---
title: "Tirupati Forge Ltd (TIRUPATIFL) — Share Price, Financials & Analysis"
symbol: "TIRUPATIFL"
company: "Tirupati Forge Ltd"
canonical: "https://tapetide.com/stocks/TIRUPATIFL"
isin: "INE319Y01024"
nse_symbol: "TIRUPATIFL"
sector: "Industrials"
industry: "Industrial Products"
market_cap_cr: 899.81
generated_at: "2026-09-13T18:22:26.189Z"
---

# Tirupati Forge Ltd (TIRUPATIFL)

Canonical page: https://tapetide.com/stocks/TIRUPATIFL

## Company

- **NSE Symbol:** TIRUPATIFL
- **ISIN:** INE319Y01024
- **Sector:** Industrials
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2020-08-04
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** tirupatiforge.com

## About

Incorporated in 2012, co manufactures mass quantity Carbon Steel Forged Flanges, Forged componets and other automotive components[1]

## Latest Price

- **Price:** ₹69.12
- **Change:** -1.36 (-1.93%)
- **Open:** ₹70.65
- **Day High:** ₹71.3
- **Day Low:** ₹69
- **Previous Close:** ₹70.48
- **Volume:** 140025
- **As Of:** 2026-09-11T09:59:26+00:00

## Key Fundamentals

Observed at 2026-09-11T04:35:30.825560Z.

- **Market Cap:** ₹899.81 Cr
- **Classification:** Microcap
- **P/E (reported):** 150
- **P/E (TTM):** 144
- **EPS (TTM):** ₹0.48
- **Book Value:** ₹10.89
- **Price to Book:** 6.47
- **Dividend Yield:** 0.14%
- **ROE:** 7.34%
- **ROCE:** 9.83%
- **Debt to Equity:** 0.32
- **Revenue (yearly):** ₹162.48 Cr
- **Net Income:** ₹7.19 Cr
- **EBITDA:** ₹15.86 Cr
- **52-Week High:** ₹83.9
- **52-Week Low:** ₹30.11
- **RSI (14):** 54.8

## Tapetide Score

- **Score:** 47 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Rising
- **Percentile:** 35.6 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 54.34 | 9% |
| growth | 85.9 | 9% |
| momentum | 94 | 12% |
| ownership | 61.68 | 24% |
| quality | 41.65 | 22% |
| valuation | 15.8 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is expected to give good quarter
- Company's median sales growth is 15.5% of last 10 years
- Company's working capital requirements have reduced from 78.2 days to 59.6 days

### Weaknesses

- Stock is trading at 6.56 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 8.52% over last 3 years.
- Promoter holding has decreased over last 3 years: -8.17%

