1.9% to +4.6% monthly, Apr–Sep +2.9%, per pre-call note, web-sourced) | Firm derived demand | Revenue +12.26% YoY, +4.15% QoQ | Played out |
| Margins — "pressure building through the quarter — watch for compression" (Sept power spike, per pre-call note, web-sourced) | Compression risk | Standard EBITDA margin 32.55% vs 44.13% YoY; power & fuel +209.43% YoY, flat QoQ | Played out |
| PAT trajectory — "revenue growth may not fully reach PAT" (Q1 pattern) | PAT lagging revenue | PAT −30.52% YoY vs Q1's −2.42% — the pattern intensified | Played out |
| Finance-cost trend | Rising | Rs.15.81 cr vs Rs.5.94 cr QoQ (+166.16%) on the Rs.950.00 cr loan | Played out |
| Kalinganagar — "essentially none of the 2×1,800 TPD contribution" in Q2 | H2 FY27 event | Supply commenced 30 Sep 2026; Gases revenue +0.42% YoY (no contribution) | Played out |
| PED execution vs order book | Hinges on cadence | Revenue −0.55% YoY, result −13.74% YoY | Partially |
| SEBI/RPT overhang update | Persists unresolved | Supreme Court hearing 6 Nov 2026; impact "not determinable" per the filing | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| "Supply of industrial gases to Tata Steel commenced effective 30 Sep 2026" (Conveyance Deed for 2×1,800 TPD ASUs) | Company announcement of 30 Sep 2026, in the filing | PPE +Rs.1,446.38 cr in 6M, CWIP −Rs.251.71 cr; Gases revenue still flat (+0.42% YoY) — asset on books, no P&L contribution yet | Confirmed |
| "Productivity initiatives… drive cost efficiencies supporting improved margins" (management's stated margin driver, FY25 Directors' Report) | FY25 Directors' Report, quoted in prior-quarter notes | Q2 FY27 standard EBITDA margin 32.55% vs 44.13% YoY; both segments' margins compressed YoY | Contradicted this quarter |
| "Expansion in key industrial clusters including Dahej" (FY26 AGM recap) | 90th AGM (13 Aug 2026) | CWIP Rs.1,091.07 cr at 30 Sep 2026; H1 capex Rs.1,376.49 cr — directionally | Confirmed |
| FY26 EBITDA Rs 9,764 Mn (+17%) as the margin yardstick | 90th AGM (13 Aug 2026) | Reproduced at Rs.976.38 cr on the company basis; H1 FY27 EBITDA −9.48% YoY — trajectory now running against it | Confirmed as reported; FY27 tracking below that pace |
| Metric | FY25 | FY26 | Q2 FY27 |
|---|---|---|---|
| Merchant deliveries (TPD) | 2,107 | 2,360 (+12%) | Not disclosed in the filing — cannot assess |
| Installed capacity (TPD) | — | 20,000 | Not updated in the filing |
| PED third-party order book | — | ~Rs.2,000 cr | Not updated in the filing |
| Renewable share of power | 7.59% | 22% | Not updated in the filing |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.