Oil Country Tubular Limited (OILCOUNTUB)
₹79.00 -1.31% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Oil Country's revenue was ₹17.4 Cr (-30.3% year on year, -41.9% on the previous quarter), and net profit ₹-15.1 Cr (a bigger loss than a year earlier); the operating margin was 6.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹17.4 | -30.3% | -41.9% |
| Operating profit | ₹1.1 | -87.7% | -44.5% |
| Net profit | ₹-15.1 | loss widened | loss widened |
| EPS (₹) | -2.90 | loss widened | loss widened |
| Operating margin | 6.4% | — | — |
📢 Recent Corporate Announcements
Oil Country Tubular Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent XL Softech Systems Limited confirms that security certificates received for dematerialization were processed, mutilated, and cancelled within the mandated 30-day timeline. Depositories have been duly substituted in the register of members as the registered owners. This is a periodic administrative filing with no financial or operational impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by RTA XL Softech Systems Limited on October 3, 2026
- Confirmation that dematerialization and member register substitution were completed within 30 days
Oil Country Tubular Limited (OCTL) successfully passed all four resolutions at its 40th Annual General Meeting held on August 12, 2026. Shareholders approved the FY26 financial statements and the re-appointment of two directors, including the re-designation of Mr. Paruchuri Dheeraj Chowdary as a Whole-Time Director. The voting saw a 53.34% turnout of the total equity, with over 99.6% of votes cast in favor of all proposals. This administrative milestone occurs as the company reported a significant H1 FY26 net loss of Rs 30.37 Cr and seeks to diversify into Defense and Aerospace.
- All 4 resolutions passed with a majority exceeding 99.6% of votes cast.
- Total of 30,642 shareholders were on record as of the August 5, 2026, record date.
- 53.34% of the total equity (27,732,046 shares) participated in the voting process.
- Special resolution for re-designating Mr. Paruchuri Dheeraj Chowdary as Whole-Time Director approved with 99.64% favor.
- Mrs. Shri Puja Kamineni's re-appointment was approved after excluding her 499,000 interested-party shares from the count.
Oil Country Tubular Limited (OCTL) held its 40th Annual General Meeting on August 12, 2026, where shareholders approved the FY26 financial statements and the re-designation of Mr. Paruchuri Dheeraj Chowdary as Whole-Time Director. The company is currently in a challenging financial position, reporting a TTM revenue of ₹25 Cr and a significant H1 FY26 net loss of ₹30.37 Cr. Shareholders raised critical queries regarding the availability of working capital, orders in hand, and the roadmap for the new Defense and Aerospace engineering division. Management confirmed that statutory and secretarial auditor reports were unqualified, with no adverse observations.
- 40th Annual General Meeting conducted via video conferencing on August 12, 2026, with 85 members present.
- Shareholders queried the projected turnover for FY 2026-27 and the status of current orders in hand.
- Special resolution passed for the re-designation and remuneration approval of Mr. Paruchuri Dheeraj Chowdary as Whole-Time Director.
- Management addressed queries regarding the roadmap for diversification into Defense and Aerospace sectors.
- Statutory and Secretarial Auditors' reports for FY26 were confirmed as unqualified and without adverse comments.
Oil Country Tubular Limited (OCTL) issued a major corrigendum for its Q1 FY26-27 results, correcting typographical errors that initially showed a profit. The corrected Profit Before Tax (PBT) is a loss of ₹15.24 Cr, a sharp reversal from the erroneously reported profit of ₹28.48 Cr. Despite the bottom-line loss, the company reported revenue of ₹17.43 Cr for the quarter, which represents approximately 70% of its entire previous TTM revenue. The company also completed the conversion of 41.95 lakh Optional Convertible Preference Shares (OCPS) into equity at a premium of ₹55 per share during the quarter.
