National Oxygen Limited

NOL.BO

Chemicals - Specialty · Basic Materials

Price

₹54.20

-0.80 (-1.45%)

Market Cap

₹273.3M

Exchange

Bombay Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+5.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.8M (2022) → 5.0M (2026)

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.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-54.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+31.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

82.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$35M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

National Oxygen Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

12.0%

Thin — 12.0% gross margin

Operating Margin

-41.7%

Losing money on operations — -41.7%

ROCE

-7.3%

Weak — -7.3% return on capital

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

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Growth

Sales YoY

-43.6%

Shrinking sales (-43.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

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

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

13.0x

Attractive valuation — P/E 13.0

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

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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