MarketFriction

Tirupati Forge Ltd

NSE TIRUPATIFL · Castings & Forgings
₹75.16 -2.00%
NSE close2026-10-01
52 week range30.11 - 83.90
Market cap₹978 Cr.
P/E160
ESM Price band 2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales23.6532.3633.1129.0632.2826.1427.5032.3039.6748.6041.9138.10
Expenses20.7228.3929.6224.3827.4523.5524.4028.6236.4443.5138.0533.73
Operating Profit2.933.973.494.684.832.593.103.683.235.093.864.37
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%
Other Income0.250.140.420.190.300.400.430.621.060.661.130.33
Interest0.260.410.390.380.510.310.440.730.650.870.800.95
Depreciation0.860.910.971.031.020.941.391.671.802.142.122.09
Profit before tax2.062.792.553.463.601.741.701.901.842.742.071.66
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%
Net Profit1.532.051.922.602.641.311.301.411.342.021.521.22
EPS in Rs0.160.210.190.250.250.130.110.120.110.160.120.09
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1816214228318892110115162168
Expenses161418352528787797100147152
Operating Profit223723111513151617
OPM %9%12%15%17%9%9%12%16%12%13%10%10%
Other Income000000121133
Interest100010111233
Depreciation111122233488
Profit before tax01260181391198
Tax %32%30%28%28%27%27%26%25%26%25%26%
Net Profit002400697866
EPS in Rs0.150.440.190.510.030.040.630.960.640.660.500.48
Dividend Payout %0%0%0%0%0%0%3%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth25%39%21%42%
Compounded Profit Growth44%76%-12%-8%
Stock Price CAGR%46%91%105%
Return on Equity12%12%9%5%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital0.790.790.796610112020212425
Reserves112598107172983108
Borrowings65405581110132642
Other Liabilities6232335155111329
Total Liabilities14101013222534525174146204
Fixed Assets55541013141415193757
CWIP00000000081867
Investments000000000000
Other Assets95681212203836479080
Total Assets14101013222534525174146204
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity332-123-31510616
Cash from Investing Activity-1-1-1-1-7-5-3-3-3-15-38-75
Cash from Financing Activity-2-2-224252-296132
Net Cash Flow-00-00-01-11-1429-27
Free Cash Flow222-2-5-1-6-21-4-33-60
CFO/OP100%173%128%-18%49%177%-110%23%58%97%57%112%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days372544494536526664535558
Inventory Days688010412370134229147143162159135
Days Payable92441073223569299306068107
Cash Conversion Cycle1262411409311518911417815514586
Working Capital Days34689761739556866910660
ROCE %21%12%16%27%41%4%4%28%32%18%12%8%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters57.69%57.69%55.76%55.76%55.76%48.88%49.31%48.10%48.93%49.01%49.75%49.42%
FIIs0.00%0.00%0.00%0.03%0.03%0.02%0.02%0.02%0.02%0.78%0.45%0.76%
Public42.31%42.31%44.23%44.21%44.20%51.10%50.67%51.88%51.04%50.21%49.80%49.82%
No. of Shareholders42,47850,84164,86969,77669,70468,88966,42763,91562,74359,42257,51259,423

