National Oxygen Ltd

NOL

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Market Cap

₹ 48 Cr

P/E

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

National Oxygen Limited (NOL) specializes in manufacturing industrial gases, both in liquid and gaseous forms, serving diverse sectors like government workshops, petrochemicals, and pharmaceuticals.

Founded in 1974, NOL has expanded its operational scope with major installations of oxygen and nitrogen plants, emphasizing its growth from trading to manufacturing.

The company possesses a robust production capacity supported by plants operating at full capacity at Pondicherry and Perundurai.

NOL demonstrates environmental consciousness through its windmill project in Maharashtra, contributing to renewable energy production.

NOL's historical reliance on strategic expansions and loans, with assistance from SIPCOT, highlights their growth trajectory and financial strategies.

Sector

Chemicals

Industry

Industrial Gas

Market Cap

48 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

90.5

PEG Ratio

—

P/B Ratio

—

52W High

165.00

52W Low

93.00

Sales CAGR

-10.34%

-7.09%

-1.57%

10Y

1.25%

Profit CAGR

-116.72%

—

10Y

—

ROE

TTM

265.00%

110.92%

81.24%

10Y

48.77%

ROCE

TTM

-26.52%

-8.69%

5.67%

10Y

8.25%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RITESHIN	63.15	54 Cr	11.50	2.35	0.00	18.15	18.32	10.51
UCL	48.00	54 Cr	—	1.21	0.00	-8.56	-1.90	-6.88
SEYAIND	19.68	52 Cr	—	0.06	0.00	-0.91	-0.60	-0.46
NOL	95.00	48 Cr	—	0.00	0.00	265.00	-26.52	2.00
UNILEX	34.50	47 Cr	7.44	0.66	0.00	5.10	7.31	3.47
AMBICAAGAR	25.24	43 Cr	84.13	0.39	0.00	0.46	6.69	0.23
DYNAMIND	123.70	37 Cr	20.65	0.76	0.81	3.70	6.03	2.15

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	11	12	11	11	11	11	11	8.62	7.58	6.37
Expenses	11	11	11	11	11	11	12	10	8.62	6.81
Operating Profit	0.53	0.50	-0.02	0.23	0.00	0.06	-0.76	-1.77	-1.04	-0.44
OPM %	4.77	4.23	-0.18	2.09	0.00	0.57	-7.05	-20.53	-13.72	-6.91
Other Income	0.06	0.12	0.06	0.26	0.06	0.08	0.07	0.07	0.05	8.36
Interest	0.35	0.41	0.42	0.46	0.43	0.46	0.42	0.28	0.28	0.30
Depreciation	0.82	0.82	0.83	0.87	0.87	0.87	0.87	0.61	0.61	0.58
Profit Before Tax	-0.58	-0.60	-1.21	-0.84	-1.25	-1.19	-1.98	-2.59	-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
Net Profit	-0.58	-0.60	-1.21	-0.84	-1.25	-1.19	-1.98	-2.59	-1.87	7.04
EPS in Rs	-1.15	-1.20	-2.40	-1.57	-2.47	-2.35	-3.92	-5.16	-3.71	13.96

