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Tirupati Forge Limited is a leading manufacturer of export quality forged and flanged products for various industries, such as oil and gas, power, engineering, automotive, and defence. It was incorporated in 2012 and has its brand name of Tirupati, which signifies strength and reliability. It has a state-of-the-art manufacturing plant in Rajkot, Gujarat, with a capacity of 18,000 metric tons per annum. Produces alloy steel, stainless steel and carbon steel forgings, such as rings, crankshafts, gears, flanges, fittings and other components. The ...Read More
Tirupati Forge Limited is a leading manufacturer of export quality forged and flanged products for various industries, such as oil and gas, power, engineering, automotive, and defence. It was incorporated in 2012 and has its brand name of Tirupati, which signifies strength and reliability. It has a state-of-the-art manufacturing plant in Rajkot, Gujarat, with a capacity of 18,000 metric tons per annum. Produces alloy steel, stainless steel and carbon steel forgings, such as rings, crankshafts, gears, flanges, fittings and other components. The company also provides machining and testing services. The promoters of the company are Mr. Hitesh Thummar, Mr. Ajay Sardhara, and Mr. Bhavesh Barsiya, who collectively hold 57.69% of the share capital as of December 2023. The promoters have over 15 years of experience and expertise in the field of forging and machining. ...Read Less
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Market Cap ₹524 Cr.
Stock P/E 66.7
P/B 3.8
Current Price ₹40.5
Book Value ₹ 10.6
Face Value 2
52W High ₹52
Dividend Yield 0%
52W Low ₹ 30.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 24 | 32 | 33 | 29 | 32 | 26 | 28 | 32 | 40 | 49 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Total Income | 24 | 33 | 34 | 29 | 33 | 27 | 28 | 33 | 41 | 49 |
| Total Expenditure | 21 | 28 | 30 | 24 | 27 | 24 | 24 | 29 | 36 | 44 |
| Operating Profit | 3 | 4 | 4 | 5 | 5 | 3 | 4 | 4 | 4 | 6 |
| Interest | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 3 | 3 | 3 | 4 | 2 | 2 | 2 | 2 | 3 |
| Provision for Tax | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 |
| Profit After Tax | 2 | 2 | 2 | 3 | 3 | 1 | 1 | 1 | 1 | 2 |
| Adjustments | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 2 | 2 | 2 | 3 | 3 | 1 | 1 | 1 | 1 | 2 |
| Adjusted Earnings Per Share | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 30 | 18 | 16 | 21 | 42 | 28 | 31 | 88 | 92 | 110 | 115 | 149 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | 3 |
| Total Income | 30 | 18 | 16 | 21 | 42 | 28 | 31 | 89 | 94 | 111 | 116 | 151 |
| Total Expenditure | 28 | 16 | 14 | 18 | 35 | 25 | 28 | 78 | 77 | 97 | 100 | 133 |
| Operating Profit | 3 | 2 | 2 | 3 | 7 | 3 | 3 | 12 | 16 | 14 | 17 | 18 |
| Interest | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 2 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 4 | 7 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 0 | 1 | 2 | 6 | 0 | 1 | 8 | 13 | 9 | 11 | 9 |
| Provision for Tax | 0 | 0 | 0 | 1 | 2 | 0 | 0 | 2 | 3 | 2 | 3 | 2 |
| Profit After Tax | 1 | 0 | 0 | 2 | 4 | 0 | 0 | 6 | 9 | 7 | 8 | 5 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 0 | 0 | 2 | 4 | 0 | 0 | 6 | 9 | 7 | 8 | 5 |
| Adjusted Earnings Per Share | 0 | 0 | 0 | 0.2 | 0.5 | 0 | 0 | 0.6 | 1 | 0.6 | 0.7 | 0.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 5% | 9% | 33% | 14% |
| Operating Profit CAGR | 21% | 12% | 41% | 19% |
| PAT CAGR | 14% | 10% | 0% | 23% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 30% | 63% | 69% | NA% |
| ROE Average | 11% | 19% | 17% | 19% |
| ROCE Average | 13% | 22% | 20% | 20% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 2 | 2 | 3 | 10 | 15 | 19 | 21 | 27 | 36 | 50 | 107 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 4 | 4 | 3 | 0 | 2 | 3 | 3 | 3 | 2 | 2 | 9 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 1 | 0 | 1 | 7 |
| Total Current Liabilities | 8 | 4 | 5 | 2 | 5 | 4 | 10 | 21 | 13 | 21 | 22 |
| Total Liabilities | 14 | 10 | 10 | 13 | 22 | 25 | 34 | 52 | 51 | 74 | 146 |
| Fixed Assets | 5 | 5 | 5 | 4 | 10 | 13 | 14 | 14 | 15 | 19 | 37 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 1 | 9 | 20 |
