Oil Country Tubular Limited concluded its 40th Annual General Meeting (AGM) on August 12, 2026, with shareholders approving the company’s audited financial statements for the fiscal year ended March 31, 2026. The meeting, conducted via video conference and other audio-visual means in compliance with Ministry of Corporate Affairs and SEBI circulars, also addressed key governance matters including the re-appointment of retiring directors.

The primary agenda item involved the adoption of the Audited Balance Sheet, Profit and Loss Account, and Cash Flow Statement for FY26, along with the Director’s Report and Auditor’s Report. Shareholders passed this as an ordinary resolution, formally closing the books for the fiscal year. The statutory auditors and secretarial auditors issued unqualified reports without any adverse observations or comments.

Governance Changes

The AGM focused on continuity in leadership through the re-appointment of two key directors who retired by rotation:

• Paruchuri Dheeraj Chowdary: Re-appointed as a director. Additionally, shareholders passed a special resolution to redesignate him from Non-Executive and Non-Independent Director to Whole-Time Director, along with approval of his remuneration.
• Shri Puja Kamineni: Re-appointed as a Non-Executive Director.

K. Suryanarayana, Chairman of the company, presided over the proceedings. Other directors present included Independent Directors Sunil Tandon, M. Siva Ram Prasad, T. Yoganand, V. V. Parlikar, and Mrs. K. Uma Kumari, as well as Non-Executive Director Shashidhar Kamineni. Financial Controller Rama Muni Reddy and senior management officials were also in attendance.

Shareholder Engagement

During the question-and-answer session, shareholders raised queries regarding the company’s operational outlook. Key topics included future performance projections, availability of working capital facilities, current order inflows, and projected turnover for FY27. Investors also sought clarity on the roadmap for the Defence and Aerospace business through the Engineering Division.

Paruchuri Dheeraj Chowdary and Mr. Praveen Babu addressed these queries, providing insights into the company’s strategic direction and operational status. The Company Secretary noted that all member questions were satisfactorily addressed during the session.

Mrs. Manjula Aleti, Practicing Company Secretary, served as the scrutinizer for the remote e-voting process. The consolidated voting results and the Scrutinizer’s Report were made available on the company’s website and submitted to the BSE and NSE.

Oil Country Tubular Limited issued a corrigendum on July 30, 2026, to address inadvertent typographical errors in its unaudited standalone financial results for the quarter ended June 30, 2026 (Q1FY27). The company corrected its total segment result from a mistakenly reported profit of ₹2,824.19 lakh to an actual loss of ₹1,547.81 lakh. Additionally, the total profit before tax and after exceptional items was revised from a reported profit of ₹2,847.64 lakh to a loss of ₹1,524.36 lakh. These corrections align the segmental reporting with the consolidated financial statements, which had already reflected the correct net loss of ₹1,510.64 lakh.

The Board of Directors approved the revised standalone financial results on July 30, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. M/s. CKS Associates LLP, the statutory auditors, issued a limited review report confirming that the revised statements comply with Indian Accounting Standard 34 (Ind AS 34) for interim financial reporting. The company stated that all other particulars of the results remain unchanged.

Revised Financial Metrics

The core operational metrics remain consistent with the initial filing. Revenue from operations stood at ₹1,743.64 lakh in Q1FY27, a decline from ₹2,456.90 lakh in Q1FY26. Total expenses were ₹3,307.69 lakh, driven primarily by depreciation and amortisation charges of ₹1,658.87 lakh. The EBITDA for the quarter was positive at ₹150.76 lakh.

The segment-wise breakdown shows that Drill Pipe and Allied Products contributed ₹1,731.41 lakh to revenue, while OCTG Services generated only ₹12.22 lakh, down significantly from ₹846.29 lakh in the previous year. The corrected total segment result of ₹(1,547.81) lakh reflects the losses incurred across these business units.

What the Numbers Show

The widening net loss is structural, driven by heavy depreciation charges that exceed total revenue. While EBITDA remained positive at ₹150.76 lakh, indicating some underlying operational cash flow generation, the non-cash depreciation expense of ₹1,658.87 lakh resulted in a pre-tax loss of ₹1,524.36 lakh. This discrepancy highlights the capital-intensive nature of the company’s current phase, where significant fixed asset bases are being maintained with lower current utilization, as evidenced by the sharp drop in OCTG Services revenue.

Capital Structure Updates

During the quarter, Oil Country Tubular Limited issued and allotted 41,95,000 equity shares of face value ₹10 each, fully paid up. This issuance followed the conversion of Optional Convertible Preference Shares (OCPS) into equity shares at a premium of ₹55 each on June 18, 2026. The transaction increased the paid-up equity share capital to ₹5,618.45 lakh from ₹5,198.95 lakh. Reserves excluding revaluation reserves stood at ₹74.73 lakh, down from ₹702.94 lakh in the previous quarter, reflecting the impact of the current period’s losses.