Linde India Ltd. - A Case Study by a Newbie!

Linde India nowhere mentions anything about it exploring green hydrogen business at all. Annual reports, presentations nowhere? any source you have outside company docs that proves green hydrogen business pursued by the company?

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Regarding Linde’s role in India’s green hydrogen economy, the company expresses satisfaction with the government’s incentives, as they are expected to drive activity and foster innovation and technological advancements. Linde envisions leading developments in this space and anticipates sharing more details in the coming days. While the focus in India currently revolves around green hydrogen or electrolysis hydrogen, Linde disagrees with the view that green hydrogen can be obtained for $1 per kilogram.

Drawing from their experience in the industry, Linde explains that electrolysis technology is relatively crude, requiring significant power input (54 kW) to generate one kilogram of hydrogen. Process optimisation offers limited scope, and the primary avenue for improvement lies in scaling up the size of the electrolyser. Consequently, the cost of green hydrogen remains high. Linde acknowledges their ongoing work in proton exchange membrane (PEM) electrolysis and other electrolysis technologies but foresees a technology roadmap that will take at least five to seven years to achieve scalable, cost-effective, safe, and reliable green hydrogen solutions.

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Very contradicting things here. Green Hydrogen tender by SECI has revealed that the industry demands very low or even no incentive from the government. Whereas Linde saying the above is completely opposite of what was seen in the said tender.

Interesting to know where this green hydrogen will move. What is the logic behind asking no incentives from government. Was there some technical issue in the tender process that needs to be corrected? Or really there is a reason to ask no incentive by the industry?

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strong volume breakout, Above 200DMA, symmatric triangle, 5 months Trendline BO.Fundamentaly also strong comp with capex & new aquasition.

According to the best of my knowledge - please correct me if I am wrong.
Whenever the parent company Linde PLC talks about investment in India for Green hydrogen / PEM electrolyser, they are not going to do these investment through linde India.
They may do the investment through their Unlisted entity named Linde Engineering pvt limited. They have also mentioned this in the article above - very clearly and cleverly.that the investment would be done through their project engineering team.

Unfortunately , the market gets an wrong impression that linde India is a green hydrogen stock.
But in reality linde India has nothing to do with green hydrogen/ electrolyser.
Yes , Linde india may be a good stock (not sure if the valuation is justified though) because they are the market leader in all kinds of industrial Gases required by various Indian industries ( which includes Hydrogen gas) for different chemical metallurgical process and oxygen gas required by hospital and health care industry. Yes , it was a life saver during covid days.

Hydrogen currently linde India produces could be a Grey hydrogen industrial grade in small scale as per industry requirement.

By the way , we should not blindly trust MNC company in India , as most of them have a tendency of diverting all new / profitable business through unlisted entity - thanks to our Govt policy - which they take advantage of.

The link for Linde engineering pvt limited is given below


I find something more. I find the parent company Linde PLC has four unlisted entity in India through which it divert all profitable business. The parent Linde PLC also directly deals with Indian clients.

Linde group operates in India through Linde India Limited - listed co (75% ownership by Linde plc). The other 3 are not listed - Praxair India Private Limited - (100%), Linde Engineering India Private Limited (100%), Linde Global Support Services Pvt Limited (100% owned Global Captive Centre, GCC) and Linde South Asia Services Limited (owned jointly by Linde India and Praxair India, to manage the operations and maintenance of the facilities set-up/owned by both entities). In addition, Lind plc is servicing clients in India directly.

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Thanks. All new age GH2 and Semicon and other speciality gases are being routed through unlisted firms.

Same cases with most MNC including Bosch, Schneider, Siemens, ABB etc. No one routes the new speciality or higher margin businesses through the listed firm.


I am not sure about Bosch India !
Do they also have unlisted entity dealing with EV components?
can you please throw some light !

This is what i could find under listed firm…Bosch Limited – and TRobert Bosch
India Manufacturing and Technology Private Limited,

In Unlisted it is as below. Now some of this maybe JV or Associate firms but need to check.

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So , we never know how the parent Bosch will deal with emerging business for India such as EV , Green energy.e, chips etc…
so do we conclude it is not worth having a look at these kind of MNC stocks with half a dozen unlisted entities.

More like in case of MNC’s you can take a stake but be absolutely aware of the unlisted firms.

Do not ever go by newspaper headlines. You will have to check company disclosure to stock exchanges. Check royalty rates and RpT transactions.

Bosch is actually well placed. Same with Linde India but for right reasons

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Good assessment on MNC …but it is difficult to track all these.!

I am very happy with Desi.companies and especially PSU’s…

If one keeps getting two three times a year hefty dividends along with 2X-3X Capital appreciation within 2 -3 years … why to take a risk with unpredictable MNC’s ?

Dicl : I remain invested in PSU’s in emerging business , capex , atma nirbhar Bharat theme and hence i may be biased.
This is not a buy or sell recommendation. PSU’ s do carry risk of frequent govt policy changes. And PSU’s have run up over last two years and further upside may be limited unless supported by earnings.
please do your own assessment before investing

SEBI probing Linde India for cheating minority shareholders out of benefits of deal through unlisted companies of Linde group!

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Sebi should carry out similar investigations for many other MNC , who follows similar modus operandi

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