Stock Price Movement and Market Context
On 20 Feb 2026, National Oxygen Ltd (Stock ID: 888753) opened with a positive gap, rising 3.02% to an intraday high of Rs.74.95. However, the momentum could not be sustained, and the stock closed at Rs.71.4, down 1.69% on the day. This closing price represents the lowest level the stock has traded at in the past 52 weeks, underscoring the sustained bearish sentiment.
The stock has been declining for two consecutive sessions, losing approximately 4% over this period. It also underperformed its sector by 2.67% today, indicating relative weakness within the Other Chemical products industry. National Oxygen Ltd is currently trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a persistent downtrend across multiple time horizons.
In contrast, the broader market has shown resilience. The Sensex, after an initial negative opening down 225.65 points, rebounded sharply to close 0.45% higher at 82,868.79. The index remains within 3.97% of its 52-week high of 86,159.02, supported by gains in mega-cap stocks. This divergence highlights the stock’s underperformance relative to the benchmark.
Financial Performance and Fundamental Assessment
National Oxygen Ltd’s financial health continues to raise concerns. The company has reported negative results for five consecutive quarters, with net sales in the latest quarter reaching a low of Rs.5.04 crores. Over the past five years, net sales have contracted at an annualised rate of -6.40%, reflecting a prolonged period of declining revenue.
The company’s profitability metrics remain subdued. EBITDA has been negative, and profits have fallen by 34.8% over the last year. The average EBIT to interest coverage ratio stands at a weak 0.95, indicating challenges in servicing debt obligations. Additionally, the company’s book value is negative, pointing to weak long-term fundamental strength.
These factors contribute to the stock’s current Mojo Score of 3.0 and a Mojo Grade of Strong Sell, which was downgraded from Sell on 11 Aug 2025. The Market Cap Grade is 4, reflecting the company’s micro-cap status and associated risks.
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Shareholding and Promoter Activity
Promoter confidence appears to be waning, with a reduction in promoter stake by 1.08% over the previous quarter. Currently, promoters hold 70.16% of the company’s equity. This decrease may reflect a cautious stance on the company’s near-term prospects.
Such changes in shareholding patterns often signal shifts in internal sentiment and can influence market perception. The reduction in promoter holding comes amid a backdrop of consistent underperformance against the BSE500 benchmark over the past three years, with the stock generating a negative return of 37.26% in the last 12 months compared to the Sensex’s positive 9.39% gain.
Valuation and Risk Considerations
National Oxygen Ltd’s valuation metrics indicate elevated risk. The stock is trading at levels that are considered risky relative to its historical averages. The persistent decline in profitability and sales, combined with a negative book value, contribute to a challenging investment profile.
Over the past year, the stock’s return of -37.26% contrasts sharply with the broader market’s positive performance, underscoring the stock’s relative weakness. The company’s inability to generate positive EBITDA further compounds concerns about its financial stability.
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Historical Price Performance
The stock’s 52-week high was Rs.147.45, more than double the current price of Rs.71.4. This steep decline over the past year reflects the cumulative impact of weak financial results and subdued market sentiment. The stock’s consistent underperformance relative to the Sensex and its sector peers highlights the challenges faced by National Oxygen Ltd in regaining investor confidence.
Despite the broader market’s recovery and strength, National Oxygen Ltd remains on a downward trajectory, trading below all major moving averages and continuing to test new lows.
Summary of Key Metrics
To summarise, National Oxygen Ltd’s key financial and market metrics as of 20 Feb 2026 are:
- New 52-week low: Rs.71.4
- Day’s high: Rs.74.95
- Day change: -1.69%
- Consecutive fall over 2 days: -4% returns
- Mojo Score: 3.0 (Strong Sell)
- Market Cap Grade: 4
- Net sales (latest quarter): Rs.5.04 crores
- EBIT to Interest coverage ratio: 0.95
- Promoter holding: 70.16% (down 1.08% QoQ)
- 1-year stock return: -37.26%
- Sensex 1-year return: +9.39%
These figures collectively illustrate the pressures weighing on National Oxygen Ltd’s stock price and underline the challenges the company faces in reversing its current trend.
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