National Oxygen Limited will hold its 51st Annual General Meeting (AGM) on Friday, August 28, 2026, via video conference to seek shareholder approval for the sale of plant and machinery at its SIPCOT Perundurai and Pondicherry units. The meeting also aims to adopt new Memorandum of Association (MOA) and Articles of Association (AOA) aligned with the Companies Act, 2013, and reappoint Managing Director Rajesh Kumar Saraf. These strategic moves follow a ₹183.66 lakh net profit in FY26, driven by an exceptional gain of ₹812.26 lakh from asset sales, reversing a ₹700.22 lakh loss in FY25.

The AGM is scheduled for 11:30 A.M. (IST) and does not require physical presence. Shareholders must hold shares as of the cut-off date, Friday, August 21, 2026, to be eligible for e-voting. The e-voting window opens on Tuesday, August 25, 2026, at 09:00 A.M. and closes on Thursday, August 27, 2026, at 05:00 P.M. To ensure eligibility, the Register of Members and Share Transfer Books will remain closed from Saturday, August 22, 2026, through Friday, August 28, 2026. Central Depository Services Limited (CDSL) serves as the e-voting intermediary, while M/S Lakshmmi Subramanian & Associates acts as the scrutinizer.

Asset Disposal and Governance Updates

The Board seeks special resolutions to sell or dispose of assets at two key locations where production has been permanently discontinued. At the SIPCOT Perundurai unit, production ceased effective May 12, 2025. At the Pondicherry Liquid Production Unit, production stopped effective April 7, 2026. Proceeds from these sales are designated for repaying secured and unsecured bank borrowings and meeting working capital requirements. No purchaser has been identified yet, and the sale consideration remains undetermined.

Additionally, Rajesh Kumar Saraf, Managing Director, retires by rotation and offers himself for re-appointment. He holds 17,66,037 shares and drew remuneration of ₹54,00,000 in FY26. The Board noted the demise of Gajanand Saraf, Whole-Time Director, who passed away on April 6, 2026. Statutory auditor PSDY & Associates issued an unqualified report on the financial statements.

What the Numbers Show

The transition to profitability in FY26 is structural rather than operational, entirely dependent on the one-time exceptional gain of ₹812.26 lakh from asset sales. Excluding this benefit, the company would have recorded a pre-tax loss, highlighting that core business profitability remains under pressure from reduced capacity. While the reduction in interest expenses indicates improved debt management, the reliance on asset monetization underscores the urgency for sustainable operational improvements in the remaining units to support long-term viability.

National Oxygen Limited has withdrawn a proposed preferential issue of equity shares following a significant decline in its market price and reservations expressed by the proposed investor. The Board of Directors approved the withdrawal at its meeting held on July 15, 2026, determining that the previously approved issue price of ₹93.80 per share no longer reflects current market conditions. The company stated that this decision will not have any material adverse impact on its business operations or financial position.

The preferential issue was initially approved by the Board on April 29, 2026, and subsequently sanctioned by shareholders at an Extraordinary General Meeting on May 28, 2026. The proposal involved the allotment of 9,50,000 equity shares with a face value of ₹10 each to Saraf Housing Development Private Limited, a promoter group entity. The total issue size was ₹8,91,10,000, comprising a premium of ₹83.80 per share, in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Key Details of the Withdrawn Issue

The company had submitted an application to BSE Limited for in-principle approval regarding the preferential issue, which was still pending at the time of withdrawal. The Board noted that the investor, Saraf Housing Development Private Limited, had requested the deferment of the investment due to the prevailing market conditions. Consequently, the Board decided to withdraw the proposal after considering the commercial viability of the transaction.

National Oxygen Limited indicated that it may consider undertaking a fresh fund-raising exercise, including a potential preferential issue, at an appropriate time in the future. Any such initiative will be dependent on market conditions and subject to obtaining necessary regulatory and statutory approvals. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.