Tirupati Forge Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has a healthy return on capital (ROCE) of 21.9%
- Company has delivered good sales growth of 33.0% CAGR over last 5 years
- Company comfortably covers its interest (7.4x coverage)
- Company maintains a comfortable, low leverage position
CONS
- Promoter holding has decreased over last 2 years: -6.0pp
- Working capital days have increased from 84 to 211 days
- Total debt has risen sharply - up 59.8% year on year
- Expensive relative to growth - PEG of 18.6
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORG | 1950.00 | 132.00 | 93227.28 | 0.44 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| HAPPYFORGE | 2236.25 | 64.46 | 21105.44 | 0.18 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| RKFORGE | 727.05 | 123.91 | 13244.76 | 0.14 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| BALUFORGE | 536.65 | 24.31 | 6514.50 | 0.03 | 66.09 | 15.89 | 300.72 | 28.95 | 22.95 | 28.19 |
| MMFL | 644.15 | 18.36 | 3110.06 | 0.62 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| TIRUPATIFL | 70.48 | 150.15 | 916.52 | 0.00 | 12.19 | 764.54 | 381.01 | 1079.56 | 13.10 | 11.48 |
| HILTON | 18.48 | 18.64 | 95.11 | 0.00 | 18.06 | 11940.00 | 589.56 | 2573.74 | 7.92 | 6.93 |
| GANGAFORGE | 1.60 | 0.00 | 53.92 | 0.00 | 1.06 | 464.83 | 7.18 | -7.29 | 4.06 | 9.34 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21 | 24 | 32 | 33 | 29 | 32 | 26 | 28 | 32 | 40 | 49 | 42 | 38 | |
| 18 | 21 | 28 | 30 | 24 | 27 | 24 | 24 | 29 | 36 | 44 | 38 | 37 | |
| Operating Profit | 2 | 3 | 4 | 3 | 5 | 5 | 3 | 3 | 4 | 3 | 5 | 4 | 1 |
| OPM % | 11.45% | 12.39% | 12.27% | 10.54% | 16.10% | 14.99% | 9.95% | 11.27% | 11.39% | 8.14% | 10.47% | 9.21% | 3.49% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 2 | 2 | 3 | 3 | 3 | 4 | 2 | 2 | 2 | 2 | 3 | 2 | 2 |
| Tax % | 25.97% | 25.73% | 26.52% | 24.71% | 24.86% | 26.67% | 24.57% | 24.12% | 25.79% | 27.17% | 25.91% | 26.57% | 26.63% |
| Net Profit | 1 | 2 | 2 | 2 | 3 | 3 | 1 | 1 | 1 | 1 | 2 | 2 | 1 |
| 0.12 | 0.16 | 0.21 | 0.19 | 0.25 | 0.26 | 0.13 | 0.11 | 0.12 | 0.11 | 0.16 | 0.12 | 0.10 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 16 | 21 | 42 | 28 | 31 | 88 | 92 | 110 | 115 | 168 | |
| 16 | 14 | 18 | 35 | 25 | 28 | 78 | 77 | 97 | 100 | 155 | |
| Operating Profit | 2 | 2 | 3 | 7 | 2 | 3 | 11 | 15 | 13 | 15 | 14 |
| OPM % | 9.27% | 11.70% | 15.10% | 16.86% | 8.53% | 8.70% | 12.00% | 15.86% | 11.62% | 13.24% | 8.03% |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | 3 | |
| Interest | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 2 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 4 | 8 |
| Profit before Tax | 0 | 1 | 2 | 6 | 0 | 1 | 8 | 13 | 9 | 11 | 8 |
| Tax % | 31.65% | 30.48% | 27.49% | 28.43% | 26.07% | 27.59% | 25.49% | 25.33% | 25.66% | 25.31% | 26.50% |
| Net Profit | 0 | 0 | 2 | 4 | 0 | 0 | 6 | 9 | 7 | 8 | 6 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.26 | 0.04 | 0.64 | 0.96 | 0.64 | 0.66 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.15% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 33%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 27%
- 5 Years:
- 95%
- 3 Years:
- 8%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 49%
- 3 Years:
- 92%
- 1 Year:
- 79%
RETURN ON EQUITY
- 10 Years:
- 17%
- 5 Years:
- 17%
- 3 Years:
- 19%
- Last Year:
- 11%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 6 | 6 | 10 | 11 | 20 | 20 | 21 | 24 |
| 1 | 2 | 5 | 9 | 8 | 10 | 7 | 17 | 29 | 74 | |
| 5 | 4 | 0 | 5 | 4 | 7 | 10 | 9 | 11 | 23 | |
| Trade Payables | 1 | 3 | 1 | 2 | 2 | 4 | 10 | 3 | 8 | 10 |
| 1 | 0 | 1 | 1 | 1 | 2 | 6 | 3 | 6 | 15 | |
| Total Liabilities | 10 | 10 | 13 | 22 | 25 | 34 | 52 | 51 | 74 | 146 |
| 5 | 5 | 4 | 10 | 13 | 14 | 14 | 15 | 19 | 37 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 18 |
| 2 | 3 | 4 | 5 | 6 | 11 | 15 | 16 | 22 | 23 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 17 | |
| Cash & Bank | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 0 | 4 | 33 |
| 2 | 3 | 4 | 7 | 6 | 9 | 22 | 20 | 5 | 17 | |
| Total Assets | 10 | 10 | 13 | 22 | 25 | 34 | 52 | 51 | 74 | 146 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3 | 2 | -1 | 3 | 4 | -3 | 2 | 8 | 10 | 6 | |
| Cash from Investing | -1 | -1 | -1 | -7 | -5 | -3 | -3 | -3 | -15 | -38 |
| Cash from Financing | -2 | -2 | 2 | 4 | 2 | 5 | 2 | -2 | 9 | 61 |
| 0 | -0 | 0 | -0 | 1 | -1 | 1 | -1 | 4 | 29 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Tirupati Forge Limited has informed the Exchange regarding allotment of 3700000 securities pursuant to Preferential Issue at its meeting held on September 07, 2026
2026-09-07 - Allotment of 37,00,000 (Thirty-Seven Lakh) fully convertible equity warrants ( Warrants ), each Warrant being convertible into or exchangeable for one (1) fully paid-up equity share of the Company having a face value of Rs. 2/- (Rupees Two only) each ( Equity Share ), at an issue price of Rs. 58/- (Rupees Fifty-Eight only) per Warrant, including a premium of Rs. 56/- (Rupees Fifty-Six only) per Warrant, aggregating to Rs. 21,46,00,000/- (Rupees Twenty-One Crore Forty-Six Lakh only), upon receipt of Rs. 5,36,50,000/- (Rupees Five Crore Thirty-Six Lakh Fifty Thousand only), representing 25% of the total issue price as upfront consideration, to the Promoters and Promoter Group of the Company on a preferential basis.
2026-09-01 - Tirupati Forge Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-31 - Tirupati Forge Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-08-24 - Tirupati Forge Limited has informed the Exchange regarding re-appointment of Shri Hiteshkumar Gordhanbhai Thummar (DIN: 02112952) as Chairman & Managing Director of the Company w.e.f. August 24, 2026, subject to the approval of the shareholders of the company.
2026-08-24 - Tirupati Forge Limited has informed the Exchange regarding Outcome of Board Meeting held on August 24, 2026.
2026-08-14 - Tirupati Forge Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Tirupati Forge Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-03 - Tirupati Forge Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on July 31, 2026. Further, the company has informed the Exchange regarding voting results.
News
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