Debut Plus

₹64.68

▼ -1.32 -2.00%

As of 23 Oct 2026 · delayed

NSE Listed

ESM · ESM 2
What does ESM · ESM 2 mean?
NSE · Enhanced Surveillance Measure (ESM 2)ESM is the micro/small-cap ramp brake: it fires when a sub-₹1000cr stock's price variation is extreme versus its peer universe, or it's loss-making with a stretched valuation. Practical meaning: intraday speculation is shut off (Trade-for-Trade — every purchase must be taken to delivery), margins go to 100%, and at Stage II price discovery moves to periodic call auctions inside a 2% band.Criteria: Micro / small-cap companies (main-board market-cap below ₹500 cr) shortlisted on objective price parameters — high-low price variation, close-to-close price variation and standard deviation. Stage I = 100% margin + a ≤5% price band + Trade-for-Trade; Stage II = a 2% price band + periodic call auction.Exchange notice · 2026-07-23

Tirupati Forge Limited (TIRUPATIFL)

Volume: 17,541Avg Vol 1W: 37,403.4Avg Vol 1M: 1,80,392.8552W Range:₹30.11₹83.9
NSE BSE www.tirupatiforge.com AI Report
Key Ratios
Checked 23h ago
Market Cap₹841 Cr
Current Price₹64.68
Previous Close₹66
High / Low (52w)₹83.9 / ₹30.11
Volume17,541
Avg Vol (1W)37,403.4
Avg Vol (1M)1,80,392.85
Stock P/E137.62
Book Value₹10.89
Dividend Yield0%
ROE471.9%
ROA299.3%
Revenue (TTM)₹166 Cr
Revenue Growth—
Profit Margin362.5%
Total Debt—
Shares Outstanding13 Cr
Face Value₹2
EPS (TTM)₹0.47
P/B5.94
Debt / Equity0.28
50 DMA₹70.03
200 DMA₹53.43
Day change-2.00%
SurveillanceESM · ESM 2
Price Chart
₹64.68▲ 55.44% · 1Y
₹82₹3171.9L
2025-10-27
2026-10-23

20-day avg volume: 1.8L shares

Pros
  • Healthy return on equity of 471.9%.
  • Company is almost debt-free.
  • Revenue grew 50% YoY.
  • Net profit is growing year over year.
Cons
  • Stock trades at a high P/E of 138.
Quarterly Results
MetricSept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Revenue₹32 Cr₹26 Cr₹28 Cr₹32 Cr₹40 Cr₹49 Cr₹42 Cr₹38 Cr
EBITDA₹4 Cr₹2 Cr₹2 Cr₹3 Cr₹2 Cr₹4 Cr₹3 Cr₹3 Cr
Net Profit₹3 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹2 Cr₹2 Cr₹1 Cr
EPS————————
Profit & Loss (Annual)
MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue₹42 Cr₹28 Cr₹31 Cr₹89 Cr₹94 Cr₹111 Cr₹116 Cr₹166 Cr
EBITDA₹6 Cr₹1 Cr₹1 Cr₹9 Cr₹14 Cr₹10 Cr₹12 Cr₹12 Cr
Net Profit₹4 Cr₹0 Cr₹0 Cr₹6 Cr₹9 Cr₹7 Cr₹8 Cr₹6 Cr
EPS7.210.260.040.640.960.670.730.5
Balance Sheet
MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets₹22 Cr₹25 Cr₹34 Cr₹52 Cr₹51 Cr₹74 Cr₹146 Cr₹204 Cr
Total Liabilities₹8 Cr₹7 Cr₹13 Cr₹26 Cr₹15 Cr₹24 Cr₹39 Cr₹70 Cr
Equity₹15 Cr₹19 Cr₹21 Cr₹27 Cr₹36 Cr₹50 Cr₹107 Cr₹133 Cr
Total Debt————————
Cash Flow
MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating₹-3 Cr₹2 Cr₹8 Cr₹12 Cr₹9 Cr₹18 Cr
Investing₹-3 Cr₹-3 Cr₹-3 Cr₹-15 Cr₹-38 Cr₹-75 Cr
Financing₹5 Cr₹2 Cr₹-2 Cr₹9 Cr₹61 Cr₹32 Cr
Free Cash Flow₹-3 Cr₹2 Cr₹8 Cr₹12 Cr₹9 Cr₹18 Cr
Shareholding
Promoter 49.42% Institutions 0.59% Public 49.99%
Efficiency & Working Capital
ROCE6.6%
Interest Coverage3.8
Dividend Payout—
Debtor Days58 d
Inventory Days53 d
Payable Days42 d
Cash Conversion Cycle69 d
Working Capital Days111 d
Shareholding Details

