New Risk • Jun 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (53% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (₹7.58b market cap, or US$80.1m). Reported Earnings • May 20
Full year 2026 earnings released: EPS: ₹0.51 (vs ₹0.74 in FY 2025) Full year 2026 results: EPS: ₹0.51 (down from ₹0.74 in FY 2025). Revenue: ₹1.66b (up 44% from FY 2025). Net income: ₹63.0m (down 20% from FY 2025). Profit margin: 3.8% (down from 6.8% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 64% per year, which means it is well ahead of earnings. Announcement • May 13
Tirupati Forge Limited to Report Q4, 2026 Results on May 18, 2026 Tirupati Forge Limited announced that they will report Q4, 2026 results on May 18, 2026 Reported Earnings • Feb 12
Third quarter 2026 earnings released: EPS: ₹0.16 (vs ₹0.13 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.16 (up from ₹0.13 in 3Q 2025). Revenue: ₹486.0m (up 86% from 3Q 2025). Net income: ₹20.2m (up 54% from 3Q 2025). Profit margin: 4.2% (down from 5.0% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Announcement • Jan 28
Tirupati Forge Limited to Report Q3, 2026 Results on Feb 10, 2026 Tirupati Forge Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: ₹0.11 (vs ₹0.26 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.11 (down from ₹0.26 in 2Q 2025). Revenue: ₹407.3m (up 26% from 2Q 2025). Net income: ₹13.4m (down 49% from 2Q 2025). Profit margin: 3.3% (down from 8.2% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. New Risk • Nov 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.2% Last year net profit margin: 7.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (60% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Market cap is less than US$100m (₹4.25b market cap, or US$47.9m). Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹41.49, the stock trades at a trailing P/E ratio of 73.6x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total returns to shareholders of 173% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹43.62, the stock trades at a trailing P/E ratio of 77.4x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total returns to shareholders of 232% over the past three years. Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: ₹0.12 (vs ₹0.25 in 1Q 2025) First quarter 2026 results: EPS: ₹0.12 (down from ₹0.25 in 1Q 2025). Revenue: ₹323.0m (up 11% from 1Q 2025). Net income: ₹14.1m (down 46% from 1Q 2025). Profit margin: 4.4% (down from 8.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. New Risk • Jul 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (45% accrual ratio). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (₹4.97b market cap, or US$57.9m). Announcement • Jul 07
Tirupati Forge Limited, Annual General Meeting, Aug 05, 2025 Tirupati Forge Limited, Annual General Meeting, Aug 05, 2025, at 12:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹46.71, the stock trades at a trailing P/E ratio of 61.7x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total returns to shareholders of 374% over the past three years. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹36.02, the stock trades at a trailing P/E ratio of 44x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 238% over the past three years. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹36.27, the stock trades at a trailing P/E ratio of 44.3x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 231% over the past three years. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹38.09, the stock trades at a trailing P/E ratio of 46.6x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 212% over the past three years. New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (₹3.88b market cap, or US$44.8m). Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹37.60, the stock trades at a trailing P/E ratio of 46x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 198% over the past three years. Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: ₹0.13 (vs ₹0.21 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.13 (down from ₹0.21 in 3Q 2024). Revenue: ₹265.4m (down 18% from 3Q 2024). Net income: ₹13.1m (down 36% from 3Q 2024). Profit margin: 4.9% (down from 6.3% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹57.14, the stock trades at a trailing P/E ratio of 64.2x. Average trailing P/E is 27x in the Metals and Mining industry in India. Total returns to shareholders of 388% over the past three years. Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: ₹0.26 (vs ₹0.16 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.26 (up from ₹0.16 in 2Q 2024). Revenue: ₹325.7m (up 38% from 2Q 2024). Net income: ₹26.4m (up 73% from 2Q 2024). Profit margin: 8.1% (up from 6.5% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (5.8% increase in shares outstanding). Market cap is less than US$100m (₹4.00b market cap, or US$47.6m). Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹38.62, the stock trades at a trailing P/E ratio of 46.7x. Average trailing P/E is 27x in the Metals and Mining industry in India. Total returns to shareholders of 214% over the past three years. Announcement • Sep 12
