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Consolidated Standalone

Tirupati Forge

₹17.6 0.1 | 0.3%

WEBSITE BSE:0 NSE : 18 May, 12:46

Market Cap ₹172 Cr.

Stock P/E 26.3

P/B 3.5

Current Price ₹17.6

Book Value ₹ 5

Face Value 2

52W High ₹21.9

Dividend Yield 0%

52W Low ₹ 6.8

Edit Ratio

Tirupati Forge Research see more...

Overview Inc. Year: 2012Industry: Forgings

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.

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Tirupati Forge Share Price

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Volume
Price

Quarterly Price

Quarterly Monthly
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Peer Comparison

Tirupati Forge Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 18 27 25 27 17 23 21 24 32 33
Other Income 0 0 1 1 0 0 0 0 0 0
Total Income 18 28 26 27 17 24 21 24 33 34
Total Expenditure 17 23 21 22 15 20 18 21 28 30
Operating Profit 1 5 5 5 2 4 3 3 4 4
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 4 4 4 1 3 2 2 3 3
Provision for Tax 0 1 1 1 0 1 0 1 1 1
Profit After Tax 0 3 3 3 1 2 1 2 2 2
Adjustments -0 -0 0 0 0 -0 0 -0 -0 -0
Profit After Adjustments 0 3 3 3 1 2 1 2 2 2
Adjusted Earnings Per Share 0 0.3 0.3 0.3 0.1 0.2 0.1 0.2 0.2 0.2

Tirupati Forge Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 0 7 30 18 16 21 42 28 31 88 92 110
Other Income 0 0 0 0 0 0 0 0 0 1 2 0
Total Income 0 7 30 18 16 21 42 28 31 89 94 112
Total Expenditure 0 6 28 16 14 18 35 25 28 78 77 97
Operating Profit 0 1 3 2 2 3 7 3 3 12 16 14
Interest 0 0 1 1 0 0 0 1 0 1 1 0
Depreciation 0 0 1 1 1 1 1 2 2 2 3 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 -0 1 0 1 2 6 0 1 8 13 10
Provision for Tax 0 -0 0 0 0 1 2 0 0 2 3 3
Profit After Tax 0 -0 1 0 0 2 4 0 0 6 9 7
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 -0 1 0 0 2 4 0 0 6 9 7
Adjusted Earnings Per Share 0 0 0 0 0 0.2 0.5 0 0 0.6 1 0.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 5% 49% 34% 0%
Operating Profit CAGR 33% 75% 40% 0%
PAT CAGR 50% 0% 35% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 85% 79% 38% NA%
ROE Average 30% 19% 19% 17%
ROCE Average 33% 22% 22% 18%

Tirupati Forge Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 0 1 2 2 3 10 15 19 21 27 36
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1 5 4 4 3 0 2 3 3 3 2
Other Non-Current Liabilities 0 -0 -0 -0 -0 -0 0 0 0 1 0
Total Current Liabilities 0 3 8 4 5 2 5 4 10 21 13
Total Liabilities 2 10 14 10 10 13 22 25 34 52 51
Fixed Assets 0 5 5 5 5 4 10 13 14 14 15
Other Non-Current Assets 0 0 0 0 0 0 0 2 2 2 1
Total Current Assets 2 5 9 4 5 8 12 11 18 36 35
Total Assets 2 10 14 10 10 13 22 25 34 52 51

Tirupati Forge Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 0 0 0 0 0 0 1 0 1 0 1
Cash Flow from Operating Activities -1 -0 3 3 2 -1 2 3 -3 1 4
Cash Flow from Investing Activities -0 -5 -1 -1 -1 -1 -7 -5 -3 -3 -3
Cash Flow from Financing Activities 2 6 -2 -2 -2 2 4 2 5 2 -2
Net Cash Inflow / Outflow 0 0 -0 0 -0 0 -0 1 -1 1 -1
Closing Cash & Cash Equivalent 0 0 0 0 0 1 0 1 0 1 0