- Corrected Q1 FY27 PBT from a reported profit of ₹28.48 Cr to a loss of ₹15.24 Cr
- Revenue from operations for the quarter ended June 30, 2026, stood at ₹17.43 Cr
- Allotted 41,95,000 equity shares on June 18, 2026, following OCPS conversion at a ₹55 premium
- Reported positive EBITDA of ₹1.50 Cr for the quarter, despite the net loss
- Depreciation and amortization expenses remained high at ₹16.58 Cr for the quarter
Oil Country Tubular's board approved the un-audited standalone financial results for the quarter ended June 30, 2026, in a meeting held on July 30, 2026. The company is currently operating with a TTM revenue of ₹25 Cr and a market cap of ₹176 Cr, reflecting a low revenue-to-market cap multiple. Despite a healthy operating margin of 29.2%, the company remains loss-making with a TTM PAT of -₹7 Cr. The filing confirms the completion of the statutory limited review, but specific quarterly profit figures were not detailed in the summary text.
- Board meeting held on July 30, 2026, lasting 1 hour and 35 minutes (11:00 AM to 12:35 PM).
- Approval of Un-Audited Standalone Financial Results for the quarter ended June 30, 2026.
- TTM revenue of ₹25 Cr is exactly equal to the company's total debt of ₹25 Cr.
- Promoter holding maintained at 47.23% as per the latest March 2026 records.
- Company previously reported a significant Net Loss of ₹30.37 Cr in H1 FY26.
Oil Country Tubular Limited (OCTL) has approved its standalone financial results for the quarter ended June 30, 2026. The company, with a market cap of ₹176 Cr, is currently navigating a challenging financial period, having reported a net loss of ₹30.37 Cr in H1 FY26. Investors are closely watching for signs of recovery as the company attempts to diversify into Defense and Aerospace to reduce its heavy reliance on ONGC and OIL tenders. The TTM revenue stands at ₹25 Cr, which is equal to its current debt of ₹25 Cr.
- Board approved un-audited standalone financial results for the quarter ended June 30, 2026
- Company is seeking ₹25 Cr in non-fund based working capital limits to support operations
- Reported a significant Net Loss of ₹30.37 Cr in H1 FY26 despite TTM revenue of ₹25 Cr
- Promoter holding remains stable at 47.23% as of March 2026
- Board meeting concluded within 95 minutes, starting at 11:00 AM and ending at 12:35 PM
Oil Country Tubular Limited (OCTL) has scheduled its 40th Annual General Meeting for August 12, 2026. The company is proposing the re-designation of Mr. Paruchuri Dheeraj Chowdary as a Whole-time Director for a three-year term with a monthly remuneration of 3.50 Lakhs. This leadership change comes as the company navigates significant financial stress, having reported a net loss of 30.37 Cr in H1 FY26. Management has indicated a two-year timeline to return to profitability, banking on diversification into Defense and Aerospace sectors.
- 40th Annual General Meeting scheduled for August 12, 2026, via video conferencing.
- Proposed monthly remuneration of 3,50,000 for Mr. Paruchuri Dheeraj Chowdary as Whole-time Director.
- Company reported a significant net loss of 30.37 Cr for the first half of FY26.
- Management expects to achieve profitability over the next 2 years through operational efficiency and diversification.
- The proposed Whole-time Director has a 3-year tenure starting from June 1, 2026.
Oil Country Tubular Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the Registrar and Share Transfer Agent (RTA) XL Softech Systems Limited, confirms the processing of dematerialization requests for the quarter ended June 30, 2026. It verifies that security certificates were mutilated and cancelled after verification, with depository names substituted in the register of members within the mandated 30-day period. This is a standard procedural filing required for all listed companies.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation that dematerialization requests were processed within 30 days
- Certificate issued by RTA XL Softech Systems Limited on July 2, 2026
- Verification that security certificates were mutilated and cancelled as per SEBI norms
Oil Country Tubular Limited has notified the exchanges that its trading window will be closed starting July 1, 2026. This closure is in preparation for the announcement of un-audited financial results for the quarter ending June 30, 2026. The window will remain shut for all designated persons and their immediate relatives until 48 hours after the results are made public. This is a mandatory compliance step under SEBI's insider trading regulations.
