Linde India in focus after signing long-term deal with Asian Paints for supply of industrial gases

The shares of a mid-cap industrial gas manufacturer primarily engaged in the production of industrial and medical gases and the construction of cryogenic and non-cryogenic air separation plants are in focus following its announcement of entering into a long-term contract with Asian Paints Ltd. 

Price Action

The shares of Linde India Ltd, with a total market capitalization of Rs 51,961.97 Crores on Thursday, opened at Rs 6,150 per share, and as of 2:30 pm, the shares were trading on a flatter trend at Rs 6,093 per share, which was 0.3 percent down from its previous close of Rs 6,111.15. 

The shares of Linde India Ltd have generated a return of 112.6 percent in the past three years and an impressive 1,130 percent return in the past five years. 

What Happened

In a press release dated March 13, 2025, Linde India Ltd announced that it has entered into a long-term contract with Asian Paints (Polymers) Private Limited, a wholly owned subsidiary of Asian Paints Limited, to supply industrial gases through a pipeline to Asian Paints’ upcoming manufacturing facility in Dahej, Gujarat, where Vinyl Acetate Monomer (VAM) and Vinyl Acetate Ethylene Emulsion (VAE) will be produced.

To support this, Linde India plans to install its third Air Separation Unit (ASU) at the Dahej site, with a capacity of 245 TPD of liquid output and 100 TPD of Gaseous Oxygen (GOX). This development aligns with Linde’s long-term objective of creating a pipeline cluster in the Dahej region.

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Financials

The company reported a decline of 14.2 percent YoY in Revenue from operations from Rs 706 Crore in Q3FY24 to Rs 606 Crore in Q3FY25. Their Net Profits also declined slightly from Rs 120 Crore to Rs 116 Crore over the same period. 

Business Verticals

The company operates in two segments: Gases and Related Products and Project Engineering Division (PED). In the Gases segment, it supplies pipeline gases (Onsite) to industries like steel, glass, and chemicals, and offers liquefied gases (Bulk) and compressed gases (Packaged Gas) to sectors such as fabrication, manufacturing, and construction. 

In the PED segment, the company designs, installs, and commissions air separation units (ASUs), nitrogen plants, PSA plants, and gas distribution systems while also manufacturing cryogenic vessels for internal use and external sales.

About Linde India Ltd

Linde is a global leader in industrial gases and engineering, serving diverse markets such as metals, chemicals, automobiles, electronics, food and beverage, healthcare, and more. The company manufactures and distributes industrial, medical, and specialty gases while also offering engineering services. It operates 35 production facilities and filling stations across the country.

Written By Adhvaitha Nayani

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