Tirupati Forge Ltd

₹ 66.6 -1.35%

12 Nov - close price

About

Incorporated in 2012, co manufactures mass quantity Carbon Steel Forged Flanges, Forged componets and other automotive components^[1]

Key Points

Product Offerings:^[1]
The company offers closed-die forged products, including auto components, bearings, gears, and forged flanges made from mild steel, carbon steel, and stainless steel, under its brand Tirupati, for applications in the automotive, aerospace, construction, marine, power, etc.

Website NSE - BE

Market Cap ₹ 866 Cr.
Current Price ₹ 66.6
High / Low ₹ 83.9 / 30.1
Stock P/E 97.5
Book Value ₹ 11.7
Dividend Yield 0.00 %
ROCE 7.53 %
ROE 5.24 %
Face Value ₹ 2.00

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Pros

Company is expected to give good quarter
Company's median sales growth is 15.5% of last 10 years
Company's working capital requirements have reduced from 78.3 days to 59.7 days

Cons

Stock is trading at 5.69 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Company has a low return on equity of 8.52% over last 3 years.
Company might be capitalizing the interest cost
Promoter holding has decreased over last 3 years: -8.27%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Castings & Forgings

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	23.65	32.36	33.11	29.06	32.28	26.14	27.50	32.30	39.67	48.60	41.91	38.10	57.32
YoY Sales growth	-10.86%	+92.85%	+41.56%	+39.18%	+36.49%	-19.22%	-16.94%	+11.15%	+22.89%	+85.92%	+52.40%	+17.96%	+44.49%
	20.72	28.39	29.62	24.38	27.45	23.55	24.40	28.62	36.44	43.51	38.05	33.73	49.96
Operating Profit	2.93	3.97	3.49	4.68	4.83	2.59	3.10	3.68	3.23	5.09	3.86	4.37	7.36
OPM %	12.39%	12.27%	10.54%	16.10%	14.96%	9.91%	11.27%	11.39%	8.14%	10.47%	9.21%	11.47%	12.84%
	0.25	0.14	0.42	0.19	0.30	0.40	0.43	0.62	1.06	0.66	1.13	0.33	0.83
Interest	0.26	0.41	0.39	0.38	0.51	0.31	0.44	0.73	0.65	0.87	0.80	0.95	0.50
Depreciation	0.86	0.91	0.97	1.03	1.02	0.94	1.39	1.67	1.80	2.14	2.12	2.09	2.26
Profit before tax	2.06	2.79	2.55	3.46	3.60	1.74	1.70	1.90	1.84	2.74	2.07	1.66	5.43
Tax %	25.73%	26.16%	24.31%	24.86%	26.39%	25.29%	24.12%	25.79%	27.17%	26.28%	26.57%	26.51%	24.13%
	1.53	2.05	1.92	2.60	2.64	1.31	1.30	1.41	1.34	2.02	1.52	1.22	4.12
EPS in Rs	0.16	0.21	0.19	0.25	0.25	0.13	0.11	0.12	0.11	0.16	0.12	0.09	0.32
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Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	30	18	16	21	42	28	31	88	92	110	115	162	186
Sales growth	+345%	-41%	-10%	+29%	+101%	-34%	+11%	+187%	+4%	+20%	+5%	+41%	+48%
	28	16	14	18	35	25	28	78	77	97	100	147	165
Operating Profit	3	2	2	3	7	2	3	11	15	13	15	16	21
OPM %	9%	9%	12%	15%	17%	9%	9%	12%	16%	12%	13%	10%	11%
	0	0	0	0	0	0	0	1	2	1	1	3	3
Interest	1	1	0	0	0	1	0	1	1	1	2	3	3
Depreciation	1	1	1	1	1	2	2	2	3	3	4	8	9
Profit before tax	1	0	1	2	6	0	1	8	13	9	11	9	12
Tax %	26%	32%	30%	28%	28%	27%	27%	26%	25%	26%	25%	26%
	1	0	0	2	4	0	0	6	9	7	8	6	9
EPS in Rs	0.20	0.05	0.14	0.19	0.51	0.03	0.04	0.63	0.96	0.64	0.66	0.50	0.69
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	3%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	25%
5 Years:	39%
3 Years:	21%
TTM:	48%

