TIRUPATIFL
Tirupati Forge share price & financials
- Price
- ₹47.98
- Market cap
- ₹899 Cr
- Sector
- Capital Goods
Quarterly results
Q1 FY27: revenue up 18.0%, net profit down 13.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 32 | 26 | 28 | 32 | 40 +23% | 49 +86% | 42 +52% | 38 +18% |
| EBITDA | 5 | 3 | 3 | 4 | 3 −33% | 5 +97% | 4 +25% | 4 +19% |
| Net profit | 3 | 1 | 1 | 1 | 1 −49% | 2 +54% | 2 +17% | 1 −13% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +76.2% 1Y
1Y: ₹39.22 on 10 Sept 2025 → ₹69.12. High ₹81.55 (22 Jul 2026), low ₹31.34 (24 Dec 2025).
Financials, as filed
Revenue grew 20.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 9.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹92 Cr | ₹110 Cr | ₹115 Cr | ₹162 Cr |
| Operating profit | ₹15 Cr | ₹13 Cr | ₹15 Cr | ₹16 Cr |
| Operating margin | 15.9% | 11.6% | 13.2% | 9.8% |
| Interest | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹3 Cr |
| Depreciation | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹8 Cr |
| Net profit | ₹9 Cr | ₹7 Cr | ₹8 Cr | ₹6 Cr |
| Net margin | 10.2% | 6.0% | 6.8% | 3.9% |
| Cash from operations | ₹5 Cr | ₹10 Cr | ₹6 Cr | ₹16 Cr |
| Free cash flow | ₹1 Cr | ₹-4 Cr | ₹-33 Cr | ₹-60 Cr |
| ROCE | 32.0% | 18.0% | 12.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹20 Cr | ₹20 Cr | ₹21 Cr | ₹24 Cr | ₹25 Cr |
| Reserves | ₹10 Cr | ₹7 Cr | ₹17 Cr | ₹29 Cr | ₹95 Cr | ₹108 Cr |
| Borrowings | ₹8 Cr | ₹11 Cr | ₹10 Cr | ₹13 Cr | ₹25 Cr | ₹42 Cr |
| Other liabilities | ₹5 Cr | ₹15 Cr | ₹5 Cr | ₹11 Cr | ₹22 Cr | ₹29 Cr |
| Total liabilities | ₹34 Cr | ₹52 Cr | ₹51 Cr | ₹74 Cr | ₹167 Cr | ₹204 Cr |
| Fixed assets | ₹14 Cr | ₹14 Cr | ₹15 Cr | ₹19 Cr | ₹55 Cr | ₹57 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹16 Cr | ₹67 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹20 Cr | ₹38 Cr | ₹36 Cr | ₹47 Cr | ₹96 Cr | ₹80 Cr |
| Total assets | ₹34 Cr | ₹52 Cr | ₹51 Cr | ₹74 Cr | ₹167 Cr | ₹204 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Sep 2026
Since Sep 2025, the public trimmed −2.06 pp while promoters added +1.32 pp. The shareholder count shrank 7% to 59,423.
- Promoters
- 49.4%
- FIIs
- 0.8%
- Public
- 49.8%
Since Sep 2025
- Public −2.06 pp
- Promoters +1.32 pp
- FIIs +0.74 pp
How it drifted, 12 quarters
Over this window promoters fell from 57.7% to 49.4% — −8.3 pp.
Ownership split by quarter, oldest first. Mar '24: Promoters 57.7%, DIIs 0.1%, Public 42.3%.Jun '24: Promoters 55.8%, DIIs 0.3%, Public 44.2%.Sep '24: Promoters 55.8%, FIIs 0.0%, DIIs 1.2%, Public 44.2%.Dec '24: Promoters 55.8%, FIIs 0.0%, DIIs 1.4%, Public 44.2%.Mar '25: Promoters 48.9%, FIIs 0.0%, DIIs 1.3%, Public 51.1%.Jun '25: Promoters 49.3%, FIIs 0.0%, DIIs 1.4%, Public 50.7%.Sep '25: Promoters 48.1%, FIIs 0.0%, DIIs 3.8%, Public 51.9%.Dec '25: Promoters 48.9%, FIIs 0.0%, DIIs 4.9%, Public 51.0%.Mar '26: Promoters 49.0%, FIIs 0.8%, DIIs 5.9%, Public 50.2%.Jun '26: Promoters 49.8%, FIIs 0.5%, DIIs 6.3%, Public 49.8%.Jul '26: Promoters 49.4%, FIIs 0.8%, Public 49.8%.Sep '26: Promoters 49.4%, FIIs 0.8%, Public 49.8%.
Who bought this quarter
since Jul 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bhargavi Manojbhai Thummar - 2 newly disclosed 14.06% held
- Hiteshkumar Gordhanbhai Thummar - 2 newly disclosed 9.28% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Tirupati Forge Limited above SEBI's 1% disclosure line, and what changed since Jul 2026.
| Holder | Stake | Change |
|---|---|---|
| Chetna Mukeshbhai Thumar | 15.42% | unchanged |
| Bhargavi Manojbhai Thummar - 2 | 14.06% | newly disclosed |
| Hiteshkumar Gordhanbhai Thummar - 2 | 9.28% | newly disclosed |
| Jayaben Shivlal Thumar | 4.66% | unchanged |
| Devansh Trademart LLP | 4.37% | unchanged |
| Otamben Khodabhai Thumar | 4.01% | unchanged |
| Darshna Hiteshbhai Thummar | 1.99% | unchanged |
| Bhargavi Manojbhai Thummar | — | off the list |
| Hiteshkumar Gordhanbhai Thummar | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹69, this stock must grow earnings at 60% every year for 7 years. Our analysis caps realistic growth at ~-13%. At that growth it is worth ₹2 — downside of 97%.
- Growth the price implies
- 59.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -12.6% a year
- net profit, FY23–FY26
- The gap
- 0.7 pp
- -97% downside if it only repeats history
Learn to analyse Tirupati Forge Limited
Guides on how to read this kind of business and the numbers that matter.