Tirupati Forge Limited Approves FY26 Results Amid Strategic Investments in Defence Sector
Tirupati Forge Limited announced the outcome of its Board Meeting held on May 18, 2026. During the meeting, the company approved the audited Standalone Financial Results, along with the Independent Auditors Report, for the quarter and year ended March 31, 2026. The company also approved the appointment of M/s. Mitesh Suvagiya & Co. Cost Accountants as the Cost Auditor for the financial year 2026-27.Statutory Auditors, M/s. Kamlesh Rathod & Associates, issued their Audit Reports, confirming an unmodified opinion on the Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended March 31, 2026.
Financial Highlights (Rs. in lakhs)
The company's performance metrics for the quarter and year ended March 31, 2026, show significant activity and strategic adjustments.The Standalone Statement of Audited Ind AS Financial Results provides a detailed financial snapshot:
| Particulars | Quarter Ended 31/03/2026 (Audited) | Quarter Ended 31/12/2025 (Unaudited) | Quarter Ended 31/03/2025 (Audited) | Year Ended 31/03/2026 (Audited) | Year Ended 31/03/2025 (Audited) |
|---|---|---|---|---|---|
| INCOME | |||||
| Revenue from operations | 4,191.03 | 4,859.68 | 2,750.19 | 16,247.85 | 11,498.30 |
| Other Income | 112.86 | 65.94 | 43.00 | 346.18 | 131.34 |
| TOTAL INCOME | 4,303.89 | 4,925.62 | 2,793.19 | 16,594.03 | 11,629.64 |
| EXPENSES | |||||
| Cost of materials consumed | 1,594.35 | 2,031.78 | 1,364.87 | 6,965.54 | 6,148.28 |
| Purchase of Stock in trade | 363.53 | 427.20 | 251.69 | 1,394.18 | 716.61 |
| Changes in inventories | 71.62 | 13.90 | (15.74) | (63.95) | (241.38) |
| Employee benefits expenses | 233.02 | 238.68 | 163.89 | 878.50 | 632.49 |
| Finance Costs | 79.84 | 86.62 | 43.82 | 304.66 | 164.53 |
| Depreciation and Amortisation | 211.56 | 213.99 | 138.72 | 772.28 | 437.01 |
| Other expenses | 1,542.54 | 1,639.85 | 675.49 | 5,487.37 | 2,720.31 |
| TOTAL EXPENSES | 4,096.46 | 4,652.02 | 2,622.74 | 15,738.58 | 10,577.85 |
| Profit before tax | 207.43 | 273.60 | 170.45 | 855.45 | 1,051.79 |
| Net Profit/(Loss) for the period | 152.15 | 202.24 | 129.72 | 629.53 | 785.54 |
The Balance Sheet data for the year ended March 31, 2026, shows the company's overall financial structure:
| Particulars | As at 31/03/2026 (Audited) | As at 31/03/2025 (Audited) |
|---|---|---|
| TOTAL ASSETS | 20,378.68 | 14,592.84 |
| TOTAL EQUITY AND LIABILITIES | 20,378.68 | 14,592.84 |
| Sub-Total Non Current Assets | 13,053.27 | 5,714.61 |
| Sub-Total Current Assets | 7,325.41 | 8,878.23 |
| Sub-Total Equity | 13,339.60 | 10,706.07 |
| Sub-Total Non Current Liabilities | 3,021.12 | 1,662.23 |
| Sub-Total Current Liabilities | 4,017.96 | 2,224.54 |
Strategic Growth and Market Outlook
During the year, the company made transformative investments focused on improving its operational efficiency and strengthening its business profile. Key initiatives included the commissioning of a new defence manufacturing facility and the implementation of a solar power project.Management noted that while these investments led to higher depreciation and financing costs during the initial phase, they are expected to significantly strengthen the company's long-term earnings potential and competitive positioning.
Defence Sector Opportunity
The defence vertical is highlighted as a significant long-term opportunity. This growth is driven by increasing localization initiatives, supply chain diversification, and strong policy support for domestic defence manufacturing. The company anticipates the defence business generating annual revenues of approximately INR 2,500 million at full utilization. While revenue contribution is expected to begin in FY27, the full-year impact is projected from FY28 onwards, with expected EBIDTA margins from the vertical to be upwards of 40%.Operational Efficiency
The company's full-year revenue increased to INR 1,659.4 million in FY26, up from INR 1,162.9 million in FY25. The temporary moderation in profitability for FY26 was attributed to the upfront investments made in the new defence manufacturing facility and solar power plant, which are aimed at supporting long-term growth and enhancing operational efficiency.Business Operations
Tirupati Forge Limited is engaged in manufacturing Carbon Steel Forged Flanges, Forged Components, and other automotive components. The company operates a fully integrated unit offering services including:- Forging: Capacity of 15,000 TPA, with job capacity ranging from 0.5 Kg to 125 Kg.
- Hydraulic Extrusion Press: Capacity of 10,000 TPA, featuring a 630 Ton Lasco Hydraulic Extrusion Press.
- Machining Facility: Equipped with CNC machines ranging from 15mm to 800mm OD, and fully automatic VMC machines for 1000mm OD.
- Heat Treatment: Capacity for Annealing, Quenching, Hardening & Tempering at 1000 kg/hr.
The company’s diverse portfolio serves global clients, with 55% of its revenue attributed to overseas markets, primarily including the USA, Canada, Malaysia, Europe, and African countries.
TIRUPATIFL Stock Price Movement
Shares of Tirupati Forge Limited shed 1.92% today, closing at ₹41.12. The stock traded on a total volume of 316,837 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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