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Swing Capital

Tirupati Forge Ltd

NSE: TIRUPATIFLMetal

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

₹41.1
52W: ₹30.1 — ₹52
PE 85.8 · Book ₹9.61 · +328% vs book
Market Cap₹521 Cr
Stock P/E85.8Price to Earnings
ROCE12.4%Return on Capital
ROE9.99%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Company is expected to give good quarter

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Promoter holding has decreased over last 3 years: -8.57%

Shareholding Pattern

Promoters49.75%
FIIs0.76%
DIIs0%
Public49.49%
CategorySep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Apr 2026
Promoters55.76%55.76%48.88%▼6.949.31%▲0.448.1%▼1.248.93%▲0.849.01%▲0.149.75%▲0.7
FIIs0.03%0.03%0.02%▼0.00.02%0.02%0.02%0.78%▲0.80.76%▼0.0
DIIs0%0%0%0%0%0%0%0%
Public44.21%44.2%▼0.051.1%▲6.950.67%▼0.451.88%▲1.251.04%▼0.850.21%▼0.849.49%▼0.7

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales23.6532.3633.1129.0632.2826.1427.532.339.6748.6
Expenses20.7228.3929.6224.3827.4523.5524.428.6236.4443.51
Operating Profit2.933.973.494.684.832.593.13.683.235.09
OPM %12.39%12.27%10.54%16.1%14.96%9.91%11.27%11.39%8.14%10.47%
Net Profit1.532.051.922.62.641.311.31.411.342.02
EPS ₹0.160.210.190.250.250.130.110.120.110.16

AI Insights

Revenue Trend

TTM revenue at ₹148Cr, up 28.7% YoY. OPM at 10%.

Debt Position

Borrowings at ₹25Cr. Debt-to-equity ratio: 0.26x. Healthy balance sheet.

Capex Cycle

CWIP at ₹16Cr (29% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.76% (+0.76pp change). Promoters hold 49.75%.

Margin & Efficiency

ROCE improving from 9% (Mar 2014) to 12% (Mar 2025). Working capital days: 106.

Valuation

PE 85.8x with 12.4% ROCE. Price is 328% above book value of ₹9.61. Dividend yield: 0%.

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