Tirupati Forge Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
TIRUPATIFL · price
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Tirupati Forge Limited reported FY26 revenue of Rs 1,624.8 Crores, marking a strong 41% year-over-year growth from Rs 1,149.8 Crores in FY25. However, profit after tax declined 20% to Rs 62.9 Crores from Rs 78.6 Crores, due to higher depreciation and finance costs from commissioning a new defence manufacturing facility and solar power plant. Q4 revenue was Rs 419.1 Crores, down 14% sequentially from Q3's Rs 485.9 Crores, attributed to geopolitical headwinds affecting the traditional business. The company commissioned its defence facility with commercial production expected to start Q2 FY27, targeting Rs 250 Crores annual revenue at full utilization with 40%+ EBITDA margins. The auditor issued an unmodified (clean) opinion. No deviations in fund utilization were reported.
Revenue growth is strong at 41% but profitability declined 20% due to upfront investments in new facilities. The company is investing heavily in defence and solar to diversify revenue streams, which may improve margins from FY27 onward. Negative operating cash flow and increased debt levels warrant monitoring.