Tirupati Forge Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 0 0 0 0 0 0.19 0.51 0.03 0.04 0.64 0.96
CEPS(Rs) 0 0.12 0.49 0.34 0.4 0.3 0.64 0.23 0.24 0.88 1.24
DPS(Rs) 0 0 0 0 0 0 0 0 0 0.02 0
Book NAV/Share(Rs) 0 0 0 0 0 1.29 1.81 1.98 2.12 2.74 3.7
Core EBITDA Margin(%) 0 8.83 8.7 8.99 10.88 14.91 16.86 8.53 8.7 12 15.86
EBIT Margin(%) 0 6.28 5.86 5.17 6.82 11.35 15.02 3.22 2.98 10.46 14.89
Pre Tax Margin(%) 0 -0.12 3.11 1.34 4.11 10.13 13.99 1.35 1.77 9.47 13.72
PAT Margin (%) 0 -0.08 2.3 0.91 2.86 7.34 10.01 1 1.28 7.05 10.25
Cash Profit Margin (%) 0 5.81 5.58 6.38 8.04 11.51 12.46 7.59 7.66 9.81 13.19
ROA(%) 0 -0.1 5.88 1.43 5.02 13.6 23.97 1.15 1.33 14.45 18.21
ROE(%) 0 -0.88 41.85 8.01 20.5 23.6 33.26 1.69 2.04 26.16 29.91
ROCE(%) 0 8.97 21.37 12.15 16.37 26.68 41.31 4.24 3.61 28.43 33.41
Receivable days 0 53.03 24.36 42.26 33.68 40.97 34.74 52.51 42.27 42.23 64.02
Inventory Days 0 91.45 32.91 60 53.68 55.36 37.07 69.46 96.49 53.35 61.84
Payable days 0 56.81 57.69 107.18 78.64 62.52 18.35 46.17 71.53 52.45 47.96
PER(x) 0 0 0 0 0 19.58 6.58 100.91 73.63 16.77 9.46
Price/Book(x) 0 0 0 0 0 2.89 1.87 1.55 1.4 3.89 2.46
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0.19 0
EV/Net Sales(x) 0 1.13 0.23 0.32 0.32 1.45 0.77 1.12 1.18 1.28 1.07
EV/Core EBITDA(x) 0 8.74 2.48 2.9 2.48 9.21 4.42 11.38 12.66 9.72 5.99
Net Sales Growth(%) 0 0 344.99 -40.55 -10.41 29.14 101.24 -34 11.43 186.77 4.3
EBIT Growth(%) 0 0 296.38 -46.67 23.24 102.41 163.09 -85.84 3.05 906.34 48.46
PAT Growth(%) 0 0 0 -75.91 191.64 212.59 171.11 -93.43 43.18 1479.87 51.51
EPS Growth(%) 0 0 0 0 0 35.1 171.14 -94.08 31.95 1479.6 51.51
Debt/Equity(x) 120 5.34 3.13 2.35 1.69 0.04 0.33 0.22 0.36 0.37 0.25
Current Ratio(x) 12.74 1.33 1.11 1.13 1.08 3.91 2.41 2.49 1.83 1.67 2.71
Quick Ratio(x) 12.74 0.81 0.64 0.53 0.54 2.15 1.46 1.14 0.75 0.96 1.46
Interest Cover(x) 0 0.98 2.13 1.35 2.52 9.27 14.57 1.72 2.46 10.53 12.77
Total Debt/Mcap(x) 0 0 0 0 0 0.01 0.18 0.14 0.26 0.09 0.1

Tirupati Forge Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 58.78 58.78 57.59 57.59 57.59 57.59 57.59 57.69 57.69 57.69
FII 0 0 0 0 0.66 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 41.22 41.22 42.41 42.41 41.75 42.41 42.41 42.31 42.31 42.31
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 35% CAGR over last 5 years
  • Debtor days have improved from 52.45 to 47.96days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 3.5 times its book value.

* 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.

Tirupati Forge News

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