Oil Country Tubular Limited (OILCOUNTUB) AI Stock Analysis

• Market Cap: ₹2.11B
• Dividend Yield: N/A
• Average Volume (3M): 7.87K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.38
• Revenue Growth: 70.45%
• EPS Growth: 35.56%
• Country: IN
• Employees: N/A
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): -3.36
• Shares Outstanding: 51,989,530
• 10 Day Avg. Volume: 3,634
• 30 Day Avg. Volume: 7,873
• PEG Ratio: 0.19
• Price to Book (P/B): 1.47
• Price to Sales (P/S): 2.77
• P/FCF Ratio: 11.37
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: ₹43.00 ▼(-28.39% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held back primarily by weak technicals (price below all key moving averages with negative MACD) and a loss-making profile (negative P/E), despite improving fundamentals such as better gross margins and positive operating/free cash flow.

Positive Factors

Improved margins and revenue recovery

A significant improvement in gross margin and reported strong revenue growth indicate the company has regained pricing power or cut input costs. Sustained higher gross margins support long-term profitability potential by improving the capacity to cover fixed costs and reinvest in the business.

Positive operating and free cash flow

Turning operating and free cash flow positive signals the core business is generating cash after working capital and capex. Durable cash generation reduces dependency on external funding, supports debt servicing and capex, and provides a foundation for stable operations over the next several quarters.

Strengthening equity position

A marked improvement in equity suggests balance-sheet repair and a rising equity ratio. Stronger equity cushions creditors, lowers solvency risk, and improves access to funding on better terms, which materially improves the firm's financial resilience over the medium term.

Negative Factors

Persistent net losses

Despite top-line recovery and better gross margins, continued net losses mean the company has yet to convert operational improvements into sustainable profitability. Persistent losses can deplete equity, limit reinvestment, and require ongoing external financing over the next several quarters.

High leverage

An elevated debt-to-equity ratio raises fixed interest and principal obligations, increasing refinancing and solvency risk. High leverage constrains strategic flexibility, elevates vulnerability to rate or demand shocks, and can pressure margins and cash flow in adverse conditions.

Inefficient cash conversion relative to losses

Although free cash flow turned positive, its inefficiency relative to net losses signals fragile cash conversion quality. This mismatch can produce volatile cash generation if margins slip, requiring sustained margin improvement to ensure cash generation is durable and covers obligations.

Oil Country Tubular Limited Business Overview & Revenue Model

Company Description

Oil Country Tubular Limited manufactures and sells casing, tubing, and drill pipes used in the oil drilling and exploration industry in India and internationally. The company offers heavy weight drill pipes and drill collars, as well as tubing, casing, and high collapse casing products. It also provides accessories, such as rotary subs, lift plugs and subs, lifting bails, pup joints, sleeve stabilizers, tool joints, welded blade stabilizers, and couplings, as well as drill rods. In addition, the company offers services comprising tool joint hardfacing, tool joints make and break, internal plastic coating of drill pipe and tubing, drill pipe reconditioning, drill pipe re-threading, tubing and casing, and field inspection. Oil Country Tubular Limited was incorporated in 1985 and is headquartered in Hyderabad, India. Oil Country Tubular Limited is in Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016.

How the Company Makes Money

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Oil Country Tubular Limited Financial Statement Overview

Summary

Recovery is visible: strong revenue growth and a sharp improvement in gross margin, with operating and free cash flow turning positive. However, the company is still loss-making and carries high leverage (elevated debt-to-equity), keeping the score in the low-to-mid range.

Income Statement

Oil Country Tubular Limited shows a mixed income statement performance. The company experienced a significant revenue growth from 2024 to 2025, but it still operates at a net loss. The gross profit margin improved drastically, reaching a positive territory in 2025, which indicates better cost management. However, the negative net profit margin highlights ongoing challenges in achieving overall profitability.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio, which poses a financial risk as the company relies heavily on debt financing. However, the equity position improved significantly from 2024 to 2025, suggesting a strengthening financial position. The equity ratio is improving but still needs further enhancement to ensure financial stability.

Cash Flow

The cash flow statement reflects a positive trend with improving operating cash flow and free cash flow turning positive in 2025. The company has managed to generate cash from operations, which is crucial for sustaining business operations, although free cash flow as a ratio of net income indicates inefficiency due to net losses.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.10B	1.23B	182.39M	2.75M	0.00	21.47M
Gross Profit	312.29M	882.90M	-710.29M	-313.69M	-193.83M	-207.18M
EBITDA	292.47M	431.50M	10.77M	1.28B	-45.56M	-88.74M
Net Income	-392.70M	-318.61M	-704.48M	1.05B	-513.23M	-508.76M
Balance Sheet
Total Assets	3.45B	3.82B	4.27B	4.97B	2.45B	2.27B
Cash, Cash Equivalents and Short-Term Investments	311.38M	192.47M	17.33M	2.75M	1.40M	270.00K
Total Debt	248.77M	447.86M	902.39M	658.86M	2.23B	1.71B
Total Liabilities	1.26B	1.51B	2.32B	2.47B	3.71B	3.02B
Stockholders Equity	2.19B	2.31B	1.95B	2.50B	-1.26B	-747.94M
Cash Flow
Free Cash Flow	96.39M	299.58M	-189.97M	1.69B	-267.08M	-262.78M
Operating Cash Flow	137.03M	304.94M	-189.87M	1.69B	-267.08M	-262.78M
Investing Cash Flow	-33.52M	-357.00K	20.89M	14.00K	322.00K	2.23M
Financing Cash Flow	40.69M	-187.28M	183.67M	-1.69B	267.89M	260.53M

Oil Country Tubular Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 60.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:OILCOUNTUB, the sentiment is Negative. The current price of 60.05 is above the 20-day moving average (MA) of 45.92, above the 50-day MA of 49.02, and below the 200-day MA of 69.57, indicating a bearish trend. The MACD of -2.23 indicates Positive momentum. The RSI at 40.28 is Neutral, neither overbought nor oversold. The STOCH value of 34.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:OILCOUNTUB.

Oil Country Tubular Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SOUTHWEST	71 Outperform	₹5.70B	15.59	―	0.40%	56.33%	160.76%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
UNIDT	62 Neutral	₹3.09B	18.85	―	0.89%	-15.39%	8.75%
DEEPINDS	52 Neutral	₹23.47B	10.83	―	0.67%	55.21%	-128.34%
OILCOUNTUB	47 Neutral	₹2.11B	-4.55	―	―	70.45%	35.56%
ALPHAGEO	47 Neutral	₹1.17B	-6.12	―	3.53%	―	―
AAKASH	45 Neutral	₹364.50M	27.49	―	―	-3.89%	-74.11%