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Tirupati Forge Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹68.86Undervalued by 62.02%vs CMP ₹42.50

P/E (87.9) × ROE (10.0%) × BV (₹9.61) × DY (2.00%)

₹20.40Overvalued by 52.00%vs CMP ₹42.50
MoS: -108.3% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹65.7523%Under (+54.7%)
Graham NumberEarnings₹10.4016%Over (-75.5%)
Earnings PowerEarnings₹3.3211%Over (-92.2%)
DCFCash Flow₹2.7714%Over (-93.5%)
Net Asset ValueAssets₹9.477%Over (-77.7%)
EV/EBITDAEnterprise₹13.139%Over (-69.1%)
Earnings YieldEarnings₹5.007%Over (-88.2%)
ROCE CapitalReturns₹3.667%Over (-91.4%)
Revenue MultipleRevenue₹9.155%Over (-78.5%)
Consensus (9 models)₹20.40100%Overvalued
Key Drivers: Wide model spread (₹3–₹66) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -4.5%

*Investments are subject to market risks

Analyst Summary

Tirupati Forge Ltd operates in the Forgings segment, current market price is ₹42.50, market cap is 534 Cr.. At a glance, stock P/E is 87.9, ROE is 9.99 %, ROCE is 12.4 %, book value is 9.61, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹20.40, around 52.0% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹115 Cr versus the prior period change of 4.5%, while latest net profit is about ₹8 Cr with a prior-period change of 14.3%. The 52-week range shown on this page is 52.0/28.2, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisTirupati 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 L27320…

This summary is generated from the stock page data available for Tirupati Forge Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

57
Tirupati Forge Ltd scores 57/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health67/100 · Strong
ROCE 12.4% GoodROE 10.0% AverageD/E 0.33 ModerateInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 49.0% Stable
Earnings Quality50/100 · Moderate
OPM stable around 13% Steady
Quarterly Momentum60/100 · Moderate
Revenue (4Q): +23% YoY AcceleratingProfit (4Q): -28% YoY Declining
Industry Rank50/100 · Moderate
P/E 87.9 vs industry 63.2 In-lineROCE 12.4% vs industry 10.6% Average3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:49 am

Market Cap 534 Cr.
Current Price 42.5
Intrinsic Value₹20.40
High / Low 52.0/28.2
Stock P/E87.9
Book Value 9.61
Dividend Yield0.00 %
ROCE12.4 %
ROE9.99 %
Face Value 2.00
PEG Ratio-19.46

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Tirupati Forge Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Tirupati Forge Ltd 534 Cr. 42.5 52.0/28.287.9 9.610.00 %12.4 %9.99 % 2.00
Kalyani Forge Ltd 209 Cr. 574 890/49536.8 2530.70 %12.3 %9.77 % 10.0
LGB Forge Ltd 139 Cr. 5.83 14.0/4.80 0.770.00 %1.79 %18.2 % 1.00
Hilton Metal Forging Ltd 123 Cr. 23.8 70.8/13.415.6 22.80.00 %7.92 %5.75 % 10.0
Amic Forging Ltd 1,410 Cr. 1,312 1,750/1,06556.0 1390.00 %27.9 %21.8 % 10.0
Industry Average12,169.30 Cr418.2163.21155.020.29%10.63%10.60%6.13

All Competitor Stocks of Tirupati Forge Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 16.7823.3920.8823.6532.3633.1129.0632.2826.1427.5032.3039.6748.60
Expenses 14.6019.8718.4820.7228.3929.6224.3827.4523.5524.4028.6236.4443.51
Operating Profit 2.183.522.402.933.973.494.684.832.593.103.683.235.09
OPM % 12.99%15.05%11.49%12.39%12.27%10.54%16.10%14.96%9.91%11.27%11.39%8.14%10.47%
Other Income 0.240.330.110.250.140.420.190.300.400.430.621.060.66
Interest 0.360.220.270.260.410.390.380.510.310.440.730.650.87
Depreciation 0.650.780.700.860.910.971.031.020.941.391.671.802.14
Profit before tax 1.412.851.542.062.792.553.463.601.741.701.901.842.74
Tax % 27.66%25.26%25.97%25.73%26.16%24.31%24.86%26.39%25.29%24.12%25.79%27.17%26.28%
Net Profit 1.022.141.141.532.051.922.602.641.311.301.411.342.02
EPS in Rs 0.100.220.120.160.210.190.250.250.130.110.120.110.16

