Oil Country Tubular LimitedQ1 FY27 Results & Financial Update
Oil Country Tubular Limited: Q1 FY27 standalone results and company financials – revenue ₹17.44 Cr, PAT ₹-15.11 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Oil Country Tubular price & chart
Quarter overview
Quarterly earnings analysis
Oil Country Tubular Limited registered revenue from operations of INR 17.44 crore for the first quarter of fiscal 2027, marking an increase compared to the corresponding period of the previous year (INR 24.57 crore in Q1 FY26) but a sequential contraction from the preceding fourth quarter of fiscal 2026 (INR 29.86 crore). Total income for the quarter stood at INR 17.83 crore, inclusive of other income amounting to INR 0.40 crore.
The company continued to incur net losses during the quarter, reporting a loss before tax of INR 15.24 crore and a net loss after tax of INR 15.10 crore. This compares with a net loss of INR 8.81 crore in Q1 FY26 and INR 13.64 crore in Q4 FY26. The bottom-line performance reflects persistent cost pressures, elevated depreciation charges, and segment-level operational imbalances.
Total expenses for Q1 FY27 were reported at INR 33.08 crore. The primary cost components included cost of materials consumed at INR 9.28 crore, employee benefits expenses at INR 3.00 crore, and power and fuel expenses at INR 0.84 crore. Other expenses stood at INR 3.04 crore, showing a reduction compared to the preceding quarter's elevated level of INR 9.62 crore.
Depreciation and amortisation expenses remained a significant line item at INR 16.59 crore, exerting continuous pressure on reported profitability despite a slight moderation from INR 17.51 crore in Q4 FY26. Finance costs were reported at a negative INR 0.23 crore due to financial adjustments or write-backs during the period. Tax expenses showed a net tax credit of INR 0.14 crore for the quarter.
Segment reporting indicates that Drill Pipe and Allied Products generated revenue of INR 17.31 crore with a segment loss before interest and tax of INR 15.37 crore. OCTG Services contributed INR 0.12 crore in revenue with a minor segment loss of INR 0.11 crore. Unallocable items and other adjustments resulted in an unallocable net positive movement of INR 28.48 crore, leading to a total pre-tax profit from all segments combined of INR 28.48 crore prior to unallocable corporate expenses.
Note 3 of the financial results highlights that during the quarter under review, the company issued and allotted 41,95,000 equity shares of face value INR 10 each fully paid up pursuant to the conversion of Optionally Convertible Preference Shares (OCPS) to equity shares at a premium of INR 55 each on June 18, 2026, in compliance with SEBI and Companies Act regulations. This conversion expanded the paid-up equity share capital. Note 7 notes that EBITDA for the quarter ended June 30, 2026, stood at INR 1.51 crore (INR 150.76 lakhs).
Profit after tax was ₹-15.11 Cr for the reported quarter. EPS was ₹-2.90 for the reported quarter.
01 · Business model
What does Oil Country Tubular do?
Oil Country Tubular Limited operates as a specialized manufacturer and supplier of oil country tubular goods (OCTG) and allied products catering primarily to the oil and gas exploration and drilling sector. The company provides seamless steel casing, tubing, drill pipes, and related tubular services used in onshore and offshore drilling operations.
Its manufacturing setup and product portfolio target domestic and international exploration and production companies, drilling contractors, and energy service providers. Revenues are generated through direct product sales of drill pipes and allied products along with specialized OCTG services.
The economic model is closely tied to global and regional oil and gas capital expenditure cycles, rig counts, drilling activity levels, and raw material steel input costs. The company operates from its base in Hyderabad, India, with manufacturing and processing facilities designed for high-specification tubular goods.
02 · Historical context
What shaped the business before this quarter
On June 18, 2026, the company converted 41,95,000 Optionally Convertible Preference Shares into fully paid-up equity shares at a premium of INR 55 per share, expanding its equity capital base.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹17.44 Cr |
| Total income | ₹17.83 Cr |
| Profit before tax | ₹-15.24 Cr |
| Profit after tax | ₹-15.11 Cr |
| EPS | ₹-2.90 |
Financial interpretation
What the reported numbers mean
Profit after tax represented -86.6% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to -87.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.40 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Generated INR 17.31 crore in revenue, representing the vast majority of total operating income for the quarter.
