National Oxygen Limited (NOL.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

-153.1%

-₹30.19

vs ₹56.85 price

Levered DCF

-₹68.90

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	15.66×	-7.83×	-16.83×	-52.39×	5.36×	-16.43×	-9.05×	4.85×
P/B	-4.71×	-6.85×	-53.39×	-44.55×	2,601.49×	4.09×	-2.17×	-3.5×
P/S	1.25×	1.35×	1.18×	0.88×	0.81×	0.45×	0.32×	0.37×
EV / EBITDA	10.22×	-38.84×	41.88×	13.32×	4.38×	6.66×	8.07×	4.59×
Gross margin	9.4%	99.9%	18.8%	96.0%	96.6%	94.1%	19.1%	21.8%
Operating margin	-24.5%	-14.0%	-4.6%	0.9%	16.7%	7.8%	7.0%	11.0%
Net margin	8.0%	-17.3%	-7.1%	-1.7%	15.1%	-2.8%	-3.6%	7.7%
Current ratio	0.44×	0.67×	0.85×	1.51×	1.93×	0.8×	0.78×	0.55×
Debt / equity	-4.69×	-3.83×	-19.76×	-18.31×	1,326.13×	5.74×	-5.9×	-7.51×
Interest coverage	-3.99×	-3.57×	-1.27×	0.23×	3.92×	0.69×	0.64×	1.03×
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	-30.1%	87.4%	323.5%	84.9%	48582.2%	-24.9%	23.9%	-72.2%
Return on invested capital	-23.5%	-23.4%	-7.1%	1.4%	24.2%	9.9%	9.2%	14.6%
Return on assets	6.5%	-22.5%	-9.5%	-2.3%	19.2%	-3.0%	-4.1%	9.1%
Free cash flow yield	-24.2%	-0.7%	-5.5%	3.3%	26.1%	31.9%	30.4%	42.9%
Earnings yield	6.4%	-12.8%	-6.1%	-1.9%	18.7%	-6.1%	-11.0%	20.6%
Enterprise value	₹568.7M	₹850M	₹730.8M	₹568.4M	₹563.2M	₹431.7M	₹527.3M	₹543.5M
Net debt / EBITDA	5.05×	-13.77×	11.31×	3.59×	1.2×	3.89×	5.9×	3.13×
Cash conversion cycle (days)	-5	-21,781	29	-367	-462	-386	18	15