Submission of Financial Results for the quarter ended 30th September 2025
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National Oxygen Limited reported unaudited results for Q2/H1 FY26 (ended Sept 30, 2025). Revenue from operations fell sharply to Rs. 1,295.74 lakhs in H1 FY26 from Rs. 2,178.83 lakhs in H1 FY25, a drop of roughly 40%, while Q2 revenue declined to Rs. 672.95 lakhs from Rs. 758.45 lakhs. The company swung to a net profit of Rs. 517.08 lakhs for H1 (vs a loss of Rs. 700.22 lakhs last year), but this was entirely driven by a one-time exceptional gain of Rs. 812.26 lakhs from the sale of its Mathur commercial land (5.60 acres) for Rs. 8.30 crores. Underlying core operations remain in the red with a loss before exceptional items and tax of Rs. 295.18 lakhs in H1. The company shut down its Perundurai plant from May 13, 2025 citing severe competition and steep losses, and its balance sheet shows negative other equity of Rs. (788.09) lakhs, reflecting accumulated losses. Sale proceeds were used to repay term loans, reducing financial liabilities and interest costs.
Headline profit is misleading as it stems from a one-time land sale, not from core industrial gas operations which continue to lose money. Declining revenues, a plant shutdown, and negative shareholder equity are significant red flags for long-term investors, though debt reduction from the land sale provides near-term relief.