The Unaudited financial results along with the limited review report for the quarter / Half Year ended 30th September 2025.

Revenue declinedExceptional itemEBITDA margin compressionProfit growth above 25%Going-concern doubtDebt to equity above the thresholdResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

-0.7%Reaction day

₹118.80

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Nifty Microcap 250market · in no size index; the smallest one is used-0.1%-0.6% vs market

Industrial Gases peers, median of 5sector-0.9%+0.2% vs sector

On the reaction day the stock moved 0.6 pts less than Nifty Microcap 250 and 0.2 pts more than its Industrial Gases peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

National Oxygen Limited reported a sharp fall in revenue and continued operational losses for H1 FY26. Revenue from operations dropped about 40% YoY to Rs. 1,295.74 lakhs (vs Rs. 2,175.83 lakhs in H1 FY25), with Q2 standalone revenue at just Rs. 672.97 lakhs. The company remained in operational losses with a loss before exceptional items and tax of Rs. 295.18 lakhs in H1 FY26 (vs Rs. 421.21 lakh loss a year ago). Net profit turned positive at Rs. 517.08 lakhs only because of a one-time exceptional gain of Rs. 812.26 lakhs from the sale of its Mathur commercial land (8.30 acres for Rs. 8.30 Crore), proceeds of which were used to repay term loans. The Perundurai plant operations were halted from 13 May 2025 citing severe competition. The auditor (PSDY & Associates) issued a clean limited review report with no qualifications. Total equity remains negative at Rs. (263.85) lakhs, indicating accumulated losses have wiped out share capital.

Likely market impact

Near-term stock reaction is likely negative as the core industrial gas business continues to shrink and lose money – the headline profit is entirely driven by a one-time land sale and not by operations. Negative shareholders' equity and the closure of the Perundurai plant are red flags that raise going-concern concerns for retail investors.