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Last Updated: April 2, 2026, 4:14 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 509449 | NSE: BHAGWOX

Bhagawati Oxygen Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹89.91Undervalued by 149.75%vs CMP ₹36.00

P/E (59.4) × ROE (10.6%) × BV (₹17.50) × DY (2.00%)

₹59.42Undervalued by 65.06%vs CMP ₹36.00
MoS: +39.4% (Strong)Confidence: 53/100 (Moderate)Models: 1 Under, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹151.9834%Under (+322.2%)
Graham NumberEarnings₹15.5020%Over (-56.9%)
DCFCash Flow₹12.0516%Over (-66.5%)
Net Asset ValueAssets₹17.5211%Over (-51.3%)
Earnings YieldEarnings₹6.1011%Over (-83.1%)
Revenue MultipleRevenue₹5.268%Over (-85.4%)
Consensus (6 models)₹59.42100%Undervalued
Key Drivers: EPS CAGR 69.0% lifts DCF — verify sustainability. | Wide model spread (₹5–₹152) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 69.0%

*Investments are subject to market risks

Investment Snapshot

35
Bhagawati Oxygen Ltd scores 35/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health44/100 · Moderate
ROCE 6.7% WeakROE 10.6% AverageD/E 0.73 ModerateInterest Coverage 0.0x RiskyProfitable 1/5 years Inconsistent
Smart Money50/100 · Moderate
Promoter holding at 43.3% Stable
Earnings Quality30/100 · Weak
OPM contracting (-143% → -408%) DecliningWorking capital: 158 days Capital intensive
Quarterly Momentum25/100 · Weak
Revenue (4Q): -48% YoY DecliningOPM: -700.0% (down 576.9% YoY) Margin pressure
Industry Rank30/100 · Weak
P/E 59.4 vs industry 67.0 In-lineROCE 6.7% vs industry 14.9% Below peers3Y sales CAGR: -9% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:14 am

Market Cap 8.32 Cr.
Current Price 36.0
Intrinsic Value₹59.42
High / Low 67.0/33.6
Stock P/E59.4
Book Value 17.5
Dividend Yield0.00 %
ROCE6.68 %
ROE10.6 %
Face Value 10.0
PEG Ratio0.86

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Bhagawati Oxygen Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Bhagawati Oxygen Ltd 8.32 Cr. 36.0 67.0/33.659.4 17.50.00 %6.68 %10.6 % 10.0
Gagan Gases Ltd 10.3 Cr. 22.7 37.7/17.693.3 7.170.00 %10.6 %8.49 % 10.0
Linde India Ltd 59,713 Cr. 7,002 7,870/5,202102 4630.06 %16.9 %12.3 % 10.0
Refex Industries Ltd 2,778 Cr. 203 534/18813.2 97.50.25 %25.3 %22.0 % 2.00
Industry Average31,245.50 Cr1,815.9366.98146.290.08%14.87%13.35%8.00

All Competitor Stocks of Bhagawati Oxygen Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 0.130.080.310.230.030.160.240.310.260.010.150.290.05
Expenses 0.420.680.792.220.592.010.500.580.580.380.430.450.40
Operating Profit -0.29-0.60-0.48-1.99-0.56-1.85-0.26-0.27-0.32-0.37-0.28-0.16-0.35
OPM % -223.08%-750.00%-154.84%-865.22%-1,866.67%-1,156.25%-108.33%-87.10%-123.08%-3,700.00%-186.67%-55.17%-700.00%
Other Income 0.060.480.006.430.04-0.090.110.120.160.480.280.300.30
Interest 0.190.170.160.150.070.020.030.030.030.030.020.010.01
Depreciation 0.410.410.410.110.020.010.010.010.010.010.010.010.01
Profit before tax -0.83-0.70-1.054.18-0.61-1.97-0.19-0.19-0.200.07-0.030.12-0.07
Tax % -6.02%-7.14%-4.76%13.40%-13.11%-13.71%0.00%5.26%5.00%-100.00%33.33%8.33%14.29%
Net Profit -0.78-0.66-0.993.63-0.52-1.71-0.20-0.19-0.210.14-0.030.11-0.08
EPS in Rs -3.37-2.85-4.2815.69-2.25-7.39-0.86-0.82-0.910.61-0.130.48-0.35