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -43.26% | 29.71% | 293.71% |
| ebitda margin growth | -6% | -32.77% | -22.59% | -26.74% |
| net income growth | -20% | -8.99% | -12% | 76% |
| revenue growth | -10.7% | 39.71% | 21% | 39% |
| roce | — | -48.64% | -72.35% | 19.62% |
| roe | — | -44.85% | 15.56% | 286.32% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 23.65 | 32.36 | 33.11 | 29.06 | 32.28 | 26.14 | 27.5 | 32.3 | 39.67 | 48.6 | 41.91 | 38.1 |
| Expenses | 20.72 | 28.39 | 29.62 | 24.38 | 27.45 | 23.55 | 24.4 | 28.62 | 36.44 | 43.51 | 38.05 | 33.73 |
| Operating Profit | 2.93 | 3.97 | 3.49 | 4.68 | 4.83 | 2.59 | 3.1 | 3.68 | 3.23 | 5.09 | 3.86 | 4.37 |
| OPM % | 12.39 | 12.27 | 10.54 | 16.1 | 14.96 | 9.91 | 11.27 | 11.39 | 8.14 | 10.47 | 9.21 | 11.47 |
| Other Income | 0.25 | 0.14 | 0.42 | 0.19 | 0.3 | 0.4 | 0.43 | 0.62 | 1.06 | 0.66 | 1.13 | 0.33 |
| Interest | 0.26 | 0.41 | 0.39 | 0.38 | 0.51 | 0.31 | 0.44 | 0.73 | 0.65 | 0.87 | 0.8 | 0.95 |
| Depreciation | 0.86 | 0.91 | 0.97 | 1.03 | 1.02 | 0.94 | 1.39 | 1.67 | 1.8 | 2.14 | 2.12 | 2.09 |
| Profit before tax | 2.06 | 2.79 | 2.55 | 3.46 | 3.6 | 1.74 | 1.7 | 1.9 | 1.84 | 2.74 | 2.07 | 1.66 |
| 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 Profit | 1.53 | 2.05 | 1.92 | 2.6 | 2.64 | 1.31 | 1.3 | 1.41 | 1.34 | 2.02 | 1.52 | 1.22 |
| EPS in Rs | 0.16 | 0.21 | 0.19 | 0.25 | 0.25 | 0.13 | 0.11 | 0.12 | 0.11 | 0.16 | 0.12 | 0.09 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 21 | 42 | 28 | 31 | 88 | 92 | 110 | 115 | 162 | 168 |
| Expenses | 18 | 35 | 25 | 28 | 78 | 77 | 97 | 100 | 147 | 152 |
| Operating Profit | 3 | 7 | 2 | 3 | 11 | 15 | 13 | 15 | 16 | 17 |
| OPM % | 15 | 17 | 9 | 9 | 12 | 16 | 12 | 13 | 10 | 10 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | 3 | 3 |
| Interest | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 2 | 3 | 3 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 4 | 8 | 8 |
| Profit before tax | 2 | 6 | 0 | 1 | 8 | 13 | 9 | 11 | 9 | 8 |
| Tax % | 28 | 28 | 27 | 27 | 26 | 25 | 26 | 25 | 26 | — |
| Net Profit | 2 | 4 | 0 | 0 | 6 | 9 | 7 | 8 | 6 | 6 |
| EPS in Rs | 0.19 | 0.51 | 0.03 | 0.04 | 0.63 | 0.96 | 0.64 | 0.66 | 0.5 | 0.48 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.79 | 6 | 6 | 10 | 11 | 20 | 20 | 21 | 24 | 25 |
| Reserves | 2 | 5 | 9 | 8 | 10 | 7 | 17 | 29 | 83 | 108 |
| Borrowings | 4 | 0 | 5 | 5 | 8 | 11 | 10 | 13 | 26 | 42 |
| Other Liabilities | 3 | 2 | 3 | 3 | 5 | 15 | 5 | 11 | 13 | 29 |
| Total Liabilities | 10 | 13 | 22 | 25 | 34 | 52 | 51 | 74 | 146 | 204 |
| Fixed Assets | 5 | 4 | 10 | 13 | 14 | 14 | 15 | 19 | 37 | 57 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 18 | 67 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 6 | 8 | 12 | 12 | 20 | 38 | 36 | 47 | 90 | 80 |
| Total Assets | 10 | 13 | 22 | 25 | 34 | 52 | 51 | 74 | 146 | 204 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 2 | -1 | 2 | 3 | -3 | 1 | 5 | 10 | 6 | 16 |
| Cash from Investing Activity | -1 | -1 | -7 | -5 | -3 | -3 | -3 | -15 | -38 | -75 |
| Cash from Financing Activity | -2 | 2 | 4 | 2 | 5 | 2 | -2 | 9 | 61 | 32 |
| Net Cash Flow | 0 | 0 | 0 | 1 | -1 | 1 | -1 | 4 | 29 | -27 |
| Free Cash Flow | 2 | -2 | -5 | -1 | -6 | -2 | 1 | -4 | -33 | -60 |
| CFO/OP | 128 | -18 | 49 | 177 | -110 | 23 | 58 | 97 | 57 | 112 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 44 | 49 | 45 | 36 | 52 | 66 | 64 | 53 | 55 | 58 |
| Inventory Days | 104 | 123 | 70 | 134 | 229 | 147 | 143 | 162 | 159 | 103 |
| Days Payable | 107 | 32 | 23 | 56 | 92 | 99 | 30 | 60 | 68 | 82 |
| Cash Conversion Cycle | 41 | 140 | 93 | 115 | 189 | 114 | 178 | 155 | 145 | 80 |
| Working Capital Days | 8 | 97 | 61 | 73 | 95 | 56 | 86 | 69 | 106 | 60 |
| ROCE % | 16 | 27 | 41 | 4 | 4 | 28 | 32 | 18 | 12 | 8 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 57.69% | 57.69% | 57.69% | 55.76% | 55.76% | 48.88% | 48.88% | 49.31% | 48.1% | 48.93% | 49.01% | 49.75% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.02% | 0.78% | 0.45% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 38.5% | 38.69% | 38.08% | 40.14% | 39.7% | 41.85% | 46.55% | 38.03% | 36.55% | 37.31% | 36.59% | 36.72% |
| Others | 3.81% | 3.62% | 4.23% | 4.09% | 4.53% | 9.27% | 4.57% | 12.66% | 15.34% | 13.74% | 13.61% | 13.08% |
| No. of Shareholders | 33774 | 42478 | 50841 | 64879 | 69776 | 69737 | 68889 | 66427 | 63915 | 62742 | 59422 | 57512 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Buy
- **Buy / Neutral / Sell:** 9 / 7 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 69.07 | Buy |
| EMA (10) | 69.33 | Sell |
| SMA (20) | 68.48 | Buy |
| EMA (20) | 69.05 | Buy |
| SMA (50) | 69.84 | Sell |
