Check Before You Invest : National Oxygen Ltd

Q: Which industry/sub-sector does National Oxygen Ltd belong to?

National Oxygen Ltd belongs to the Oil & Gas sector, operating specifically within the Industrial Gases & Fuels segment.

Q: Is National Oxygen Ltd a good quality company?

National Oxygen Ltd is a quality company, based on a multi-year financial track record. This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q: Is National Oxygen Ltd undervalued or overvalued?

National Oxygen Ltd appears Undervalued, as its key valuation ratios are lower than their past averages. Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more. Valuation Ratios. Price to Earnings, Current: 38.4, Historic Median: -. Price to Book, Current: -8.94, Historic Median: -16.30. Price to Sales, Current: 1.42, Historic Median: 1.26. EV to EBITDA, Current: -18.22, Historic Median: 15.50

Q: Is National Oxygen Ltd a good buy now?

National Oxygen Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Q: Revenue growth of National Oxygen Ltd?

National Oxygen Ltd revenue growth is -10.3% for FY-2025, which is below its 5-year CAGR of -1.57%, indicating slower growth.

Q: Gross Profit margin of National Oxygen Ltd?

National Oxygen Ltd Gross profit margin which is the profit after deduction of direct costs, is -9.3% for FY-2025, which is below its 5-year median of 5.3%, indicating decreasing margins.

Q: Operating Profit Margin of National Oxygen Ltd?

National Oxygen Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is -6.08% for FY-2025, which is below its 5-year median of 7.81% indicating decreasing margins.

Q: Net Profit Margin of National Oxygen Ltd?

National Oxygen Ltd Net Profit Margin is -17.25% for FY-2025, is below its 5-year median of -2.75%, indicating decreasing margins. Profitability Metrics. Gross Profit Margin (%), Current: -9.3, Historic Median: 5.3. Operating Profit Margin (%), Current: -6.08, Historic Median: 7.81. Net Profit Margin (%), Current: -17.25, Historic Median: -2.75

Q: Return on Asset of National Oxygen Ltd?

National Oxygen Ltd Return on Asset is -21.48%, which is below its 5-year historical median of -2.95%, indicating deteriorated asset utilization efficiency.

Q: Return on capital employed (ROCE) of National Oxygen Ltd?

National Oxygen Ltd Return on capital employed is -21.59% for FY-2025, which is below its 5-year historical median of 3.3%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Check Before You Invest : National Oxygen Ltd

Snapshot

Q.1 Which industry/sub-sector does National Oxygen Ltd belong to?

National Oxygen Ltd belongs to the Oil & Gas sector, operating specifically within the Industrial Gases & Fuels segment.

Q.2 Is National Oxygen Ltd a good quality company?

National Oxygen Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is National Oxygen Ltd undervalued or overvalued?

National Oxygen Ltd appears Undervalued, as its key valuation ratios are lower than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios	Current	5-year Historic Median
Price to Earnings	38.4	-
Price to Book	-8.94	-16.30
Price to Sales	1.42	1.26
EV to EBITDA	-18.22	15.50

Q.4 Is National Oxygen Ltd a good buy now?

National Oxygen Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of National Oxygen Ltd?

National Oxygen Ltd revenue growth is -10.3% for FY-2025, which is below its 5-year CAGR of -1.57%, indicating slower growth.

Q.2 Gross Profit margin of National Oxygen Ltd?

National Oxygen Ltd Gross profit margin which is the profit after deduction of direct costs, is -9.3% for FY-2025, which is below its 5-year median of 5.3%, indicating decreasing margins.

Q.3 Operating Profit Margin of National Oxygen Ltd?

National Oxygen Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is -6.08% for FY-2025, which is below its 5-year median of 7.81% indicating decreasing margins.

Q.4 Net Profit Margin of National Oxygen Ltd?

National Oxygen Ltd Net Profit Margin is -17.25% for FY-2025, is below its 5-year median of -2.75%, indicating decreasing margins.

	Current Level	5-year Historic Median
Gross Profit Margin (%)	-9.3	5.3
Operating Profit Margin (%)	-6.08	7.81
Net Profit Margin (%)	-17.25	-2.75

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of National Oxygen Ltd?

National Oxygen Ltd Return on Asset is -21.48%, which is below its 5-year historical median of -2.95%, indicating deteriorated asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of National Oxygen Ltd?

National Oxygen Ltd Return on capital employed is -21.59% for FY-2025, which is below its 5-year historical median of 3.3%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Q.7 Cash conversion cycle of National Oxygen Ltd?

National Oxygen Ltd Cash conversion cycle is 18 days, in line with its 5-year historical median of 18 days, indicating stable working capital management. However, you need to compare this with its peers in the industry.

C: How much debt does the business have and is it at a sustainable level?

Q.8 Debt to Equity ratio of National Oxygen Ltd?

National Oxygen Ltd Debt-to-Equity ratio is -3.83, which is lower the industry average of 0.05, indicating lower debt levels in the industry.

Q.9 Debt to cash flow from operations of National Oxygen Ltd?

National Oxygen Ltd Debt to cash flow from operations is -174.1, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of National Oxygen Ltd?

Q.1 Promoter shareholding and pledge status of National Oxygen Ltd?

Promoters hold 69.63% of the National Oxygen Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does National Oxygen Ltd performance compare with that of its Peers?

Q.1 Revenue growth of National Oxygen Ltd vs industry peers?

National Oxygen Ltd revenue CAGR is -1.57%, compared to the industry median CAGR of 1.69%, indicating slower growth and losing its market share.

Profit Metrics

	Current Level	5-year Industry Median
Revenue Growth (%)	-10.3	1.7
Gross Profit Growth (%)	-3,880	17.8
Operating Profit Growth (%)	-297.6	13.9
Net Profit Growth (%)	0	17.5

Operating Efficiency

	Current Level	5-year Industry Median
Asset Turnover (x)	1.24	0.82
ROE (%)	-	3.78
ROCE (%)	-21.59	5.33
Cash Conversion Cycle (days)	17.78	48

Valuation & price assessment

Q.1 Stock return of National Oxygen Ltd over the last decade?

Over the last 9 year(s), the stock has delivered a CAGR of 6.9% based on the current price.

	9Y	5Y	3Y	1Y
Share Price CAGR	6.9%	4.7%	-3.1%	-21.7%

Q.2 Valuation ratios of National Oxygen Ltd vs historical?

The current P/E ratio of 38.4 is higher than its historical median of , indicating that the stock is trading above its historical average valuation.

Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?

Valuation Ratios	Current	5-year Historic Median	5-year Industry Median
Price to Earnings	38.4	-	11.53
Price to Book	-8.94	-16.30	2.25
Price to Sales	1.42	1.26	1.37
EV to EBITDA	-18.22	15.50	5.42

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Check Before You Invest : National Oxygen Ltd

Snapshot

Performance Analysis

Ownership & governance

Peer comparison (industry-wise, mcap)

Profit Metrics

Operating Efficiency

Valuation & price assessment

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