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Oil Country Tubular Q2 FY27 results: net loss narrows to ₹12.39 crore, revenue up 150.4%
Oil Country Tubular Limited reported standalone Q2 FY27 revenue of ₹25.17 crore, up 150.4% from Q2 FY26, while EBITDA turned to ₹3.84 crore from a loss of ₹2.31 crore. The company still reported a net loss of ₹12.39 crore and basic EPS of -₹2.33.
Key points
- Standalone revenue was ₹25.17 crore in Q2 FY27, up 150.4% from ₹10.05 crore in Q2 FY26.
- EBITDA was ₹3.84 crore, compared with a loss of ₹2.31 crore in the year-ago quarter, and EBITDA margin improved to 15.2% from -23.0%.
- The company reported a net loss of ₹12.39 crore in Q2 FY27, against a net loss of ₹21.57 crore in Q2 FY26.
- Revenue rose 44.3% from ₹17.44 crore in Q1 FY27, while the net loss narrowed from ₹15.11 crore to ₹12.39 crore.
- H1 FY27 revenue was ₹42.61 crore, up 23.1% from ₹34.62 crore in H1 FY26, but the company reported a net loss of ₹27.49 crore.
How did Oil Country Tubular perform in Q2 FY27?
Oil Country Tubular’s standalone Q2 FY27 revenue was ₹25.17 crore, compared with ₹10.05 crore in Q2 FY26 and ₹17.44 crore in Q1 FY27. Revenue rose 150.4% year on year and 44.3% sequentially. Total income was ₹25.47 crore, up 142.3% from ₹10.51 crore a year earlier and 42.8% from ₹17.83 crore in the previous quarter.
EBITDA was ₹3.84 crore in Q2 FY27, compared with a loss of ₹2.31 crore in Q2 FY26 and ₹1.11 crore in Q1 FY27. EBITDA margin improved to 15.2% from -23.0% a year earlier and from 6.4% in the previous quarter. The results were approved by the board as unaudited standalone figures for the quarter and half year ended 30 September 2026.
The company reported a net loss of ₹12.39 crore in Q2 FY27, compared with a net loss of ₹21.57 crore in Q2 FY26 and ₹15.11 crore in Q1 FY27. Loss before tax was ₹12.75 crore, against ₹19.65 crore in the year-ago quarter and ₹15.24 crore in the previous quarter. Basic EPS was -₹2.33, compared with -₹4.15 in Q2 FY26 and -₹2.90 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 25.17 | 17.44 | 10.05 | +150.4% | +44.3% |
| Other income | 0.30 | 0.40 | 0.47 | −36.2% | −25.0% |
| Total expenses | 38.22 | 33.08 | 30.16 | +26.7% | +15.5% |
| EBITDA | 3.84 | 1.11 | −2.31 | turned to profit | +245.9% |
| EBITDA margin | 15.2% | 6.4% | -23.0% | +38.2 pp | +8.8 pp |
| Profit before tax | −12.75 | −15.24 | −19.65 | ||
| Tax | −0.36 | −0.14 | 1.92 | ||
| Net profit | −12.39 | −15.11 | −21.57 | ||
| EPS (₹) | −2.33 | −2.90 | −4.15 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Oil Country Tubular's costs and profit?
Total expenses were ₹38.22 crore in Q2 FY27, up ₹8.06 crore, or 26.7%, from ₹30.16 crore in Q2 FY26. Cost of materials rose ₹5.74 crore to ₹6.82 crore, while employee cost increased ₹0.88 crore to ₹3.52 crore. Other expenses declined ₹0.87 crore to ₹7.76 crore, finance costs fell ₹0.11 crore to ₹0.31 crore and depreciation declined ₹0.81 crore to ₹16.58 crore. There was no exceptional item.
Other income was ₹0.30 crore in Q2 FY27, down ₹0.17 crore from ₹0.47 crore in Q2 FY26. Tax was ₹0.36 crore, compared with ₹1.92 crore in the year-ago quarter, a difference of ₹2.28 crore. PBT improved by ₹6.90 crore to ₹12.75 crore, while the net loss narrowed by ₹9.18 crore to ₹12.39 crore. The filing did not state further reasons for the movement in profit.
Against Q1 FY27, total expenses increased ₹5.14 crore to ₹38.22 crore. Cost of materials fell ₹2.46 crore to ₹6.82 crore, while other expenses rose ₹3.22 crore to ₹7.76 crore and employee cost rose ₹0.52 crore to ₹3.52 crore. Finance costs increased ₹0.15 crore to ₹0.31 crore, depreciation declined ₹0.01 crore to ₹16.58 crore, and other income fell ₹0.10 crore to ₹0.30 crore. The net loss narrowed by ₹2.72 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 6.82 | 1.08 | +5.74 | +531.5% |
| Employee cost | 3.52 | 2.64 | +0.88 | +33.3% |
| Finance costs | 0.31 | 0.42 | −0.11 | −26.2% |
| Depreciation | 16.58 | 17.39 | −0.81 | −4.7% |
| Other expenses | 7.76 | 8.63 | −0.87 | −10.1% |
| Total expenses | 38.22 | 30.16 | +8.06 | +26.7% |
| Other income | 0.30 | 0.47 | −0.17 | −36.2% |
| Tax | −0.36 | 1.92 | −2.28 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Oil Country Tubular reported standalone revenue of ₹42.61 crore, up ₹7.99 crore or 23.1% from ₹34.62 crore in H1 FY26. Total income was ₹43.31 crore, up ₹7.74 crore or 21.8% from ₹35.57 crore in the year-ago period.
