Oil Country Tubular Limited has informed the Exchange regarding Appointment of Mr kamineni shashidhar as Non- Executive Director of the company w.e.f. August 07, 2025.
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Oil Country Tubular Limited announced the appointment of Dr. Kamineni Shashidhar as an Additional Non-Executive Professional Director effective August 7, 2025. Notably, he is the son of the company's Chairman and Managing Director, Shri. Kamineni Suryanarayana, marking a promoter family addition to the board. The board also appointed Mr. G.L.B. Shastry (Chartered Accountant with 16 years of experience) as the new Chief Financial Officer, re-designated Mr. J. Ramamuni Reddy as Head – Accounts, and appointed Mr. Vaibhav S. Suryawanshi as Company Secretary and Compliance Officer effective August 5, 2025. Alongside, the company reported Q1 FY26 (quarter ended June 30, 2025) un-audited results with total income of Rs. 2,505.87 lakhs (vs Rs. 2,536.17 lakhs in Q1 FY25) and a net loss of Rs. 880.53 lakhs, slightly improved from a Rs. 980.62 lakhs loss a year ago. The 39th Annual General Meeting is scheduled for September 10, 2025 via video conferencing.
The induction of a promoter family member (son of the CMD) into the board may be viewed as consolidating family control rather than bringing in independent expertise, which some investors may flag as a governance concern. The Q1 results continue to show losses, though the loss has narrowed year-on-year, and revenue remains subdued. The 41.5 lakh share issuance on OCPS conversion will also dilute existing shareholders marginally.