- Trading window closure effective from July 1, 2026.
- Closure pertains to the un-audited financial results for the quarter ending June 30, 2026.
- Window to reopen 48 hours after the financial results are declared.
- Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Oil Country Tubular Limited (OILCOUNTUB) has submitted revised financial results for FY26 following a clarification request from the NSE regarding a missing note on balancing figures. The company's financial performance showed significant stress, with total income falling 42.9% YoY to ₹71.81 crore from ₹125.77 crore. Net loss for the full year nearly doubled, reaching ₹61.48 crore compared to ₹31.86 crore in FY25. Despite the heavy losses, the company reported a positive EBITDA of ₹6.30 crore for the year.
- Total Income for FY26 dropped to ₹7,181.42 lakhs from ₹12,576.76 lakhs in FY25.
- Net Loss widened significantly to ₹6,148.24 lakhs in FY26 versus ₹3,186.12 lakhs in the previous year.
- The company reported a positive EBITDA of ₹630.32 lakhs for the financial year ended March 31, 2026.
- Equity Share Capital increased to ₹5,198.95 lakhs following the conversion of 41.50 lakh OCPS into equity shares at a premium of ₹55 each.
- Total Comprehensive Loss for the year stood at ₹4,640.85 lakhs compared to ₹2,255.84 lakhs in FY25.
Oil Country Tubular Limited has allotted 41,95,000 equity shares to United Steel Allied Industries Private Limited (Promoter Group) at Rs. 65 per share upon conversion of preference shares. This conversion has increased the promoter holding from 47.23% to a majority stake of 51.17%. The company also scheduled its 40th AGM for August 12, 2026, and addressed a pending SEBI Show Cause Notice. Total paid-up equity shares have increased to 5,61,84,530 following this allotment.
- Allotment of 41,95,000 equity shares at Rs. 65 per share to United Steel Allied Industries Private Limited.
- Promoter and promoter group shareholding increased from 47.23% to 51.17%, crossing the majority threshold.
- Total paid-up equity capital increased from 5,19,89,530 to 5,61,84,530 shares of Rs. 10 each.
- 40th Annual General Meeting (AGM) scheduled for August 12, 2026, with a record date of August 5, 2026.
- Board directed management to respond to a SEBI Show Cause Notice received on June 3, 2026.
Oil Country Tubular Limited has received a Show Cause Notice from SEBI on June 3, 2026, regarding alleged non-compliance with LODR Regulations. The allegations involve the non-disclosure of Inter-Corporate Deposit (ICD) agreements and failure to obtain necessary approvals for material related party transactions. Specifically, the company is accused of bypassing Audit Committee, Board, and shareholder approvals for these agreements. While the monetary penalty is not yet quantified, the initiation of adjudication proceedings under Section 15-I of the SEBI Act indicates significant regulatory scrutiny.
- Received Show Cause Notice from SEBI on June 3, 2026, for alleged LODR violations.
- Allegations include non-disclosure of ICD Agreement and Addendum Agreements under Regulation 30.
- Failure to obtain prior shareholder approval for material related party transactions under Regulation 23(4).
- Adjudication proceedings initiated under Section 15-I and Section 15HB of the SEBI Act, 1992.
- Monetary impact currently unquantified and depends on the outcome of the inquiry.
Oil Country Tubular Limited has released its audited financial results for the quarter and year ended March 31, 2026, reporting a net loss for both periods. The company announced significant leadership changes, including the appointment of Mr. Ramamuni Reddy Jampanapalle as CFO, who brings 35 years of internal experience. Additionally, Mr. Paruchuri Dheeraj Chowdary has been redesignated as a Whole Time Director for a three-year term. The statutory auditors have issued an unmodified opinion on the financial statements despite the reported losses.
- Reported audited standalone financial results for the full year ended March 31, 2026, with an unmodified audit opinion.
- The company recorded a net loss and other comprehensive loss for both the final quarter and the full fiscal year.