Last Updated: March 3, 2026, 11:50 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 1:35 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 12.3011.7010.2210.018.467.653.000.401.070.680.720.810.50
Expenses 11.9010.849.548.626.526.593.631.712.171.925.522.021.66
Operating Profit 0.400.860.681.391.941.06-0.63-1.31-1.10-1.24-4.80-1.21-1.16
OPM % 3.25%7.35%6.65%13.89%22.93%13.86%-21.00%-327.50%-102.80%-182.35%-666.67%-149.38%-232.00%
Other Income 0.580.720.480.751.240.642.930.470.601.026.390.871.36
Interest 0.010.040.030.210.760.840.610.570.710.730.500.130.07
Depreciation 0.420.230.230.421.861.861.851.841.791.660.540.040.04
Profit before tax 0.551.310.901.510.56-1.00-0.16-3.25-3.00-2.610.55-0.510.09
Tax % 9.09%22.90%24.44%32.45%26.79%-4.00%-62.50%-4.62%-6.00%-7.28%25.45%-11.76%
Net Profit 0.501.020.671.020.41-0.96-0.06-3.10-2.82-2.420.41-0.450.14
EPS in Rs 2.164.412.904.411.77-4.15-0.26-13.40-12.19-10.461.77-1.950.61
Dividend Payout % 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)104.00%-34.31%52.24%-59.80%-334.15%93.75%-5066.67%9.03%14.18%116.94%-209.76%
Change in YoY Net Profit Growth (%)0.00%-138.31%86.55%-112.04%-274.34%427.90%-5160.42%5075.70%5.15%102.76%-326.70%

Bhagawati Oxygen Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-23%
5 Years:-23%
3 Years:-9%
TTM:11%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:23%
TTM:-124%
Stock Price CAGR
10 Years:4%
5 Years:17%
3 Years:3%
1 Year:-32%
Return on Equity
10 Years:-15%
5 Years:-45%
3 Years:-63%
Last Year:-11%

Last Updated: September 5, 2025, 2:41 pm

Balance Sheet

Last Updated: December 4, 2025, 2:31 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 2.312.312.312.312.312.312.312.312.312.312.312.312.31
Reserves 7.768.789.4510.4010.799.7810.136.904.341.872.191.661.74
Borrowings 0.000.330.7513.4612.628.915.936.777.506.411.321.590.65
Other Liabilities 3.233.272.713.591.971.611.531.771.572.895.525.575.70
Total Liabilities 13.3014.6915.2229.7627.6922.6119.9017.7515.7213.4811.3411.1310.40
Fixed Assets 2.332.122.1316.2414.3912.5310.688.847.055.261.451.401.38
CWIP 0.000.000.350.000.000.000.000.000.000.000.000.000.00
Investments 2.382.442.232.382.011.991.932.161.970.730.811.071.34
Other Assets 8.5910.1310.5111.1411.298.097.296.756.707.499.088.667.68
Total Assets 13.3014.6915.2229.7627.6922.6119.9017.7515.7213.4811.3411.1310.40

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1.35-0.30-0.181.390.674.133.19-0.72-0.420.31-4.22-0.56
Cash from Investing Activity + -0.090.410.09-13.970.860.420.350.070.602.259.150.39
Cash from Financing Activity + -0.180.150.1512.62-1.53-4.54-3.600.65-0.17-1.94-5.550.16
Net Cash Flow 1.080.260.060.04-0.010.02-0.060.000.010.61-0.62-0.01
Free Cash Flow 1.34-0.32-0.76-12.790.664.133.19-0.72-0.431.164.82-0.56
CFO/OP 438%-2%24%102%58%390%-506%55%67%-25%88%46%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow0.400.53-0.07-12.07-10.68-7.85-6.56-8.08-8.60-7.65-6.12-2.80

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 72.70111.37101.43127.2683.7061.07369.872,253.88975.611,685.441,480.281,230.19
Inventory Days 12.5660.1124.2911.3452.9843.91108.15365.0015.2129.2023.5519.21
Days Payable 46.04100.5197.18133.24329.6885.08446.113,650.00441.04832.20918.39739.61
Cash Conversion Cycle 39.2270.9828.555.35-192.9919.9131.90-1,031.12549.77882.44585.44509.79
Working Capital Days 46.0070.50101.79-213.31-338.25-62.98180.071,377.88310.42-724.63694.51157.72
ROCE %5.66%12.56%7.27%8.22%4.74%-0.73%2.24%-15.60%-15.53%-21.50%-57.53%-6.85%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 43.30%43.30%43.30%43.30%43.30%43.30%43.30%43.30%43.30%43.30%43.30%43.30%
DIIs 12.99%12.99%12.99%12.99%12.99%12.99%12.99%12.99%12.99%12.99%12.99%12.99%
Public 43.72%43.72%43.72%43.72%43.72%43.71%43.72%43.72%43.72%43.72%43.72%43.71%
No. of Shareholders 6,6126,6076,6156,7216,7156,8106,9366,9547,0777,2157,2587,271