| EMA (50) | 66.54 | Buy |
| SMA (100) | 58.13 | Buy |
| EMA (100) | 60.43 | Buy |
| SMA (200) | 47.73 | Buy |
| EMA (200) | 52.77 | Buy |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 50.96 | Neutral |
| MACD (12,26,9) | 0.43 | Buy |
| Stochastic (14,3,3) | 45.38 | Neutral |
| ADX (14) | 13.84 | Neutral |
| Williams %R (14) | -61 | Neutral |
| ATR (14) | 3.46 | High Volatility |
| ROC (12) | -0.76 | Sell |
| Stoch RSI (14) | 43.31 | Neutral |
| UO (7,14,28) | 49.62 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-07 | [Allotment of Securities](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_07092026153149_Outcome_of_Board_Meeting__07_09_2026.pdf) |
| 2026-09-01 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_01092026114241_Newspaper_Publication_25_09_2026_14th_AGM_TirupatiForge.pdf) |
| 2026-08-31 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_31082026164456_Notice_14th_25_09_2026_Tirupati_Forge_Limited.pdf) |
| 2026-08-24 | [Appointment](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_24082026173325_Outcome_of_Board_Meeting_held_on_24th_August_2026.pdf) |
| 2026-08-14 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_14082026111942_News_Paper_Advertisement_14_08_2026.pdf) |
| 2026-08-03 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_03082026162523_Scrutinzer_Report_31_07_26_final.pdf) |
| 2026-07-31 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_31072026150917_EGM_Proceedings_TirupatiForge_31_07_2026.pdf) |
| 2026-07-31 | [Press Release](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_31072026162751_Tirupati_Forge_Technical_Collaboration_MOU_155mm_Artillery_Shells.pdf) |
| 2026-07-29 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_29072026154742_Covering_Letter_Newspaper_Publication_CorrigendumII_NSE_TFL.pdf) |
| 2026-07-27 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_27072026121441_1_Corrigendum-II_to_the_Notice_of_Extra_Ordinary_General_Meeting.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-09-07 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_07092026152248_Outcome_of_Board_Meeting__07_09_2026.pdf) |
| 2026-08-24 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_24082026172618_Outcome_of_Board_Meeting_held_on_24th_August_2026.pdf) |
| 2026-08-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_13082026164006_Outcome_of_Board_Meeting_held_on_13_August_2026.pdf) |
| 2026-07-10 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_10072026191114_Outcome_of_Board_Meeting.pdf) |
| 2026-07-06 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_06072026105008_FINAL_OUTCOME_REVISED_06_07_2026.pdf) |
| 2026-07-02 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_02072026174126_FINAL_OUT_COME_02_07_2026.pdf) |
| 2026-05-18 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_18052026162936_Outcome_of_Board_Meeting_18-05-2026.pdf) |
| 2026-04-27 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_27042026173530_Outcome_of_Board_Meeting.pdf) |
| 2026-02-10 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_10022026160509_Outcome_of_Board_Meeting.pdf) |
| 2026-01-06 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_06012026155408_Outcome_of_Board_Meeting.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2025 | [Concall - May 2025](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_14052025113058_Investor_Presentation.pdf) |
| Feb 2022 | [Concall - Feb 2022](https://archives.nseindia.com/corporate/TIRUPATIFL_15022022191505_InvestorPresentation.pdf) |
| Dec 2022 | [Concall - Dec 2022](https://archives.nseindia.com/corporate/TIRUPATIFL_12122022171900_Intimationunderreg30.pdf) |
| Aug 2025 | [Concall - Aug 2025](https://nsearchives.nseindia.com/corporate/TIRUPATIFL_11082025175115_Investor_Presentation_11-08-2025.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/AR_30894_TIRUPATIFL_2025_2026_A_40410897_31082026171525.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/AR_29042_TIRUPATIFL_2024_2025_A_149218069_15092025200210.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/AR_25737_TIRUPATIFL_2023_2024_04092024194222.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/AR_22853_TIRUPATIFL_2022_2023_21082023201635_08212023210002.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/AR_21407_TIRUPATIFL_2021_2022_05092022191813_09052022200012.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/AR_19064_TIRUPATIFL_2020_2021_31082021145256_08312021150007.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/AR_17309_TIRUPATIFL_2019_2020_04092020193511_04092020200006.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:22:26.189Z.