TIRUPATI FORGE LIMITED

Forges and machines metal components, serving industrial customers including in the US, and is now adding a defence manufacturing line for 155mm artillery shells under a Brazilian technical collaboration. FY26 revenue stood at Rs 162.4785 crore, up 44% from INR 1,162.9 Mn in FY25 on strong US demand, but PAT fell 20% to Rs 6.2953 crore because the new defence plant and a solar power plant lifted depreciation and interest costs. The traditional business makes castings and forgings for industrial customers and is exposed to US industrial demand and geopolitical headwinds, which caused Q4 FY26 revenue to dip to INR 430.3 Mn. A newly commissioned defence facility has completed hot trials with trial production meeting required specifications, and commercial production is expected to start in Q2 FY27, producing 155mm M107 and ERFB BB/BT empty artillery shells plus larger calibre ammunition components to NATO standards. Raw materials are the largest input cost at 42.9% of revenue, followed by other operating expenses at 33.8%. Capex ran at 47.3% of revenue in FY26, reflecting the heavy build-out of the defence and solar facilities; the company is also raising about Rs 21.46 crore via 37 lakh convertible warrants to promoters at Rs 58 each to fund further capacity expansion.