NSE: TIRUPATIFL
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PTC INDUSTRIES LIMITED | 35,906 | 285.9 | 23.82 | 209.7 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED | 33,643 | 26.6 | 4.19 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED | 16,966 | 51.8 | 7.97 | 34.4 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 5,387 | 18.2 | 3.38 | 16.3 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,516 | 38.8 | 8.90 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,327 | 27.1 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,290 | 109.7 | 12.57 | 43.0 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,148 | 27.9 | 1.92 | 10.6 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 76.2 | 26.7 | 20 of 22 | 10% |
| P/B | 6.4 | 3.6 | 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 | 856 | 425 | 9 of 24 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Quarterly dematerialisation certificate filed with NSE for Jul-Sep 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · AGM 2026: All 4 resolutions passed; MD re-appointed for 5 years | board shareholder meetings | low | — | — |
| 28 Sept 2026 · AGM 2026 results: All 4 resolutions passed, MD re-appointed for 5 years | compliance | minimal | — | — |
| 25 Sept 2026 · Tirupati Forge 14th AGM held on Sept 25, 2026; key resolutions passed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · Tirupati Forge secures defence license for artillery shell manufacturing | business updates | medium | — | — |
| 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 | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.