Tirupati Forge Q2 profit rises to Rs 4.12 crore as sales rise

Tirupati Forge Limited reported net profit of Rs 4.12 crore for the quarter ended September 30, 2026, as revenue from operations reached Rs 57.32 crore, compared with Rs 38.10 crore in the preceding quarter and Rs 39.67 crore a year earlier. Tirupati Forge’s profit before tax was Rs 5.43 crore.

How did Tirupati Forge perform in the September 2026 quarter?

Tirupati Forge reported revenue from operations of Rs 57.32 crore in the quarter ended September 30, 2026, up from Rs 38.10 crore in the June 2026 quarter and Rs 39.67 crore in the September 2025 quarter. Total income, which includes other income, rose to Rs 58.15 crore from Rs 38.43 crore sequentially and Rs 40.73 crore a year earlier.

Net profit rose to Rs 4.12 crore from Rs 1.22 crore in the preceding quarter and Rs 1.34 crore in the corresponding quarter of the prior year. Profit before exceptional items and tax was Rs 5.43 crore, compared with Rs 1.66 crore in June 2026 and Rs 1.84 crore in September 2025. The results statement showed no exceptional item for any of the three quarters.

Basic earnings per equity share, not annualised for the quarter, were Rs 0.32, versus Rs 0.10 in June 2026 and Rs 0.11 in September 2025. Diluted earnings per share were Rs 0.31, compared with Rs 0.09 and Rs 0.11, respectively. Paid-up equity share capital stood at Rs 26.01 crore on September 30, 2026.

What costs changed in Tirupati Forge’s Q2 results?

Tirupati Forge’s total expenses were Rs 52.72 crore in the September 2026 quarter, against Rs 36.77 crore in June 2026 and Rs 38.88 crore a year earlier. Total income increased by Rs 19.72 crore sequentially, while total expenses increased by Rs 15.95 crore, resulting in the reported pre-tax profit of Rs 5.43 crore.

Material consumption increased to Rs 25.75 crore from Rs 15.19 crore in the preceding quarter and Rs 17.35 crore a year earlier. Other expenses were Rs 18.22 crore, compared with Rs 13.19 crore in June 2026 and Rs 13.23 crore in September 2025. Purchases of stock in trade were Rs 4.17 crore, against Rs 3.38 crore and Rs 4.02 crore in the two comparison periods.

Employee-benefit expense rose to Rs 2.97 crore from Rs 1.90 crore sequentially and Rs 2.27 crore year on year. Depreciation and amortisation increased to Rs 2.26 crore from Rs 2.09 crore and Rs 1.80 crore, while finance costs declined to Rs 49.55 lakh from Rs 94.95 lakh in June 2026 and Rs 65.02 lakh a year earlier.

Inventory changes reduced expenses by Rs 1.15 crore in the latest quarter, compared with an expense addition of Rs 7.17 lakh in June 2026 and an expense reduction of Rs 43.81 lakh in September 2025. Current tax expense was Rs 58.16 lakh and deferred tax expense was Rs 72.72 lakh, making total reported tax charges Rs 1.31 crore.

How did Tirupati Forge perform in the first half?

Tirupati Forge reported revenue from operations of Rs 95.42 crore for the half year ended September 30, 2026, compared with Rs 71.97 crore in the half year ended September 30, 2025. Net profit for the six-month period rose to Rs 5.34 crore from Rs 2.75 crore in the prior-year half.

Total income was Rs 96.58 crore for the latest half year, including other income of Rs 1.16 crore, compared with total income of Rs 73.65 crore and other income of Rs 1.67 crore in the prior-year period. Revenue from operations therefore increased by Rs 23.45 crore year on year despite a lower contribution from other income.

First-half total expenses increased to Rs 89.49 crore from Rs 69.90 crore. Material consumption was Rs 40.95 crore, versus Rs 33.39 crore, while other expenses rose to Rs 31.41 crore from Rs 23.05 crore. Basic earnings per share for the half year were Rs 0.41, compared with Rs 0.23 a year earlier.

What made up Tirupati Forge’s other income?

Tirupati Forge reported other income of Rs 83.10 lakh in the September 2026 quarter, higher than Rs 33 lakh in June 2026 but lower than Rs 1.06 crore in September 2025. Foreign-exchange fluctuations contributed Rs 58.93 lakh, compared with Rs 26.98 lakh sequentially and Rs 83.21 lakh in the prior-year quarter.

Interest income, net of reversals, was Rs 4.19 lakh in the September 2026 quarter, compared with Rs 6.02 lakh in June 2026 and Rs 20.68 lakh a year earlier. Profit on sale of assets was Rs 3.33 lakh, and the item classified as others contributed Rs 16.65 lakh, together reconciling with the reported other-income total.

For the half year ended September 30, 2026, foreign-exchange fluctuations accounted for Rs 85.91 lakh of other income of Rs 1.16 crore. Interest income was Rs 10.21 lakh, profit on asset sales was Rs 3.33 lakh and other items were Rs 16.65 lakh. In the prior-year half, foreign-exchange fluctuations were Rs 1.04 crore within other income of Rs 1.67 crore.

What business and funding matters did Tirupati Forge disclose?

Tirupati Forge manufactures carbon-steel forged flanges, forged components and automotive components, and said it commenced defence forging during the year. Under Indian Accounting Standard 108, or Ind AS 108, it identifies Industrial Forging and Defence Forging as its two reportable segments. Industrial Forging includes forged flanges, forged components and automotive components.

The company said 8,50,000 outstanding convertible warrants from an earlier issue were converted into equity shares in the September 2026 quarter after holders paid the remaining 75% of the issue price. The earlier allotment, approved on January 16, 2025, comprised 1,17,60,000 warrants and had received Rs 9.41 crore as the 25% upfront payment. No warrants from that allotment remained outstanding on September 30, 2026.

A separate board approval on September 7, 2026 covered 37,00,000 convertible equity warrants. Tirupati Forge disclosed a 25% upfront amount of Rs 21.46 crore for this issue, while money received against share warrants in the September 30 balance sheet was Rs 5.37 crore, compared with Rs 2.73 crore on March 31, 2026. All 37,00,000 warrants were outstanding at September 30, 2026, with no conversion during the quarter.

The half-year cash-flow statement reported net cash from operating activities of Rs 13.57 crore and net cash used in investing activities of Rs 25.48 crore. Financing activities generated Rs 18.39 crore, leading to a reported increase in cash and cash equivalents of Rs 6.45 crore. Purchases of property, plant and equipment were Rs 51.23 crore during the half year.

Conclusion

Tirupati Forge’s September 2026 quarter showed higher revenue from operations of Rs 57.32 crore and net profit of Rs 4.12 crore relative to both the June 2026 and September 2025 quarters. The half-year figures also increased year on year, with Rs 95.42 crore of revenue and Rs 5.34 crore of net profit, while material consumption and other expenses rose alongside activity.

The disclosed matters to watch next are the allotment process for the 37,00,000 convertible warrants outstanding on September 30, 2026 and the development of the Defence Forging segment, which commenced during the year. The company also reported Rs 51.23 crore of property, plant and equipment purchases in the first half and a Rs 25.48 crore investing cash outflow.