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	39	42	46	44	40	51	47	45	41	38
Expenses	31	36	38	38	33	39	43	44	43	41
Operating Profit	7.87	6.53	8.58	6.40	6.27	11	3.68	1.25	-2.47	-3.51
OPM %	20.00	15.44	18.56	14.56	15.77	22.59	7.81	2.75	-6.08	-9.34
Other Income	0.33	2.19	3.42	0.27	0.40	1.44	0.59	0.50	0.28	0.27
Interest	6.46	5.90	4.90	4.80	4.48	2.15	1.79	1.64	1.59	1.44
Depreciation	3.91	3.79	3.53	3.41	3.28	3.09	3.27	3.33	3.22	2.96
Profit Before Tax	-5.44	-1.88	3.57	-1.55	-1.10	7.63	-0.79	-3.23	-7.00	-7.63
Tax %	0.48	0.41	0.09	-0.88	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-5.41	-1.87	3.56	-1.57	-1.10	7.63	-0.79	-3.23	-7.00	-7.63
EPS in Rs	-10.70	-3.70	7.07	-3.11	-2.17	15.12	-1.56	-6.32	-13.90	1.17
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.80	4.80	4.80	4.80	4.80	4.80	4.80	4.80	5.04	5.04
Reserves	-4.35	-11	-13	-9.74	-11	-0.41	-4.79	-5.73	-6.04	-13
Borrowings	43	43	40	36	39	25	33	29	29	31
Other Liabilities	12	12	10	8.15	6.24	6.38	6.97	6.78	6.46	8.41
Total Liabilities	56	49	42	39	38	36	40	35	34	31
Fixed Assets	45	40	35	32	29	26	24	22	22	20
CWIP	0.00	0.03	0.03	0.03	0.03	0.06	0.00	0.14	0.81	0.18
Investments	0.16	0.01	0.11	0.17	0.19	0.21	0.10	0.05	0.08	0.33
Other Assets	11	9.24	6.55	7.08	9.00	9.23	15	13	11	11
Total Assets	56	49	42	39	38	36	40	35	34	31

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1.49	4.87	8.45	7.85	4.83	6.53	12	2.23	0.97	-0.18
Cash from Investing Activity	-0.45	0.71	2.68	3.12	-0.39	-0.70	0.40	-0.62	-3.69	-0.21
Cash from Financing Activity	-1.03	-5.85	-11	-11	-4.30	-5.87	-6.54	-5.93	1.07	0.45
Net Cash Flow	0.01	-0.27	0.28	0.11	0.14	-0.04	5.46	-4.32	-1.66	0.07

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	69.99%	69.99%	69.99%	69.99%	69.99%	69.99%	71.42%	71.29%	71.29%	71.29%	71.29%	71.24%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	28.58%	28.71%	28.71%	28.71%	28.71%	28.76%
Total Shareholders	4,854	4,794	4,708	4,876	5,049	5,155	5,196	5,081	5,100	5,123	5,081	4,982

Projection

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Announcements

Last 7 days

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Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

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Overall

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Moving Averages

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	11	12	11	11	11	11	11	8.62	7.58	6.37
Expenses	11	11	11	11	11	11	12	10	8.62	6.81
Operating Profit	0.53	0.50	-0.02	0.23	0.00	0.06	-0.76	-1.77	-1.04	-0.44
OPM %	4.77	4.23	-0.18	2.09	0.00	0.57	-7.05	-20.53	-13.72	-6.91
Other Income	0.06	0.12	0.06	0.26	0.06	0.08	0.07	0.07	0.05	8.36
Interest	0.35	0.41	0.42	0.46	0.43	0.46	0.42	0.28	0.28	0.30
Depreciation	0.82	0.82	0.83	0.87	0.87	0.87	0.87	0.61	0.61	0.58
Profit Before Tax	-0.58	-0.60	-1.21	-0.84	-1.25	-1.19	-1.98	-2.59	-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
Net Profit	-0.58	-0.60	-1.21	-0.84	-1.25	-1.19	-1.98	-2.59	-1.87	7.04
EPS in Rs	-1.15	-1.20	-2.40	-1.57	-2.47	-2.35	-3.92	-5.16	-3.71	13.96

