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.

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.