TIRUPATIFL

Tirupati Forge Limited

Listed company · ISIN INE319Y01024 · NSE BE · FV ₹2
Last price
₹64
-2.17%today
What this company does

Tirupati Forge Limited is a listed company. It booked ₹38 cr of revenue in its latest quarter (Q1 FY27) and kept 3.2% of sales as profit.

44out of 100
Equitytale Health Score
Strained

Healthier than 44% of listed companies we score, on all six measures of filed financials. Each measure is ranked against the 1,201–2,858 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
37

At close. Not part of the score.

Profitability & returns24

How much profit it earns on the money it employs

Balance sheet46

How much it owes, and whether earnings cover the interest

Cash quality54

Whether reported profit actually arrives as cash

Growth & consistency61

Whether sales and profit have grown, and how steadily

Valuation9

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Some things to watch
Strengths
Makes a profit
Sales up 18% vs last year
Promoters hold 49%
No promoter shares pledged
Watch-outs
! Thin 3.2% net margin
! Profit down 14% vs last year
! Low 3.7% return on equity
! Operating cash flow is negative

What if I invest in TIRUPATIFL?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹64 -2.17%
latest close · 2026-09-17
52-wk low ₹9222 sessions so far52-wk high ₹84
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio161.2High
LowAverageHigh
P/B ratio6.24High
Below bookModerateHigh
EV / EBITDA45.8High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity3.7%Weak
WeakFairStrong ▸15%
Return on capital6.4%Weak
WeakFairStrong
Net margin3.2%Thin
ThinDecentStrong
EBITDA margin12.3%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.26Comfortable
LowModerateHigh ▸1
Interest cover2.7×Okay
RiskyOkayStrong ▸5×
Current ratio1.82Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹833 cr
Book value
₹10
EPS
₹0.10
latest quarter
Net debt
₹28 cr
owes more than its cash
Enterprise value
₹861 cr
EBITDA
₹19 cr
annualised
EBIT
₹10 cr
annualised
Operating margin
6.8%
Return on assets
2.4%
Earnings yield
0.62%
P/S
5.47
Sales / share
₹11.8
Tax rate
26.6%
Face value
₹2
Shares
12.9 cr
Working capital
₹33 cr
Current assets
₹73 cr
Current liabilities
₹40 cr
Delivery %
61.4%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the exchange filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹4₹5, midpoint ₹4

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹38 cr
Other Income₹33 L
Total Income₹38 cr
Cost of Materials₹15 cr
Purchases of Stock-in-Trade₹3 cr
Inventory Change (±)₹7.2 L
Employee Benefit Expense₹2 cr
Finance Costs₹95 L
Depreciation & Amortisation₹2 cr
Other Expenses₹13 cr
Total Expenses₹37 cr
Profit before Tax₹2 cr
Tax Expense₹44.2 L
Net Profit₹1 cr
Net margin on total income3.2%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹19 cr48.5%
Employee benefit expense₹2 cr4.9%
Finance costs₹95 L2.5%
Depreciation & amortisation₹2 cr5.4%
Other expenses₹13 cr34.3%
Tax expense₹44.2 L1.1%
Profit for the period₹1 cr3.2%
Total income ₹38 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue49 cr42 cr38 cr
Total income49 cr43 cr38 cr
Expenses47 cr41 cr37 cr
Profit before tax3 cr2 cr2 cr
Tax71.4 L55.3 L44.2 L
Net profit (owners' share)2 cr2 cr1 cr
Net margin (owners' share, on revenue)4.2%3.6%3.2%
EPS (₹)0.160.120.10
YoY (latest quarter): total income +16.7% · net profit -13.6%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹204 cr
Shareholder equity
₹133 cr
parent shareholders
Total debt
₹34 cr
Cash
₹7 cr
Cash flow · H1 FY26
Operating
₹-3 cr
Investing
₹-19 cr
Financing
₹8 cr
Who owns it · 2026-09-07
No pledge
Promoter
49.4%
FII / Foreign
0.8%
DII / Domestic
Retail / others
49.8%
Promoter stake down 6.3% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtChetna Mukeshbhai Thumar · Promoter Group12.50 L · ₹3.0 cr6 Jan 26
BoughtBhargavi Manojbhai Thummar · Promoters20.00 L · ₹4.8 cr17 Oct 25
BoughtHiteshkumar Gordhanbhai Thummar · Promoters10.00 L · ₹2.4 cr20 May 25
Bulk / block deals
SoldMULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED · NSE6.85 L @ ₹44.6925 Oct 24
BoughtMULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED · NSE83,646 @ ₹40.525 Oct 24
SoldNK SECURITIES RESEARCH PRIVATE LIMITED · NSE8.43 L @ ₹25.819 Jun 24
Stake changes
BoughtChetna Mukeshbhai Thumar · promoter→ 15.83% · 22.00 L27 Apr 26
BoughtChetna Mukeshbhai Thumar · promoter→ 14.36% · 12.50 L6 Jan 26
BoughtBhargavi Manojbhai Thummar · promoter→ 14.95% · 20.00 L17 Oct 25
Promoter pledges
ReleasedIndian overseas Bank1.35 cr · 13.82% held28 Feb 23
ReleasedIndian Overseas Bank1.35 cr · 13.82% held28 Feb 23
PledgedIndian Overseas Bank5,160 · 14.95% held17 Aug 20
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 5 Aug 2025
See the official result
1
To Receive, Consider and adopt the financial Statement including Audited Balance Sheet as on 31st March 2025 and Profit & Loss Account for the year ended on that date and reports of Board of Directors and Auditor thereon and Cash Flow Statement and other various schedule prescribed under the Companies Act, 2013.
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 50%
50.42 L votes for, 111 against · 0% of mutual funds and other big investors said no
2
To appoint a director in place of Shri. Bhaveshbhai Tulsibhai Barasiya – Whole time Director [DIN: 05332180], who retires by rotation and being eligible, offers herself for re-appointment
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 50%
50.40 L votes for, 2,111 against · 0% of mutual funds and other big investors said no
3
Appointment of Mr. CS Piyush Jethva [ICSI Membership No.: F6377] [Proprietor] as Secretarial Auditor of the Company for Financial Year 2025-26 to 2029-30:
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 50%
50.42 L votes for, 111 against · 0% of mutual funds and other big investors said no
4
To Appoint Shri. Mallappa Beleri [Din: 10512254] As an Independent Director of The Company:
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 75%
50.42 L votes for, 111 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 6 named members
owning 49.4% between them · as of 2026-09-07
Chetna Mukeshbhai Thumar15.42%
Bhargavi Manojbhai Thummar14.06%
Hiteshkumar Gordhanbhai Thummar9.28%
Jayaben Shivlal Thumar4.66%
Otamben Khodabhai Thumar4.01%
Darshna Hiteshbhai Thummar1.99%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹36 cr raised in Jan 2025 by selling shares to selected investors

As of Jun 2026, the company says it has spent 84% of what it set aside.

To fund the Expansion of existing capacity, assets acquisition, acquisition/purchase of plant and machinery and other fixed assets for purchase of new plant and machinery and other fixed assets for the purpose increasing its existing production capacity of its business for manufacturing, to meet the enhanced working capital requirements and general corporate purpose.
84%
of what was set aside

The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.

₹5 cr raised in Apr 2019 by selling shares to selected investors

As of Jun 2026, the company says it has spent 78% of what it set aside.

Long Term and Short Term Working Capital Requirement and to support future business expansions Plans
78%
of what was set aside
Spent by quarter: 8%78% (to Jun 2025) · 4 earlier quarters are left out because the company restated its figures

The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.