Compounded Profit Growth
10 Years:	44%
5 Years:	76%
3 Years:	-12%
TTM:	66%

Stock Price CAGR
10 Years:	%
5 Years:	41%
3 Years:	79%
1 Year:	95%

Return on Equity
10 Years:	12%
5 Years:	12%
3 Years:	9%
Last Year:	5%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	0.79	0.79	0.79	6	6	10	11	20	20	21	24	25	26
Reserves	1	1	2	5	9	8	10	7	17	29	83	108	126
	6	5	4	0	5	5	8	11	10	13	26	42	65
	6	2	3	2	3	3	5	15	5	11	13	29	18
Total Liabilities	14	10	10	13	22	25	34	52	51	74	146	204	235
	5	5	5	4	10	13	14	14	15	19	37	57	102
CWIP	0	0	0	0	0	0	0	0	0	8	18	67	43
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
	9	5	6	8	12	12	20	38	36	47	90	80	89
Total Assets	14	10	10	13	22	25	34	52	51	74	146	204	235

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3	3	2	-1	2	3	-3	1	5	10	6	16
	-1	-1	-1	-1	-7	-5	-3	-3	-3	-15	-38	-75
	-2	-2	-2	2	4	2	5	2	-2	9	61	32
Net Cash Flow	-0	0	-0	0	-0	1	-1	1	-1	4	29	-27
Free Cash Flow	2	2	2	-2	-5	-1	-6	-2	1	-4	-33	-60
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	100%	173%	128%	-18%	49%	177%	-110%	23%	58%	97%	57%	112%

Ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	37	25	44	49	45	36	52	66	64	53	55	58
Inventory Days	68	80	104	123	70	134	229	147	143	162	159	135
Days Payable	92	44	107	32	23	56	92	99	30	60	68	107
Cash Conversion Cycle	12	62	41	140	93	115	189	114	178	155	145	86
Working Capital Days	34	6	8	97	61	73	95	56	86	69	106	60
ROCE %	21%	12%	16%	27%	41%	4%	4%	28%	32%	18%	12%	8%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2025

Mar 2026

Forging Installed Capacity
TPA

			xx,xxx	xx,xxx	xx,xxx	x,xxx	xx,xxx	xx,xxx
xx.xx	xx.xx	xx.xx				xx.xx		xx.xx
xx.xx	xx.xx	xx.xx				xx.xx
x,xxx.xx	x,xxx.xx	x,xxx.xx				x,xxx.xx
								xxx,xxx
								xx.xx

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Export Revenue Share
%

Forging Capacity Utilization
%

Production Volume
MT

Defence Plant Installed Capacity
units p.a.

Product Mix - Flanges
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

3 Recently

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	57.69%	57.69%	55.76%	55.76%	55.76%	48.88%	49.31%	48.10%	48.93%	49.01%	49.75%	49.42%
	0.00%	0.00%	0.00%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.78%	0.45%	0.43%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.15%
	42.31%	42.31%	44.23%	44.21%	44.20%	51.10%	50.67%	51.88%	51.04%	50.21%	49.80%	49.99%
No. of Shareholders	42,478	50,841	64,869	69,776	69,704	68,889	66,427	63,915	62,743	59,422	57,512	56,922

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	68.15%	69.25%	62.40%	58.03%	58.78%	57.59%	57.69%	48.88%	49.01%	49.42%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.78%	0.43%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.15%
	31.86%	30.75%	37.60%	41.97%	41.21%	42.41%	42.31%	51.10%	50.21%	49.99%
No. of Shareholders	105	108	90	464	9,285	19,629	50,841	68,889	59,422	56,922

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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