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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DEEPAK FERTILIZERS & PETR | 16,727 | 17.0 | 2.24 | 12.2 | 9.9 | 8.4 | 14.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 17 Aug 2026 · Bhagwati Oxygen Q1 FY27 results published; loss widens year-on-year | compliance | minimal | — | — |
| 5 Aug 2026 · Board Meeting on 14 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 10 Jul 2026 · Bhagawati Oxygen files RTA certificate under SEBI Reg 74(5) for Q1 FY27 | compliance | minimal | — | — |
| 25 Jun 2026 · Trading window closure ahead of Q1 FY27 results | compliance | minimal | — | — |
| 30 May 2026 · Newspaper publication of Audited Financial Results for the quarter and year ended 31st March, 2026. | compliance | minimal | — | — |
| 29 May 2026 · Audited financial result along with the Auditor Report for the Quarter and Year Ended 31st March, 2026. | results | high | — | — |
| 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 |
| 26.1 |
| TATA CHEMICALS LTD | 15,683 | — | 0.71 | 141.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| GUJ NAR VAL FER & CHEM L | 8,273 | 8.0 | 0.91 | 6.0 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,773 | 55.4 | 18.15 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 5,179 | 78.0 | 1.00 | 10.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,879 | 8.4 | 1.09 | 5.1 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,469 | 21.2 | 3.21 | 14.1 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,330 | 31.0 | 4.31 | 23.7 | 12.7 | 16.9 | — | 11.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.6 | 17.0 | 4 of 57 | 95% |
| P/B | 1.3 | 1.4 | 27 of 59 | 55% |
| ROCE | 43.1 | 6.2 | 3 of 65 | 97% |
| ROE | 45.1 | 4.9 | 1 of 65 | 100% |
| Debt / Equity | 0.1 | 0.2 | 32 of 65 | 52% |
| 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 | 9 | 77 | 62 of 65 | 5% |
| 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 |
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