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Tirupati Forge Q3 Net Profit Rises 54% to ₹2.02 Cr; Allots 11 Lakh Shares on Warrant Conversion
Tirupati Forge reported a strong performance for Q3 FY26, with revenue from operations surging 85.9% YoY to ₹48.60 crore. Net profit for the quarter grew 54% to ₹2.02 crore, up from ₹1.31 crore in the previous year's corresponding quarter. Alongside the results, the board approved the allotment of 11 lakh equity shares to non-promoter investors following the conversion of warrants at ₹32 per share. This conversion brought in the remaining 75% consideration amounting to ₹2.64 crore, strengthening the company's capital base.
Key Highlights
Revenue from operations increased significantly by 85.9% YoY to ₹48.60 crore in Q3 FY26.
Net profit for the quarter stood at ₹2.02 crore compared to ₹1.31 crore in Q3 FY25.
Allotted 11,00,000 equity shares at an issue price of ₹32 per share (including ₹30 premium) upon warrant conversion.
Received ₹2.64 crore as the final 75% subscription money from two non-promoter allottees.
Nine-month revenue for FY26 reached ₹120.57 crore, surpassing the full-year FY25 revenue of ₹114.98 crore.
💼 Action for Investors
Investors should note the robust top-line growth and successful capital infusion which supports expansion; however, monitoring the impact of equity dilution on future EPS is advised.
Tirupati Forge Q3 PAT Jumps 51% QoQ; Defence Plant Commissioning Set for March 2026
Tirupati Forge reported a strong Q3FY26 with PAT rising 50.75% QoQ to ₹20.20 million, driven by robust export demand which now accounts for 65% of revenue. The company's strategic entry into the defence sector is progressing well, with civil works for the 155mm shell body plant completed and commissioning scheduled for March 2026. This new facility has an annual capacity of 150,000 units, with a target of 50% utilization by Q1FY27. Management also highlighted improved India-US trade relations, providing better visibility for their North American export business.
Key Highlights
PAT increased 50.75% QoQ to ₹20.20 million, while Total Income grew 21.13% to ₹493 million.
Defence project for 155mm M107 shell bodies on track for March 2026 commissioning with 150,000 units annual capacity.
Exports contributed 65% of total revenue, benefiting from a 50% revenue share from North American markets.
EBITDA increased by 33.85% QoQ, aided by ₹7.5 million in energy cost savings from a new solar plant.
Targeting 80% capacity utilization for the defence project by FY28 with further expansion planned in FY27.
💼 Action for Investors
Investors should monitor the successful commissioning of the defence plant in March 2026 as it represents a high-margin growth lever. The stock's performance will likely be tied to the execution of the 50% capacity ramp-up target in Q1FY27.
Tirupati Forge Q3 Net Profit Up 54% YoY to ₹2.02 Cr; 11 Lakh Warrants Converted to Equity
Tirupati Forge Limited reported a robust 85.9% YoY increase in revenue from operations to ₹48.60 crore for the quarter ended December 31, 2025. Net profit for the quarter rose to ₹2.02 crore, up from ₹1.31 crore in the same period last year, marking a strong sequential recovery. The company also approved the allotment of 11 lakh equity shares following the conversion of warrants at ₹32 per share. However, the nine-month net profit of ₹4.77 crore remains lower than the ₹6.56 crore reported in the previous year due to higher operational and finance costs earlier in the fiscal.
Key Highlights
Revenue from operations surged 85.9% YoY to ₹48.60 crore in Q3 FY26.
Net profit for the quarter grew 54% YoY to ₹2.02 crore, with EPS rising to ₹0.16.
Allotment of 11,00,000 equity shares at ₹32 per share (including ₹30 premium) upon warrant conversion.
Nine-month total income reached ₹122.90 crore, though net profit for the period fell 27% YoY to ₹4.77 crore.
Finance costs for the nine-month period increased significantly to ₹2.25 crore from ₹1.21 crore YoY.
💼 Action for Investors
Investors should focus on the strong quarterly growth momentum and sequential margin improvement. While the warrant conversion leads to minor dilution, the capital infusion and top-line growth are positive indicators for long-term recovery.
Tirupati Forge Allots 12.5 Lakh Equity Shares to Promoter via Warrant Conversion
Tirupati Forge Limited has approved the allotment of 12,50,000 equity shares to a member of the promoter group following the exercise of convertible warrants. The conversion occurred at a price of Rs. 32 per share, resulting in a fresh capital infusion of Rs. 3 crore (representing the balance 75% payment). This move increases the specific promoter's stake from 13.36% to 14.22%. To date, the company has converted 72,50,000 warrants out of the 1,17,60,000 warrants originally issued in January 2025.
Key Highlights
Allotment of 12,50,000 equity shares of Rs. 2 face value at a premium of Rs. 30 per share
Receipt of Rs. 3.00 crore as the final 75% consideration for the warrant conversion
Promoter Chetna Mukeshbhai Thumar's holding increased from 13.36% to 14.22%
Total warrants converted so far stand at 72,50,000, with 45,10,000 warrants still pending
The conversion is part of a preferential issue originally initiated on January 16, 2025
💼 Action for Investors
The promoter's decision to increase their stake by exercising warrants at a premium is a positive signal of long-term confidence. Investors should monitor the remaining 4.5 million warrants for future equity dilution impacts.
Tirupati Forge Allots 12.5 Lakh Equity Shares to Promoter via Warrant Conversion
Tirupati Forge Limited has approved the allotment of 12,50,000 equity shares to a promoter group member, Chetna Mukeshbhai Thumar, following the conversion of warrants. The shares were issued at Rs. 32 each, including a premium of Rs. 30, resulting in a capital infusion of Rs. 3 crore (the 75% balance payment). This conversion increases the specific promoter's stake from 13.36% to 14.22%. So far, 72.5 lakh warrants out of the original 1.17 crore issued in January 2025 have been converted into equity.
Key Highlights
Allotment of 12,50,000 equity shares at an issue price of Rs. 32 per share (Face Value Rs. 2).
Receipt of Rs. 3 crore as the 75% balance consideration for the warrant conversion.
Promoter Chetna Mukeshbhai Thumar's individual stake increased from 13.36% to 14.22%.
Total warrants converted to date reach 72.5 lakh out of the 1.17 crore originally issued.
45.1 lakh warrants remain pending for conversion by various promoter and public allottees.
💼 Action for Investors
The promoter's decision to increase their stake through warrant conversion is a positive signal of confidence in the company's future. Investors should monitor the conversion of the remaining 45.1 lakh warrants for potential equity dilution.