Oil Country Tubular Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Drill Pipe And Allied Products: 72.3% • OCTG Services: 27.7%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Operating margins have improved to 6.5% from -5129.5%
- Company has delivered good sales growth of 99.4% CAGR over last 5 years
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -140.8% over last 3 years
- Company has a low return on capital employed of -74.6%
- Interest coverage is weak at -58.9x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.04x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1310.35 | 12.93 | 320440.06 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 188.55 | 21.33 | 235375.56 | 2.12 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 186.25 | 18.01 | 76931.03 | 1.26 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2607.95 | 29.79 | 68795.28 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 782.80 | 19.87 | 64535.57 | 0.51 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2167.50 | 48.97 | 60182.46 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1073.35 | 26.68 | 29960.62 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| RATNAMANI | 2862.55 | 46.35 | 20064.19 | 0.35 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| SARDAEN | 546.75 | 17.05 | 19266.45 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 253.20 | 21.14 | 17046.41 | 0.39 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| OILCOUNTUB | 62.46 | 0.00 | 350.93 | 0.00 | -15.11 | -71.46 | 17.44 | -29.04 | -73.87 | 6.37 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 1 | 6 | 11 | 25 | 22 | 41 | 34 | 25 | 10 | 6 | 30 | 17 | |
| 3 | 3 | 4 | 8 | 18 | 16 | 24 | 22 | 16 | 12 | 10 | 28 | 33 | |
| Operating Profit | -2 | -3 | 2 | 3 | 7 | 7 | 17 | 12 | 9 | -2 | -4 | 2 | -16 |
| OPM % | -1180.95% | -355.26% | 31.94% | 29.94% | 29.28% | 29.96% | 40.77% | 35.89% | 35.78% | -22.99% | -69.93% | 6.83% | -89.71% |
| 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | |
| Interest | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 18 | 13 | 23 | 18 | 15 | 16 | 14 | 25 | 17 | 17 | 17 | 18 | 17 |
| Profit before Tax | -21 | -17 | -22 | -16 | -9 | -10 | 2 | -12 | -8 | -20 | -21 | -15 | -15 |
| Tax % | 11.95% | 12.51% | 27.45% | 8.56% | -10.47% | -32.39% | 1.80% | 11.80% | -4.88% | -9.77% | 17.71% | 9.55% | 0.90% |
| Net Profit | -19 | -15 | -16 | -15 | -10 | -13 | 2 | -11 | -9 | -22 | -17 | -14 | -15 |
| -4.23 | -3.35 | -3.65 | -3.31 | -2.21 | -2.97 | 0.37 | -2.35 | -1.85 | -4.15 | -3.36 | -2.62 | -2.90 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 11 | 25 | 11 | 2 | 0 | 0 | 18 | 123 | 70 | 63 | |
| 25 | 25 | 76 | 35 | 14 | 7 | 14 | 18 | 80 | 66 | 83 | |
| Operating Profit | -18 | -15 | -51 | -24 | -12 | -7 | -14 | 0 | 43 | 5 | -20 |
| OPM % | -237.86% | -138.17% | -199.91% | -220.54% | -518.29% | — | -5129.54% | 0.58% | 35.11% | 6.54% | -31.51% |
| -47 | 1 | 3 | 2 | 3 | 0 | 142 | 1 | 3 | 2 | 2 | |
| Interest | 18 | 20 | 15 | 19 | 22 | 25 | 12 | 6 | 6 | 1 | 1 |
| Depreciation | 22 | 22 | 21 | 21 | 20 | 19 | 30 | 72 | 70 | 70 | 69 |
| Profit before Tax | -105 | -55 | -85 | -62 | -51 | -51 | 86 | -76 | -29 | -64 | -71 |
| Tax % | 14.61% | 33.05% | 1.98% | -0.35% | -0.00% | -0.00% | -21.75% | 7.88% | -9.49% | 4.46% | 4.80% |
| Net Profit | -89 | -37 | -83 | -62 | -51 | -51 | 105 | -70 | -32 | -61 | -68 |
| EPS | 0.00 | 0.00 | 0.00 | -13.97 | -11.40 | -11.52 | 23.63 | -15.91 | -6.66 | -11.83 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -7%
- 5 Years:
- 99%
- 3 Years:
- 534%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 7%
- 5 Years:
- 56%
- 3 Years:
- 48%
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- -167%
- 5 Years:
- -84%
- 3 Years:
- -141%
- Last Year:
- -121%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 48 | 52 |
| 113 | 76 | -7 | -69 | -119 | -171 | 206 | 150 | 184 | 145 | |
| 141 | 143 | 192 | 201 | 247 | 301 | 148 | 173 | 116 | 103 | |
| Trade Payables | 29 | 20 | 7 | 3 | 3 | 3 | 4 | 3 | 1 | 2 |
| 29 | 53 | 26 | 42 | 52 | 67 | 95 | 55 | 34 | 11 | |
| Total Liabilities | 356 | 337 | 262 | 222 | 227 | 245 | 497 | 427 | 382 | 314 |
| 237 | 216 | 195 | 174 | 154 | 134 | 452 | 376 | 307 | 242 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 98 | 99 | 48 | 39 | 29 | 29 | 39 | 41 | 31 | 35 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19 | 12 | |
| Cash & Bank | 7 | 4 | 6 | 2 | 1 | 0 | 0 | 3 | 19 | 15 |
| 14 | 18 | 14 | 8 | 43 | 81 | 5 | 7 | 6 | 9 | |
| Total Assets | 356 | 337 | 262 | 222 | 227 | 245 | 497 | 427 | 382 | 314 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 9 | 38 | 20 | 8 | -26 | -27 | 169 | -19 | 30 | -4 | |
| Cash from Investing | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 2 | -0 | -5 |
| Cash from Financing | -8 | -38 | -17 | -15 | 26 | 27 | -169 | 18 | -19 | 4 |
| -1 | -0 | 3 | -3 | -0 | 0 | 0 | 1 | 12 | -5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-13 - Oil Country Tubular Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 12, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-12 - Oil Country Tubular Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 12, 2026
2026-07-31 - Oil Country Tubular Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-30 - Oil Country Tubular Limited has informed the Exchange about General Updates
2026-07-30 - Oil Country Tubular Limited has informed the Exchange regarding Outcome of Board Meeting held on July 30, 2026.
2026-07-30 - Oil Country Tubular Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-18 - Oil Country Tubular Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-17 - Oil Country Tubular Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 12, 2026
2026-07-07 - Oil Country Tubular Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for OILCOUNTUB
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