Last Updated: March 3, 2026, 2:10 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 5:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7301816214228318892110115148
Expenses 628161418352528787797100133
Operating Profit 132237231115131515
OPM % 9%9%9%12%15%17%9%9%12%16%12%13%10%
Other Income 0000000012113
Interest 0110001011123
Depreciation 0111112223347
Profit before tax 010126018139118
Tax % 26%32%30%28%28%27%27%26%25%26%25%
Net Profit -0100240069786
EPS in Rs -0.010.620.150.440.190.510.030.040.630.960.640.660.50
Dividend Payout % 0%0%0%0%0%0%0%0%3%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162018-20192019-20202022-20232023-20242024-2025
YoY Net Profit Growth (%)-100.00%100.00%-100.00%50.00%-22.22%14.29%
Change in YoY Net Profit Growth (%)0.00%200.00%-200.00%150.00%-72.22%36.51%

Tirupati Forge Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:14%
5 Years:33%
3 Years:9%
TTM:0%
Compounded Profit Growth
10 Years:27%
5 Years:95%
3 Years:8%
TTM:-18%
Stock Price CAGR
10 Years:%
5 Years:64%
3 Years:41%
1 Year:44%
Return on Equity
10 Years:16%
5 Years:15%
3 Years:15%
Last Year:10%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: December 4, 2025, 2:07 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 0.790.790.790.796610112020212424
Reserves 111259810717298395
Borrowings 765405581110132625
Other Liabilities 16232335155111322
Total Liabilities 1014101013222534525174146167
Fixed Assets 555541013141415193755
CWIP 000000000081816
Investments 0000000000000
Other Assets 595681212203836479096
Total Assets 1014101013222534525174146167

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -0332-123-315106
Cash from Investing Activity + -5-1-1-1-1-7-5-3-3-3-15-38
Cash from Financing Activity + 6-2-2-224252-2961
Net Cash Flow 0-00-00-01-11-1429
Free Cash Flow -6222-2-5-1-6-21-4-33
CFO/OP -45%100%173%128%-18%49%177%-110%23%58%97%57%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-6.00-3.00-3.00-2.003.002.00-3.00-5.000.005.000.00-11.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 563725444945365266645355
Inventory Days 150688010412370134229147143162127
Days Payable 10392441073223569299306054
Cash Conversion Cycle 10312624114093115189114178155127
Working Capital Days 159346897617395568669106
ROCE %9%21%12%16%27%41%4%4%28%32%18%12%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Feb 2026
Promoters 57.59%57.69%57.69%57.69%55.76%55.76%55.76%48.88%49.31%48.10%48.93%49.01%
FIIs 0.00%0.00%0.00%0.00%0.00%0.03%0.03%0.02%0.02%0.02%0.02%0.02%
Public 42.41%42.31%42.31%42.31%44.23%44.21%44.20%51.10%50.67%51.88%51.04%50.97%
No. of Shareholders 23,72633,77442,47850,84164,86969,77669,70468,88966,42763,91562,74362,745