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	39	42	46	44	40	51	47	45	41	38
Expenses	31	36	38	38	33	39	43	44	43	41
Operating Profit	7.87	6.53	8.58	6.40	6.27	11	3.68	1.25	-2.47	-3.51
OPM %	20.00	15.44	18.56	14.56	15.77	22.59	7.81	2.75	-6.08	-9.34
Other Income	0.33	2.19	3.42	0.27	0.40	1.44	0.59	0.50	0.28	0.27
Interest	6.46	5.90	4.90	4.80	4.48	2.15	1.79	1.64	1.59	1.44
Depreciation	3.91	3.79	3.53	3.41	3.28	3.09	3.27	3.33	3.22	2.96
Profit Before Tax	-5.44	-1.88	3.57	-1.55	-1.10	7.63	-0.79	-3.23	-7.00	-7.63
Tax %	0.48	0.41	0.09	-0.88	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-5.41	-1.87	3.56	-1.57	-1.10	7.63	-0.79	-3.23	-7.00	-7.63
EPS in Rs	-10.70	-3.70	7.07	-3.11	-2.17	15.12	-1.56	-6.32	-13.90	1.17
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.80	4.80	4.80	4.80	4.80	4.80	4.80	4.80	5.04	5.04
Reserves	-4.35	-11	-13	-9.74	-11	-0.41	-4.79	-5.73	-6.04	-13
Borrowings	43	43	40	36	39	25	33	29	29	31
Other Liabilities	12	12	10	8.15	6.24	6.38	6.97	6.78	6.46	8.41
Total Liabilities	56	49	42	39	38	36	40	35	34	31
Fixed Assets	45	40	35	32	29	26	24	22	22	20
CWIP	0.00	0.03	0.03	0.03	0.03	0.06	0.00	0.14	0.81	0.18
Investments	0.16	0.01	0.11	0.17	0.19	0.21	0.10	0.05	0.08	0.33
Other Assets	11	9.24	6.55	7.08	9.00	9.23	15	13	11	11
Total Assets	56	49	42	39	38	36	40	35	34	31

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1.49	4.87	8.45	7.85	4.83	6.53	12	2.23	0.97	-0.18
Cash from Investing Activity	-0.45	0.71	2.68	3.12	-0.39	-0.70	0.40	-0.62	-3.69	-0.21
Cash from Financing Activity	-1.03	-5.85	-11	-11	-4.30	-5.87	-6.54	-5.93	1.07	0.45
Net Cash Flow	0.01	-0.27	0.28	0.11	0.14	-0.04	5.46	-4.32	-1.66	0.07

Overview

Detailed Summary

National Oxygen Limited (NOL) specializes in manufacturing industrial gases, both in liquid and gaseous forms, serving diverse sectors like government workshops, petrochemicals, and pharmaceuticals.

Founded in 1974, NOL has expanded its operational scope with major installations of oxygen and nitrogen plants, emphasizing its growth from trading to manufacturing.

The company possesses a robust production capacity supported by plants operating at full capacity at Pondicherry and Perundurai.

NOL demonstrates environmental consciousness through its windmill project in Maharashtra, contributing to renewable energy production.

NOL's historical reliance on strategic expansions and loans, with assistance from SIPCOT, highlights their growth trajectory and financial strategies.

Sector

Chemicals

Industry

Industrial Gas

Market Cap

48 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

90.5

PEG Ratio

—

P/B Ratio

—

52W High

165.00

52W Low

93.00

Sales CAGR

-10.34%

-7.09%

-1.57%

10Y

1.25%

Profit CAGR

-116.72%

—

10Y

—

ROE

TTM

265.00%

110.92%

81.24%

10Y

48.77%

ROCE

TTM

-26.52%

-8.69%

5.67%

10Y

8.25%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RITESHIN	63.15	54 Cr	11.50	2.35	0.00	18.15	18.32	10.51
UCL	48.00	54 Cr	—	1.21	0.00	-8.56	-1.90	-6.88
SEYAIND	19.68	52 Cr	—	0.06	0.00	-0.91	-0.60	-0.46
NOL	95.00	48 Cr	—	0.00	0.00	265.00	-26.52	2.00
UNILEX	34.50	47 Cr	7.44	0.66	0.00	5.10	7.31	3.47
AMBICAAGAR	25.24	43 Cr	84.13	0.39	0.00	0.46	6.69	0.23
DYNAMIND	123.70	37 Cr	20.65	0.76	0.81	3.70	6.03	2.15