- Appointed Mr. Ramamuni Reddy Jampanapalle as Chief Financial Officer (CFO) effective May 21, 2026.
- Redesignated Mr. Paruchuri Dheeraj Chowdary as Whole Time Director for a 3-year term effective June 1, 2026.
- Statutory auditor C K S Associates has converted into a Limited Liability Partnership (LLP) with no change in the audit engagement team.
Oil Country Tubular Limited (OCTL) has approved its audited financial results for the fiscal year ended March 31, 2026, with the auditor issuing an unmodified opinion despite the company reporting a net loss. The board announced significant leadership changes, including the appointment of Mr. Ramamuni Reddy Jampanapalle as CFO, who brings 35 years of experience. Furthermore, Mr. Paruchuri Dheeraj Chowdary has been redesignated as a Whole Time Director for a three-year term starting June 2026. The company's statutory auditor has also transitioned to an LLP structure with no change in the audit team.
- Audited standalone financial results for Q4 and FY26 approved with an unmodified audit opinion.
- Statutory auditor's report explicitly mentions a 'net loss' for the quarter and year ended March 31, 2026.
- Mr. Ramamuni Reddy Jampanapalle appointed as CFO and KMP effective May 21, 2026.
- Mr. Paruchuri Dheeraj Chowdary redesignated as Whole Time Director for a 3-year term (June 2026 - May 2029).
- Statutory auditor C K S Associates converted into C K S Associates LLP with no change in audit engagement.
Oil Country Tubular Limited has appointed Mr. Ramamuni Reddy Jampanapalle as Chief Financial Officer, effective May 21, 2026, bringing over 35 years of experience. Mr. Paruchuri Dheeraj Chowdary has been redesignated from Non-Executive Director to Whole Time Director for a three-year term starting June 1, 2026. The company also released its audited financial results for the year ended March 31, 2026, which reported a net loss, though the auditors issued an unmodified opinion. Furthermore, the company's statutory auditor, C K S Associates, has converted into a Limited Liability Partnership (LLP).
- Appointed Mr. Ramamuni Reddy Jampanapalle as CFO and Key Managerial Personnel effective May 21, 2026.
- Redesignated Mr. Paruchuri Dheeraj Chowdary as Whole Time Director for a period of 3 years (June 2026 to May 2029).
- Released audited standalone financial results for FY26 with an unmodified audit opinion.
- Reported a net loss and other comprehensive loss for the quarter and year ended March 31, 2026.
- Statutory Auditor C K S Associates converted to C K S Associates LLP with no change in audit partners.
Financial Performance
Revenue Growth by Segment
H1 FY26 revenue of INR 34.62 Cr decreased by 26.9% YoY from INR 47.36 Cr. Drill Pipe segment revenue fell 33.8% YoY to INR 16.31 Cr, while OCTG Services fell 28.2% YoY to INR 16.31 Cr. FY25 total revenue was INR 122.90 Cr, a 573% increase from INR 18.24 Cr in FY24.
Geographic Revenue Split
Not disclosed in available documents; however, the company primarily targets domestic tenders from ONGC and OIL.
Profitability Margins
Net Profit Margin for H1 FY26 was deeply negative with a Net Loss of INR 30.37 Cr on revenue of INR 34.62 Cr. Operating Margin for FY25 was negative with a loss before interest and tax of INR 23.59 Cr.
EBITDA Margin
EBITDA for H1 FY26 was INR 7.43 Cr, representing a 21.4% margin on revenue of INR 34.62 Cr.
Capital Expenditure
Historical CAPEX for H1 FY26 was INR 4.06 Cr for Property, Plant, and Equipment. PPE value decreased from INR 306.53 Cr in March 2025 to INR 275.65 Cr in September 2025 due to depreciation of INR 34.72 Cr.
Credit Rating & Borrowing
Credit Rating is [ICRA]D (Default) under the 'Issuer Not Cooperating' category for bank facilities totaling INR 187.00 Cr (INR 125 Cr fund-based and INR 62 Cr non-fund based).