Shareholding Pattern Chart

No. of Shareholders

Tirupati Forge Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.0010.00
Basic EPS (Rs.) 0.740.670.960.640.36
Diluted EPS (Rs.) 0.730.670.960.640.35
Cash EPS (Rs.) 1.030.971.240.882.10
Book Value[Excl.RevalReserv]/Share (Rs.) 9.054.813.702.7418.54
Book Value[Incl.RevalReserv]/Share (Rs.) 9.054.813.702.7418.54
Dividend / Share (Rs.) 0.000.000.000.020.00
Revenue From Operations / Share (Rs.) 9.7210.619.399.0027.47
PBDIT / Share (Rs.) 1.401.321.671.192.57
PBIT / Share (Rs.) 1.030.981.400.940.81
PBT / Share (Rs.) 0.880.861.290.850.48
Net Profit / Share (Rs.) 0.660.640.960.630.35
PBDIT Margin (%) 14.3712.4517.8213.219.35
PBIT Margin (%) 10.579.3114.8810.452.98
PBT Margin (%) 9.148.1213.729.461.76
Net Profit Margin (%) 6.836.0310.247.051.28
Return on Networth / Equity (%) 7.3313.3026.0123.211.89
Return on Capital Employeed (%) 9.8319.1435.5429.753.83
Return On Assets (%) 5.388.9318.3811.861.16
Long Term Debt / Equity (X) 0.080.040.050.120.14
Total Debt / Equity (X) 0.160.220.250.360.33
Asset Turnover Ratio (%) 1.041.751.772.051.04
Current Ratio (X) 3.992.222.711.671.83
Quick Ratio (X) 2.951.141.460.960.75
Inventory Turnover Ratio (X) 5.063.413.054.022.45
Dividend Payout Ratio (NP) (%) 0.000.000.001.790.00
Dividend Payout Ratio (CP) (%) 0.000.000.001.290.00
Earning Retention Ratio (%) 0.000.000.0098.210.00
Cash Earning Retention Ratio (%) 0.000.000.0098.710.00
Interest Coverage Ratio (X) 10.0510.4415.3013.317.72
Interest Coverage Ratio (Post Tax) (X) 5.776.069.798.102.06
Enterprise Value (Cr.) 363.99174.0298.26113.3035.84
EV / Net Operating Revenue (X) 3.171.581.071.281.16
EV / EBITDA (X) 22.0212.705.999.7212.44
MarketCap / Net Operating Revenue (X) 3.301.520.961.180.94
Retention Ratios (%) 0.000.000.0098.200.00
Price / BV (X) 3.543.352.463.891.40
Price / Net Operating Revenue (X) 3.301.520.961.180.94
EarningsYield 0.020.030.100.050.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

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. 114.98 Cr. and Equity Capital is Rs. 23.66 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
ForgingsPlot No. 1-5, Survey No. 92/1, Rajkot Dist. Gujarat 360311Contact not found
Management
NamePosition Held
Mr. Hiteshkumar G ThummarChairman & Managing Director
Mr. Bhavesh T BarsiyaWhole Time Director
Mrs. Darshna H ThummarNon Executive Director
Ms. Smita Sachin RavaniIndependent Director
Mr. Malappa BelariIndependent Director
Mrs. Jagruti Nitinkumar ErdaIndependent Director

FAQ

What is the intrinsic value of Tirupati Forge Ltd and is it undervalued?

As of 25 April 2026, Tirupati Forge Ltd's intrinsic value is ₹20.40, which is 52.00% lower than the current market price of ₹42.50, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (9.99 %), book value (₹9.61), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Tirupati Forge Ltd?

Tirupati Forge Ltd is trading at ₹42.50 as of 25 April 2026, with a FY2026-2027 high of ₹52.0 and low of ₹28.2. The stock is currently in the middle of its 52-week range. Market cap stands at ₹534 Cr..

How does Tirupati Forge Ltd's P/E ratio compare to its industry?

Tirupati Forge Ltd has a P/E ratio of 87.9, which is above the industry average of 63.21. The premium over industry average may reflect growth expectations or speculative interest.

Is Tirupati Forge Ltd financially healthy?

Key indicators for Tirupati Forge Ltd: ROCE of 12.4 % is moderate. Dividend yield is 0.00 %.

Is Tirupati Forge Ltd profitable and how is the profit trend?

Tirupati Forge Ltd reported a net profit of ₹8 Cr in Mar 2025 on revenue of ₹115 Cr. Compared to ₹6 Cr in Mar 2022, the net profit shows an improving trend.

Does Tirupati Forge Ltd pay dividends?

Tirupati Forge Ltd has a dividend yield of 0.00 % at the current price of ₹42.50. The company is currently not paying meaningful dividends.

Last Updated: April 2, 2026, 3:49 am
Author: Getaka|Social: XLinkedIn
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
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