Tirupati Forge has released its audited standalone financial results for the quarter and year ended March 31, 2026. The Board, which met on May 18, 2026, approved the financial statements alongside the Independent Auditors Report and Investor Presentation. The statutory auditors, M/s. Kamlesh Rathod & Associates, issued an unmodified opinion on the results. Additionally, the Board approved the re-appointment of M/s. Mitesh Suvigiya & Co. as the Cost Auditor for the financial year 2026-27 for a term of three years.

Q4FY26 and FY26 Financial Performance

For the fourth quarter of FY26, revenue dipped to INR 430.3 Mn compared to INR 492.5 Mn in Q3FY26, attributed to headwinds in the traditional business due to geopolitical tensions. Profit After Tax (PAT) for Q4FY26 declined to INR 15.2 Mn from INR 20.2 Mn in the preceding quarter. However, adjusted PAT stood at INR 62.95 Mn versus INR 78.55 Mn, after accounting for higher depreciation and interest costs related to the commissioning of the new defence plant and solar unit.

On a yearly basis, the company reported a significant increase in financials. FY26 revenue rose to INR 1,659.4 Mn from INR 1,162.9 Mn in FY25, driven by a growing order book and strong demand momentum in the US market. PAT for FY26 stood at INR 62.9 Mn compared to INR 78.5 Mn in FY25. The moderation in profitability was primarily due to upfront investments in the new defence manufacturing facility and solar power plant.

Defence Project Update

The company announced that its defence plant has been successfully commissioned, with hot trials completed and balance trials on track for completion by Q1 FY27. Trial production of shell bodies has been successfully completed as per required specifications. Commercial production is expected to commence in Q2 FY27, with customer discussions at advanced stages.

The defence vertical is expected to generate annual revenues of approximately INR 2,500 Mn at full utilization, with revenue contribution beginning in FY27 and the full-year impact visible from FY28 onwards. EBITDA margins from the defence vertical are expected to be upwards of 40%. Furthermore, the commissioning of the solar power plant is expected to deliver annualized cost savings of approximately INR 20 Mn upon the commencement of commercial production at the defence facility.

Tirupati Forge Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, to the National Stock Exchange of India Limited. The filing, dated 3rd April, 2026, confirms that the company's promoters and promoter group, along with persons acting in concert, have not created any encumbrance — directly or indirectly — over the shares held by them during the financial year ended 31st March, 2026.

Regulatory Filing Details

The disclosure was submitted to the Listing Department of the National Stock Exchange of India Limited and was signed on behalf of the company by Hiteshkumar G. Thummar, Managing Director (DIN: 02112952). The declaration reaffirms compliance with the annual encumbrance reporting requirement mandated under SEBI's takeover regulations.

Promoter and Promoter Group Members

The declaration covers the following individuals identified as part of the promoter and promoter group of Tirupati Forge Limited:

Declaration Statement

In the declaration submitted to the exchange, the promoters and promoter group stated that no encumbrance has been made over the shares held by them, either directly or indirectly, during the financial year ended 31st March, 2026. The filing was made in accordance with the requirements of Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, as amended. The declaration was signed by Hiteshkumar Gordhanbhai Thummar on behalf of all promoters and persons acting in concert of Tirupati Forge Limited.