Tirupati Forge Ltd Q2 FY26 (Half-Yearly Results) – Forging Profits, Forging Defence Dreams, and Maybe Forging Patience Too
1. At a Glance
Tirupati Forge Ltd (NSE: TIRUPATIFL) — the Rajkot-based steel-forging warrior — just dropped its Q2 FY26 results, and boy, the numbers are as twisted as their forged shafts. The company clocked quarterly income of ₹40.7 crore, with a PAT of ₹1.34 crore, bringing the H1 FY26 net profit to ₹2.75 crore. Yet the stock closed at ₹35, down 6.4%, probably because Mr. Market read the P/E of ~80x and fainted.
With a market cap of ₹428 crore, sales of ₹126 crore (TTM), and ROCE at 12.4%, Tirupati Forge sits in that awkward zone between “forging empire” and “forging excuses.” Debt levels remain moderate at ₹25.5 crore, and the promoter stake has slipped to 48.9%, which, to a market veteran, smells like either “capital expansion” or “ghar ka cashflow ka jugaad.”
But there’s a twist — the company is spending ₹67 crore on a new defence manufacturing facility (yes, for actual 155mm shells), and just doubled its solar capacity to 9.6 MW. The management’s optimism could power a VMC machine by itself, but can the numbers keep up? Let’s forge ahead.
2. Introduction
Ah, Tirupati Forge — where hot metal meets hotter ambition. Born in 2012 in the industrial belly of Rajkot, Gujarat, the company’s pitch is simple: take steel, heat it up, smash it hard, and sell it globally. The results? Sometimes molten gold, sometimes lukewarm scrap.
Over the last decade, this small-cap champion has moved from humble forgings to becoming a serious supplier to oil & gas, automotive, and construction industries, both in India and abroad. In FY25, exports formed 55% of total revenue — not bad for a company whose average product weighs 0.5 to 45 kilos.
But here’s where the real drama begins. The company recently announced its entry into defence manufacturing — with a capex of ₹67 crore and production slated for Q1 FY27. For a firm that once boasted about flange exports, now talking about 155mm M107 artillery shells feels like a glow-up worthy of a Bollywood biopic.
Add to that their shiny solar power expansion, and Tirupati Forge seems to be reinventing itself faster than a student updating their LinkedIn after one online certification. Still, the market’s patience seems thinner than their EPS — down to ₹0.11 this quarter.
3. Business Model – WTF Do They Even Do?
In the simplest terms: Tirupati Forge forges. They take mild steel, carbon steel, and stainless steel, and turn them into closed-die forged parts — the mechanical equivalent of sculpting, but with flames, hammers, and hydraulic presses.
Their product range is broad:
Flanges (59% of FY25 revenue) – the circular metal donuts that connect pipes and machinery.
Specialised products (16%), earth moving parts (14%), gears, shafts, rings (7%), and the occasional tool disc (3%).
Their clients are global — from USA, Canada, Malaysia, Europe, to Africa — serving industries like oil & gas, automotive, defence, and construction. Think of it as “Make in Rajkot, Export Everywhere.”
The manufacturing facility packs serious metal muscle — 15,000 TPA forging capacity, ring rolling machines, CNC setups, and automatic stamping machines capable of handling up to 800 mm OD. It’s basically the Rajkot version of Tony Stark’s lab, minus the AI assistant.
Now, with the defence capex underway, Tirupati Forge is trying to level up from an auto-parts supplier to a strategic defence component maker. Whether that’s visionary or delusional depends on how the ₹67 crore gets hammered into reality.
4. Financials Overview
Let’s crunch the latest Quarterly Results (Q2 FY26) — figures in ₹ crore.
