Overview

Detailed Summary

Tirupati Forge Limited manufactures closed-die forged products, forged flanges and precision machined components from an integrated Rajkot facility, serving oil & gas, automotive, defence, aerospace, power and mining clients; roughly 65% of revenue is export-led with key markets including the USA, Canada and Europe.
The company is entering defence manufacturing with civil works completed and commissioning scheduled for March 2026 to produce 155 mm MT107 empty shell bodies at 150,000 units per annum; management targets 50% utilisation in Q1FY27 and 80% by FY28, and has announced a planned capacity expansion in FY27 to capture global defence demand.
Q3FY26 delivered strong operational leverage: total income rose 21.1% QoQ to ₹492.6mn, EBITDA improved 33.8% to ₹57.4mn and PAT jumped 50.8% to ₹20.2mn, driven by higher export volumes (65% of sales) and energy cost savings of roughly ₹7.5mn following commissioning of the 4.8 MW solar plant.
The company’s market positioning benefits from integrated metallurgical capability, quality certifications (IATF 16949, ISO 9001, PED AD 2000 & CRN) and specialised heavy press capacity—among only a few Indian firms with a 630 Ton Lasco press—supporting complex forgings required by energy and defence customers.

Sector: Industrial Manufacturing
Industry: Industrial Products
Market Cap: 540 Cr
Volatility: Low Risk
P/E Ratio: 89.0
Industry P/E: 46.4
PEG Ratio: 11.0
P/B Ratio: 1.1
52W High: 52.00
52W Low: 28.21

Sales CAGR

1Y: 4.53%
3Y: 9.23%
5Y: 33.02%
10Y: —

Profit CAGR

1Y: 18.37%
3Y: 8.07%
5Y: 95.49%
10Y: —

ROE

TTM: 4.49%
3Y: 12.38%
5Y: 12.68%
10Y: 12.96%

ROCE

TTM: 6.44%
3Y: 16.74%
5Y: 17.09%
10Y: 17.53%

Technicals

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Peers

Industrials Capital Goods Industrial Manufacturing Industrial Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GUJAPOLLO		425.00	570 Cr	-122.92	1.08	0.41	-0.60	1.06	-1.09
LOKESHMACH		265.45	550 Cr	297.46	2.21	0.00	-1.28	3.33	0.40
NAMOEWASTE		154.55	543 Cr	53.72	6.12	0.00	10.56	17.76	8.75
TIRUPATIFL		44.53	540 Cr	89.02	1.08	0.00	4.49	6.44	3.64
INTLCONV		78.08	536 Cr	6.93	1.37	0.89	17.31	17.50	13.83
ATMASTCO		150.50	506 Cr	32.01	3.98	0.00	11.46	12.18	3.62
TIRUPATI		465.00	496 Cr	54.67	5.38	0.00	9.64	10.98	4.53
Median: 7 Co.	—	154.55	540 Cr	53.72	2.21	0.00	9.64	10.98	3.64

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	24	32	33	29	32	26	28	32	40	49
Expenses	21	28	30	24	27	24	24	29	36	44
Operating Profit	2.93	3.96	3.49	4.69	4.84	2.60	3.10	3.68	3.24	5.09
OPM %	12.39	12.24	10.54	16.14	14.99	9.95	11.27	11.39	8.17	10.47
Other Income	0.25	0.14	0.42	0.19	0.30	0.40	0.43	0.62	1.06	0.66
Interest	0.26	0.41	0.39	0.38	0.51	0.31	0.44	0.73	0.65	0.87
Depreciation	0.86	0.91	0.97	1.03	1.02	0.94	1.39	1.67	1.80	2.14
Profit Before Tax	2.06	2.79	2.55	3.46	3.60	1.75	1.70	1.90	1.84	2.74
Tax %	25.73	26.52	24.31	24.86	26.67	24.57	24.12	25.79	27.17	25.91
Net Profit	1.53	2.05	1.92	2.60	2.64	1.31	1.30	1.41	1.34	2.02
EPS in Rs	0.12	0.16	0.15	0.20	0.21	0.12	0.10	0.11	0.11	0.16

