Incorporated in 1974, National Oxygen Ltd is a manufacturer and supplier of IndustrialGases both in Liquid and Gaseous form[1]
Product Profile:[1]a) High Pure Liquid Oxygenb) High Pure Gaseous Oxygenc) High Pure Liquid Nitrogend) Medical Grade Oxygen Liquide) Medical Grade Oxygen Gasf) High Purity Nitrogen Gasg) Dissolved Acetylene Gas
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Linde India | 6107.00 | 103.10 | 52167.58 | 0.07 | 169.01 | 61.90 | 644.19 | 1.54 | 16.90 | 2413.01 | 36.53 | 505.97 | 169.01 | 13.18 | 8.99 | 0.02 |
| 2. | Ellen.Indl.Gas | 268.95 | 43.42 | 3790.46 | 0.00 | 36.72 | 23.84 | 89.17 | -5.85 | 18.23 | 312.48 | 35.15 | 80.22 | 36.72 | 4.11 | 10.57 | 0.13 |
| 3. | Refex Industries | 238.40 | 18.64 | 3266.40 | 0.21 | 36.19 | 41.07 | 426.85 | -0.27 | 20.89 | 2136.51 | 10.44 | 175.30 | 46.54 | 2.44 | 12.19 | 0.14 |
| 4. | Stallion India | 215.50 | 38.10 | 1708.59 | 0.00 | 11.42 | 1243.53 | 105.56 | 56.25 | 19.67 | 452.75 | 13.90 | 44.84 | 11.42 | 5.38 | 12.12 | 0.00 |
| 5. | Hilltone Softwar | 61.85 | – | 67.61 | 0.00 | -0.71 | -745.45 | 3.45 | 65.07 | 2.34 | 9.21 | -13.79 | -1.26 | -0.71 | 4.58 | -0.96 | 0.03 |
| 6. | Natl. Oxygen | 88.10 | – | 44.42 | 0.00 | 7.04 | 9.24 | 6.37 | -39.96 | -21.54 | 33.35 | -12.05 | -7.52 | -1.08 | – | -21.51 | – |
| 7. | Gagan Gases | 21.91 | 82.50 | 9.90 | 0.00 | -0.01 | -112.50 | 1.65 | 15.38 | 10.64 | 5.42 | 3.69 | 0.12 | -0.01 | 3.06 | 7.16 | 0.12 |
| – | Median: 4 Co. | 253.68 | 40.76 | 3528.43 | 0.04 | 36.45 | 51.48 | 266.21 | 0.64 | 18.95 | 1294.63 | 24.52 | 127.76 | 41.63 | 4.75 | 11.34 | 0.07 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 11.74 | 11.92 | 12.10 | 11.12 | 11.81 | 11.30 | 11.02 | 10.57 | 10.61 | 10.78 | 8.62 | 7.58 | 6.37 |
Expenses | 11.57 | 11.35 | 10.37 | 10.59 | 11.31 | 11.32 | 10.79 | 10.57 | 10.55 | 11.54 | 10.40 | 8.61 | 6.82 |
Operating Profit | 0.17 | 0.57 | 1.73 | 0.53 | 0.50 | -0.02 | 0.23 | 0.00 | 0.06 | -0.76 | -1.78 | -1.03 | -0.45 |
Other Income | 0.04 | 0.20 | 0.27 | 0.06 | 0.12 | 0.06 | 0.26 | 0.06 | 0.08 | 0.07 | 0.07 | 0.05 | 8.37 |
Profit before tax | -1.17 | -0.49 | 0.84 | -0.58 | -0.61 | -1.21 | -0.84 | -1.24 | -1.19 | -1.98 | -2.60 | -1.87 | 7.04 |
Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Net Profit | -1.17 | -0.48 | 0.84 | -0.58 | -0.60 | -1.21 | -0.84 | -1.25 | -1.19 | -1.98 | -2.59 | -1.87 | 7.04 |
EPS in Rs | -2.44 | -1.00 | 1.75 | -1.21 | -1.25 | -2.52 | -1.67 | -2.48 | -2.36 | -3.93 | -5.14 | -3.71 | 13.96 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 25.80 | 28.13 | 33.17 | 36.09 | 41.36 | 46.21 | 43.93 | 39.76 | 50.61 | 47.11 | 45.26 | 40.58 | 33.35 |
Expenses | 26.08 | 29.58 | 30.36 | 31.49 | 35.74 | 37.63 | 37.54 | 33.49 | 39.18 | 43.43 | 44.02 | 43.05 | 37.37 |
Operating Profit | -0.28 | -1.45 | 2.81 | 4.60 | 5.62 | 8.58 | 6.39 | 6.27 | 11.43 | 3.68 | 1.24 | -2.47 | -4.02 |
Other Income | 0.10 | 0.11 | 0.35 | 0.33 | 2.19 | 3.42 | 0.27 | 0.40 | 1.44 | 0.59 | 0.50 | 0.28 | 8.56 |
Interest | 3.57 | 5.43 | 6.10 | 6.46 | 5.90 | 4.90 | 4.80 | 4.48 | 2.15 | 1.79 | 1.64 | 1.59 | 1.28 |
Depreciation | 3.86 | 4.17 | 3.94 | 3.91 | 3.79 | 3.53 | 3.41 | 3.28 | 3.09 | 3.27 | 3.33 | 3.22 | 2.67 |
Profit before tax | -7.61 | -10.94 | -6.88 | -5.44 | -1.88 | 3.57 | -1.55 | -1.09 | 7.63 | -0.79 | -3.23 | -7.00 | 0.59 |
Net Profit | -5.26 | -10.83 | -5.68 | -5.41 | -1.87 | 3.56 | -1.57 | -1.10 | 7.63 | -0.79 | -3.23 | -7.00 | 0.60 |
