Linde India Q2 FY27 profit drops 31% to ₹119 crore despite 12% revenue rise
Synopsis
Linde India's Q2 FY27 results reveal a paradox: revenue grew 12% but profit fell 31% and EBITDA margin collapsed from 44% to 32%. The industrial gases major is growing its top line while its profitability is under significant pressure — a combination that will test new MD Milan Sadhukhan's turnaround credentials in the quarters ahead.
Key Takeaways
Linde India net profit fell 30.5% YoY to ₹119 crore in Q2 FY27 (quarter ended September 2026).
Revenue from operations rose 12.3% YoY to ₹723 crore , up from ₹644 crore in Q2 FY26.
EBITDA declined 18% to ₹232 crore ; EBITDA margin contracted to 32% from 44% a year earlier.
The company operates more than 35 facilities across India and is a subsidiary of global major Linde plc .
Shares closed 1.33% higher at ₹5,838 on the BSE , shrugging off the earnings decline.
Milan Sadhukhan has served as Managing Director since January 2026 .
Linde India Limited on Tuesday reported a 30.5% year-on-year decline in net profit to ₹119 crore for the quarter ended September 2026 (Q2 FY27), down from ₹171 crore in the same period last year, according to its stock exchange filing. The sharp earnings fall came even as the company posted double-digit revenue growth during the quarter.
Revenue Growth Masks Margin Pressure
Revenue from operations climbed 12.3% year-on-year to ₹723 crore in Q2 FY27, up from ₹644 crore in Q2 FY26. However, the top-line improvement was offset by a significant deterioration in operating profitability. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 18% to ₹232 crore from ₹282 crore in the year-ago quarter.
The EBITDA margin contracted sharply to 32% from 44% a year earlier — a 12 percentage point compression that signals rising cost pressures outpacing revenue gains. The company did not provide a detailed cost breakdown in its regulatory filing.
About Linde India's Business
Linde India, headquartered in Kolkata, is one of India's leading industrial and medical gases companies and a subsidiary of global industrial gases major Linde plc. The company operates across two segments — gases and engineering — supplying industrial, medical, and specialty gases such as oxygen, nitrogen, argon, and nitrous oxide through onsite pipeline systems, bulk cryogenic tankers, and cylinder distribution networks. It runs more than 35 facilities across India.
Its project engineering division designs, supplies, and commissions air separation units, nitrogen plants, pressure swing adsorption (PSA) plants, and related cryogenic infrastructure. Incorporated in 1935 and formerly known as BOC India Limited, the promoter group currently holds a 75% stake in the listed entity.
Leadership and Market Reaction
Milan Sadhukhan, who assumed charge as Managing Director in January 2026, leads the company through this period of margin stress. Despite the weak quarterly earnings, the market appeared to look past the results — shares of Linde India ended 1.33% higher at ₹5,838 on the BSE, up ₹76.65 on the day.
What to Watch
The divergence between revenue growth and profit performance points to cost escalation that management will need to address in the coming quarters. Analysts and investors will closely track whether Linde India can restore its EBITDA margin toward historical levels as it scales operations and manages input costs across its gases and engineering businesses.
Point of View
Which typically insulate margins; that this buffer has clearly thinned warrants scrutiny. The market's upbeat share-price reaction on results day suggests investors are betting on a transient cost spike rather than a durable margin reset. If Q3 FY27 does not show margin recovery, that optimism could unwind quickly.
NationPress
3 Nov 2026
Frequently Asked Questions
What were Linde India's Q2 FY27 earnings results?
Linde India reported a net profit of ₹119 crore in Q2 FY27 (quarter ended September 2026), a 30.5% decline from ₹171 crore in Q2 FY26. Revenue from operations, however, grew 12.3% to ₹723 crore over the same period.
Why did Linde India's profit fall despite higher revenue?
The profit decline was driven by a sharp deterioration in operating performance. EBITDA fell 18% to ₹232 crore and the EBITDA margin contracted to 32% from 44% a year earlier, indicating that rising costs outpaced revenue growth. The company has not provided a detailed cost breakdown.
How did Linde India's shares react to the Q2 results?
Despite the 31% profit decline, Linde India shares closed 1.33% higher at ₹5,838 on the BSE, up ₹76.65 on the day, suggesting investors were looking past the near-term earnings weakness.
What businesses does Linde India operate?
Linde India operates across two segments: gases and engineering. The gases segment supplies industrial, medical, and specialty gases including oxygen, nitrogen, argon, and nitrous oxide through more than 35 facilities across India. The engineering division designs and commissions air separation units, nitrogen plants, and related cryogenic infrastructure.
Who leads Linde India and what is its ownership structure?
Linde India is led by Managing Director Milan Sadhukhan, who took charge in January 2026. The company is headquartered in Kolkata, incorporated in 1935, and is a subsidiary of global major Linde plc. The promoter group holds a 75% stake in the listed entity.
