Tirupati Forge FY26: Growth in the base business, a defence ramp takes shape

Total income was INR 430.38 million in Q4 FY26 and INR 1,659.40 million in FY26, as stated in the investor presentation.

The presentation attributes the moderation in profitability to higher depreciation and financing costs related to commissioning of the new defence plant and solar power unit.

Commercial production for the Empty Shell Body 155 MM M107 defence project is expected to commence in Q2 FY27, as per the defence update slide.

The company indicated the defence vertical could generate approximately INR 2,500 million of annual revenue at full utilization, with EBITDA margins expected to be upwards of 40%.

The company states current installed forging capacity of 15,000 TPA and mentions integrated capabilities including forging, heat treatment, ring rolling, paint shop, hydraulic extrusion press, and machining facilities.

The presentation shows revenue share of 36% domestic and 64% global, and cites overseas markets including USA, Canada, Malaysia, Europe and African countries.