Oil Country Tubular Limited has informed the Exchange regarding Appointment of Mr G. L. B. SHASTRY as Chief Financial Officer of the company w.e.f. August 07, 2025.
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Oil Country Tubular Limited reported Q1 FY26 results with total income of Rs. 2,505.87 lakhs (down slightly from Rs. 2,536.17 lakhs in Q1 FY25) and a net loss of Rs. 880.53 lakhs, marginally improved from a loss of Rs. 980.62 lakhs a year ago. EBITDA for the quarter stood at Rs. 927.53 lakhs, and the company also issued 41.5 lakh equity shares on conversion of OCPS at a Rs. 55 premium in May 2025. The Board approved the appointment of Mr. G.L.B Shastry, a Chartered Accountant with 16 years of experience (formerly CFO at Kaleshwaram Irrigation Project), as the new Chief Financial Officer. Dr. Kamineni Shashidhar, son of Chairman and Managing Director Shri Kamineni Suryanarayana, was inducted as an Additional Non-Executive Professional Director. Mr. Vaibhav S Suryawanshi was appointed as Company Secretary and Compliance Officer, and the 39th AGM was scheduled for September 10, 2025.
The company remains in losses but the bottom line is showing slight year-on-year improvement, which is mildly positive. However, the induction of the Chairman's son onto the board may be viewed as a governance concern by investors, while the appointment of an experienced external CFO could bring fresh financial discipline to the struggling business.