NOL
National Oxygen financials
- Market cap
- ₹28 Cr
- Sector
- Chemicals
What National Oxygen Ltd. does
National Oxygen Ltd. manufactures industrial gases in both liquid and gaseous form — oxygen, nitrogen, medical oxygen and dissolved acetylene gas — at its plants in Perundurai (Tamil Nadu) and Thiruvandar Koil (Puducherry). It sells under long-term supply contracts to hospitals and industrial customers such as manufacturing and process units. The company operates a single manufacturing segment and has historically also run a third plant at Mathur, Trichy, whose land and building were divested in July 2025.
Segments
- Industrial & medical gases manufacturing
- Operating manufacturing plants
- 2 (Perundurai, Tamil Nadu & Thiruvandar Koil, Puducherry)
- Core product range
- 4 gas types (oxygen, nitrogen, medical oxygen, dissolved acetylene) in liquid & gaseous form
- Plant capacity utilisation
- Both plants running at full rate capacity (FY25)
- Divested factory land parcel (Mathur, Trichy)
- 5.60 acres (sale completed July 2025)
- Stock exchange listing
- BSE only (single listing)
Quarterly results
Q1 FY27: revenue down 59.8%, net profit down 7.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 11 | 9 | 8 | 6 −40% | 5 −53% | 4 −54% | 3 −60% |
| EBITDA | 0 | -1 | -2 | -1 | -0 −850% | -1 +4% | -1 +38% | -1 −20% |
| Net profit | -1 | -2 | -3 | -2 | 7 +692% | -2 +22% | -2 +31% | -2 −7% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −17.6% 1Y
1Y: ₹45.4 on 29 Jan 2015 → ₹37.4. High ₹45.4 (29 Jan 2015), low ₹37.4 (17 Nov 2020).
Financials, as filed
Revenue fell 28.8% a year over 2 years, FY24 to FY26. Operating margin narrowed to -14.4%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹45 Cr | ₹41 Cr | ₹23 Cr |
| Operating profit | ₹1 Cr | ₹-2 Cr | ₹-3 Cr |
| Operating margin | 2.7% | -6.1% | -14.4% |
| Interest | ₹2 Cr | ₹2 Cr | ₹1 Cr |
| Depreciation | ₹3 Cr | ₹3 Cr | ₹2 Cr |
| Net profit | ₹-3 Cr | ₹-7 Cr | ₹2 Cr |
| Net margin | -7.1% | -17.3% | 8.0% |
| Cash from operations | ₹1 Cr | ₹-0 Cr | ₹-1 Cr |
| Free cash flow | ₹-3 Cr | ₹-0 Cr | ₹3 Cr |
| ROCE | -5.9% | -21.5% | -21.5% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Reserves | ₹-12 Cr | ₹-5 Cr | ₹-6 Cr | ₹-6 Cr | ₹-8 Cr | ₹-11 Cr |
| Borrowings | ₹37 Cr | ₹33 Cr | ₹29 Cr | ₹29 Cr | ₹25 Cr | ₹29 Cr |
| Other liabilities | ₹6 Cr | ₹7 Cr | ₹7 Cr | ₹6 Cr | ₹8 Cr | ₹6 Cr |
| Total liabilities | ₹36 Cr | ₹40 Cr | ₹35 Cr | ₹34 Cr | ₹30 Cr | ₹28 Cr |
| Fixed assets | ₹26 Cr | ₹24 Cr | ₹22 Cr | ₹22 Cr | ₹18 Cr | ₹18 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹3 Cr | ₹3 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹9 Cr | ₹15 Cr | ₹13 Cr | ₹11 Cr | ₹8 Cr | ₹6 Cr |
| Total assets | ₹36 Cr | ₹40 Cr | ₹35 Cr | ₹34 Cr | ₹30 Cr | ₹28 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −5.74 pp while the public added +5.73 pp. The shareholder count grew 1% to 5,132.
- Promoters
- 65.5%
- Public
- 34.5%
Since Jun 2025
- Promoters −5.74 pp
- Public +5.73 pp
How it drifted, 12 quarters
Over this window promoters fell from 70.0% to 65.5% — −4.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 70.0%, Public 30.0%.Dec '23: Promoters 70.0%, Public 30.0%.Mar '24: Promoters 70.0%, Public 30.0%.Jun '24: Promoters 71.4%, Public 28.6%.Sep '24: Promoters 71.3%, Public 28.7%.Dec '24: Promoters 71.3%, Public 28.7%.Mar '25: Promoters 71.3%, Public 28.7%.Jun '25: Promoters 71.3%, Public 28.7%.Sep '25: Promoters 71.2%, Public 28.8%.Dec '25: Promoters 70.2%, Public 29.8%.Mar '26: Promoters 69.6%, Public 30.4%.Jun '26: Promoters 65.5%, Public 34.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Rajesh Kumar Saraf - 2 +32.36 pp 35.02% held
- Hitesh Ramji Javeri newly disclosed 4.51% held
- Gajanand Saraf newly disclosed 0.17% held
The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of National Oxygen Ltd. above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajesh Kumar Saraf - 2 | 35.02% | +32.36 pp |
| Sarita Saraf | 9.95% | unchanged |
| Saraf Housing Development Pvt Ltd | 9.78% | unchanged |
| F L Dadabhoy | 5.47% | unchanged |
| Hitesh Ramji Javeri | 4.51% | newly disclosed |
| East Coast Acetylene Private Limited | 3.66% | unchanged |
| Pondicherry Agro Foods Private Limited | 3.21% | unchanged |
| R F Dadabhoy | 1.80% | unchanged |
| N F Dadabhoy | 1.80% | unchanged |
| Banita Agarwal . | 0.67% | unchanged |
| Savita Kainya | 0.42% | unchanged |
| Gajanand Saraf | 0.17% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse National Oxygen Ltd.
Guides on how to read this kind of business and the numbers that matter.