Fundamentals

Market Cap₹ 978 Cr.
Current Price₹ 75.2
Stock P/E160
Book Value₹ 10.5
ROCE7.53 %
ROE5.24 %
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)42%
Compounded Profit Growth (TTM)-8%
Standalone figures.
Valuation
Market capRs 952 Cr
Enterprise valueRs 987 Cr
P/E (TTM)156.02x
Price to book7.13x
Price to sales5.66x
EV / EBITDA50.01x
EV / EBIT85.21x
EV / sales5.86x
Price to cash flow59.15x
Earnings yield0.64%
P/E, 3-year average51.62x
P/B, 3-year average3.58x
P/E, 5-year average36.22x
P/B, 5-year average3.42x
Profitability
Operating margin (excl. other income)9.77%
Operating margin (incl. other income)11.90%
EBITDA margin11.72%
Pre-tax margin4.94%
Net profit margin3.62%
Net margin, latest quarter3.20%
ROE5.24%
ROCE7.53%
ROA3.60%
ROE, 3-year average10.22%
ROCE, 3-year average12.89%
ROA, 3-year average7.11%
ROE, 5-year average17.35%
ROCE, 5-year average19.81%
ROA, 5-year average10.79%
ROIC (approx.)5.06%
Tax rate26.40%
Other income / net worth2.59%
Growth
Sales growth (latest year)41.31%
Profit growth (latest year)-19.85%
Sales CAGR, 3 years20.86%
Sales CAGR, 5 years39.49%
Profit CAGR, 3 years-12.58%
Profit CAGR, 5 years74.44%
Sales growth QoQ-9.09%
Profit growth QoQ-19.74%
Sales growth YoY (latest quarter)17.96%
Profit growth YoY (latest quarter)-13.48%
Per share
EPS (TTM)Rs 0.48
EPS (latest year)Rs 0.50
EPS (latest quarter)Rs 0.10
EPS, 3-year averageRs 0.60
EPS, 5-year averageRs 0.68
Book value per shareRs 10.53
Sales per shareRs 13.29
Cash flow per shareRs 1.27
Free cash flow per shareRs -4.74
Dividend per share, 5-year averageRs 0.02
Dividends
Dividend payout, 5-year average3.22%
Efficiency
Asset turnover0.80x
Fixed asset turnover2.84x
Inventory turnover4.30x
Inventory days85 days
Debtor days58 days
Debtors turnover6.25x
Creditor days107 days
Cash conversion cycle86 days
Working capital days60 days
Leverage
Total debtRs 42 Cr
Cash and bankRs 7 Cr
Net debtRs 35 Cr
Debt to equity0.31x
Net debt / EBITDA1.77x
Interest coverage3.54x
Current ratio (filing 2026-03-31)1.82x
Quick ratio (filing 2026-03-31)1.24x
Trade payables (filing 2026-03-31)Rs 19 Cr
Owners' fund to total sources65.46%
Debt to assets20.38%
Cash flow
Cash from Operating Activity (latest year)Rs 16 Cr
Cash from Investing Activity (latest year)Rs -75 Cr
Cash from Financing Activity (latest year)Rs 32 Cr
Net Cash Flow (latest year)Rs -27 Cr
Free cash flow (latest year)Rs -60 Cr
FCFE (approx.: FCF + change in debt)Rs -45 Cr
Cash from ops / profit, 5 years1.06x
Sales to cash flow10.10x
Statement figures
Net sales (TTM)Rs 168 Cr
Net sales (latest year)Rs 162 Cr
Sales (latest quarter)Rs 38 Cr
Operating profit excl. other income (latest year)Rs 16 Cr
Operating profit (latest quarter)Rs 4 Cr
Other income (TTM)Rs 3 Cr
EBITDA (TTM)Rs 20 Cr
PBDT (TTM)Rs 16 Cr
Profit before tax (TTM)Rs 8 Cr
Tax (latest year)Rs 2 Cr
Net profit (TTM)Rs 6 Cr
Net profit (latest year)Rs 6 Cr
Net profit (latest quarter)Rs 1 Cr
Depreciation (TTM)Rs 8 Cr
Depreciation (latest quarter)Rs 2 Cr
Interest (TTM)Rs 3 Cr
Cost of goods sold (latest year)Rs 101 Cr
Total expenditure (latest year)Rs 147 Cr
Total income (latest year)Rs 166 Cr
Share capitalRs 25 Cr
ReservesRs 108 Cr
Shareholders' fundsRs 133 Cr
Total assetsRs 204 Cr
Net blockRs 57 Cr
Capital work in progressRs 67 Cr
ReceivablesRs 26 Cr
InventoryRs 23 Cr
Other liabilitiesRs 29 Cr
Shares outstanding (crore)12.66
Ownership
Promoter holding49.42% (+1.32 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 156.0 is at the 86th percentile of its own 9.0-year range (median 53.1, low 9.3, high 379.9).
P/B 7.13 is at the 77th percentile (median 5.75).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodTIRUPATIFLNifty 50Difference
1 week-5.9%-2.8% -3.1 pts
1 month+10.3%-6.8% +17.1 pts
3 months+12.5%-7.6% +20.1 pts
6 months+85.7%+0.4% +85.3 pts
1 year+103.9%-9.9% +113.8 pts
2 years+113.2%-13.6% +126.7 pts
3 years+595.9%+14.2% +581.8 pts
5 years+533.2%+27.9% +505.3 pts

