BHAGWATI OXYGEN LTD.

Sells industrial gases (oxygen) and power, with two reporting segments — Gases and Power. The gases business historically supplied Hindustan Copper Ltd's smelter; the gas plant has been shut since October 2021 because that supply contract expired and was not renewed, and the dispute is in arbitration. Revenue from operations has collapsed, falling to Rs 48.67 lakhs in FY26 from Rs 81.00 lakhs in FY25, while the gases segment swung to a loss of Rs 41.07 lakhs in 9M FY26 and the power segment remained the only profit earner. FY26 net profit of Rs 326.81 lakhs was driven almost entirely by other income of Rs 468.28 lakhs — linked to the HCL arbitration settlement under the Vivad se Vishwas scheme — rather than operations. Total assets stand at Rs 10.39 crores and the cost base is dominated by employee and other operating expenses, which run at multiples of revenue given the shut plant.