Oil Country Tubular Q1 Results: Net loss widens 72% YoY to ₹15.1 crore

Oil Country Tubular Limited reported a net loss of ₹1,510.64 lakh for the quarter ended June 30, 2026 (Q1FY27), marking a significant deterioration compared to the ₹880.53 lakh loss in the corresponding period of FY26. The company’s total income declined to ₹1,783.33 lakh from ₹2,505.87 lakh year-on-year, while total expenses surged to ₹3,307.69 lakh from ₹3,345.85 lakh, primarily due to substantial depreciation charges that outpaced operational income.

The Board of Directors approved the unaudited standalone financial results on July 30, 2026, pursuant to Regulation 30 and Regulation 33(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. M/s. CKS Associates LLP, the statutory auditors, issued a limited review report on the financial statements, confirming compliance with Indian Accounting Standard 34 (Ind AS 34) for interim financial reporting.

Financial Performance Overview

Revenue from operations stood at ₹1,743.64 lakh in Q1FY27, down from ₹2,456.90 lakh in Q1FY26. Other income decreased to ₹39.69 lakh from ₹48.97 lakh. The segment-wise breakdown reveals that Drill Pipe and Allied Products contributed ₹1,731.41 lakh, while OCTG Services generated only ₹12.22 lakh, a sharp decline from ₹846.29 lakh in the previous year.

Metric	Q1FY27 (₹ Lakh)	Q1FY26 (₹ Lakh)	Change
Revenue from Operations	1,743.64	2,456.90	-29.0%
Total Income	1,783.33	2,505.87	-28.8%
Total Expenses	3,307.69	3,345.85	-1.1%
EBITDA	150.76	N/A	N/A
Net Loss	(1,510.64)	(880.53)	+71.6%

Depreciation and amortisation expenses remained the largest cost component at ₹1,658.87 lakh, slightly lower than the ₹1,751.00 lakh recorded in the preceding quarter but higher than the ₹1,733.53 lakh in Q1FY26. Cost of materials consumed was ₹928.36 lakh, while employee benefits expenses were stable at ₹300.24 lakh.

What the Numbers Show

The widening net loss is primarily structural rather than operational, driven by heavy depreciation charges that exceed total revenue. While EBITDA was positive at ₹150.76 lakh, indicating 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 suggests the company is in a capital-intensive phase or maintaining significant fixed asset bases with low current utilization, as evidenced by the drop in OCTG Services revenue.

Capital Structure Changes

During the quarter, the company issued and allotted 41,95,000 equity shares of face value ₹10 each, fully paid up, following the conversion of Optional Convertible Preference Shares (OCPS) into equity shares at a premium of ₹55 each on June 18, 2026. This 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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.67%	+0.94%	-5.62%	+23.84%	-36.37%	+621.27%

Oil Country Tubular Limited has scheduled its 40th Annual General Meeting for Wednesday, August 12, 2026, at 11:00 A.M. IST through Video Conferencing and Other Audio Visual Means. The meeting will be held to transact business as set out in the notice dated June 18, 2026. The company has dispatched the Annual Report for FY 2025-26 and the AGM notice electronically to members on July 17, 2026.

The register of members will remain closed from August 6, 2026, to August 12, 2026. Members holding shares as of August 5, 2026, are eligible to participate in the meeting and vote. The facility for participation is available to at least 1,000 members on a first-come, first-served basis, excluding large shareholders and institutional investors.

E-Voting and Scrutinizer Details

Remote e-voting will commence on August 9, 2026, at 9:00 A.M. and conclude on August 11, 2026, at 5:00 P.M. Members who have not cast their vote remotely may exercise their voting rights through the e-voting system during the AGM. Ms. Manjula Aleti, Practicing Company Secretary, has been appointed as the Scrutinizer for the e-voting process.

Financial Performance

The company reported a net loss of ₹4,640.85 lakh for the financial year ended March 31, 2026, as revenue from operations declined to ₹7,009.41 lakh from ₹12,290.31 lakh in the previous year. The board attributed the losses to the accumulated losses during the NCLT period from January 20, 2020, to September 30, 2022.