Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Linde India plans to double gas capacity to 20,000 TPD by FY27 with ₹32 bn capex, including new ASUs for Tata Steel.</li>
<li> FY25 PAT rose 5% despite a 10% revenue dip, driven by margin gains and cost efficiency.</li>
<li>Trades at over 80× P/E FY27, appears justified by annuity-like cash flows from critical long-term contracts with top steelmakers.</li>
</ul>


Linde India plans to double gas capacity to 20,000 TPD by FY27 with ₹32 bn capex, including new ASUs for Tata Steel.
 FY25 PAT rose 5% despite a 10% revenue dip, driven by margin gains and cost efficiency.
Trades at over 80× P/E FY27, appears justified by annuity-like cash flows from critical long-term contracts with top steelmakers.


Linde India (LINDEINDIA IN): High-Quality Compounder Riding India’s Industrial and Steel Growth

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$130m in its India IPO.
It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we talk about the company’s historical performance.


Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Shiva Pharmachem Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiva-pharmachem-limited" target="_blank" data-smartkarma-citation="entities:40109:1" rel="noopener">Shiva Pharmachem Limited (9155347Z IN)</a> is looking to raise around US$110m in its India IPO.</li>
<li>It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Shiva Pharmachem Limited (9155347Z IN) is looking to raise around US$110m in its India IPO.
It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .
In this note, we talk about the company’s historical performance.


Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aarti-industries-limited" target="_blank" data-smartkarma-citation="entities:6583:1" rel="noopener">Aarti Industries (ARTO IN)</a>  is planning a huge capex of 2500 Cr, which will increase their PPE by more than 50% from current CWIP and new capex.</li>
<li>Company is targeting 1450 to 1700Cr EBITDA in next year which is almost 1.5x to 2x of the existing EBITDA.</li>
<li>Introducing new products in the value chain, which has high-value added and high margins.</li>
</ul>



Aarti Industries (ARTO IN)  is planning a huge capex of 2500 Cr, which will increase their PPE by more than 50% from current CWIP and new capex.
Company is targeting 1450 to 1700Cr EBITDA in next year which is almost 1.5x to 2x of the existing EBITDA.
Introducing new products in the value chain, which has high-value added and high margins.


The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Forensic Accounting

<ul>
<li>Linde India entered into related party transaction without shareholders approval.</li>
<li>Further company also allocated future businesses and existing business of Linde India to its sister concern Praxair</li>
<li>Whether existing RPTs material in nature and need shareholder approval?  Whether the allocation of future and existing business from a listed entity to another promoter company amount to a RPT?</li>
</ul>


Linde India entered into related party transaction without shareholders approval.
Further company also allocated future businesses and existing business of Linde India to its sister concern Praxair
Whether existing RPTs material in nature and need shareholder approval?  Whether the allocation of future and existing business from a listed entity to another promoter company amount to a RPT?


Promoter Influence in RPTs: Linde India's Quest for Fair Business Allocations

India

Linde India Limited manufactures and distributes oxygen, hydrogen, nitrogen, argon and specialty gas mixtures. The Company also manufactures welding electrodes, rods, fluxes, gas and electric welding equipment, as well as air separation and gas plants, cryogenic equipment and liquid oxygen explosives.

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Linde India Ltd (LIIL IN)

Linde India (LINDEINDIA IN): High-Quality Compounder Riding India’s Industrial and Steel Growth

Linde India to double gas capacity for Tata Steel, FY25 PAT up 5% despite revenue dip, justified high P/E ratio with long-term contracts.

Rahul Jain

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

The Beat Ideas: Aarti Industries - Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.

Sudarshan Bhandari

Promoter Influence in RPTs: Linde India's Quest for Fair Business Allocations

Linde India's RPT and Future Business Allocations to Promoter Entity raises Governance Concern for its Shareholder's Future

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Linde India (LINDEINDIA IN): High-Quality Compounder Riding India’s Industrial and Steel Growth

​Linde India to double gas capacity for Tata Steel, FY25 PAT up 5% despite revenue dip, justified high P/E ratio with long-term contracts.

Rahul Jain

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

The Beat Ideas: Aarti Industries - ​Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.

Sudarshan Bhandari

Promoter Influence in RPTs: Linde India's Quest for Fair Business Allocations

Linde India's RPT and Future Business Allocations to Promoter Entity raises Governance Concern for its Shareholder's Future

Nimish Maheshwari

Linde India to double gas capacity for Tata Steel, FY25 PAT up 5% despite revenue dip, justified high P/E ratio with long-term contracts.

The Beat Ideas: Aarti Industries - Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.