National Oxygen Limited

NOL.BO

Chemicals - Specialty · Basic Materials

Exchange

Bombay Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Mixed

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Winston Score History

The full picture

National Oxygen Limited is an Indian company that makes industrial gases and related products. Its core offerings include oxygen, nitrogen, argon, and acetylene — gases used by hospitals, steel plants, metal fabricators, and construction companies. The company operates in the specialty chemicals and industrial gases segment of India's basic materials sector.

National Oxygen earns revenue by selling compressed and liquefied gases, typically through cylinder sales and bulk supply contracts to industrial and medical customers. It operates primarily in India, and with a market cap of roughly ₹0.3 billion, it is a small regional player competing against much larger companies like Linde India and Inox Air Products. The company's negative operating margin and weak returns on capital suggest it is currently struggling with costs relative to revenue, and its main challenge is improving operational efficiency and pricing power in a competitive market dominated by well-funded global players.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-9.3%

Thin — -9.3% gross margin

Profit after running costs

Operating Margin

-58.8%

Losing money on operations — -58.8%

Return on the money invested

ROCE

-7.9%

Weak — -7.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-50.9%

Shrinking sales (-50.9% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

17.0x

no trend

Fair value — P/E 17.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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