Contributed INR 0.12 crore in revenue from specialized tubular services provided to the oil and gas sector.
Added INR 0.40 crore to the total income pool during the quarter.
What drove margins
Cost of materials consumed stood at INR 9.28 crore, while employee benefits amounted to INR 3.00 crore and power and fuel costs reached INR 0.84 crore.
Depreciation and amortisation expenses remained exceptionally high at INR 16.59 crore, heavily impacting profitability.
Other operational expenses moderated sequentially to INR 3.04 crore from INR 9.62 crore in Q4 FY26.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Recorded segment revenue of INR 17.31 crore and a segment loss before interest and tax of INR 15.37 crore.
Recorded segment revenue of INR 0.12 crore and a segment loss before interest and tax of INR 0.11 crore.
06 · Strategy & new businesses
How the company is trying to change its growth mix
Completed the conversion of 4,195,000 OCPS into equity shares, altering the capital structure and increasing paid-up equity share capital.
07 · Reported developments
What changed operationally
The company reported a positive EBITDA of INR 1.51 crore (INR 150.76 lakhs) for the quarter ended June 30, 2026.
Successfully completed the conversion of preference shares into equity in compliance with regulatory guidelines.
08 · Pressure points & risks
What is not going smoothly
Reported a net loss after tax of INR 15.10 crore for Q1 FY27, driven by high depreciation and segment operating losses.
09 · Items worth noticing
The line items that can distort a quick read
Reported a negative finance cost of INR 0.23 crore for the quarter.
Recorded a net tax credit of INR 0.14 crore during Q1 FY27.
10 · Beyond the numbers
What changed beyond the numbers
Equity Allotment
Issued and allotted 41,95,000 equity shares of face value INR 10 each pursuant to the conversion of OCPS on June 18, 2026.
11 · Previous-quarter changes
What changed since the previous quarter
Operating revenue decreased from INR 29.86 crore in Q4 FY26 to INR 17.44 crore in Q1 FY27.
Other expenses decreased significantly from INR 9.62 crore in Q4 FY26 to INR 3.04 crore in Q1 FY27.
12 · Key Q&A
The quarter, answered directly
What does Oil Country Tubular do?
Oil Country Tubular Limited operates as a specialized manufacturer and supplier of oil country tubular goods (OCTG) and allied products catering primarily to the oil and gas exploration and drilling sector. The company provides seamless steel casing, tubing, drill pipes, and related tubular services used in onshore and offshore drilling operations.
What is the clearest takeaway from Q1 FY27?
Oil Country Tubular Limited registered revenue from operations of INR 17.44 crore for the first quarter of fiscal 2027, marking an increase compared to the corresponding period of the previous year (INR 24.57 crore in Q1 FY26) but a sequential contraction from the preceding fourth quarter of fiscal 2026 (INR 29.86 crore). Total income for the quarter stood at INR 17.83 crore, inclusive of other income amounting to INR 0.40 crore.
What drove revenue or demand?
Generated INR 17.31 crore in revenue, representing the vast majority of total operating income for the quarter.
What mattered most for margins or profitability?
Cost of materials consumed stood at INR 9.28 crore, while employee benefits amounted to INR 3.00 crore and power and fuel costs reached INR 0.84 crore.
What changed operationally beyond the headline numbers?
Completed the conversion of 4,195,000 OCPS into equity shares, altering the capital structure and increasing paid-up equity share capital.
What are the main pressure points disclosed for the quarter?
Reported a net loss after tax of INR 15.10 crore for Q1 FY27, driven by high depreciation and segment operating losses.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Segment Turnaround: Monitor future quarters for operational turnaround in the Drill Pipe and Allied Products segment to reduce segment-level pre-tax losses.
- 02
Depreciation Impact: Track the ongoing trajectory of high depreciation and amortisation charges relative to operating revenue generation.
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