Stock Price Movement and Market Context
On 23 Feb 2026, National Oxygen Ltd’s stock price fell to Rs.68.5, representing a 4.37% intraday decline from its previous levels. The stock’s intraday high was Rs.73.98, but it closed near the day’s low, reflecting persistent selling pressure. This marks the third consecutive day of losses, with the stock declining by 6.17% over this period. The stock underperformed its sector by 1.59% today and is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling a bearish trend.
In contrast, the broader market has shown resilience. The Sensex opened 92.12 points higher and climbed 221.58 points to close at 83,128.41, a 0.38% gain. The Sensex remains within 3.65% of its 52-week high of 86,159.02, supported by strong performances from mega-cap stocks. Despite this positive market backdrop, National Oxygen Ltd has lagged significantly.
Long-Term Performance and Valuation Concerns
Over the past year, National Oxygen Ltd has delivered a negative return of 34.38%, starkly contrasting with the Sensex’s positive 10.38% return over the same period. The stock’s 52-week high was Rs.147.45, underscoring the steep decline it has experienced. This underperformance extends beyond the last year, with the stock also lagging the BSE500 index over the last three years, one year, and three months.
The company’s valuation metrics and fundamental indicators contribute to its current status. National Oxygen Ltd holds a Mojo Score of 3.0 and a Mojo Grade of Strong Sell, an upgrade from its previous Sell rating as of 11 Aug 2025. The Market Cap Grade stands at 4, reflecting concerns about the company’s market capitalisation relative to its financial health and growth prospects.
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Financial Performance and Profitability Metrics
National Oxygen Ltd’s financial results have been consistently negative over the last five quarters, with net sales reaching a quarterly low of Rs.5.04 crores. The company’s net sales have declined at an annualised rate of 6.40% over the past five years, indicating a prolonged period of contraction. Profitability remains under pressure, with the company reporting negative EBITDA and a 34.8% decline in profits over the past year.
The company’s ability to service its debt is notably weak, with an average EBIT to interest ratio of just 0.95, signalling that earnings before interest and taxes are insufficient to comfortably cover interest expenses. This financial strain is further reflected in the company’s negative book value, which points to weak long-term fundamental strength.
Shareholding and Promoter Confidence
Promoter confidence appears to be waning, as evidenced by a reduction in promoter stake by 1.08% in the previous quarter. Currently, promoters hold 70.16% of the company’s shares. Such a decrease in promoter holding may be interpreted as a sign of diminished confidence in the company’s near-term prospects.
Technical and Relative Strength Indicators
From a technical perspective, the stock’s position below all major moving averages indicates a sustained downtrend. The 5-day, 20-day, 50-day, 100-day, and 200-day moving averages all lie above the current price, suggesting resistance levels that the stock has been unable to breach. This technical weakness is compounded by the stock’s underperformance relative to its sector and the broader market indices.
Risk Profile and Valuation Considerations
National Oxygen Ltd is currently trading at valuations that are considered risky compared to its historical averages. The combination of declining sales, negative earnings before interest, taxes, depreciation and amortisation, and a deteriorating balance sheet contribute to this elevated risk profile. The stock’s Mojo Grade of Strong Sell reflects these concerns, signalling caution for market participants analysing the company’s financial health and market position.
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Summary of Key Metrics
To summarise, National Oxygen Ltd’s current stock price of Rs.68.5 represents a 52-week low, down from a high of Rs.147.45. The stock has declined by 34.38% over the past year, while the Sensex has gained 10.38% during the same period. The company’s financial indicators reveal a negative book value, declining net sales, negative EBITDA, and a weak EBIT to interest coverage ratio of 0.95. Promoter stake has decreased slightly, and the stock trades below all major moving averages, reinforcing the prevailing downtrend.
These factors collectively contribute to the stock’s Mojo Grade of Strong Sell and a Mojo Score of 3.0, reflecting the challenges faced by National Oxygen Ltd in both fundamental and technical dimensions.
Market Position and Sector Overview
Operating within the Other Chemical products sector, National Oxygen Ltd’s performance contrasts with the broader market’s positive momentum. While the Sensex and mega-cap stocks have shown gains, the company’s stock continues to face downward pressure. This divergence highlights the specific difficulties encountered by National Oxygen Ltd relative to its sector and market peers.
Conclusion
National Oxygen Ltd’s fall to a 52-week low of Rs.68.5 underscores a period of sustained weakness characterised by declining sales, profitability pressures, and reduced promoter confidence. The stock’s technical indicators and fundamental metrics suggest ongoing challenges, reflected in its Strong Sell rating and underperformance relative to the broader market and sector indices.
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