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Last Updated on: 27 February, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Tirupati Forge Ltd

About the Company - Tirupati Forge Ltd

Tirupati Forge Ltd. is a Public Limited Listed company incorporated on 17/08/2012 and has its registered office in the State of Gujarat, India. Company’s Corporate Identification Number(CIN) is L27320GJ2012PLC071594 and registration number is 071594. Currently Company is involved in the business activities of Forging, pressing, stamping and roll-forming of metal; powder metallurgy. Company’s Total Operating Revenue is Rs. 88.24 Cr. and Equity Capital is Rs. 19.60 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
ForgingsPlot No. 1-5, Survey No. 92/1, Rajkot Gujarat 360311info@tirupatiforge.com
http://www.tirupatiforge.com
Management
NamePosition Held
Mr. Hiteshkumar G ThummarChairman & Managing Director
Mr. Bhavesh T BarsiyaWhole Time Director
Mrs. Darshna H ThummarNon Executive Director
Mr. Sachin P RavaniIndependent Director
Mr. Anand M ShrivastavaIndependent Director
Mrs. Jagruti Nitinkumar ErdaIndependent Director

Tirupati Forge Ltd. Share Price Update

Share PriceValue
Today₹18.95
Previous Day₹19.30

Basic Stock Data of Tirupati Forge Ltd

Market Cap 186 Cr.
Current Price 19.0
High / Low21.8/6.75
Stock P/E27.1
Book Value 3.97
Dividend Yield0.00 %
ROCE31.8 %
ROE29.2 %
Face Value 2.00

Data Source: screener.in

Competitors of Tirupati Forge Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Ramkrishna Forgings Ltd 13,856 Cr. 766815/24543.8 85.40.27 %18.5 %20.6 % 2.00
MM Forgings Ltd (MMFL) 2,330 Cr. 9651,099/80017.3 3130.62 %15.1 %19.8 % 10.0
Metalyst Forgings Ltd 16.1 Cr. 3.705.35/2.37 5800.00 %%% 10.0
Industry Average5,400.70 Cr578.2320.37326.130.30%11.20%13.47%7.33

Tirupati Forge Ltd Quarterly Results

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales7.2811.6112.8718.2727.1030.0025.3326.5316.7823.3920.8823.6532.36
Expenses6.6410.9111.5717.0122.1326.9320.9622.0014.6019.8718.4820.7228.39
Operating Profit0.640.701.301.264.973.074.374.532.183.522.402.933.97
OPM %8.79%6.03%10.10%6.90%18.34%10.23%17.25%17.08%12.99%15.05%11.49%12.39%12.27%
Other Income0.050.050.180.210.130.550.700.540.240.330.110.250.14
Interest0.160.060.150.230.280.220.300.190.360.220.270.260.41
Depreciation0.500.490.490.600.720.620.640.630.650.780.700.860.91
Profit before tax0.030.200.840.644.102.784.134.251.412.851.542.062.79
Tax %0.00%30.00%26.19%57.81%24.88%29.50%25.18%24.71%27.66%25.26%25.97%25.73%26.16%
Net Profit0.030.140.620.273.071.973.083.191.022.141.141.532.05
EPS in Rs0.000.010.060.030.310.200.310.330.100.220.120.160.21

Tirupati Forge Ltd Quarterly Chart

Tirupati Forge Ltd Profit & Loss

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales07301816214228318892100
Expenses0628161418352528787787
Operating Profit013223723111513
OPM %9%9%9%12%15%17%9%9%12%16%13%
Other Income000000000121
Interest001100010111
Depreciation001111122233
Profit before tax0010126018139
Tax %26%32%30%28%28%27%27%26%25%
Net Profit0-01002400697
EPS in Rs-0.010.620.150.440.190.510.030.040.630.960.71
Dividend Payout %0%0%0%0%0%0%0%0%3%0%

Tirupati Forge Ltd Profit & Loss Yearly Chart

YoY Net Profit Growth
Year2015-20162018-20192019-20202022-2023
YoY Net Profit Growth (%)-100.00%100.00%-100.00%50.00%
Change in YoY Net Profit Growth (%)0.00%200.00%-200.00%150.00%

Tirupati Forge Ltd Growth

Compounded Sales Growth
10 Years:%
5 Years:35%
3 Years:49%
TTM:2%
Compounded Profit Growth
10 Years:%
5 Years:43%
3 Years:220%
TTM:-26%
Stock Price CAGR
10 Years:%
5 Years:41%
3 Years:80%
1 Year:11%
Return on Equity
10 Years:20%
5 Years:20%
3 Years:21%
Last Year:29%

Tirupati Forge Ltd Balance Sheet

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital01111661011202020
Reserves011125981071719
Preference Capital-0-0-0-0-0-0-01-0-0-0
Borrowings176540548111012
Other Liabilities0162323451558
Total Liabilities21014101013222534525158
Fixed Assets-055554101314141518
CWIP000-0-00-0-0-0-001
Investments-0-0-0-0-0-0-0-0-0-0-0-0
Other Assets259568121220383640
Total Assets21014101013222534525158

Tirupati Forge Ltd Reserves and Borrowings Chart

Tirupati Forge Ltd Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity -1-0332-123-314
Cash from Investing Activity -0-5-1-1-1-1-7-5-3-3-3
Cash from Financing Activity 26-2-2-224252-2
Net Cash Flow00-00-00-01-11-1

