Bombay Oxygen Investments Ltd Q3 FY26: ₹9.16 Cr Profit, EPS ₹610, 0.60x Book Value — Is This a Sleeping Treasury or a Lazy NBFC?

1. At a Glance – The ₹20,660 “Oxygen” That Doesn’t Make Oxygen

Bombay Oxygen Investments Ltd is trading at ₹20,660, with a market cap of ₹310 crore, down 13.1% in the last 3 months and 23% in 6 months. Sounds dramatic? Wait till you hear this — the company doesn’t make oxygen anymore. It stopped industrial gas operations in 2019 and now survives purely on investments.

Latest Q3 FY26 (Dec 2025) standalone results show:

• Revenue: ₹10.41 crore
• PAT: ₹9.16 crore
• EPS: ₹610.67
• OPM: 90.87%
• Stock P/E: 19.5
• Price to Book: 0.60
• ROE: 3.62%
• Debt: ₹0

Yes, 90% operating margins. Because when your “business” is mostly investment income, expenses are basically chai-biscuit.

The twist? It trades at just 0.60 times book value despite sitting on investments worth ₹537 crore (as per latest Sep 2025 balance sheet).

Is this a hidden holding company treasure chest? Or just a sleepy NBFC collecting dividends and vibes?

Let’s dissect this fossil from 1960.

2. Introduction – From Oxygen Cylinders to Mutual Fund SIP Uncle

Incorporated in 1960, Bombay Oxygen Investments Ltd originally manufactured industrial gases. That business was discontinued from 1st August 2019.

Translation: They shut the factory, locked the gates, and converted into a full-time investor.

Today, the company is registered as a Non-Systemically Important, Non-Deposit Taking NBFC. But here’s the kicker — it doesn’t lend. No loans. No guarantees. No advances.

So what exactly does it do?

It holds:

• Equity shares (~44% of investments in FY23)
• Mutual fund units (~56% in FY23)
• Other financial securities

Total investments in FY23: ₹33,215.13 lakh, about 3% higher than FY22.

So this isn’t an operating NBFC like Bajaj Finance. This is more like your wealthy retired uncle who lives off dividends and capital gains.

But then why is ROE just 3–4%? Why is stock price falling? And why does EPS swing wildly every quarter?

Let’s dig deeper.

3. Business Model – WTF Do They Even Do?

Let’s simplify.

Bombay Oxygen:

1. Invests in shares.
2. Invests in mutual funds.
3. Sells when profitable.
4. Books gains.
5. Pays minimal dividend.
6. Repeats.

Revenue sources in FY23:

• Net gain on fair