Tirupati Forge Ltd. (TIRUPATIFL) AI Stock Analysis

Tirupati Forge Ltd.

(NSE:TIRUPATIFL)

Select Model

Rating:50Neutral

Price Target:INR 67.00▼(-2.80% Downside)

Action:reiterated

Date:10/22/26

The score is mainly held back by persistently negative (and worsening) free cash flow, recent margin/profit softening, and rising debt. Technical signals are also weak with bearish momentum and the stock trading below key short-term averages. Valuation adds further pressure due to an extremely high P/E with no dividend yield provided.

Positive Factors

Revenue GrowthAccelerating revenue growth indicates that Tirupati Forge is expanding its manufacturing activity and customer order base. Continued scaling can improve operating leverage, support reinvestment, and strengthen the company’s position in forged components over the next several quarters.

Negative Factors

Persistent Negative Free Cash FlowPersistent negative free cash flow reduces financial flexibility even when revenue and operating cash flow improve. It suggests that reinvestment or working-capital needs are absorbing substantial cash, increasing reliance on funding and limiting resilience through weaker trading periods.

Tirupati Forge Ltd. (TIRUPATIFL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 8.73B
Dividend Yield: ―
Average Volume (3M): 217.35K
Price to Earnings (P/E): 142.3
Beta (1Y): 0.69
Revenue Growth: 42.34%
EPS Growth: -20.35%
Country: India
Employees: 189
Sector: General
Sector Strength: 55
Industry: Manufacturing - Metal Fabrication

Tirupati Forge Ltd. Business Overview & Revenue Model

Company Description

Established in 2012 and headquartered in Rajkot, India, Tirupati Forge Limited manufactures and distributes carbon steel forged flanges, along with various forged and other automotive components, primarily within the Indian market. The company provid...

How the Company Makes Money

Tirupati Forge Ltd. primarily makes money by manufacturing and selling forged metal components to business customers (B2B). Revenue is generated when customers place orders for specified forged parts, the company produces these components using forgi...

Tirupati Forge Ltd. Financial Statement Overview

Summary

Strong revenue growth and business scaling are positives, but 2026 profitability weakened versus 2025 and debt rose sharply. The largest drag is cash generation: free cash flow is consistently negative and deteriorated in 2025–2026, reducing financial flexibility despite improved operating cash flow.

Income Statement

72Positive

Balance Sheet

67Positive

Cash Flow

41Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	1.68B	1.62B	1.15B	1.09B	910.80M	789.92M
Gross Profit	707.16M	630.13M	380.53M	145.79M	181.07M	203.12M
EBITDA	187.34M	193.24M	165.33M	133.89M	161.20M	113.87M
Net Income	61.04M	62.95M	78.55M	66.42M	94.29M	62.23M
Balance Sheet
Total Assets	0	2.04B	1.46B	743.01M	512.85M	524.61M
Cash, Cash Equivalents and Short-Term Investments	65.55M	65.55M	332.01M	44.90M	927.00K	8.63M
Total Debt	0	415.44M	261.95M	131.37M	101.05M	110.47M
Total Liabilities	-1.33B	703.91M	388.68M	243.85M	150.46M	256.51M
Stockholders Equity	1.33B	1.33B	1.07B	499.16M	362.38M	268.10M
Cash Flow
Free Cash Flow	-222.92M	-626.74M	-326.31M	-48.99M	-3.58M	-28.08M
Operating Cash Flow	-28.63M	141.51M	58.55M	103.06M	35.23M	3.81M
Investing Cash Flow	-185.09M	-761.14M	-379.99M	-147.02M	-33.42M	-28.95M
Financing Cash Flow	82.20M	353.89M	607.82M	87.93M	-9.42M	24.17M

Tirupati Forge Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price68.93

Price Trends

50DMA70.13Negative

100DMA66.87Positive

200DMA53.66Positive

Market Momentum

MACD-1.35Positive

RSI49.30Neutral

STOCH61.38Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TIRUPATIFL, the sentiment is Positive. The current price of 68.93 is below the 20-day moving average (MA) of 69.38, below the 50-day MA of 70.13, and above the 200-day MA of 53.66, indicating a neutral trend. The MACD of -1.35 indicates Positive momentum. The RSI at 49.30 is Neutral, neither overbought nor oversold. The STOCH value of 61.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:TIRUPATIFL.

Tirupati Forge Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:TIRUPATIFL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:HAPPYFORGE	75Outperform	INR 164.81B	50.35	―	0.23%	15.53%	21.46%
IN:BALUFORGE	66Neutral	INR 52.02B	18.22	―	0.03%	30.79%	22.38%
IN:MMFL	62Neutral	INR 23.18B	20.62	―	0.83%	9.58%	2.00%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:TIRUPATIFL	50Neutral	INR 8.96B	142.33	―	―	42.34%	-20.35%
IN:GANGAFORGE	43Neutral	INR 471.81M	-7.58	―	―	-17.43%	-2365.00%
IN:HILTON	40Underperform	INR 814.72M	8.96	―	―	76.93%	-22.99%

* General Sector Average

Performance Comparison

IN:TIRUPATIFL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:TIRUPATIFL	Tirupati Forge Ltd.	68.93	29.76	75.98%
IN:BALUFORGE	Balu Forge Industries Ltd	442.30	-194.61	-30.56%
IN:GANGAFORGE	Ganga Forging Ltd.	1.40	-1.43	-50.48%
IN:HAPPYFORGE	Happy Forging Limited	1745.80	739.09	73.42%
IN:HILTON	Hilton Metal Forging Limited	15.83	-22.10	-58.27%
IN:MMFL	MM Forgings Limited	480.10	169.66	54.65%

Tirupati Forge Ltd. Corporate Events

Tirupati Forge Board Clears FY26 Report, Reappoints Managing Director and Sets Up E-Voting

Aug 24, 2026

Tirupati Forge Ltd.’s board met on August 24, 2026, approving the Board’s Report for the financial year ended March 31, 2026, and endorsing the retirement by rotation and re-appointment of Managing Director Hiteshkumar Gordhanbhai Thummar...

Tirupati Forge Board Clears MD Re-Appointment and AGM E-Voting Measures

Aug 24, 2026

Tirupati Forge Ltd., a listed Indian manufacturer of forged components for industrial and infrastructure use, is gearing up for its 14th Annual General Meeting as part of its ongoing governance and regulatory responsibilities.At a board meeting on 24...

Tirupati Forge Signs Brazilian Defence Collaboration to Develop Artillery Shells

Jul 31, 2026

Tirupati Forge Ltd. has entered into a technical collaboration agreement with a defence technology professional from Brazil to develop and manufacture 155 mm M107 empty shell bodies, 155 mm ERFB BB/BT empty shell bodies, and other large bomb and ammu...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 22, 2026

Tirupati Forge Ltd. AI Stock Analysis