TIRUPATIFL

Tirupati Forge Limited

Carbon Steel Forged Flanges and other automotive components

tirupatiforge.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹70.11
Market cap
906 Cr
Stock P/E
148.4
P/B
6.66
Dividend yield
0.0%
ROE (FY26)
4.7%
ROCE (FY26)
6.9%
Operating margin (FY26)
5.0%
Debt / equity (FY26)
0.26
OCF / EBITDA (FY26)
101.5%
OCF / EBITDA (3Y)
73.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Tirupati Forge makes carbon steel forged flanges, forged components and other automotive components, sells mostly to overseas customers, and is adding a defence line that makes 155 mm artillery shell bodies.

What we see

Positives
  • ✓Debt-to-equity of 0.26x — the company is largely funded by its own money, not borrowed funds.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales24 Cr32 Cr33 Cr29 Cr32 Cr26 Cr28 Cr32 Cr40 Cr49 Cr42 Cr38 Cr
Operating expenses (approx.)21 Cr28 Cr30 Cr24 Cr27 Cr24 Cr24 Cr29 Cr36 Cr44 Cr38 Cr34 Cr
EBITDA3 Cr4 Cr3 Cr5 Cr5 Cr3 Cr3 Cr4 Cr3 Cr5 Cr4 Cr4 Cr
OPM %12.4%12.3%10.5%16.1%15.0%9.9%11.3%11.4%8.2%10.5%9.2%11.5%
Other income0.25 Cr0.14 Cr0.42 Cr0.19 Cr0.30 Cr0.40 Cr0.43 Cr0.62 Cr1 Cr0.66 Cr1 Cr0.33 Cr
Interest0.26 Cr0.41 Cr0.39 Cr0.38 Cr0.51 Cr0.31 Cr0.44 Cr0.73 Cr0.65 Cr0.87 Cr0.80 Cr0.95 Cr
Depreciation0.86 Cr0.91 Cr0.97 Cr1 Cr1 Cr0.94 Cr1 Cr2 Cr2 Cr2 Cr2 Cr2 Cr
Profit before tax2 Cr3 Cr3 Cr3 Cr4 Cr2 Cr2 Cr2 Cr2 Cr3 Cr2 Cr2 Cr
Tax %25.8%26.4%24.5%24.9%26.6%24.9%23.9%25.8%27.2%26.1%26.7%26.6%
Net profit2 Cr2 Cr2 Cr3 Cr3 Cr1 Cr1 Cr1 Cr1 Cr2 Cr2 Cr1 Cr
EPS (₹)₹0.16₹0.21₹0.19₹0.25₹0.26₹0.26₹0.11₹0.12₹0.11₹0.16₹0.12₹0.10

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales16 Cr31 Cr88 Cr92 Cr110 Cr115 Cr162 CrSign in free for the trailing twelve months
Operating expenses (approx.)14 Cr28 Cr78 Cr77 Cr97 Cr100 Cr147 CrSign in free for the trailing twelve months
EBITDA2 Cr3 Cr11 Cr15 Cr13 Cr15 Cr16 CrSign in free for the trailing twelve months
OPM %11.9%8.7%12.0%15.9%11.6%13.2%9.8%Sign in free for the trailing twelve months
Other income0.19 Cr0.20 Cr1 Cr2 Cr0.92 Cr1 Cr3 CrSign in free for the trailing twelve months
Interest0.47 Cr0.37 Cr0.88 Cr1 Cr1 Cr2 Cr3 CrSign in free for the trailing twelve months
Depreciation0.92 Cr2 Cr2 Cr3 Cr3 Cr4 Cr8 CrSign in free for the trailing twelve months
Profit before tax0.73 Cr0.54 Cr8 Cr13 Cr9 Cr11 Cr9 CrSign in free for the trailing twelve months
Tax %31.3%27.6%25.5%25.3%25.7%25.3%26.4%Sign in free for the trailing twelve months
Net profit0.51 Cr0.39 Cr6 Cr9 Cr7 Cr8 Cr6 CrSign in free for the trailing twelve months
EPS (₹)—₹0.36₹0.64₹0.96₹0.67₹0.74₹0.51Sign in free for the trailing twelve months
Dividend payout %—0.0%1.8%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital0.79 Cr11 Cr20 Cr20 Cr21 Cr24 Cr25 Cr
Reserves2 Cr10 Cr7 Cr17 Cr29 Cr83 Cr108 Cr
Borrowings4 Cr8 Cr10 Cr9 Cr11 Cr18 Cr34 Cr
Other liabilities4 Cr5 Cr16 Cr6 Cr13 Cr21 Cr36 Cr
Total liabilities10 Cr34 Cr52 Cr51 Cr74 Cr146 Cr204 Cr
Fixed assets (net)5 Cr14 Cr13 Cr14 Cr17 Cr29 Cr51 Cr
CWIP———0.17 Cr8 Cr18 Cr67 Cr
Investments—0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Loans & advances———0.07 Cr0.08 Cr0.14 Cr0.13 Cr
Inventories3 Cr11 Cr15 Cr16 Cr22 Cr23 Cr23 Cr
Trade receivables2 Cr4 Cr16 Cr16 Cr16 Cr17 Cr26 Cr
Cash & bank0.10 Cr0.11 Cr0.85 Cr0.09 Cr4 Cr33 Cr7 Cr
Other assets0.80 Cr5 Cr7 Cr4 Cr7 Cr25 Cr31 Cr
Total assets10 Cr34 Cr52 Cr51 Cr74 Cr146 Cr204 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity2 Cr-3 Cr1 Cr4 Cr10 Cr6 Cr16 Cr
Cash from investing-0.61 Cr-3 Cr-3 Cr-3 Cr-15 Cr-38 Cr-75 Cr
Cash from financing-1 Cr5 Cr2 Cr-2 Cr9 Cr61 Cr32 Cr
Net cash flow-0.13 Cr-0.68 Cr0.74 Cr-0.76 Cr4 Cr29 Cr-27 Cr
Free cash flow (OCF − Capex)0.95 Cr-6 Cr-2 Cr0.60 Cr-3 Cr-25 Cr-61 Cr

Ratios

MetricMar 2017Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %18.5%3.2%25.2%30.2%16.8%9.8%6.9%
ROE %18.7%1.9%23.2%26.0%13.3%7.3%4.7%
Debtor days44526664535458
Inventory days94193104122125137123
Days payable76787025465897
Cash conversion cycle6316710016113113284
OCF / EBITDA %80.9%-112.8%11.5%30.7%80.7%38.5%101.5%
OCF / EBITDA % (3 years)———9.6%42.2%48.5%73.5%
Debt / equity1.410.360.370.250.220.170.26
Current ratio1.061.831.672.712.223.991.82
Net debt / EBITDA1.92——0.620.51-1.021.75