Tirupati Forge Limited Appoints Milan P. Sakhiya as Company Secretary and Compliance Officer Tirupati Forge Limited announced at its board meeting held on August 10, 2024, considered the appointment of Milan P. Sakhiya as Company Secretary and Compliance Officer, effective from September 10, 2024. Mr. Milan P. Sakhiya is an Associate Member of the Institute of Company Secretaries of India, New Delhi, and a commerce graduate. He has a experience of around Three (3) years in the fields of corporate laws, corporate governance and Secretarial compliances etc. In the past working as Company Secretary and Compliance Officer in Private company. Date of birth is July 3, 1995. Educational Qualification is CS, B.com. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹33.64, the stock trades at a trailing P/E ratio of 40.7x. Average trailing P/E is 26x in the Metals and Mining industry in India. Total returns to shareholders of 246% over the past three years. Announcement • Sep 03
Tirupati Forge Limited, Annual General Meeting, Sep 27, 2024 Tirupati Forge Limited, Annual General Meeting, Sep 27, 2024, at 12:30 Indian Standard Time. Location: plot no. 1-5, survey no. 92/1, shan cement, hadamtala industrial, area, kotda sangani, hadamtala, rajkot-360311, gujarat, rajkot India Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹30.89, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 26x in the Metals and Mining industry in India. Total returns to shareholders of 221% over the past three years. Reported Earnings • Aug 06
First quarter 2025 earnings released: EPS: ₹0.25 (vs ₹0.12 in 1Q 2024) First quarter 2025 results: EPS: ₹0.25 (up from ₹0.12 in 1Q 2024). Revenue: ₹292.5m (up 40% from 1Q 2024). Net income: ₹26.0m (up 129% from 1Q 2024). Profit margin: 8.9% (up from 5.4% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 28% per year. Buy Or Sell Opportunity • Aug 01
Now 21% undervalued Over the last 90 days, the stock has risen 37% to ₹25.62. The fair value is estimated to be ₹32.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 40%. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹31.17, the stock trades at a trailing P/E ratio of 46x. Average trailing P/E is 25x in the Metals and Mining industry in India. Total returns to shareholders of 472% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹18.47, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 25x in the Metals and Mining industry in India. Total returns to shareholders of 409% over the past three years. New Risk • Jun 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (6.0% net profit margin). Market cap is less than US$100m (₹1.65b market cap, or US$19.8m). Reported Earnings • May 12
Full year 2024 earnings released: EPS: ₹0.67 (vs ₹0.96 in FY 2023) Full year 2024 results: EPS: ₹0.67 (down from ₹0.96 in FY 2023). Revenue: ₹1.11b (up 21% from FY 2023). Net income: ₹66.4m (down 30% from FY 2023). Profit margin: 6.0% (down from 10% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹18.65, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 553% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹21.15, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total returns to shareholders of 622% over the past three years. Reported Earnings • Feb 05
Third quarter 2024 earnings released: EPS: ₹0.21 (vs ₹0.10 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.21 (up from ₹0.10 in 3Q 2023). Revenue: ₹325.0m (up 94% from 3Q 2023). Net income: ₹20.5m (up 102% from 3Q 2023). Profit margin: 6.3% (up from 6.1% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹15.80, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 414% over the past three years. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹12.80, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 20x in the Metals and Mining industry in India. Total returns to shareholders of 332% over the past three years. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: ₹0.16 (vs ₹0.33 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.16 (down from ₹0.33 in 2Q 2023). Revenue: ₹239.0m (down 9.9% from 2Q 2023). Net income: ₹15.3m (down 52% from 2Q 2023). Profit margin: 6.4% (down from 12% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹9.75, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 19x in the Metals and Mining industry in India. Total returns to shareholders of 205% over the past three years. Reported Earnings • Aug 11
First quarter 2024 earnings released First quarter 2024 results: EPS: ₹0.12. Revenue: ₹210.0m (down 17% from 1Q 2023). Net income: ₹11.4m (down 63% from 1Q 2023). Profit margin: 5.4% (down from 12% in 1Q 2023). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹10.05, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 220% over the past three years. Reported Earnings • May 15