Shareholding Pattern Chart

No. of Shareholders

Bhagawati Oxygen Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) -1.951.78-10.47-12.19-13.42
Diluted EPS (Rs.) -1.951.78-10.47-12.19-13.42
Cash EPS (Rs.) -1.764.11-3.28-4.45-5.46
Book Value[Excl.RevalReserv]/Share (Rs.) 17.1719.4518.0728.7839.83
Book Value[Incl.RevalReserv]/Share (Rs.) 17.1719.4518.0728.7839.83
Revenue From Operations / Share (Rs.) 3.503.132.954.631.71
PBDIT / Share (Rs.) -1.496.47-0.96-2.23-3.82
PBIT / Share (Rs.) -1.674.14-8.16-9.97-11.79
PBT / Share (Rs.) -2.202.40-11.30-12.98-14.07
Net Profit / Share (Rs.) -1.951.78-10.47-12.19-13.42
PBDIT Margin (%) -42.44206.99-32.79-48.26-223.49
PBIT Margin (%) -47.75132.30-276.42-215.34-688.81
PBT Margin (%) -62.8576.62-382.74-280.46-821.97
Net Profit Margin (%) -55.6656.83-354.62-263.29-784.11
Return on Networth / Equity (%) -11.359.13-57.95-42.33-33.68
Return on Capital Employeed (%) -4.7710.89-24.24-18.59-17.69
Return On Assets (%) -4.043.62-17.96-17.93-17.48
Long Term Debt / Equity (X) 0.030.060.840.800.58
Total Debt / Equity (X) 0.400.291.531.130.73
Asset Turnover Ratio (%) 0.070.050.040.060.02
Current Ratio (X) 1.291.790.981.752.49
Quick Ratio (X) 1.291.780.971.742.47
Inventory Turnover Ratio (X) 37.500.000.000.000.00
Interest Coverage Ratio (X) -2.813.72-0.30-0.74-1.68
Interest Coverage Ratio (Post Tax) (X) -2.692.02-2.34-3.04-4.89
Enterprise Value (Cr.) 10.4311.0714.9718.497.78
EV / Net Operating Revenue (X) 12.8715.3021.9217.2719.65
EV / EBITDA (X) -30.337.39-66.83-35.78-8.79
MarketCap / Net Operating Revenue (X) 11.5814.3814.3611.737.51
Price / BV (X) 2.362.312.351.890.32
Price / Net Operating Revenue (X) 11.5914.3814.3611.737.51
EarningsYield -0.040.03-0.24-0.22-1.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Bhagawati Oxygen Ltd. is a Public Limited Listed company incorporated on 10/07/1972 and has its registered office in the State of Haryana, India. Company's Corporate Identification Number(CIN) is L74899HR1972PLC006203 and registration number is 006203. Currently company belongs to the Industry of Industrial Gases. Company's Total Operating Revenue is Rs. 0.81 Cr. and Equity Capital is Rs. 2.31 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Industrial GasesPlot No.5, Sector-25, Ballabgarh Haryana 121004Contact not found
Management
NamePosition Held
Mr. S K SharmaChairman
Mr. Himanshu SharmaManaging Director
Mr. B B LalDirector
Mrs. Jaya SharmaDirector
Mr. Sanjay Kumar RaiDirector
Mr. Ashok PurohitDirector

FAQ

What is the intrinsic value of Bhagawati Oxygen Ltd and is it undervalued?

As of 13 April 2026, Bhagawati Oxygen Ltd's intrinsic value is ₹59.42, which is 65.06% higher than the current market price of ₹36.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (10.6 %), book value (₹17.5), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Bhagawati Oxygen Ltd?

Bhagawati Oxygen Ltd is trading at ₹36.00 as of 13 April 2026, with a FY2026-2027 high of ₹67.0 and low of ₹33.6. The stock is currently near its 52-week low. Market cap stands at ₹8.32 Cr..

How does Bhagawati Oxygen Ltd's P/E ratio compare to its industry?

Bhagawati Oxygen Ltd has a P/E ratio of 59.4, which is below the industry average of 66.98. This is broadly in line with or below the industry average.

Is Bhagawati Oxygen Ltd financially healthy?

Key indicators for Bhagawati Oxygen Ltd: ROCE of 6.68 % is on the lower side compared to the industry average of 14.87%. Dividend yield is 0.00 %.

Is Bhagawati Oxygen Ltd profitable and how is the profit trend?

Bhagawati Oxygen Ltd reported a net profit of ₹0 Cr in Mar 2025 on revenue of ₹1 Cr. Compared to ₹-3 Cr in Mar 2022, the net profit shows a mixed trend.

Does Bhagawati Oxygen Ltd pay dividends?

Bhagawati Oxygen Ltd has a dividend yield of 0.00 % at the current price of ₹36.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Bhagawati Oxygen Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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