Is pricing discipline the secret engine behind Linde India’s sustained growth?

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This story belongs to the issue:
May 2025
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This story belongs to the Fortune India Magazine May 2025 issue.

With a legacy dating back to 1935, Linde India’s growth is driven by high demand across sectors and pricing discipline.

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Is pricing discipline the secret engine behind Linde India’s sustained growth?
Abhijit Banerjee, MD, Linde India; 100 Emerging Stars; Rank 16 

INDIA’S ECONOMY grew at over 8% on an average in the past three years, the second-highest among G20 nations and almost twice the average of emerging market economies in FY23. Riding on strong domestic demand, significant investments in public infrastructure and a growing financial sector, the growth rate in the Index of Industrial Production (IIP) was 5.1% in FY23.

In line with this growth, Linde India, a leading oxygen and industrial gases manufacturer and related project management expert, registered a 23.46% CAGR in net sales in the past three years. In the case of net profit, the CAGR was 42.16%. And thanks to its business growth and operational performance, Linde India has a market capitalisation of over ₹53,000 crore. The company has claimed the 16th spot in Fortune India’s maiden 100 Emerging Stars list.