Full year 2023 earnings released: EPS: ₹0.96 (vs ₹0.64 in FY 2022) Full year 2023 results: EPS: ₹0.96 (up from ₹0.64 in FY 2022). Revenue: ₹938.4m (up 6.3% from FY 2022). Net income: ₹94.3m (up 52% from FY 2022). Profit margin: 10.0% (up from 7.1% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Tirupati Forge Limited to Report Q4, 2023 Results on May 12, 2023 Tirupati Forge Limited announced that they will report Q4, 2023 results at 4:00 PM, Indian Standard Time on May 12, 2023 Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹10.15, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 220% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹9.15, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 199% over the past three years. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹11.80, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 246% over the past three years. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹15.45, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 334% over the past three years. Reported Earnings • Feb 02
Third quarter 2023 earnings released: EPS: ₹0.10 (vs ₹0.31 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.10 (down from ₹0.31 in 3Q 2022). Revenue: ₹170.2m (down 38% from 3Q 2022). Net income: ₹10.2m (down 67% from 3Q 2022). Profit margin: 6.0% (down from 11% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹19.40, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 494% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 16% share price gain to ₹22.30, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 587% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₹23.05, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 646% over the past three years. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: ₹0.33 (vs ₹0.05 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.33 (up from ₹0.05 in 2Q 2022). Revenue: ₹270.7m (up 48% from 2Q 2022). Net income: ₹31.9m (up ₹27.1m from 2Q 2022). Profit margin: 12% (up from 2.6% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 81% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: ₹0.16 (vs ₹0.063 in 1Q 2022) First quarter 2023 results: EPS: ₹0.16 (up from ₹0.063 in 1Q 2022). Revenue: ₹260.5m (up 102% from 1Q 2022). Net income: ₹30.8m (up 396% from 1Q 2022). Profit margin: 12% (up from 4.8% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year whereas the company’s share price has increased by 65% per year. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 23% share price gain to ₹13.50, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 332% over the past three years. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 17% share price gain to ₹11.45, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 239% over the past three years. Reported Earnings • May 13
Full year 2022 earnings released: EPS: ₹0.64 (vs ₹0.041 in FY 2021) Full year 2022 results: EPS: ₹0.64 (up from ₹0.041 in FY 2021). Revenue: ₹893.0m (up 190% from FY 2021). Net income: ₹62.2m (up ₹58.3m from FY 2021). Profit margin: 7.0% (up from 1.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 10
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.31 (up from ₹0.003 in 3Q 2021). Revenue: ₹275.0m (up 278% from 3Q 2021). Net income: ₹30.7m (up ₹30.3m from 3Q 2021). Profit margin: 11% (up from 0.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 62% per year, which means it is well ahead of earnings. Reported Earnings • Nov 01
Second quarter 2022 earnings released: EPS ₹0.05 (vs ₹0.022 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹184.8m (up 171% from 2Q 2021). Net income: ₹4.79m (up 138% from 2Q 2021). Profit margin: 2.6% (down from 3.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 87% share price decline to ₹12.23, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 12x in the Metals and Mining industry in India. Total loss to shareholders of 52% over the past three years. Reported Earnings • Aug 04
First quarter 2022 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹130.5m (up 116% from 1Q 2021). Net income: ₹6.21m (up 461% from 1Q 2021). Profit margin: 4.8% (up from 1.8% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Jun 12
Full year 2021 earnings released: EPS ₹0.36 (vs ₹0.28 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹309.7m (up 11% from FY 2020). Net income: ₹3.94m (up 44% from FY 2020). Profit margin: 1.3% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Apr 07
Insider recently bought ₹1.4m worth of stock On the 31st of March, Jayaben Thummar bought around 55k shares on-market at roughly ₹25.90 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹3.5m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS ₹0.03 (vs ₹0.25 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹73.3m (up 2.9% from 3Q 2020). Net income: ₹324.0k (up ₹2.92m from 3Q 2020). Profit margin: 0.4% (up from net loss in 3Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 81% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 25
New 90-day low: ₹24.70 The company is down 13% from its price of ₹28.45 on 27 October 2020. The Indian market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 35% over the same period. Is New 90 Day High Low • Sep 21
New 90-day low: ₹24.10 The company is down 13% from its price of ₹27.70 on 23 June 2020. The Indian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 21% over the same period. Announcement • Jun 17
Tirupati Forge Limited to Report First Half, 2020 Results on Jun 15, 2020 Tirupati Forge Limited announced that they will report first half, 2020 results on Jun 15, 2020