| Total Current Assets | 9 | 4 | 5 | 8 | 12 | 11 | 18 | 36 | 35 | 46 | 89 |
| Total Assets | 14 | 10 | 10 | 13 | 22 | 25 | 34 | 52 | 51 | 74 | 146 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 0 | 4 |
| Cash Flow from Operating Activities | 3 | 3 | 2 | -1 | 2 | 3 | -3 | 1 | 5 | 10 | 6 |
| Cash Flow from Investing Activities | -1 | -1 | -1 | -1 | -7 | -5 | -3 | -3 | -3 | -15 | -38 |
| Cash Flow from Financing Activities | -2 | -2 | -2 | 2 | 4 | 2 | 5 | 2 | -2 | 9 | 61 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | 0 | -0 | 1 | -1 | 1 | -1 | 4 | 29 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 0 | 4 | 33 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 0 | 0.19 | 0.51 | 0.03 | 0.04 | 0.64 | 0.96 | 0.64 | 0.66 |
| CEPS(Rs) | 0.49 | 0.34 | 0.4 | 0.3 | 0.64 | 0.23 | 0.24 | 0.88 | 1.24 | 0.97 | 1.03 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 0 | 1.29 | 1.81 | 1.98 | 2.12 | 2.74 | 3.7 | 4.81 | 8.26 |
| Core EBITDA Margin(%) | 8.7 | 8.99 | 10.88 | 14.91 | 16.86 | 8.53 | 8.7 | 12 | 15.86 | 11.62 | 13.24 |
| EBIT Margin(%) | 5.86 | 5.17 | 6.82 | 11.35 | 15.02 | 3.22 | 2.98 | 10.46 | 14.89 | 9.32 | 10.58 |
| Pre Tax Margin(%) | 3.11 | 1.34 | 4.11 | 10.13 | 13.99 | 1.35 | 1.77 | 9.47 | 13.72 | 8.12 | 9.15 |
| PAT Margin (%) | 2.3 | 0.91 | 2.86 | 7.34 | 10.01 | 1 | 1.28 | 7.05 | 10.25 | 6.04 | 6.83 |
| Cash Profit Margin (%) | 5.58 | 6.38 | 8.04 | 11.51 | 12.46 | 7.59 | 7.66 | 9.81 | 13.19 | 9.18 | 10.63 |
| ROA(%) | 5.88 | 1.43 | 5.02 | 13.6 | 23.97 | 1.15 | 1.33 | 14.45 | 18.21 | 10.6 | 7.14 |
| ROE(%) | 41.85 | 8.01 | 20.5 | 23.6 | 33.26 | 1.69 | 2.04 | 26.16 | 29.91 | 15.42 | 10.65 |
| ROCE(%) | 21.37 | 12.15 | 16.37 | 26.68 | 41.31 | 4.24 | 3.61 | 28.43 | 33.41 | 19.26 | 13.1 |
| Receivable days | 24.36 | 42.26 | 33.68 | 40.97 | 34.74 | 52.51 | 42.27 | 42.23 | 64.02 | 53.22 | 52.41 |
| Inventory Days | 32.91 | 60 | 53.68 | 55.36 | 37.07 | 69.46 | 96.49 | 53.35 | 61.84 | 63.54 | 72.07 |
| Payable days | 57.69 | 107.18 | 78.64 | 62.52 | 18.35 | 46.17 | 71.53 | 52.45 | 47.96 | 30.84 | 49.82 |
| PER(x) | 0 | 0 | 0 | 19.58 | 6.58 | 100.91 | 73.63 | 16.77 | 9.46 | 25.21 | 48.31 |
| Price/Book(x) | 0 | 0 | 0 | 2.89 | 1.87 | 1.55 | 1.4 | 3.89 | 2.46 | 3.35 | 3.89 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.19 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.23 | 0.32 | 0.32 | 1.45 | 0.77 | 1.12 | 1.18 | 1.28 | 1.07 | 1.58 | 3.17 |
| EV/Core EBITDA(x) | 2.48 | 2.9 | 2.48 | 9.21 | 4.42 | 11.38 | 12.66 | 9.72 | 5.99 | 12.7 | 22.02 |
| Net Sales Growth(%) | 344.99 | -40.55 | -10.41 | 29.14 | 101.24 | -34 | 11.43 | 186.77 | 4.3 | 19.53 | 4.53 |
| EBIT Growth(%) | 296.38 | -46.67 | 23.24 | 102.41 | 163.09 | -85.84 | 3.05 | 906.34 | 48.46 | -25.2 | 18.7 |
| PAT Growth(%) | 0 | -75.91 | 191.64 | 212.59 | 171.11 | -93.43 | 43.18 | 1479.87 | 51.51 | -29.55 | 18.27 |
| EPS Growth(%) | 0 | 0 | 0 | 35.1 | 171.14 | -94.08 | 31.95 | 1479.6 | 51.51 | -33.42 | 3.67 |
| Debt/Equity(x) | 3.13 | 2.35 | 1.69 | 0.04 | 0.33 | 0.22 | 0.36 | 0.37 | 0.25 | 0.22 | 0.18 |
| Current Ratio(x) | 1.11 | 1.13 | 1.08 | 3.91 | 2.41 | 2.49 | 1.83 | 1.67 | 2.71 | 2.22 | 3.99 |
| Quick Ratio(x) | 0.64 | 0.53 | 0.54 | 2.15 | 1.46 | 1.14 | 0.75 | 0.96 | 1.46 | 1.14 | 2.95 |
| Interest Cover(x) | 2.13 | 1.35 | 2.52 | 9.27 | 14.57 | 1.72 | 2.46 | 10.53 | 12.77 | 7.81 | 7.39 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.01 | 0.18 | 0.14 | 0.26 | 0.09 | 0.1 | 0.07 | 0.05 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 57.69 | 57.69 | 55.76 | 55.76 | 55.76 | 48.88 | 49.31 | 48.1 | 48.93 | 49.01 |
| FII | 0 | 0 | 0 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.78 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 42.31 | 42.31 | 44.23 | 44.21 | 44.2 | 51.1 | 50.67 | 51.88 | 51.04 | 50.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.65 | 5.65 | 5.78 | 5.78 | 5.78 | 5.78 | 5.88 | 5.88 | 6.08 | 6.21 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.15 | 4.15 | 4.59 | 4.58 | 4.58 | 6.04 | 6.04 | 6.34 | 6.34 | 6.36 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.8 | 9.8 | 10.37 | 10.37 | 10.37 | 11.83 | 11.93 | 12.23 | 12.43 | 12.66 |
* The pros and cons are machine generated.
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