Tirupati Forge Ltd(TIRUPATIFL)

NSE: TIRUPATIFL

₹ 63.7-1.52%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 828 crWebsite: www.tirupatiforge.comUpdated: 24 Oct 2026

About

Tirupati Forge makes forgings, with flanges making up about 64% of product sales, and it has 15,000 TPA of installed forging capacity. Overseas markets brought in 55% of revenue in FY26, mostly from the USA. Reported revenue for FY26 was 162.48. The company is moving into defence with a plant for 155mm M107 shell bodies. The plant was commissioned by Q4 FY26.^[1][2]

Products

Flanges made up about 64% of product sales as of Q4 FY26, up from about 63% in Q1 FY26.^[1][3]
The company has started reorienting its business to widen its product range beyond flanges (Q1 FY26).^[3]
New defence product: 155mm M107 shell bodies. Trial production met the required specifications in Q4 FY26.^[1]
Forgings range from 0.5 kg to 115 kg as single pieces (FY23 annual report).^[4]

Manufacturing capacity

Installed forging capacity was 15,000 TPA in FY26, compared with 7000 tons per annum stated in the FY23 annual report.^[1][4]
The defence shell-body plant is fully robotic. Its capacity is given as 1.2 lakh shell bodies a year (Q2 FY26) and as 150,000 units a year (Q3 FY26).^[5][6]
A captive solar power plant was commissioned in Q1 FY26. It saved ₹7.5 mn in energy costs in Q3 FY26.^[3][6]

Export markets and customers

55% of revenue came from overseas markets in FY26, mainly the USA, Canada, Malaysia, Europe and African countries.^[1]
Exports were 65% of revenue in Q3 FY26.^[6]
Over 50% of export demand is linked to the US market (Q3 FY26).^[6]
Total income rose from ₹329 mn to ₹407 mn quarter-on-quarter in Q2 FY26, largely because higher US tariffs were passed through in pricing.^[5]

Defence shell-body project

In Q4 FY26 the defence plant was commissioned, hot trials were completed, and the remaining trials were due by Q1 FY27.^[1]
Commercial production of 155mm shell bodies was targeted for Q2 FY27 (Q4 FY26 call). The Q2 FY26 call had targeted Q1 FY27.^[1][5]
Management stated targets of about INR 2,500 mn a year in defence revenue at full utilisation, with full-year impact from FY28, and a defence EBITDA margin above 40% (Q4 FY26).^[1]
Defence utilisation targets given in Q3 FY26: 50% in Q1 FY27, rising to a peak of 80% by FY28.^[6]
The company plans to expand the defence facility in FY27, citing strong inbound enquiries from potential defence customers.^[5][6]
Once defence production starts, the solar plant is expected to save about INR 20 mn a year (Q4 FY26).^[1]

Recent developments

Q4 FY26 revenue was INR 430.3 mn, against INR 492.5 mn in Q3 FY26. Management attributed the drop to geopolitical tension affecting the traditional forging business.^[1]
Management said FY26 profit was held back by depreciation and interest on the new defence facility and the solar plant.^[1]
Specialised staff were hired in Q2 FY26 ahead of the defence facility opening.^[5]

Market Cap

₹828 Cr

High / Low

₹84 / 30

Stock P/E

132.0

Price / Book

6.1

Book Value

₹11

EPS

₹0.5

No. of Shares

12.66 Cr

ROCE

7.6%

ROE

5.2%

OPM

7.0%

Debt / Equity

0.26

Sales

₹162 Cr

Net Profit

₹6 Cr

Promoter holding

49.4%

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