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TIRUPATIFL - Tirupati Forge

📊 NSE: TIRUPATIFL 🏢 Castings & Forgings 📅 Last Updated: 12/14/2025 14:24

📢 Recent Corporate Announcements

Tirupati Forge Q3 Net Profit Rises 54% to ₹2.02 Cr; Allots 11 Lakh Shares on Warrant Conversion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 04:23 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 10 Feb 2026, 04:11 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 04:07 PM

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.

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.

💡 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 Submits SEBI Compliance Certificate for Quarter Ended December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 10:46 AM

Tirupati Forge Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report, issued by Registrar MUFG Intime India Pvt. Ltd., confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, were processed correctly. The filing ensures that physical certificates were mutilated and cancelled, and the name of the depository was substituted in the records within prescribed timelines. This is a standard administrative procedure to maintain regulatory transparency regarding shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Share Transfer Agent (RTA) MUFG Intime India Pvt. Ltd.
Verification that dematerialized securities are listed on the National Stock Exchange (NSE).
Physical share certificates were mutilated and cancelled after due verification by the depository participant.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming financial results.

Tirupati Forge Allots 12.5 Lakh Equity Shares to Promoter via Warrant Conversion

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 06 Jan 2026, 04:01 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 06 Jan 2026, 03:57 PM

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.

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.

💡 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.

Tirupati Forge Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 10:46 AM

Tirupati Forge Limited has informed the exchange that its trading window for dealing in company securities will be closed starting January 1, 2026. This closure is in compliance with SEBI Prohibition of Insider Trading Regulations ahead of the declaration of financial results for the quarter ending December 31, 2025. The restriction applies to promoters, directors, and designated persons. The window will reopen 48 hours after the unaudited financial results are officially announced to the public.

Trading window closure begins on January 1, 2026, for the Q3 FY2025-26 period.
Restriction applies to Promoters, Directors, and Designated Persons under SEBI regulations.
Window to remain closed until 48 hours after the declaration of unaudited financial results.
The specific date for the Board Meeting to approve results will be announced separately.

💡 This is a routine regulatory announcement with no immediate impact on stock fundamentals. Investors should monitor the upcoming announcement of the Board Meeting date for Q3 results.

Tirupati Forge to Host Virtual Analyst and Investor Meeting on December 30, 2025

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Dec 2025, 05:04 PM

Tirupati Forge Limited has scheduled a virtual group meeting with analysts and institutional investors for December 30, 2025. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. The discussion will be based on the existing Q2 financial results presentation already submitted to the exchanges. Investors should note that the company will not be providing a transcript of this specific meeting.

Virtual group meeting with analysts and investors scheduled for December 30, 2025
Company confirmed that no unpublished price sensitive information (UPSI) will be disclosed
Discussion will utilize the presentation previously released during Q2 financial results
Management stated that no transcript of the meeting will be made available to the public

💡 As no new material information or transcripts will be provided, investors should monitor the stock for any sentiment shifts following the meeting. Existing shareholders can review the Q2 presentation to understand the likely talking points of the management.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment (Forging). Total income for Q2 FY26 reached INR 40.73 Cr, representing a 23.7% growth QoQ from INR 32.92 Cr in Q1 FY26. For H1 FY26, revenue was INR 73.64 Cr, up 19.1% YoY from INR 61.82 Cr.

Geographic Revenue Split

The United States is identified as the key export market. While specific regional percentages are not disclosed, the 50% duty imposed by the U.S. significantly influenced the revenue increase to INR 40.73 Cr in Q2 FY26 due to higher tariff-inclusive pricing.

Profitability Margins

Net Profit Margin for Q2 FY26 stood at 3.3% (INR 1.34 Cr), a decline from the previous quarter's 4.3%. H1 FY26 Net Profit was INR 2.75 Cr, a 47.6% decrease from INR 5.25 Cr in H1 FY25, primarily due to higher depreciation and finance costs.

EBITDA Margin

EBITDA for Q2 FY26 was INR 4.29 Cr, resulting in an EBITDA margin of 10.5%. This was a marginal 0.2% decrease from INR 4.30 Cr in Q1 FY26, reflecting pressure from increased employee expenses and operational costs.

Capital Expenditure

In H1 FY26, the company invested INR 19.43 Cr in Property, Plant, and Equipment (net of subsidy) and Capital Work in Progress, primarily for the new defence manufacturing unit and solar assets.

Credit Rating & Borrowing

Not disclosed in available documents; however, finance costs increased during the period due to the commissioning of solar and defence assets.

⚙️ Operational Drivers

Raw Materials

Carbon Steel represents the primary raw material for manufacturing forged flanges and components, though its specific percentage of total cost is not disclosed.

Capacity Expansion

The company is establishing a fully automated shell body manufacturing plant for the defence sector. Production is expected to commence in Q1 FY27, with a target of 100% capacity utilization by H2 FY27. Further expansion of the defence facility is planned for FY27.

Raw Material Costs

Raw material costs are a significant component of the manufacturing process for forged flanges, but specific YoY cost changes and procurement strategies were not detailed beyond the impact of US tariffs on final pricing.

Manufacturing Efficiency

The company aims for 100% capacity utilization at its new defence unit by H2 FY27 to optimize manufacturing efficiency and absorb fixed costs.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be driven by a transformational shift into defence manufacturing (shell body production) starting Q1 FY27. The company expects meaningful topline growth and improved profitability from Q2 FY27 as the defence unit scales to 100% capacity and the solar plant reaches full utilization.

Products & Services

Carbon Steel Forged Flanges, Forged Components, Automotive Components, and Defence Shell Bodies.

Brand Portfolio

Tirupati Forge.

New Products/Services

Defence shell bodies are the primary new product line, with commercial operations expected to start in Q4 FY26 and contribute significantly to revenue from FY27 onwards.

Market Expansion

Expansion into the domestic and international defence ecosystem is the primary focus, with facility expansions planned for FY27 to meet inbound inquiries.

🌍 External Factors

Industry Trends

The forging industry is seeing a shift toward specialized components for defence. Tirupati Forge is positioning itself for this transition by building a fully automated, state-of-the-art shell body plant to capture domestic and international demand.

Competitive Landscape

The company faces competition in the global forging market, particularly from low-cost producers, necessitating a move into high-value defence segments.

Competitive Moat

The company's moat is built on its strategic pivot to automated defence manufacturing and its commitment to sustainable energy through captive solar assets, which are expected to provide a long-term cost advantage.

Macro Economic Sensitivity

Highly sensitive to international trade policies and tariffs, particularly U.S. import duties which directly impact export competitiveness.

Consumer Behavior

Increasing demand for indigenous defence production in India is a key trend the company is leveraging.

Geopolitical Risks

Trade barriers, such as the 50% U.S. duty, represent a significant geopolitical risk to the company's established forging export business.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to U.S. import tariffs (50% duty) and Indian government solar energy policies, both of which have recently impacted financial performance.

Environmental Compliance

The company is investing in clean energy via a solar plant to ensure long-term ESG compliance and reduce carbon footprint.

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 26.5% (INR 0.99 Cr tax on INR 3.74 Cr PBT).

Legal Contingencies

The company has made a provision for expected credit loss of INR 1.20 Cr as of September 30, 2025, related to pending legal cases CC/1349/2021 to CC/1352/2021.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timeline for the defence unit to reach 100% capacity utilization and the potential for further changes in U.S. trade policy or domestic solar regulations.