Tirupati Forge Ltd Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days56372544494536526664
Inventory Days150688010412370134229147143
Days Payable1039244107322356929930
Cash Conversion Cycle10312624114093115189114178
Working Capital Days159342838102778714984117
ROCE %9%21%12%16%27%41%4%4%28%32%

Tirupati Forge Ltd Financial Efficiency Indicators Chart

Tirupati Forge Ltd Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Feb 2024
Promoters58.52%58.78%58.78%58.78%57.59%57.59%57.59%57.59%57.59%57.69%57.69%55.76%
FIIs0.00%0.00%0.00%0.00%0.00%0.00%0.66%0.00%0.00%0.00%0.00%0.00%
Public41.47%41.22%41.21%41.21%42.42%42.41%41.75%42.41%42.41%42.31%42.31%44.24%
No. of Shareholders4569698,7809,2859,2519,25216,39119,62923,72633,77442,47845,646

Tirupati Forge Ltd Shareholding Pattern Chart

No. of Tirupati Forge Ltd Shareholders

This stock is not held by any mutual fund

Tirupati Forge Ltd ROCE Trend

Tirupati Forge Ltd EPS Trend

Tirupati Forge Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue2.002.0010.0010.0010.00
Basic EPS (Rs.)0.960.640.360.277.21
Diluted EPS (Rs.)0.960.640.350.267.21
Cash EPS (Rs.)1.240.882.102.038.97
Book Value[Excl.RevalReserv]/Share (Rs.)3.702.7418.5417.9725.32
Book Value[Incl.RevalReserv]/Share (Rs.)3.702.7418.5417.9725.32
Dividend / Share (Rs.)0.000.020.000.000.00
Revenue From Operations / Share (Rs.)9.399.0027.4726.7671.99
PBDIT / Share (Rs.)1.671.192.572.6312.57
PBIT / Share (Rs.)1.400.940.810.8610.81
PBT / Share (Rs.)1.290.850.480.3610.07
Net Profit / Share (Rs.)0.960.630.350.267.21
PBDIT Margin (%)17.8213.219.359.8117.46
PBIT Margin (%)14.8810.452.983.2215.02
PBT Margin (%)13.729.461.761.3413.98
Net Profit Margin (%)10.247.051.280.9910.01
Return on Networth / Equity (%)26.0123.211.891.4828.46
Return on Capital Employeed (%)35.5429.753.834.1936.34
Return On Assets (%)18.3811.861.161.0818.76
Long Term Debt / Equity (X)0.050.120.140.130.16
Total Debt / Equity (X)0.250.360.330.190.28
Asset Turnover Ratio (%)1.772.051.041.162.39
Current Ratio (X)2.711.671.832.492.41
Quick Ratio (X)1.460.960.751.141.46
Inventory Turnover Ratio (X)3.054.022.453.015.21
Dividend Payout Ratio (NP) (%)0.001.790.000.000.00
Dividend Payout Ratio (CP) (%)0.001.290.000.000.00
Earning Retention Ratio (%)0.0098.210.000.000.00
Cash Earning Retention Ratio (%)0.0098.710.000.000.00
Interest Coverage Ratio (X)15.3013.317.725.2316.94
Interest Coverage Ratio (Post Tax) (X)9.798.102.061.5310.71
Enterprise Value (Cr.)98.26113.3035.8430.5531.64
EV / Net Operating Revenue (X)1.071.281.161.110.75
EV / EBITDA (X)5.999.7212.4411.274.33
MarketCap / Net Operating Revenue (X)0.961.180.941.010.65
Retention Ratios (%)0.0098.200.000.000.00
Price / BV (X)2.463.891.401.501.87
Price / Net Operating Revenue (X)0.961.180.941.010.65
EarningsYield0.100.050.010.010.15

Tirupati Forge Ltd Profitability Ratios (%)

Tirupati Forge Ltd Liquidity Ratios

Tirupati Forge Ltd Liquidity Ratios (%)

Tirupati Forge Ltd Interest Coverage Ratios (X)

Tirupati Forge Ltd Valuation Ratios

Fair Value / Intrinsic Value of Tirupati Forge Ltd

Fair Value: ₹32.04

The stock is undervalued by 68.65% compared to the current price ₹19

*Investments are subject to market risks

Strength and Weakness of Tirupati Forge Ltd

StrengthWeakness
  1. The stock has a high average ROCE of 17.64%, which is a positive sign.
  2. The company has higher reserves (6.67 cr) compared to borrowings (0.08 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (39.42 cr) and profit (3.42 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 4.13 and average Dividend Yield of 9.31%.
  2. The stock has a high average Working Capital Days of 79.55, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 95.18, which may not be favorable.

Should I Buy Tirupati Forge Ltd Share Now?

  • Considering various financial indicators, investors might exercise caution regarding investment in Tirupati Forge Ltd:
    1. Net Profit Margin: 10.24%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 35.54% (Industry Average ROCE: 11.2%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. Interest Coverage Ratio (Post Tax): 9.79
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    4. Quick Ratio: 1.46
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    5. ✗ Stock P/E: 27.6 (Industry average Stock P/E: 20.37)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    6. ✓ Total Debt / Equity: 0.25
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis suggests exercising caution. It's advisable to conduct further research or consult with financial experts before considering any investment.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Tirupati Forge Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE