BSE: 509449
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gases (100%), Power. Asset-light, non-operating industrial gases business with shut plant and ongoing arbitration
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 1 | 0 |
| EBITDA (ex other income) | (1) | (1) | (5) | (1) | (1) |
| margin % | (104.6) | (182.7) | (675.6) | (149.4) | (254.1) |
| Owners' profit | (3) | (2) | 0 | (0) | 3 |
| EPS, as reported (₹) | (12.19) | (10.47) | 1.78 | (1.95) | 14.13 |
| ROE % · ROCE % | (42.3) · (18.6) | (58.0) · (24.2) | 9.1 · 10.9 | (11.4) · (4.8) | 45.1 · 43.8 |
| Debt / equity (x) | 1.13 | 1.53 | 0.29 | 0.40 | 0.15 |
| Cash from operations | (0) | 0 | (4) | (1) | 0 |
| Capex | (0) | (0) | (0) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | 0 | (0) | 0 | (0) | 3 |
| Net profit | (0) | (0) | (0) | 0 | (0) | 0 | (0) | 3 |
| EPS (₹) | (0.84) | (0.84) | (0.89) | 0.62 | (0.14) | 0.49 | (0.33) | 14.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| GAS | 4 | 73.6 |
| POWER | 0 | 5.7 |
| Gases | 1 | 11.2 |
| Power | 0 | 3.6 |
| GASES | 0 | 5.9 |
| Total, before eliminations | 5 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.4 | 17.4 | 4 of 50 | 94% |
| P/B | 1.1 | 1.4 | 28 of 60 | 54% |
| ROCE | 43.1 | 6.0 | 2 of 62 | 98% |
| ROE | 45.1 | 5.0 | 1 of 60 | 100% |
| Debt / Equity | 0.1 | 0.2 | 27 of 60 | 56% |
| EBITDA margin | 55054.1 | 13.3 | 1 of 58 | 100% |
| Revenue growth | (29.1) | 6.7 | 47 of 54 | 13% |
| Profit growth | 2173.3 | 21.0 | 4 of 64 | 95% |
| Market cap | 8 | 98 | 63 of 66 | 5% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · RTA compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · 54th AGM: Both resolutions passed with near unanimous support | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Bhagwati Oxygen 54th AGM: Both resolutions passed with 99.9994% approval | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · 54th AGM outcome: Both resolutions passed with near-unanimous approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 54th AGM held on Sept 28, 2026; two ordinary resolutions passed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2 FY27 results | compliance | minimal | — | — |
| 31 Aug 2026 · Notice of 54th AGM published in newspapers; meeting on 28 Sept 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · Annual Report and 54th AGM Notice filed for FY 2025-26 | compliance | minimal | — | — |
| 31 Aug 2026 · 54th AGM on Sep 28; Book Closure Sep 22-28 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Notice of 54th AGM on September 28, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.