Red flags

F-score 4 of 8
explainShare dilution Share count up 7% in a year, 29% in three
explainDebt up, profit down Borrowings up 59% while net profit fell in 2026
lookProfit leans on other income Other income was 40% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ESM
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹38 Cr +18.0% vs Jun 2025. Net profit ₹1 Cr -13.5%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-20Annual General Meeting
2023-12-20Extra Ordinary General Meeting
2023-09-08Annual General Meeting
2022-09-22Annual General Meeting
2021-10-07 Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2021-10-07 Bonus 3:40.5714
2021-09-17 Annual General Meeting
2021-08-12 Interim Dividend - Rs 0.10 Per Share
2020-09-17 Annual General Meeting
DateTypeWhat it says
2026-09-28Shareholder meetingVoting results of Annual General Meeting held on September 25, 2026
2026-09-28Shareholder meetingTirupati Forge Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 25, 2026
2026-09-25Shareholder meetingProceedings of Annual General Meeting held on September 25, 2026
2026-09-19Press ReleaseA press release dated September 19, 2026, titled "Receive the approval of Industrial License for Defence Manufacturing of empty shell body.".
2026-09-07AllotmentAllotment of 3700000 securities pursuant to Preferential Issue at its meeting held on September 07, 2026
2026-09-07Board meeting outcomeAllotment of 37,00,000 (Thirty-Seven Lakh) fully convertible equity warrants ( Warrants ), each Warrant being convertible into or exchangeable for one...
2026-08-31Shareholder meetingNotice of Annual General Meeting to be held on September 25, 2026
2026-08-24AppointmentRe-appointment of Shri Hiteshkumar Gordhanbhai Thummar (DIN: 02112952) as Chairman & Managing Director of the Company w.e.f. August 24, 2026, subject ...
2026-08-24Board meeting outcomeOutcome of Board Meeting held on August 24, 2026.
2026-08-13Board meeting outcomeTirupati Forge Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-03Shareholder meetingVoting results.
2026-07-31Press ReleaseA press release dated July 31, 2026, titled "a press release in regard to Technical Collaboration MOU for manufacturing of Empty Artillery Shells 155...
2026-07-31Shareholder meetingProceedings of Extraordinary General Meeting held on July 31, 2026
2026-07-27Shareholder meetingNotice of Extraordinary General Meeting to be held on July 31, 2026
2026-07-17Shareholder meetingNotice of Extraordinary General Meeting to be held on July 31, 2026
2026-07-10Disclosure of material issueTirupati Forge Limited has informed regarding Disclosure of material issue for Conversion of Warrants into Equity Shares
2026-07-10Board meeting outcomeOutcome of Board Meeting held on July 10, 2026.
2026-07-07Shareholder meetingNotice of Extraordinary General Meeting to be held on July 31, 2026
2026-07-06Board meeting outcomeOutcome of Board Meeting held on July 02, 2026.
2026-07-02Issue of SecuritiesIssue of Securities
2026-07-02Board meeting outcomePreferential issue of warrant
2026-05-18AppointmentAppointment of Mr Mitesh Suva as Other of the company w.e.f. May 18, 2026.
2026-05-18UpdatesInvestor Presentation on Q4FY26 and FY26 Update, including Current Status ofDefence Project for Empty Shell Body 155 MM M107 Disclosure under Regula...
2026-05-18Board meeting outcomeTirupati Forge Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-07Disclosure under SEBI TakeovTirupati Forge Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substa...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 2Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03