In , Tirupati Forge Ltd (Castings, Forgings & Fastners) is outperforming Nifty 500 with +28.6% relative strength. Fundamentals: Average. On a 6-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Capacity Utilization: 50% in Q1FY27
“With the full utilization of the solar plant and the commencement of commercial operations at the defence unit... the Company anticipates a marked improvement in margins.”
What: Export Revenue Share: 65%
“A constructive development has been the improvement in India–US trade sentiment, which is particularly significant given that over 50% of our export demand is linked to the US market.”
What: Installed Capacity: 150,000 units
“We are preparing to commence production of 155 mm MT107 HE empty shell bodies with an installed capacity of 150,000 units per annum.”
What: PAT growth of 50.75% QoQ
“PAT increased by 50.75 % from ₹ 13.40 mn to ₹ 20.20 mn QoQ, led by higher sales volumes and sustained energy cost optimisation.”
Earnings deceleration risks from management commentary
Trigger: Trade policy changes in the US market.
Management view: Monitoring improved India-US trade sentiment which enhances medium-term visibility.
Monitor: geopolitical
Trigger: Recent changes in government policy regarding solar power.
Management view: Expect full utilization once the defence manufacturing unit commences operations.
Monitor: regulatory
Key quotes from recent conference calls
“With the full utilization of the solar plant and the commencement of commercial operations at the defence unit, expected by Q4 FY26 [Previous Defence Unit Commissioning guidance]”
“We expect commercial production to commence in the Q1FY27, with operations scaling to 100% capacity utilization by H2FY27. [Previous Defence Capacity Utilization guidance]”
“The company’s strategic pivot towards the defence manufacturing segment marks a transformational shift in our business model. [Initiative: Defence Manufacturing Pivot]”
“temporary pressure on profitability impacted by... the 50% duty imposed in the U.S., our key export market. [Risk (geopolitical): HIGH]”
Headline numbers from the latest earnings call
Revenue
₹493 mn
Why: Driven by strong demand from overseas markets where exports contributed 65% of total revenue during the quarter.
Revenue growth was primarily export-led with improved trade sentiment in the US market.
EBITDA
₹57.4 mn
Why: Supported by energy cost saving of ₹ 7.5 mn following commissioning of the solar power plant.
Operational efficiency improved significantly due to the captive solar power generation.
PAT
₹20.2 mn
Why: Led by higher sales volumes and sustained energy cost optimisation.
Profitability growth outpaced revenue growth due to margin expansion from lower energy costs.
Other Highlights
• Exports contributed 65% of total revenue during the quarter.
• Energy cost savings of ₹7.5 mn achieved from solar plant commissioning.
• Civil works for the new manufacturing facility have been completed.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Export Revenue % of Total
65%
Why: Strong demand from overseas markets.
Defence Unit Installed Capacity
150,000 units
Why: New facility setup for 155mm shell bodies.
Solar Energy Cost Savings
₹7.5 mn
Why: Commissioning of the solar power plant.
Flanges Revenue Share
65.35%
Oil & Gas Customer Base Share
65.53%
Total Installed Capacity (TPA)
15,000 TPA
Domestic Revenue Share
35%
Defence Utilization Target (Q1FY27)
50%
Why: Phased ramp-up plan.
Forward-looking targets from management for Q2 FY27
Meaningful topline growth from Q2 FY27
Improved profitability from Q2 FY27
150,000 units per annum installed capacity
Guidance Changes
Defence Capacity Utilization Target: 100% by H2FY27 → 80% by FY28
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +86% | +9% | Inflection Up |
| PAT (Net Profit) | +54% | +10% | Inflection Up |
| OPM | 10.5% | +56 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Tirupati Forge Ltd's latest quarterly results (Dec 2025) show
Tirupati Forge Ltd's profit is growing with an turning around (inflection up) trend.
Tirupati Forge Ltd's revenue growth trend is turning around (inflection up).
Tirupati Forge Ltd's operating margin is volatile.
Tirupati Forge Ltd's long-term compounding rates
Tirupati Forge Ltd's earnings growth is turning around (inflection up) with mixed signals on a sequential basis.
Tirupati Forge Ltd's trailing twelve month (TTM) performance
Tirupati Forge Ltd appears significantly overvalued based on our fair value analysis.
Tirupati Forge Ltd's current PE ratio is 90.9x.
Tirupati Forge Ltd's current PE is 90.9x.
Tirupati Forge Ltd's price-to-book ratio is 4.5x.
Tirupati Forge Ltd is rated Average with a fundamental score of 46/100. This score is calculated from objective financial metrics
Tirupati Forge Ltd has a debt-to-equity ratio of N/A.
Tirupati Forge Ltd's return ratios over recent years
Tirupati Forge Ltd's operating cash flow is positive (FY2025).
Tirupati Forge Ltd currently does not pay a significant dividend (yield 0.00%).
Tirupati Forge Ltd's shareholding pattern (Apr 2026)
Tirupati Forge Ltd's promoter holding has increased recently.
Tirupati Forge Ltd has been outperforming Nifty 500 for 6 consecutive weeks, indicating building momentum.
Tirupati Forge Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Tirupati Forge Ltd has 4 key growth catalysts identified from recent earnings analysis
Tirupati Forge Ltd has 2 key risks worth monitoring
In Q3 FY26, Tirupati Forge Ltd's management highlighted
Tirupati Forge Ltd's management has provided the following forward guidance for Q2 FY27
Tirupati Forge Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Tirupati Forge Ltd may be worth studying
Tirupati Forge Ltd investment thesis summary:
Tirupati Forge Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
