Tirupati Forge Q2 FY27 Revenue Rises 51% QoQ to INR 581.5 Million

Tirupati Forge Ltd reported Q2 FY27 revenue of INR 581.5 million, a 51% quarter-on-quarter increase from INR 384.3 million in Q1 FY27, while profit after tax rose 238% sequentially to INR 41.2 million. The figures were reported in the company’s investor presentation and point to a stronger quarter for the forging manufacturer.

What did Tirupati Forge report for Q2 FY27?

Tirupati Forge reported revenue of INR 581.5 million in Q2 FY27, compared with INR 384.3 million in Q1 FY27. The 51% sequential rise was the key financial update in the investor presentation. EBITDA stood at INR 109.1 million, representing a 27% year-on-year increase.

Operating profit was INR 80.9 million, up 31% year-on-year. Profit after tax was INR 41.2 million, up 6% year-on-year. On a quarter-on-quarter basis, PAT increased from INR 12.2 million in Q1 FY27, which translates into a 238% increase.

The presentation does not include an earnings-call transcript or management guidance for the quarter. Therefore, the reported figures and operational updates are based on the investor presentation rather than comments made during a post-results call.

How did margins change during the quarter?

Tirupati Forge reported an operating margin of 14.2% in Q2 FY27, up 10 basis points year-on-year. The improvement accompanied the 31% year-on-year increase in operating profit to INR 80.9 million.

PAT margin was 7.2%, down 160 basis points year-on-year. This means that while the company reported higher net profit in absolute terms, its net profit margin was lower than the corresponding period a year earlier.

The presentation gives the reported margin figures but does not set out a detailed reconciliation for the year-on-year movement in PAT margin. Investors will therefore need subsequent disclosures to assess the cost, tax, interest or other items behind the difference between operating-margin improvement and the decline in PAT margin.

What are the main Q2 FY27 financial figures?

The reported financial data shows a sharp sequential recovery in revenue and PAT, alongside year-on-year growth in EBITDA and operating profit. All absolute amounts below are presented in INR million for consistency.

The quarter’s strongest reported growth measure was the sequential increase in PAT. Revenue also rose materially from the preceding quarter, while the year-on-year EBITDA and operating-profit data indicates that operating earnings were higher than in Q2 FY26.

What is Tirupati Forge doing in defence manufacturing?

Tirupati Forge is developing defence manufacturing capabilities alongside its existing forging operations. The company disclosed completion of a 155mm M107 shell batch and said commercial production is expected by Q4 FY27.

It also reported the forging of a 155mm ERFB shell body. Commercial production for this product is expected in H1 FY28, according to the presentation. These milestones were presented as part of the company’s effort to build defence-related manufacturing activity using its existing infrastructure.

The investor presentation referred to strong defence order-book visibility and highlighted international markets, including North America, as areas supporting its growth outlook. However, it did not disclose a new capital-expenditure programme or provide a quantified defence order book in the information supplied.

What manufacturing capacity does Tirupati Forge have?

Tirupati Forge reported installed forging capacity of 15,000 tonnes per annum. Its manufacturing unit covers five acres and includes in-house testing and research and development laboratories.

The disclosed infrastructure is relevant because the company’s defence manufacturing plans are described as an extension of its existing forging capabilities. The presentation focuses on production milestones, financial performance and the potential for defence orders rather than a separately announced plant expansion.

For investors, the operational update matters because commercialisation dates for the M107 and ERFB shell programmes fall in Q4 FY27 and H1 FY28, respectively. Until those timelines are reached, the presentation provides milestones and expected production dates rather than revenue contribution from these products.

How does the Q2 FY27 update affect investors?

The Q2 FY27 update establishes a higher revenue base than Q1 FY27 and records a substantial sequential increase in PAT. EBITDA, operating profit and net profit also remained above the year-earlier period based on the growth rates reported by the company.

At the same time, the 160-basis-point year-on-year reduction in PAT margin remains relevant. The presentation does not provide management guidance, detailed segment revenue or an earnings-call transcript, limiting the conclusions that can be drawn about the sustainability of quarterly performance.

The defence programme updates are important operational markers because they identify scheduled commercial-production periods. The company’s reference to demand from North America and defence order-book visibility indicates the areas it views as supportive, but the presentation does not quantify expected orders, revenue or capital investment.

Conclusion

Tirupati Forge’s Q2 FY27 presentation reported revenue of INR 581.5 million, up 51% quarter-on-quarter, and PAT of INR 41.2 million, up 238% from Q1 FY27. Year-on-year EBITDA and operating-profit growth, together with a modest improvement in operating margin, supported the quarter, although PAT margin declined.

The next disclosed operational milestones are commercial production of the 155mm M107 shell by Q4 FY27 and the 155mm ERFB shell body in H1 FY28. Investors will also watch for future disclosures on defence orders, international-market demand, margin movement and any capital-expenditure plans.