BSE: 507813
NATIONAL OXYGEN LTD.
Classified under the industrial gases basic industry, the company operates in the chemicals and petrochemicals sector. The provided facts do not specify which gases are produced or the current operating capacity. In FY26, revenue was Rs 22.96 crore per F_SCALE; a separate results filing reports revenue from operations of Rs 86,204 lakhs. The company returned to a net profit of Rs 1.84 crore in FY26 from a loss the prior year, supported by an exceptional gain of Rs 281.25 lakhs from the sale of its Mathur commercial property. Operations at the Perundurai plant were stopped from May 2025 due to competition and rising costs. The company has negative total equity of Rs 610.53 lakhs as of March 2026 and a negative net worth of Rs -8.00 crore as of March 2025, reflecting accumulated losses. Per F_COST_SHAPE, other operating expenses were 102.3% of revenue, employee costs 11.7%, depreciation 10.1%, and capex 20.1%. AR · MarketPing reader · 2026-08-02
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 51 | 47 | 45 | 41 | 23 |
| EBITDA (ex other income) | 11 | 4 | 1 | (2) | 5 |
| margin % | 22.6 | 7.8 | 2.8 | (6.1) | 20.9 |
| Owners' profit | 8 | (1) | (3) | (7) | 2 |
| EPS, as reported (₹) | 15.88 | (1.65) | (6.60) | 0.00 | 3.64 |
| ROE % · ROCE % | 48275.3 · 30.1 | 84.9 · 3.6 | 323.4 · (6.7) | 87.4 · (30.6) | (30.1) · 17.9 |
| Debt / equity (x) | 2077.23 | (30.89) | (28.49) | (3.83) | (4.69) |
| Cash from operations | 12 | 2 | 1 | (0) | (1) |
| Capex | (1) | (1) | (4) | (0) | (5) |
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 | 11 | 11 | 11 | 9 | 8 | 6 | 5 | 4 |
| Profit before tax | (1) | (1) | (2) | (3) | (2) | 7 | (2) | (2) |
| Net profit | (1) | (1) | (2) | (3) | (2) | 7 | (2) | (2) |
| EPS (₹) | (2.47) | (2.35) | (3.92) | 0.00 | (3.71) | 13.96 | (3.08) | (3.53) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LINDE INDIA LIMITED | 51,170 | 93.7 | 11.99 | 55.1 | 12.9 | 14.8 | — | 29.7 |
| ELLENBARRIE INDUS GASES L | 4,973 | 41.2 | 5.09 | — | 10.7 | 12.2 | — | 55.4 |
| STALLION IND FLUOROCHEM L | 2,566 | 38.4 | 3.77 | — | 6.4 | 8.7 | — | 20.8 |
| Hilltone Software and Gases Lt | 49 | 72.3 | 2.09 | — | 0.6 | (0.4) | — | (3.5) |
| NATIONAL OXYGEN LTD. ◆ | 28 | 15.4 | — | — | (30.1) | 10.1 | — | (18.9) |
| GAGAN GASES LTD. | 9 | 35.7 | 2.62 | — | 4.0 | 4.7 | — | 10.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.4 | 22.3 | 61 of 197 | 69% |
| ROCE | 10.1 | 8.1 | 95 of 220 | 57% |
| EBITDA margin | (18.9) | 14.0 | 196 of 201 | 3% |
| Revenue growth | (54.0) | 17.2 | 187 of 194 | 4% |
| Profit growth | 31.3 | 41.9 | 107 of 202 | 47% |
| Market cap | 28 | 384 | 187 of 225 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2/H1 FY27 results | compliance | minimal | — | — |
| 31 Aug 2026 · National Oxygen 51st AGM: All 6 resolutions passed | board shareholder meetings | minimal | — | — |
| 28 Aug 2026 · 51st AGM held; all 6 resolutions passed; asset sales approved; no dividend or bonus | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Q1 FY26 Results: Revenue up 33 percent, turns profitable with EPS of Rs 6.98 | results | high | — | — |
| 12 Aug 2026 · Board approves Q1 FY27 results, revenue up about 33%, returns to profit | results | medium | — | — |
| 8 Aug 2026 · National Oxygen 51st AGM notice published; meeting on August 28, 2026 via VC | compliance | minimal | — | — |
| 8 Aug 2026 · Board meeting on 12 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 6 Aug 2026 · National Oxygen 51st AGM on 28 Aug 2026 via video conferencing | board shareholder meetings | low | — | — |
| 6 Aug 2026 · 51st AGM on 28 Aug 2026; book closure 22-28 Aug 2026 | board shareholder meetings | low | — | — |
| 6 Aug 2026 · 51st AGM notice filed; seeks approval to sell Perundurai and Pondicherry plant assets | compliance | 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.