Tirupati Forge Ltd

₹ 51.0 -2.02%

21 Nov - close price

About

Incorporated in 2012, co manufactures mass quantity Carbon Steel Forged Flanges, Forged componets and other automotive components^[1]

Key Points

Product Offerings
The company offers closed-die forged products like auto components, bearings, gears, forged flanges of mild steel, carbon steel, stainless steel, etc under its brand Tirupati, for applications in the automotive, aerospace, construction, marine, power, and other industries. ^[1]

The company’s total revenue grew by 25% between FY22 and FY24, driven by increased sales volume and demand growth, following new approvals from large companies in India for the supply of forgings and machined components. ^[2] ^[3] ^[4]

Website NSE - BE

Market Cap ₹ 528 Cr.
Current Price ₹ 51.0
High / Low ₹ 55.4 / 11.6
Stock P/E 57.4
Book Value ₹ 5.32
Dividend Yield 0.00 %
ROCE 18.3 %
ROE 15.0 %
Face Value ₹ 2.00

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Pros

Company is expected to give good quarter

Cons

Stock is trading at 9.78 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding has decreased over last 3 years: -3.02%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Castings, Forgings & Fastners Industry: Castings & Forgings

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	18.27	27.10	30.00	25.33	26.53	16.78	23.39	20.88	23.65	32.36	33.11	29.06	32.28
	17.01	22.13	26.93	20.96	22.00	14.60	19.87	18.48	20.72	28.39	29.62	24.38	27.45
Operating Profit	1.26	4.97	3.07	4.37	4.53	2.18	3.52	2.40	2.93	3.97	3.49	4.68	4.83
OPM %	6.90%	18.34%	10.23%	17.25%	17.08%	12.99%	15.05%	11.49%	12.39%	12.27%	10.54%	16.10%	14.96%
	0.21	0.13	0.55	0.70	0.54	0.24	0.33	0.11	0.25	0.14	0.42	0.19	0.30
Interest	0.23	0.28	0.22	0.30	0.19	0.36	0.22	0.27	0.26	0.41	0.39	0.38	0.51
Depreciation	0.60	0.72	0.62	0.64	0.63	0.65	0.78	0.70	0.86	0.91	0.97	1.03	1.02
Profit before tax	0.64	4.10	2.78	4.13	4.25	1.41	2.85	1.54	2.06	2.79	2.55	3.46	3.60
Tax %	57.81%	24.88%	29.50%	25.18%	24.71%	27.66%	25.26%	25.97%	25.73%	26.16%	24.31%	24.86%	26.39%
	0.27	3.07	1.97	3.08	3.19	1.02	2.14	1.14	1.53	2.05	1.92	2.60	2.64
EPS in Rs	0.03	0.31	0.20	0.31	0.33	0.10	0.22	0.12	0.16	0.21	0.19	0.25	0.25
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	0	7	30	18	16	21	42	28	31	88	92	110	127
	0	6	28	16	14	18	35	25	28	78	77	97	110
Operating Profit	0	1	3	2	2	3	7	2	3	11	15	13	17
OPM %		9%	9%	9%	12%	15%	17%	9%	9%	12%	16%	12%	13%
	0	0	0	0	0	0	0	0	0	1	2	1	1
Interest	0	0	1	1	0	0	0	1	0	1	1	1	2
Depreciation	0	0	1	1	1	1	1	2	2	2	3	3	4
Profit before tax	0	0	1	0	1	2	6	0	1	8	13	9	12
Tax %			26%	32%	30%	28%	28%	27%	27%	26%	25%	26%
	0	-0	1	0	0	2	4	0	0	6	9	7	9
EPS in Rs		-0.01	0.62	0.15	0.44	0.19	0.51	0.03	0.04	0.63	0.96	0.64	0.90
Dividend Payout %		0%	0%	0%	0%	0%	0%	0%	0%	3%	0%	0%

Compounded Sales Growth
10 Years:	32%
5 Years:	21%
3 Years:	53%
TTM:	50%

Compounded Profit Growth
10 Years:	91%
5 Years:	9%
3 Years:	160%
TTM:	58%

Stock Price CAGR
10 Years:	%
5 Years:	76%
3 Years:	68%
1 Year:	311%

Return on Equity
10 Years:	19%
5 Years:	17%
3 Years:	22%
Last Year:	15%

Balance Sheet

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	0.01	0.79	0.79	0.79	0.79	6	6	10	11	20	20	21	21
Reserves	0	1	1	1	2	5	9	8	10	7	17	29	34
	1	7	6	5	4	0	5	5	8	11	10	13	16
	0	1	6	2	3	2	3	4	5	15	5	11	12
Total Liabilities	2	10	14	10	10	13	22	25	34	52	51	74	83
	0	5	5	5	5	4	10	13	14	14	15	19	22
CWIP	0	0	0	0	0	0	0	0	0	0	0	8	11
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
	2	5	9	5	6	8	12	12	20	38	36	47	51
Total Assets	2	10	14	10	10	13	22	25	34	52	51	74	83

Cash Flows

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-1	-0	3	3	2	-1	2	3	-3	1	5	10
	-0	-5	-1	-1	-1	-1	-7	-5	-3	-3	-3	-15
	2	6	-2	-2	-2	2	4	2	5	2	-2	9
Net Cash Flow	0	0	-0	0	-0	0	-0	1	-1	1	-1	4

Ratios

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	56	37	25	44	49	45	36	52	66	64	53
Inventory Days	150	68	80	104	123	70	134	229	147	143	162
Days Payable	103	92	44	107	32	23	56	92	99	30	60
Cash Conversion Cycle	103	12	62	41	140	93	115	189	114	178	155
Working Capital Days	159	34	28	38	102	77	87	149	84	117	101
ROCE %	9%	21%	12%	16%	27%	41%	4%	4%	28%	32%	18%

Shareholding Pattern

Numbers in percentages

2 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	58.78%	58.78%	57.59%	57.59%	57.59%	57.59%	57.59%	57.69%	57.69%	57.69%	55.76%	55.76%
	0.00%	0.00%	0.00%	0.00%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%
	41.21%	41.21%	42.42%	42.41%	41.75%	42.41%	42.41%	42.31%	42.31%	42.31%	44.23%	44.21%
No. of Shareholders	8,780	9,285	9,251	9,252	16,391	19,629	23,726	33,774	42,478	50,841	64,869	69,776

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	68.15%	69.25%	62.40%	58.03%	58.78%	57.59%	57.69%	55.76%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%
	31.86%	30.75%	37.60%	41.97%	41.21%	42.41%	42.31%	44.21%
No. of Shareholders	105	108	90	464	9,285	19,629	50,841	69,776

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Feb 2022

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