Bombay Oxygen Investments Ltd: The Phantom of Dalal Street’s Balance Sheet

1. At a Glance

An ancient oxygen company that gave up breathing (gases) in 2019, Bombay Oxygen is now a glorified mutual fund in disguise. It doesn’t make anything, it doesn’t sell anything, but it owns a lot — making passive income sexy again.

2. Introduction with Hook

If Warren Buffett and a vault full of LIC mutual fund NAVs had a baby, it would be Bombay Oxygen Investments Ltd. Once a sleepy industrial gas firm, it now does what every retired rich man dreams of: sipping dividends from other people’s hustle.

• Book Value: ₹32,205 per share
• Stock Price: ₹24,425 (yep, trading at 0.76x its book — discount shopping, anyone?)
• ROE: A not-so-glorious 3.62%, but hey — it’s not working hard, it’s working smart

3. Business Model (WTF Do They Even Do?)

Bombay Oxygen was an industrial gas manufacturer… until it decided “enough of this capitalist grind” in 2019. Now it’s a holding company that:

• Invests in listed equities, mutual funds, and debt papers
• Earns via dividends, interest income, and capital gains
• Doesn’t have operations, doesn’t have revenue headaches
• Doesn’t have debt — just cash, assets, and vibes

Think of it as a boomer who quit his job early but still lives off a glorious 80s bull run portfolio.

4. Financials Overview

Let’s not pretend this is HDFC Bank. Here’s what recent years looked like (Rs Cr):