Bhagawati Oxygen Limited (BHAGWOX.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-90.7%

₹3.60

vs ₹38.82 price

Levered DCF

-₹11.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	2.55×	-20.68×	26.12×	-4.05×	-4.45×	-0.96×	-36.96×	-3.47×
P/B	1.15×	2.34×	2.39×	2.35×	1.89×	0.32×	0.19×	0.28×
P/S	17.12×	11.49×	14.85×	14.36×	11.73×	7.51×	0.77×	0.44×
EV / EBITDA	2.72×	-31.69×	8.04×	-69.56×	-38.76×	-10.99×	3.59×	7.24×
Gross margin	98.8%	52.8%	28.3%	46.2%	41.3%	45.8%	57.0%	44.4%
Operating margin	-263.1%	-154.7%	-723.0%	-414.0%	-262.0%	-774.3%	-80.3%	-10.4%
Net margin	671.5%	-55.7%	56.8%	-354.6%	-263.3%	-784.1%	-2.1%	-12.6%
Current ratio	0.81×	1.29×	1.79×	0.98×	1.75×	2.49×	2.3×	1.65×
Debt / equity	0.15×	0.4×	0.29×	1.53×	1.13×	0.73×	0.48×	0.74×
Interest coverage	-24.3×	-10.25×	-12.99×	-3.89×	-4.02×	-5.82×	-4.04×	-0.96×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	45.1%	-11.4%	9.1%	-58.0%	-42.3%	-33.7%	-0.5%	-8.0%
Return on invested capital	-14.4%	-11.6%	-39.6%	-24.6%	-18.1%	-17.4%	-5.0%	-3.5%
Return on assets	31.4%	-4.0%	3.6%	-18.0%	-17.9%	-17.5%	-0.3%	-4.3%
Free cash flow yield	2.2%	-6.0%	-39.4%	3.1%	-3.4%	-24.1%	138.1%	123.6%
Earnings yield	39.2%	-4.8%	3.8%	-24.7%	-22.4%	-104.4%	-2.7%	-28.8%
Enterprise value	₹93.7M	₹108.9M	₹120.4M	₹155.8M	₹200.3M	₹97.2M	₹82.2M	₹121.7M
Net debt / EBITDA	0.3×	-4.61×	0.87×	-25.77×	-14.46×	-7.63×	2.58×	5.25×
Cash conversion cycle (days)	-54,823	523	938	1,134	651	1,668	308	56