Linde India Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹61,033 Cr
- Book Value
- ₹496
- Stock P/E
- 110.9
- Dividend Yield
- 0.06%
- ROE
- 13.7%
- ROCE
- 18.2%
- PEG Ratio
- 3.70
- EV/EBITDA
- 62.5
Fundamentals from Screener.in, as of 5 Aug 2026. Live price via Yahoo Finance.
Linde India share price today
Linde India (NSE: LINDEINDIA) runs one of the finest business models on the exchange: industrial gases. Build an air-separation unit inside a steel plant, sign a 15–20 year take-or-pay contract, pipe oxygen and nitrogen across the fence, and collect annuity revenue whether the customer runs full or not. Add merchant liquid gases and packaged cylinders, and you have duopoly economics (with INOX Air Products) in a market where gas is ~2% of a customer’s cost but 100% of their uptime.
Our internal note says it precisely: one of India’s finest businesses at one of its silliest prices. At 110.9× earnings for low-double-digit current growth, the universe verdict is wait — admire the moat, refuse the bill, and know exactly what drawdown changes the answer.
Why gases compound — and why price still matters
Gas contracts embed inflation escalators and volume floors; density of plants creates local monopolies (liquid gas travels ~200km economically); and every steel, chemicals, electronics and healthcare capex adds demand. The parent’s global technology (green hydrogen included) arrives via the listed entity when projects justify it. None of that is in dispute. What the scenarios below test is whether even 35.9% operating margins can outrun a 111× starting multiple.
Watch-items: steel-sector capex (the anchor demand), merchant gas pricing cycles, related-party structures with the parent’s unlisted Indian ventures (a recurring minority-shareholder topic), and multiple compression — the largest single risk here.
The numbers
From our research universe snapshot (5 Aug 2026):
| Metric | Value |
|---|---|
| Market cap | ₹61,033 Cr |
| P/E (TTM) | 110.9 |
| EV/EBITDA | 62.5 |
| Operating margin | 35.9% |
| ROE / ROCE | 13.7% / 18.2% |
| Debt to equity | 0.02 |
| Sales CAGR (5y) | 11.5% |
| Profit CAGR (5y) | 30.0% |
| Promoter holding | 75.0% |
| EPS (TTM) | ₹64.51 |
Linde India share price target 2026 to 2030
EPS base ₹64.51 (TTM). Bear: growth stays single-digit and the multiple halves — 8% growth at 55×. Base: steel capex revives project wins — 14% growth at 75×. Bull: hydrogen-era projects land — 20% growth at 95×.
| Year | Bear (55×, +8%) | Base (75×, +14%) | Bull (95×, +20%) |
|---|---|---|---|
| 2026 | ₹3,830 | ₹5,515 | ₹7,355 |
| 2027 | ₹4,140 | ₹6,290 | ₹8,825 |
| 2028 | ₹4,470 | ₹7,170 | ₹10,590 |
| 2029 | ₹4,825 | ₹8,170 | ₹12,710 |
| 2030 | ₹5,215 | ₹9,315 | ₹15,250 |
From ₹7,157, the base case is ≈ +30% over four and a half years — thin pay for a five-year hold. The bear case is −27%, and note it assumes nothing going wrong with the business — just a multiple drifting toward sanity. That is the entire investment problem, and why our range below demands a proper reset first.
Reasons to own Linde India (at the right price)
- Take-or-pay annuities: contracted revenue with inflation escalators, decades long.
- Duopoly structure — density economics keep third players regional at best.
- 36% operating margins and near-zero debt fund growth internally.
- Every industrial capex cycle in India buys more gas — steel, electronics, healthcare.
- Parent technology (including hydrogen) provides the next decade’s project pipeline.
The risks: at 111×, multiple compression can erase years of business progress; growth is currently GDP-plus, not hyper; and parent-affiliate project allocation deserves ongoing minority scrutiny.
Should you buy at the current price?
The live buy range below is for members — the drawdown at which admiration becomes action.
FAQ
What is the Linde India share price target for 2030? Base case ≈ ₹9,315 (75× on 14% compounded growth), bear ≈ ₹5,215, bull ≈ ₹15,250. Arithmetic above.
Why is Linde India valued at 111× earnings? Scarcity: a 75% promoter-held float, annuity economics, and institutional hoarding of “unkillable” businesses. Scarcity premiums are real — and they are also the main thing that can deflate.
What is a take-or-pay contract? The customer pays for contracted gas volumes whether consumed or not — revenue insurance for Linde, uptime insurance for the customer. It is why onsite gas revenue behaves like a bond coupon.
When are Linde India’s next results? Track the exact date on our results calendar.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.