As of 2026-09-30

Promoter49.4%
FII0.4%
DII0.2%
Institutions0.6%
Public50%
Promoter Pledge0%
No. of Shareholders56,922
Shareholding Pattern

Quarterly — figures in %. Latest 12 quarters.

PeriodOct 2025Oct 2025Dec 2025Jan 2026Jan 2026Feb 2026Mar 2026Apr 2026Apr 2026Jun 2026Jul 2026Sept 2026
Promoters48.9%48.9%48.9%48.9%48.9%49%49%49.7%49.7%49.7%49.4%49.4%
FIIs0%0%0%0%0%0%0.8%0.8%0.8%0.5%0.8%0.4%
DIIs0%0%0%0%0%0%0%0%0%0%0%0.2%
Public51%51%51%51%51%51%50.2%49.5%49.5%49.8%49.8%50%
Promoter Pledge0%0%0%0%0%0%0%0%0%0%0%0%
No. of Shareholders63,91563,91562,74263,91563,91562,74559,42259,42359,42357,51259,42356,922
Returns History (ROE / ROCE / ROA)
PeriodROEROCEROAP/E
202603————
Major Shareholders (>1%)
NameCategoryStakeShares
Chetna Mukeshbhai ThumarShareholding of Promoter and Promoter Group15.4%2.00 Cr
Bhargavi Manojbhai ThummarShareholding of Promoter and Promoter Group14.1%1.83 Cr
Hiteshkumar Gordhanbhai ThummarShareholding of Promoter and Promoter Group9.3%1.21 Cr
Jayaben Shivlal ThumarShareholding of Promoter and Promoter Group4.7%60,64,192
Devansh Trademart LlpPublic Shareholding4.4%56,80,439
Otamben Khodabhai ThumarShareholding of Promoter and Promoter Group4%52,15,000
Darshna Hiteshbhai ThummarShareholding of Promoter and Promoter Group2%25,84,400
Board of Directors
NameDesignationYear
Hiteshkumar Gordhanbhai ThummarChairman / Executive Director / Managing Director2025
BHAVESH TULSHIBHAI BARSIYAE D & Wholetime Director2025
Darshna Hiteshbhai ThummarNon Executive Director2025
Jagruti Nitinkumar ErdaIndependent Non Exe. Director2025
Smita Sachin RavaniIndependent Non Exe. Director2025
Malappa BelariIndependent Non Exe. Director2025
Milan SakhiyaCompany Sec. & Compli. Officer2025
Segments — Product
SegmentRevenueShare
Forgings and Machined Components fo₹0 Cr—
Segments — Geography
RegionRevenueShare
Domestic₹51 Cr44.5%
Export₹64 Cr55.5%
Capital Structure (₹ Cr)
YearFace ValueAuthorisedIssuedPaid-up
2026₹2272525
Corporate Actions
TypeDateValueRemark
forthcoming2026-08-13Board Meetings—
Related-Party Transactions (₹ Cr)
YearSubsidiariesAssociatesJVKMPOthersTotal
2025000101
2025000101
2025000000
Company Information
Incorporated2012
ChairmanHiteshkumar Gordhanbhai Thummar
AuditorKamlesh Rathod & Associates
Investor Email[email protected]
🌐 www.tirupatiforge.com ↗

📍 Plot No 1-5 Survey No 92/1, Near Shan Cement NH 27, Rajkot, Gujarat, 360311

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