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	17	21	42	28	31	88	92	110	115	118
Expenses	14	18	35	25	28	78	77	97	100	104
Operating Profit	3.09	3.39	7.05	2.35	2.68	11	15	13	15	14
OPM %	17.84	16.12	16.86	8.53	8.70	12.00	15.86	11.62	13.24	12.03
Other Income	0.19	0.13	0.25	0.36	0.20	1.07	1.81	0.92	1.31	1.75
Interest	0.47	0.26	0.43	0.52	0.37	0.88	1.07	1.31	1.65	1.99
Depreciation	0.90	0.88	1.02	1.82	1.96	2.43	2.71	3.45	4.37	5.02
Profit Before Tax	0.71	2.13	5.85	0.37	0.54	8.35	13	8.93	11	8.95
Tax %	30.48	27.49	28.43	26.07	27.61	25.49	25.33	25.66	25.31	25.59
Net Profit	0.49	1.55	4.19	0.28	0.39	6.22	9.43	6.64	7.86	6.66
EPS in Rs	—	—	—	—	0.03	0.40	0.74	0.53	0.64	0.48
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	3.13	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.01	0.79	5.81	5.81	9.68	11	20	20	21	24
Reserves	0.48	1.84	4.66	8.90	8.22	9.56	7.21	17	29	83
Borrowings	1.20	3.83	0.34	4.21	4.26	7.60	11	10	13	26
Other Liabilities	0.12	3.68	1.88	3.40	3.29	5.33	15	4.94	11	13
Total Liabilities	1.81	10	13	22	25	34	52	51	74	146
Fixed Assets	0.00	4.63	4.33	10	13	14	14	15	19	37
CWIP	0.21	0.00	0.02	0.00	0.00	0.00	0.00	0.17	7.68	18
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	1.60	5.49	8.35	12	12	20	38	36	47	90
Total Assets	1.81	10	13	22	25	34	52	51	74	146

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2.19	-0.94	2.21	3.34	-3.02	1.21	4.51	10	5.85
Cash from Investing Activity	-0.61	-0.58	-6.72	-4.75	-2.79	-2.90	-3.37	-15	-38
Cash from Financing Activity	-1.64	2.02	4.07	2.09	5.13	2.43	-1.90	8.79	61
Net Cash Flow	-0.06	0.49	-0.44	0.68	-0.68	0.74	-0.76	4.40	29

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2024	Jan 2025	Mar 2025	May 2025	Jun 2025	Aug 2025	Sep 2025	Oct 2025	Dec 2025	Jan 2026	Feb 2026	Mar 2026
Promoters	48.88%	48.88%	48.88%	49.31%	49.31%	48.10%	48.10%	48.93%	48.93%	48.93%	49.01%	49.01%
FIIs	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.78%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	51.09%	51.09%	51.10%	50.67%	50.67%	51.88%	51.88%	51.04%	51.04%	51.04%	50.97%	50.21%
Total Shareholders	69,737	69,737	68,889	68,900	66,427	66,427	63,915	63,915	62,742	63,915	62,745	59,422

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Frequently Asked Questions about Tirupati Forge Ltd

Tirupati Forge Ltd (TIRUPATIFL) is currently trading at 40.54 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Tirupati Forge Limited manufactures closed-die forged products, forged flanges and precision machined components from an integrated Rajkot facility, serving oil & gas, automotive, defence, aerospace, power and mining clients; roughly 65% of revenue is export-led with key markets including the USA, Canada and Europe. The company is entering defence manufacturing with civil works completed and commissioning scheduled for March 2026 to produce 155 mm MT107 empty shell bodies at 150,000 units per annum; management targets 50% utilisation in Q1FY27 and 80% by FY28, and has announced a planned capacity expansion in FY27 to capture global defence demand. Q3FY26 delivered strong operational leverage: total income rose 21.1% QoQ to ₹492.6mn, EBITDA improved 33.8% to ₹57.4mn and PAT jumped 50.8% to ₹20.2mn, driven by higher export volumes (65% of sales) and energy cost savings of roughly ₹7.5mn following commissioning of the 4.8 MW solar plant. The company’s market positioning benefits from integrated metallurgical capability, quality certifications (IATF 16949, ISO 9001, PED AD 2000 & CRN) and specialised heavy press capacity—among only a few Indian firms with a 630 Ton Lasco press—supporting complex forgings required by energy and defence customers.

Over the past 52 weeks, Tirupati Forge Ltd has traded between a low of ₹28.21 and a high of ₹52.00. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Tirupati Forge Ltd has a market capitalization of approximately 540.33. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Tirupati Forge Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 89.02 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 540.33 Cr, Tirupati Forge Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Tirupati Forge Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Tirupati Forge Ltd is 89.02. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

Tirupati Forge Ltd

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Standalone Quarterly Results (in ₹ Crores)

Standalone Profit Loss (in ₹ Crores)

Standalone Balance Sheet (in ₹ Crores)

Standalone Cash Flows (in ₹ Crores)

Forecasts

Frequently Asked Questions about Tirupati Forge Ltd

What is Tirupati Forge Ltd share price today?

What does Tirupati Forge Ltd do?

What is the 52-week high and low of Tirupati Forge Ltd?

What is the market capitalization of Tirupati Forge Ltd?

Should I consider investing in Tirupati Forge Ltd stock?

Is Tirupati Forge Ltd a large-cap, mid-cap, or small-cap stock?

Which sector does Tirupati Forge Ltd belong to and why does it matter?

What is the PE ratio of Tirupati Forge Ltd?

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