National Oxygen Ltd.

BSE: NOL · Industrial Gases

52W Range₹43 ₹133

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Snapshot

Unlock National Oxygen Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

National Oxygen Ltd is an Indian company established in 1974 that specialises in the manufacturing and supply of industrial gases. The company provides products in both liquid and gaseous forms to a diverse range of industrial clients and healthcare facilities.

Business Model

The company generates revenue through the production and distribution of industrial gases, serving both the manufacturing sector and the medical industry. Its business model relies on maintaining supply chains for gas delivery to hospitals and industrial plants.

Growth Outlook

Growth is primarily driven by the increasing demand for industrial gases across the manufacturing sector and the sustained requirement for medical-grade oxygen in healthcare infrastructure.

Key Risks

  • Regulatory Compliance. The company faces stringent safety and environmental regulations regarding the production and storage of hazardous industrial gases.
  • Input Cost Volatility. Fluctuations in energy prices and raw material costs can significantly impact the operating margins of gas manufacturing processes.
  • Market Competition. The industrial gas sector is highly competitive, with pressure from both large multinational corporations and smaller regional players.
  • Operational Hazards. The handling and transportation of high-pressure gases involve inherent safety risks that could lead to operational disruptions or liabilities.

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Key Metrics

REVENUE

₹38 Cr

TTM · standalone

-15.9%YoY

NET PROFIT

₹1 Cr

TTM · standalone

+133.1%YoY

EPS

₹5.28

TTM · standalone

+166.8%YoY

RETURN ON EQUITY

103.2%

TTM · standalone

-307.3 ppYoY

RETURN ON CAPITAL EMPLOYED

12.3%

TTM · standalone

+20.5 ppYoY

P/E

11.1x

Q1 FY26 · standalone

11.1 vs -11.1x5Y avg

EV/EBITDA

10.7x

Q1 FY26 · standalone

10.7 vs -313.6x5Y avg

EBITDA MARGIN

15.1%

TTM · standalone

+12.4 ppYoY

NET PROFIT MARGIN

30.8%

Q3 FY26 · standalone

+49.2 ppYoY

DEBT TO EQUITY

3.8x

Q2 FY26 · standalone

+12.18xYoY

Peers · Industrial Gases

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
National Oxygen Ltd.NOL
₹29 Cr10.9010.39-15.9%15.1%103.2%12.3%-52.1%
Linde India Ltd.LINDEINDIA
₹55,469 Cr101.5359.3710.4%35.1%13.5%15.9%+2.0%
Ellenbarrie Industrial Gases LtdELLEN
₹4,507 Cr37.3625.5551.4%12.3%14.5%-38.2%
Refex Industries LimitedREFEX
₹3,946 Cr15.978.6426.5%15.9%16.5%25.1%-21.5%
Stallion India Fluorochemicals LimitedSTALLION
₹2,479 Cr37.1431.8416.4%10.6%14.4%+43.4%

As of Q1 FY26

Financials