Bhagawati Oxygen Limited (509449) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Bhagawati Oxygen Limited ₹68.09, price ₹38.89, upside +75.1%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹27.95 – ₹99.40 · fair‑value band ₹59.07 – ₹95.04 · the ₹38.89 price screens below the ₹68.09 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Bhagawati Oxygen Limited manufactures and supplies industrial gases in India. It offers oxygen, nitrogen, argon, carbon dioxide, dissolved acetylene, hydrogen, helium, and compressed air for use in industrial applications, such as smelting, steelmaking, semiconductor, fertilizer, oil refineries, etc.
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Bhagawati Oxygen Limited manufactures and supplies industrial gases in India. It offers oxygen, nitrogen, argon, carbon dioxide, dissolved acetylene, hydrogen, helium, and compressed air for use in industrial applications, such as smelting, steelmaking, semiconductor, fertilizer, oil refineries, etc. It also builds and operates various on-site gas production plants for the production of oxygen, nitrogen, argon, etc.; and designs and sells gas handling and distribution systems. In addition, the company offers turnkey contracting solutions, including design, engineering, and construction of air separation plants, cross-country gas pipeline systems, cryogenic liquid storage and gas handling systems, etc.; and generates and supplies wind power to TNEB, Tamil Nadu. Bhagawati Oxygen Limited was founded in 1972 and is based in Faridabad, India.
Stock analysis
Bhagawati Oxygen Limited (509449) currently trades at ₹38.89, while our model-based Fair Value estimate is ₹68.09, implying the stock looks roughly 42.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹183.34 per share, and 8 of the 16 models we run sit above the ₹38.89 price.
Bear case: the DCF Models group reads lowest at ₹11.99, and 8 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹59.07 (bear) to ₹95.04 (bull), the price of ₹38.89 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Other sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Bhagawati Oxygen Limited reported revenue of ₹4.9M in FY2026 versus ₹10.7M in FY2022, a compound −17.9%/yr. Reported net income was ₹32.7M in FY2026.
Key figures
Market cap ₹121M (≈ $1.3M) · P/E ratio 7.6 · P/S ratio 50.8 · EPS (TTM) ₹−1.95 · Net margin −31.5% · Return on equity −1,065% · Return on assets (EBIT) −22.2% · Operating margin −187%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Other peers we cover trades at 28% fair-value upside, at 75%, 509449 screens cheaper than that median.
Fair Value models
Bear ₹59.07Fair Value ₹68.09Bull ₹95.04
Price ₹38.89 · Upside +75.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.17/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−39.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−10.7%
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−23.6%
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What shareholders gained per year (last 3 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+99.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+99.6%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−774% → −263%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +28.9% a year for the price.
Compare Bhagawati Oxygen Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other · 108 stocks
Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+75.1% · Top 25%
Profitability
Return on assets0.0% · Above median
Net margin (TTM)−31.5% · Bottom 25%
Operating margin (TTM)−187.1% · Bottom 25%
Growth and dividend
Revenue growth−91.6% · Bottom 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Other median · lower = cheaper
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Is Bhagawati Oxygen Limited (509449) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹68.09 versus a price of ₹38.89, about +75% upside (undervalued).
What is the fair value of 509449?
Our model-based fair value for Bhagawati Oxygen Limited is ₹68.09 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹38.89.
What is the quality score of 509449?
Bhagawati Oxygen Limited has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bhagawati Oxygen Limited (509449)?
Our model-based price target is the fair value of ₹68.09 (as of Sep 27, 2026) from 16 valuation models. Cautious scenario ₹59.07, optimistic scenario ₹95.04. It is a calculation from audited fundamentals, not an analyst target.
What is the Bhagawati Oxygen Limited stock forecast for 2026?
Our models put fair value at ₹68.09, about +75% upside versus a price of ₹38.89 (undervalued). Cautious scenario ₹59.07, optimistic scenario ₹95.04. The calculation is refreshed regularly with new filings.
What growth is priced into Bhagawati Oxygen Limited (509449)?
For today's price to be fair in a discounted-cash-flow model, Bhagawati Oxygen Limited would have to grow free cash flow by +34.3 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 509449 use?