EPS in Rs | -10.95 | -22.55 | -11.83 | -11.27 | -3.89 | 7.41 | -3.27 | -2.29 | 15.89 | -1.65 | -6.41 | -13.88 | 1.18 |
Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 4.80 | 4.80 | 4.80 | 4.80 | 4.80 | 4.80 | 4.80 | 4.80 | 4.80 | 4.80 | 5.04 | 5.04 | 5.04 |
Reserves | 12.75 | 1.34 | -4.35 | -11.45 | -13.31 | -9.74 | -11.34 | -12.41 | -4.79 | -5.73 | -6.04 | -13.05 | -7.88 |
Borrowings | 37.52 | 43.33 | 48.40 | 49.01 | 44.06 | 38.09 | 38.60 | 37.21 | 32.82 | 29.06 | 28.65 | 30.69 | 25.28 |
Other Liabilities | 7.47 | 7.88 | 7.00 | 6.74 | 6.37 | 6.04 | 6.16 | 6.39 | 6.97 | 6.78 | 6.45 | 8.41 | 7.61 |
Total Liabilities | 62.54 | 57.35 | 55.85 | 49.10 | 41.92 | 39.19 | 38.22 | 35.99 | 39.80 | 34.91 | 34.10 | 31.09 | 30.05 |
Fixed Assets | 52.61 | 48.77 | 44.88 | 39.81 | 35.24 | 31.91 | 29.01 | 26.48 | 24.27 | 22.07 | 21.98 | 19.58 | 18.49 |
Gross Block | 76.20 | 77.27 | 77.29 | 76.97 | 66.45 | 66.23 | 66.52 | 67.27 | 64.11 | 65.18 | 68.42 | 69.24 | – |
Accumulated Depreciation | 23.59 | 28.50 | 32.41 | 37.16 | 31.21 | 34.32 | 37.51 | 40.79 | 39.84 | 43.10 | 46.44 | 49.66 | – |
CWIP | 0.00 | 0.00 | 0.00 | 0.03 | 0.03 | 0.03 | 0.03 | 0.06 | 0.00 | 0.14 | 0.81 | 0.18 | 3.45 |
Investments | 0.77 | 0.56 | 0.16 | 0.01 | 0.11 | 0.17 | 0.19 | 0.21 | 0.10 | 0.05 | 0.08 | 0.33 | 0.33 |
Other Assets | 9.16 | 8.02 | 10.81 | 9.25 | 6.54 | 7.08 | 8.99 | 9.24 | 15.43 | 12.65 | 11.23 | 11.00 | 7.78 |
Total Assets | 62.54 | 57.35 | 55.85 | 49.10 | 41.92 | 39.19 | 38.22 | 35.99 | 39.80 | 34.91 | 34.10 | 31.09 | 30.05 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -2.37 | 1.30 | 1.49 | 4.87 | 8.45 | 7.85 | 4.83 | 6.53 | 11.59 | 2.23 | 0.97 | -0.18 |
Cash from Investing Activity | -4.36 | -1.67 | -0.45 | 0.71 | 2.68 | 3.12 | -0.39 | -0.70 | 0.40 | -0.62 | -3.69 | -0.21 |
Cash from Financing Activity | 6.77 | 0.39 | -1.03 | -5.85 | -10.86 | -10.86 | -4.30 | -5.87 | -6.54 | -5.93 | 1.07 | 0.45 |
Net Cash Flow | 0.04 | 0.02 | 0.01 | -0.27 | 0.28 | 0.11 | 0.14 | -0.04 | 5.46 | -4.32 | -1.66 | 0.07 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 62.53 | 46.71 | 66.46 | 45.41 | 32.92 | 33.33 | 40.71 | 45.90 | 36.35 | 41.37 | 42.74 | 29.32 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 62.53 | 46.71 | 66.46 | 45.41 | 32.92 | 33.33 | 40.71 | 45.90 | 36.35 | 41.37 | 42.74 | 29.32 |
Working Capital Days | -116.01 | -159.34 | -98.38 | -99.21 | -82.34 | -50.24 | -27.83 | -29.38 | 2.45 | 11.47 | -17.02 | -45.33 |
ROCE % | -7.83% | -10.43% | -1.67% | 2.15% | 5.44% | 15.05% | 9.85% | 10.90% | 27.81% | 3.28% | -5.88% | -21.54% |
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Stock Analysis
National Oxygen Limited is an Indian company engaged in the manufacturing and supply of industrial and medical gases. The company has faced significant financial and operational challenges recently.
Currently no data available for Key Growth Triggers.
Currently no data available for Order Book.
Persistent financial losses, negative equity, revenue declines, and reliance on asset sales for debt servicing are significant concerns identified from past financial reporting and company data. Operational issues have also impacted performance.
The upcoming announcement of Q3 FY26 financial results, which would follow this regulatory filing, is of importance for assessing the company's recent performance.
Corporate Announcements