PBT was ₹12.75 crore in H1 FY27, compared with ₹28.05 crore in H1 FY26, while the net loss was ₹27.49 crore against ₹30.37 crore. Basic EPS was -₹5.17, compared with -₹6.38. The company reported a net loss for the first half despite higher revenue.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 42.61 | 34.62 | +23.1% |
| Profit before tax | −27.99 | −28.05 | |
| Net profit | −27.49 | −30.37 | |
| EPS (₹) | −5.17 | −6.38 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹292.77 crore, compared with ₹313.77 crore at 31 March 2026. Total equity was ₹189.79 crore, compared with ₹197.42 crore. Borrowings were ₹18.87 crore against ₹24.88 crore, while cash and cash equivalents were ₹6.94 crore against ₹8.09 crore. Inventories declined to ₹32.83 crore from ₹34.71 crore, and trade receivables fell to ₹11.26 crore from ₹12.39 crore.
H1 FY27 operating cash flow was -₹11.78 crore, compared with ₹13.70 crore in H1 FY26. Investing cash flow was -₹9.68 crore against -₹3.35 crore, financing cash flow was ₹20.32 crore against ₹4.07 crore, and capital expenditure was ₹9.98 crore against ₹4.06 crore. The filing did not provide closing cash for the year-to-date cash-flow comparison.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 292.77 | 313.77 |
| Total equity | 189.79 | 197.42 |
| Borrowings | 18.87 | 24.88 |
| Cash and equivalents | 6.94 | 8.09 |
| Inventories | 32.83 | 34.71 |
| Trade receivables | 11.26 | 12.39 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −11.78 | 13.70 |
| Cash from investing | −9.68 | −3.35 |
| Cash from financing | 20.32 | 4.07 |
| Capital expenditure | 9.98 | 4.06 |
Source: Company's results filing (XBRL).
How has Oil Country Tubular done over the last 8 quarters?
Revenue reached a high of ₹41.21 crore in Q3 FY25 and fell to a low of ₹5.62 crore in Q3 FY26. It then rose to ₹25.17 crore in Q2 FY27 from ₹17.44 crore in Q1 FY27, but remained below the earlier peak. EBITDA margin reached 40.8% in Q3 FY25 and a low of -69.8% in Q3 FY26 before recovering to 15.2% in Q2 FY27.
Net profit peaked at ₹1.64 crore in Q3 FY25 and bottomed at a loss of ₹21.57 crore in Q2 FY26. The net loss then narrowed to ₹12.39 crore in Q2 FY27 from ₹15.11 crore in Q1 FY27, although the company remained loss-making. The reported quarterly sequence shows revenue and EBITDA margin recovering from the lows recorded in Q3 FY26.
Which businesses drove the quarter?
Drill Pipe and Allied Products reported revenue of ₹24.98 crore in Q2 FY27, compared with ₹0.20 crore in Q2 FY26, an increase of 12440.3%. EBIT was a loss of ₹12.64 crore, compared with a loss of ₹11.96 crore in the year-ago quarter; the reported EBIT margin was -50.6%.
OCTG Services reported revenue of ₹0.19 crore, down 98.1% from ₹9.85 crore in Q2 FY26, with an EBIT loss of ₹0.10 crore against a loss of ₹7.74 crore. Its reported EBIT margin was -51.6%. OCTG Sales and Other Sales and Services reported no revenue and no EBIT for Q2 FY27.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| DRILL PIPE AND ALLIED PRODUCTS | 24.98 | +12440.3% | −12.64 | -50.6% |
| OCTG SALES | 0 | 0 | ||
| OCTG SERVICES | 0.19 | −98.1% | −0.10 | -51.6% |
| OTHER SALES AND SERVICES | 0 | 0 |
Source: Company's results filing (XBRL segment data).
Quick answers
What was Oil Country Tubular's revenue in Q2 FY27?
Revenue from operations was ₹25.17 crore, up 150.4% from ₹10.05 crore in Q2 FY26 (standalone).
Did Oil Country Tubular make a profit in Q2 FY27?
No. It reported a net loss of ₹12.39 crore, against a net loss of ₹21.57 crore in Q2 FY26.
What was Oil Country Tubular's EPS in Q2 FY27?
Basic loss per share was ₹2.33, against a loss of ₹4.15 in Q2 FY26.
When did Oil Country Tubular announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Scheduled To Be Held On05/11/2026 (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 5 November 2026) · PDF
- Outcome Of The Board Meeting Held On 05.11.2026 (BSE, 5 November 2026) · PDF
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