BSE: 539040
TIRUPATI INNOVAR LIMITED
Trades agricultural and other goods after a rebrand from its earlier identity as a tyre maker. Revenue rose roughly 12-fold in FY26 on a new agricultural goods trading line, with net profit of ₹0.652 crore. The largest segment for the half-year to December 2025 was ₹69.53 crore (100% of segment revenue). The cost shape is light, with employee cost at 0.1% of revenue and other opex at 2.8%, and negligible depreciation and capex. The statutory auditor issued a Disclaimer of Opinion on FY26 results, flagging unverified trading transactions, missing E-Way Bills, trade receivables of ₹151.94 crore and trade payables of ₹147.46 crore against nil closing stock. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Agriculture & Others, Largest segment (H1 Dec 2025) (100%). Trading-led, low-cost, post-rebrand from tyre manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 11 | 143 |
| EBITDA (ex other income) | (0) | (0) | (0) | 1 | (1) |
| margin % | — | — | — | 4.7 | (0.4) |
| Owners' profit | 0 | 0 | 0 | 1 | 1 |
| EPS, as reported (₹) | 0.46 | 0.09 | 0.04 | 0.04 | 0.27 |
| ROE % · ROCE % | 13.1 · 13.1 | 0.4 · 0.4 | 0.2 · 0.2 | 1.8 · 2.2 | 1.2 · 1.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.08 | 0.09 |
| Cash from operations | 0 | (52) | (0) | (4) | (1) |
| Capex | 0 | 0 | 0 | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 11 | 0 | 49 | 21 | 73 |
| Profit before tax | 0 | 0 | 0 | 1 | 1 | 2 | 0 | (2) |
| Net profit | 0 | 0 | 0 | 1 | 1 | 2 | 0 | (2) |
| EPS (₹) | 0.01 | 0.00 | 0.06 | 0.03 | 0.03 | 0.62 | 0.12 | (0.75) |
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. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD | 50,055 | 20.7 | 2.39 | 9.8 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD | 40,512 | 28.8 | 3.70 | 17.5 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD | 24,642 | 14.4 | 1.47 | 8.1 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 12,546 | 21.5 | 2.48 | 7.7 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 8,792 | 13.2 | 1.45 | 6.8 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,199 | 34.6 | 2.69 | 13.3 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,573 | 25.6 | 2.60 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 537 | 58.4 | 15.89 | 56.5 | 18.4 | 21.3 | — | 2.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 290.0 | 25.6 | 13 of 13 | 0% |
| P/B | 0.3 | 2.4 | 1 of 16 | 100% |
| ROCE | 1.4 | 9.9 | 14 of 17 | 19% |
| ROE | 1.2 | 9.0 | 13 of 16 | 20% |
| Debt / Equity | 0.1 | 0.4 | 5 of 16 | 73% |
| EBITDA margin | (3.4) | 7.6 | 15 of 16 | 7% |
| Revenue growth | 566.1 | 10.1 | 1 of 15 | 100% |
| Profit growth | (370.1) | (5.8) | 15 of 16 | 7% |
| Market cap | 14 | 326 | 17 of 17 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Jul 2026 · Postal Ballot Results: Stock Split 1:10 and Bonus Issue 5:8 Approved | board shareholder meetings | medium | — | — |
| 13 Jul 2026 · Board of Directors at their meeting held Today i.e., Monday, 13th July, 2026 board has considered and approved the Corporate Office of the Company shall be discontinued with effect from .... | general | low | — | — |
| 6 Jul 2026 · Compliance certificate under SEBI Regulation 74(5) for Q1 FY27 | compliance | minimal | — | — |
| 24 Jun 2026 · Trading window closed ahead of Q1 FY26 results announcement | compliance | minimal | — | — |
| 22 Jun 2026 · Postal Ballot: Stock Split (1:10) and Bonus Issue (5:8), E-voting till Jul 22 | board shareholder meetings | low | — | — |
| 19 Jun 2026 · Independent Director Kiran Makhecha resigns citing pre-occupation | management changes | medium | — | — |
| 19 Jun 2026 · Company Secretary Yashaswi Jharbade resigns from Tirupati Innovar | management changes | high | — | — |
| 19 Jun 2026 · Board approves 1:10 stock split and 5:8 bonus issue, two resignations | board shareholder meetings | low | — | — |
| 15 Jun 2026 · Board to Consider Bonus Issue and 1:10 Stock Split on June 19 | board shareholder meetings | low | — | — |
| 15 Jun 2026 · Board meeting scheduled for 19 June 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.