Tirupati Forge Limited, established in 2012, is a specialized manufacturer of closed-die forged products including auto components, bearings, gears, and flanges. The company operates from Hadamtala Industrial Estates, Rajkot, Gujarat, and is ISO 9001:2015 certified. Initially incorporated as 'Tirupati Forge Private Limited' on August 17, 2012, it was converted into a Public Limited Company and renamed 'Tirupati Forge Limited' on August 11, 2017. The company got listed on the stock exchanges on October 12, 2017.
Under the guidance of directors Ajay Sardhara and Bhavesh Barsiya, and later with Hitesh Thummar joining the board, the firm has expanded its market reach internationally to the USA, Italy, and Morocco, alongside its domestic operations. Hiteshkumar Gordhanbhai Thummar serves as the Chairperson. The company has steadily built its reputation in the forging industry and expanded its global footprint.
Tirupati Forge Limited has demonstrated a steady growth trajectory, with its market capitalization reaching ₹526.70 Crore as of July 2025. This represents a significant increase of 37.6% over the past year. The company's revenue has shown robust growth, increasing by 25% between FY22 and FY24. This growth is attributed to increased sales volume and demand, facilitated by new approvals from large companies for the supply of forgings and machined components.
Over the last 5 years, Tirupati Forge has outpaced industry averages in revenue growth, with a yearly growth rate of 21.39% compared to the industry average of 8.27%. This strong revenue performance indicates a solid market positioning and operational efficiency. While net income growth (9.7% yearly over 5 years) is slightly below the industry average (10.04%), the overall revenue trend is positive.
The company's market share has seen an increase from 0.02% to 0.03% over the last 5 years. Despite reporting repeated profits, the company has been retaining earnings for growth and expansion rather than distributing dividends, with the last declared dividend being ₹0.10 in June 2021.
- Market Capitalization: ₹526.70 Crore (July 2025)
- Promoter Holding: 48.88% (March 2025)
- Net Profit: ₹7.86 Crore (Year ended March 2025), an 18.37% increase from ₹6.64 Crore in FY24.
- Sales Revenue: ₹114.98 Crore (Year ended March 2025), a 4.53% increase from ₹110.00 Crore in FY24.
- Net Profit: ₹1.30 Crore (Quarter ended March 2025), a decrease of 32.29% from ₹1.92 Crore in Q4 FY24.
- Sales Revenue: ₹27.50 Crore (Quarter ended March 2025), a decrease of 16.94% from ₹33.11 Crore in Q4 FY24.
While annual performance shows positive growth, the fourth quarter experienced a decline in both revenue and profit compared to the previous year's Q4.
Tirupati Forge Limited is primarily engaged in the mass production of Carbon Steel Forged Flanges, Forged components, and other automotive components. The company offers a diverse range of closed-die forged products, including auto components, bearings, gears, and various types of flanges (Slip-On, Weld-Neck, Blind, Lap-Joint, Threaded, and Socket Weld). These products are manufactured from mild steel, carbon steel, and stainless steel.
The company's products cater to a wide array of industries such as automotive, aerospace, construction, marine, and power. Tirupati Forge's installed manufacturing capacity stands at approximately 18,000 tons per annum. Its product list also includes Forged Pipe Fittings, Gears, Seamless Rolled Rings, and Hammer Unions.
The manufacturing facility is strategically located in Gujarat, a key industrial hub in India. This location provides efficient access to raw materials and robust transportation networks, facilitating both domestic and international market distribution. The company holds important quality accreditations, including ISO-9001:2015 certification, PED - AD 2000, and CRN, underscoring its commitment to quality assurance.
Tirupati Forge Limited has shown a strong growth trajectory, with total revenue increasing by 25% between FY22 and FY24. This growth has been driven by increased sales volumes and demand, particularly following the acquisition of new business approvals from large Indian companies for the supply of forgings and machined components.
The company's revenue growth rate of 21.39% per annum over the last 5 years significantly outpaces the industry average of 8.27%, indicating its strong market position and operational efficiency. Market share has gradually increased from 0.02% to 0.03% over the same period.
Geographically, Tirupati Forge has successfully expanded its market presence beyond India, establishing a footprint in the USA, Italy, and Morocco. This international expansion, combined with its robust domestic performance, highlights the company's commitment to global growth and diversification.
As of March 2025, the Promoter Holding in Tirupati Forge Ltd stood at 48.88%, a decrease from 55.76% in September 2024. This reduction in promoter holding might indicate strategic dilutions or stake sales by the promoters.
While the company has consistently reported profits, it has generally not paid dividends, retaining earnings for reinvestment into growth and expansion initiatives. The last declared dividend was a nominal ₹0.10 in June 2021, resulting in a dividend yield of 0.22%.
Tirupati Forge Limited has been actively strengthening its board with the appointment of independent directors, which is viewed positively for corporate governance. Notable appointments include Mr. Mallappa Beleri as Non-Executive Independent Director effective May 14, 2025, and Mr. Shri. Anand Mohan Shrivastava as Non-Executive Independent Director effective February 14, 2025.
The company has scheduled its 13th Annual General Meeting (AGM) for August 5, 2025, with the notice published in newspapers on July 10, 2025.
Tirupati Forge Limited is characterized as a focused player in the specialized forging industry, boasting strong manufacturing capabilities and a diversified product portfolio. Its consistent profitability, growing revenue base, and expanding international presence position it well within the forging and automotive components sector. Investors are advised to monitor the recent quarterly performance trends and the company's ability to sustain its growth trajectory amidst a competitive market environment.
