Tirupati Forge Limited is engaged in manufacturing closed-die forged products, including auto components and flanges, serving sectors like automotive and pipelines.

The company is making a strategic pivot to the defense sector with new automated manufacturing capabilities for shell bodies, marking a significant shift in its business model.

Revenues increased by 23.7% QoQ driven by higher US tariffs, yet profitability remains pressured by costs associated with new defense and solar investments.

A fully automated, state-of-the-art defense manufacturing plant is set up, with commercial operations expected to commence in Q1FY27, enabling enhanced production efficiency.

The Indian ammunition market is projected to grow at a CAGR of 4.9%, with Tirupati positioned to capitalize on domestic manufacturing and import reduction policies."