Our models discount Bhagawati Oxygen Limited at 12.4 %: a base by market capitalisation (nano), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bhagawati Oxygen Limited that is +34.3 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Bhagawati Oxygen Limited (509449) delivered so far?
Over the past 5 years revenue at Bhagawati Oxygen Limited grew +4.2 % a year. The price currently implies +34.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bhagawati Oxygen Limited (509449) growing?
The median revenue growth in the sector is +8.8 % a year. That is the yardstick for the growth priced into Bhagawati Oxygen Limited (+34.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bhagawati Oxygen Limited (509449)?
The free-cash-flow yield on the price is 2.08 %: that much free cash flow Bhagawati Oxygen Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bhagawati Oxygen Limited (509449)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bhagawati Oxygen Limited it is ₹68.09 per share (as of Sep 27, 2026), against a price of ₹38.89. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Bhagawati Oxygen Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 509449 trades below its calculated fair value: price ₹38.89, fair value ₹68.09, a gap of about +75% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 509449?
No. The price is what the market pays today (₹38.89); the fair value is what the company's own numbers justify (₹68.09). For Bhagawati Oxygen Limited the two are ₹29.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bhagawati Oxygen Limited worth?
The market values Bhagawati Oxygen Limited at about ₹121M (market capitalisation, as of Sep 27, 2026). Per share that is ₹38.89; our models calculate a fair value of ₹68.09 per share.
What do the bullish and bearish scenarios say about 509449?
Our models span a range for Bhagawati Oxygen Limited: cautious scenario ₹59.07, base ₹68.09, optimistic ₹95.04 per share (as of Sep 27, 2026, price ₹38.89). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 509449?
Bhagawati Oxygen Limited trades at a price-to-earnings ratio of 7.6 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹68.09 is built from several models across several years. Other multiples: P/S 0.1.
How solid is the balance sheet of Bhagawati Oxygen Limited (509449)?
Balance-sheet figures for Bhagawati Oxygen Limited (as of Sep 27, 2026): debt of 0.02 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 509449 from its 52-week high?
Bhagawati Oxygen Limited trades at ₹38.89, about 21% below its 52-week high of ₹48.99 and 21% above the low of ₹32.05 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹68.09 is for.
Which stocks are comparable to Bhagawati Oxygen Limited?
From the same area (Other) we also value 542772, 532468, 590024, Indiabulls Real Estate Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bhagawati Oxygen Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹38.89, calculated fair value ₹68.09 (+75%), Quality Score 54/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 509449 calculated?
We run Bhagawati Oxygen Limited through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹68.09, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Bhagawati Oxygen Limited currently trades 43 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bhagawati Oxygen Limited (509449)?
The closing price on Oct 1, 2026 was ₹38.89. Our model-based fair value is ₹68.09, about +75% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bhagawati Oxygen Limited right now?
The price is below even our cautious bear case (₹59.07). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Bhagawati Oxygen Limited
How large is the market capitalisation of Bhagawati Oxygen Limited (509449)?
The market capitalisation of Bhagawati Oxygen Limited is ₹121M (≈ $1.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bhagawati Oxygen Limited (509449)?
The price-to-sales ratio of Bhagawati Oxygen Limited is 50.8 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bhagawati Oxygen Limited (509449)?
Earnings per share at Bhagawati Oxygen Limited are ₹−1.95 (price ÷ EPS = P/E 7.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bhagawati Oxygen Limited (509449)?
The net margin of Bhagawati Oxygen Limited is −31.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bhagawati Oxygen Limited (509449)?
The return on equity (ROE) of Bhagawati Oxygen Limited is −1,065% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bhagawati Oxygen Limited (509449)?
On an EBIT basis the return on assets of Bhagawati Oxygen Limited is −22.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bhagawati Oxygen Limited (509449)?
The operating margin of Bhagawati Oxygen Limited is −187% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bhagawati Oxygen Limited (509449)?
Revenue at Bhagawati Oxygen Limited is growing −91.6% versus a year earlier (3y avg −10.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Bhagawati Oxygen Limited (509449) carry?
The net debt of Bhagawati Oxygen Limited is ₹10.4M (fiscal year 2026, ≈ 5.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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