Recent Price Movement and Market Context
On 16 Dec 2025, National Oxygen opened with a gain of 2.01%, touching an intraday high of Rs.96.45. However, the stock reversed course during the session, hitting an intraday low of Rs.90, which represents a 4.81% drop from the previous close. This low marks the stock’s weakest level in the past year, underscoring the challenges faced by the company. Over the last five days, the stock has declined by 6.66%, underperforming its sector by 2.88% on the day.
National Oxygen is currently trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This technical positioning indicates sustained downward momentum relative to its recent trading history.
Meanwhile, the broader market has shown mixed signals. The Sensex opened 187.75 points lower and closed down by 259.32 points at 84,766.29, a 0.52% decline. Despite this, the Sensex remains 1.64% below its 52-week high of 86,159.02 and is trading above its 50-day moving average, which itself is positioned above the 200-day moving average, signalling a generally bullish trend for the benchmark index.
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Long-Term Price Performance and Valuation
Over the past year, National Oxygen’s stock price has declined by 34.46%, contrasting with the Sensex’s gain of 3.71% during the same period. The stock’s 52-week high was Rs.165, highlighting the extent of the recent price erosion. This sustained underperformance has been consistent over the last three years, with the stock lagging behind the BSE500 index in each annual period.
Valuation metrics suggest the stock is trading at levels considered risky relative to its historical averages. Profitability has also been under pressure, with reported profits falling by 67.5% over the past year. The company’s earnings before interest and taxes (EBIT) to interest ratio averages 0.95, indicating limited capacity to comfortably service debt obligations.
Financial Results and Business Trends
National Oxygen has reported negative results for the last four consecutive quarters. The company’s net sales for the latest six-month period stand at Rs.13.95 crores, reflecting a decline of 34.14% compared to previous periods. Profit after tax (PAT) for the nine-month period is Rs. -5.54 crores, showing a contraction of 29.91%. Operating cash flow for the year is also negative, recorded at Rs. -0.18 crores.
The company’s long-term growth trajectory has been subdued, with net sales declining at an annual rate of 1.97% over the past five years. Additionally, the book value is negative, which points to weak long-term fundamental strength within the business.
Sector and Shareholding Overview
National Oxygen operates within the Other Chemical products industry and sector. The majority shareholding is held by promoters, indicating concentrated ownership. Despite the sector’s overall dynamics, National Oxygen’s performance has diverged notably from broader market trends and sector averages.
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Summary of Key Concerns
The stock’s fall to Rs.90 represents a critical price point, reflecting a combination of weak financial results, declining sales, and profitability pressures. The negative book value and limited ability to service debt highlight structural challenges. The consistent negative quarterly results and subdued long-term sales growth further illustrate the difficulties faced by National Oxygen in maintaining operational and financial stability.
Trading below all major moving averages and underperforming the broader market indices over multiple years, the stock’s current valuation and price action underscore the cautious environment surrounding this company’s shares.
Market and Technical Indicators
While the broader market indices such as the Sensex maintain a generally bullish technical stance, National Oxygen’s share price remains detached from these trends. The stock’s inability to sustain levels above short- and long-term moving averages signals ongoing selling pressure and subdued market sentiment towards the company.
Conclusion
National Oxygen’s stock reaching a 52-week low of Rs.90 marks a significant milestone in its recent price trajectory. The combination of financial headwinds, declining sales, and profitability challenges has contributed to this outcome. The stock’s performance contrasts with broader market trends, reflecting company-specific factors that have weighed on investor confidence and valuation.
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