Operational Drivers
Raw Materials
Steel tubulars and raw steel for processing into OCTG and Drill Pipes; cost of materials consumed in H1 FY26 was INR 3.23 Cr, representing 9.3% of total revenue.
Import Sources
Not specifically disclosed, but the company is working to comply with the Steel Policy requiring 35% domestic value addition.
Key Suppliers
Not specifically named; however, the company is heavily dependent on technical qualifications for tenders from ONGC and OIL.
Capacity Expansion
Current capacity is not disclosed in MT, but the company reports all plant and machinery are in fully functional status and executing orders on hand.
Raw Material Costs
Raw material costs for H1 FY26 were INR 3.23 Cr, a 73.5% decrease from INR 12.20 Cr in H1 FY25, reflecting lower production volumes.
Manufacturing Efficiency
Plant and machinery are fully functional; however, the company reported a Net Loss of INR 30.37 Cr in H1 FY26, indicating low efficiency or high fixed costs relative to current volumes.
Logistics & Distribution
Selling and Distribution expenses were not separately disclosed in the H1 FY26 results; other expenses totaled INR 11.61 Cr (33.5% of revenue).
Strategic Growth
Growth Strategy
Diversification into Defense, Aerospace, Power, Railways, and Critical Engineering components to reduce single-industry focus. The company is also bidding for ONGC/OIL tenders and seeking INR 25 Cr in non-fund based working capital limits to support bid bonds and raw material procurement.
Products & Services
Drill Pipe, Allied Products, Oil Country Tubular Goods (Casing, Tubing), and associated services.
Brand Portfolio
Oil Country Tubular Limited (OCTL).
New Products/Services
Diversification into Defense and Aerospace components; expected revenue contribution % not disclosed.
Market Expansion
Targeting multi-industrial sectors beyond Oil & Gas to bring steady growth and stability.
Market Share & Ranking
Not disclosed; however, Indian demand for tubulars is estimated at over 100,000 MT.
External Factors
Industry Trends
The industry is evolving toward domestic sourcing (35% value addition). Crude oil price recovery is driving a requirement for over 100,000 MT of tubulars in India, positioning the company for growth in 'sunrise' sectors.
Competitive Landscape
Competes for tenders against other OCTG manufacturers; market dynamics are driven by global crude prices and government procurement policies.
Competitive Moat
Moat is based on technical qualification for specialized products for ONGC/OIL and fully functional specialized plant machinery. Sustainability depends on maintaining these qualifications and diversifying into Defense/Aerospace.
Macro Economic Sensitivity
Highly sensitive to crude oil prices; rising prices indicate increased exploration and demand for tubulars.
Consumer Behavior
Demand is driven by industrial/corporate exploration budgets rather than individual consumer behavior.
Geopolitical Risks
Trade barriers and domestic procurement policies like the 'Melt & Pour' condition in the Steel Policy affect sourcing strategies.
Regulatory & Governance
Industry Regulations
Compliance with the Indian Steel Policy ('Melt & Pour' condition) requiring 35% domestic value addition; adherence to ISO 9001:2015 standards.
Taxation Policy Impact
Tax expenses for H1 FY26 were INR 2.32 Cr; the company reported a deferred tax liability of INR 23.03 Cr.
Legal Contingencies
Not disclosed in available documents; however, the company issued a corrigendum to correct significant typographical errors in its reported reserves and segment results.
Risk Analysis
Key Uncertainties
Dependence on large tenders from a few clients (ONGC/OIL) and the volatility of crude oil prices affecting exploration demand.
Geographic Concentration Risk
Primarily focused on the Indian market for PSU tenders.
Third Party Dependencies
High dependency on technical qualification from major oil companies to participate in tenders.
Technology Obsolescence Risk
The company is upgrading to meet multi-industrial standards for Defense and Aerospace to mitigate sector-specific obsolescence.
Credit & Counterparty Risk
Trade receivables stood at INR 3.05 Cr as of September 2025, a significant decrease from INR 19.24 Cr in March 2025, indicating improved collections or lower sales.
