Linde India reports Q3 2025 results, addresses SEBI inquiry

Linde India’s board of directors approved the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025, on November 6, 2025. Standalone profit before tax for the half-year stood at INR 3,685.09 million, with total revenue from operations at INR 12,152.73 million. Consolidated profit before tax for the half-year was INR 3,726.14 million, with total revenue from operations also at INR 12,152.73 million.

The company is addressing SEBI's inquiry regarding related party transactions, particularly concerning the JV Agreement with Praxair India Private Limited. SEBI's order from July 24, 2024, mandates a valuation of "business foregone and received" due to geographic allocation, which Linde India has appealed. While the appeal is pending, an NSE-appointed valuer commenced the valuation process after the Supreme Court rejected Linde India's stay request on September 23, 2024.

Linde India maintains that no related party transaction has exceeded the materiality threshold of 10% of annual consolidated turnover, as per its legal opinions. The company also reported that expenses for the quarter and six months ended September 30, 2025, are net of INR 900 million due to a reversal of related liabilities and management reassessment.