Tirupati Forge Ltd. (TIRUPATIFL) AI Stock Analysis

• Market Cap: ₹4.56B
• Dividend Yield: N/A
• Average Volume (3M): 236.01K
• Price to Earnings (P/E): 63.0
• Beta (1Y): 1.19
• Revenue Growth: 0.03%
• EPS Growth: -24.13%
• Country: IN
• Employees: 92
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): N/A
• Shares Outstanding: 118,280,000
• 10 Day Avg. Volume: 455,270
• 30 Day Avg. Volume: 236,011
• PEG Ratio: 2.46
• Price to Book (P/B): 2.96
• Price to Sales (P/S): 2.76
• P/FCF Ratio: -9.72
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ₹42.00 ▲(12.36% Upside)

Tirupati Forge Ltd. demonstrates strong financial performance with significant revenue growth and improved profitability. However, high total debt and negative free cash flow pose risks. The technical analysis suggests a neutral trend with some bullish signals, while the high P/E ratio indicates potential overvaluation. The absence of earnings call data and corporate events limits further insights.

Tirupati Forge Ltd. Business Overview & Revenue Model

Company Description

Tirupati Forge Ltd. (TIRUPATIFL) is a leading manufacturer in the forging industry, specializing in high-quality forged components for a variety of sectors, including automotive, aerospace, and industrial machinery. The company is committed to innovation and excellence, providing engineered solutions that cater to the specific needs of its clients. With a strong focus on research and development, Tirupati Forge aims to enhance the performance and durability of its products while adhering to international quality standards.

How the Company Makes Money

Tirupati Forge Ltd. generates revenue primarily through the production and sale of forged components and assemblies. The company operates on a business-to-business (B2B) model, supplying its products to OEMs (Original Equipment Manufacturers) and Tier suppliers across various industries. Key revenue streams include direct sales of forged products, contracts for custom forging solutions, and long-term supply agreements with major industrial players. Additionally, strategic partnerships with companies in complementary sectors help expand its market reach and enhance its product offerings, contributing to overall earnings. The company also invests in technology and efficiency improvements, which can lead to cost savings and increased profitability.

Tirupati Forge Ltd. Financial Statement Overview

Summary

Tirupati Forge Ltd. has shown strong revenue growth and improved profitability metrics, which are positive indicators for future performance. The balance sheet shows a declining debt-to-equity ratio, suggesting financial stability, but high total debt could pose risks. Cash flow management remains a challenge, with negative free cash flow highlighting the need for better cash allocation strategies. Overall, the company has a solid financial performance trajectory with areas that require attention.

Income Statement

The company shows solid revenue growth, increasing from 267.7M in 2021 to 1.15B in 2025. The gross profit margin improved substantially from 13.8% in 2021 to 42.4% in 2025, indicating efficient cost management. Net profit margin also rose from 1.5% to 6.8% during the same period. However, there is room for improvement in EBIT and EBITDA margins, although they have increased, signaling enhanced operational efficiency.

Balance Sheet

The debt-to-equity ratio decreased from 0.37 in 2021 to 0.24 in 2025, reflecting reduced financial leverage and a stronger equity position. The equity ratio improved from 62% to 73%, indicating a solid capital structure. However, the company's total debt remains significant, which poses a potential risk.

Cash Flow

Operating cash flow decreased significantly from 33.4M in 2020 to 58.5M in 2025, indicating volatility in cash generation. Free cash flow remains negative, which is concerning for ongoing financial health. However, the operating cash flow to net income ratio shows the company's ability to convert income into cash. The company needs to improve its free cash flow management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.18B	1.15B	1.09B	910.80M	789.92M	267.73M
Gross Profit	511.87M	380.53M	145.79M	181.07M	203.12M	24.11M
EBITDA	159.63M	165.33M	133.89M	164.07M	116.57M	27.39M
Net Income	66.64M	78.55M	66.42M	94.29M	62.23M	3.94M
Balance Sheet
Total Assets	0.00	1.46B	743.01M	512.85M	524.61M	336.94M
Cash, Cash Equivalents and Short-Term Investments	331.29M	332.01M	44.90M	927.00K	8.63M	1.14M
Total Debt	0.00	261.95M	131.37M	101.05M	110.47M	76.05M
Total Liabilities	-1.07B	388.68M	243.85M	150.46M	256.51M	129.32M
Stockholders Equity	1.07B	1.07B	499.16M	362.38M	268.10M	207.62M
Cash Flow
Free Cash Flow	0.00	-326.31M	-48.99M	-3.58M	-28.08M	-59.73M
Operating Cash Flow	0.00	58.55M	103.06M	35.23M	3.81M	-30.20M
Investing Cash Flow	0.00	-379.99M	-147.02M	-33.42M	-28.95M	-27.88M
Financing Cash Flow	0.00	607.82M	87.93M	-9.42M	24.17M	51.27M

Tirupati Forge Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 37.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TIRUPATIFL, the sentiment is Negative. The current price of 37.38 is below the 20-day moving average (MA) of 40.06, below the 50-day MA of 39.25, and below the 200-day MA of 39.05, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 41.33 is Neutral, neither overbought nor oversold. The STOCH value of 7.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:TIRUPATIFL.

Tirupati Forge Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OCCL	70 Outperform	₹1.61B	15.37	―	8.72%	-76.65%	-76.77%
MODIRUBBER	68 Neutral	₹3.07B	16.54	―	―	34.63%	-0.73%
HPAL	64 Neutral	₹4.71B	27.97	―	0.82%	8.99%	-22.32%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TIRUPATIFL	60 Neutral	₹4.56B	63.00	―	―	0.03%	-24.13%

Tirupati Forge Ltd. Corporate Events

Tirupati Forge Ltd. Converts Warrants to Equity Shares, Enhancing Capital Structure

Tirupati Forge Ltd. has announced the conversion of 20,00,000 convertible warrants into equity shares, following a board meeting on October 17, 2025. This conversion, part of a larger issuance of 1,17,60,000 warrants, signifies a strategic move to strengthen the company’s capital base and enhance its equity structure. The newly allotted shares will be on par with existing shares, ensuring equal dividend and voting rights, which could potentially impact shareholder value and market perception positively.

Tirupati Forge Converts Warrants to Equity Shares in Strategic Move

Tirupati Forge Limited, a company involved in the manufacturing sector, has announced the conversion of 20,00,000 convertible warrants into equity shares, marking a significant step in its capital restructuring efforts. This move, approved by the Board of Directors, involves the issuance of shares at a premium, reflecting the company’s strategic focus on strengthening its financial position and enhancing shareholder value.