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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Castings and forgings, Defence manufacturing. Capital goods company in heavy capex phase, adding a defence manufacturing line alongside traditional castings and forgings
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 88 | 92 | 110 | 115 | 162 |
| EBITDA (ex other income) | 11 | 15 | 13 | 15 | 16 |
| margin % | 12.0 | 15.9 | 11.6 | 13.2 | 9.8 |
| Owners' profit | 0 | 9 | 7 | 8 | 6 |
| EPS, as reported (₹) | 0.64 | 0.96 | 0.67 | 0.74 | 1.02 |
| ROE % · ROCE % | — · — | 26.0 · 35.5 | 13.3 · 19.2 | 7.3 · 9.8 | 4.7 · 7.1 |
| Debt / equity (x) | — | 0.25 | 0.22 | 0.17 | 0.26 |
| Cash from operations | 1 | 4 | 10 | 6 | 16 |
| Capex | (3) | (4) | (13) | (31) | (77) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 32 | 26 | 28 | 32 | 40 | 49 | 42 | 38 |
| Profit before tax | 4 | 2 | 2 | 2 | 2 | 3 | 2 | 2 |
| Net profit | 3 | 1 | 1 | 1 | 1 | 2 | 2 | 1 |
| EPS (₹) | 0.26 | 0.26 | 0.11 | 0.24 | 0.11 | 0.32 | 0.24 | 0.20 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AIA ENGINEERING LIMITED | 38,261 | 30.2 | 4.76 | 22.0 | 15.8 | 19.3 | 8.9 | 35.8 |
| PTC INDUSTRIES LIMITED | 35,141 | 279.8 | 23.32 | 205.3 | 6.7 | 7.5 | 29.8 | 28.3 |
| HAPPY FORGINGS LIMITED | 20,465 | 62.5 | 9.62 | 41.4 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 6,464 | 21.9 | 4.05 | 19.6 | 16.2 | 18.8 | — | 29.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Tirupati Forge allots 37 lakh convertible warrants to promoters | fund raising | high | — | — |
| 7 Sept 2026 · Promoters allotted 37 lakh convertible warrants at Rs 58 each | fund raising | high | — | — |
| 1 Sept 2026 · Tirupati Forge 14th AGM Notice Published; E-voting Sep 22-24 | compliance | minimal | — | — |
| 31 Aug 2026 · Tirupati Forge 14th AGM scheduled for September 25, 2026 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Tirupati Forge re-appoints Chairman and MD for 5 more years | management changes | high | — | — |
| 24 Aug 2026 · Board re-appoints CMD for 5 years, sets AGM on September 25 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY2027 audited financial results | compliance | minimal | — | — |
| 13 Aug 2026 · June 2026 quarter profit falls despite higher revenue | results | medium | — | — |
| 3 Aug 2026 · EGM Results: Capital Hike and Preferential Warrants Approved | board shareholder meetings | medium | — | — |
| 31 Jul 2026 · Tirupati Forge signs defence tech collaboration with Brazilian partner | strategic transactions | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| STEELCAST LIMITED |
| 3,313 |
| 36.5 |
| 8.39 |
| — |
| 22.0 |
| 28.5 |
| — |
| 28.2 |
| Amic Forging Limited | 2,553 | 29.8 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,406 | 119.5 | 13.70 | 46.6 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 940 | 22.8 | 1.57 | 8.9 | 8.1 | 9.4 | 16.8 | 5.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 79.7 | 29.9 | 20 of 22 | 10% |
| P/B | 6.7 | 4.1 | 15 of 20 | 26% |
| ROCE | 5.2 | 13.7 | 22 of 24 | 9% |
| ROE | 4.7 | 11.5 | 18 of 20 | 11% |
| Debt / Equity | 0.3 | 0.1 | 13 of 20 | 37% |
| EBITDA margin | 12.3 | 18.5 | 16 of 20 | 21% |
| Revenue growth | 18.0 | 12.2 | 7 of 18 | 65% |
| Profit growth | (13.6) | 19.3 | 13 of 17 | 25% |
| Market cap | 896 | 482 | 10 of 24 | 61% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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