Tirupati Forge Limited — Important, 10-02-2026: Disclosure of material issue

TIRUPATI FORGE LTD Update 🚀

The company has approved its financial results for the quarter and nine months ended December 31, 2025.

**Financial Snapshot (Q3 FY26 vs Q2 FY26):**

* **Total Income:** Up 21.13% QoQ to ₹49.26 Cr, driven by strong overseas demand. Exports now form 65% of revenue.

* **EBITDA:** Surged 33.85% QoQ to ₹5.74 Cr, boosted by ₹0.75 Cr in energy cost savings from the new solar plant.

* **PAT:** Jumped 50.75% QoQ to ₹2.02 Cr, thanks to higher sales volumes and energy savings.

**Warrant Conversion & Capital Infusion:**

* Tirupati Forge has allotted 11 lakh equity shares at ₹32/share (including ₹30 premium) upon conversion of warrants.

* This follows earlier conversions, with a total of 1.17 Cr convertible warrants initially issued. Various allottees, including promoters and non-promoters, have exercised warrants, bringing in significant capital.

* Recently, 2 non-promoter allottees converted 11 lakh warrants by depositing ₹2.64 Cr.

**Addressing the Fixed Deposit Issue:**

* **Issue:** ₹1.20 Cr from unutilized funds (raised in 2019) was temporarily placed in fixed deposits with Ashish Credit Co-operative Society Ltd. These FDs are now overdue since Nov 2020 due to a fraud at the society.

* **Impact:** The company has made a provision of ₹1.20 Cr for expected credit loss.

* **Response:** Tirupati Forge has lodged an FIR/suit (case no. CC/1349/2021 to CC/1352/2021) and is actively pursuing recovery.

**Strategic Defense Push:**

* **New Facility:** Civil works for the new manufacturing facility are complete, targeting commissioning in March 2026.

* **Product:** Will produce 155 mm MT107 HE empty shell bodies with an installed capacity of 150,000 units annually.

* **Ramp-up:** Aims for 50% capacity utilization by Q1 FY27 and 80% by FY28.

* **Outlook:** Strong interest from potential customers and plans for capacity expansion in FY27 to tap into global defense opportunities.

**Management Outlook:** Despite macroeconomic challenges, the company delivered strong performance, with improved India-US trade sentiment boosting demand visibility. Management remains optimistic about the global defense sector and is positioned for sustainable growth. 💪 #TIRUPATIFL #StockMarket #Earnings #DefenseSector