Tirupati Forge Limited (TIRUPATIFL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-249.5%

-₹100.09

vs ₹66.94 price

Levered DCF

-₹114.42

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	79.37×	40.29×	25.3×	9.48×	16.64×	72.91×	100.8×	6.97×
P/B	3.75×	2.96×	3.37×	2.46×	3.89×	1.38×	1.5×	1.96×
P/S	3.08×	2.76×	1.55×	0.98×	1.32×	1.07×	1.04×	0.73×
EV / EBITDA	27.67×	18.77×	13.2×	6.15×	10.06×	13.21×	11.84×	4.73×
Gross margin	38.8%	33.1%	13.4%	19.9%	25.7%	9.0%	4.8%	21.0%
Operating margin	5.0%	9.4%	8.6%	13.1%	10.3%	-0.1%	2.0%	15.9%
Net margin	3.9%	6.8%	6.1%	10.4%	7.9%	1.5%	1.0%	10.6%
Current ratio	1.82×	3.99×	2.22×	2.71×	1.67×	1.83×	2.49×	2.41×
Debt / equity	0.31×	0.24×	0.26×	0.28×	0.41×	0.37×	0.21×	0.33×
Interest coverage	2.67×	6.59×	7.11×	11.09×	9.33×	-0.1×	1.04×	14.51×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	1.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.7%	7.3%	13.3%	26.0%	23.2%	1.9%	1.5%	28.5%
Return on invested capital	3.4%	6.1%	11.0%	19.2%	16.1%	-0.1%	1.8%	22.7%
Return on assets	3.1%	5.4%	8.9%	18.4%	11.9%	1.2%	1.1%	18.8%
Free cash flow yield	-12.5%	-10.3%	-2.9%	-0.4%	-2.7%	-20.8%	-5.2%	-15.6%
Earnings yield	1.3%	2.5%	4.0%	10.6%	6.0%	1.4%	1.0%	14.5%
Enterprise value	₹5.3B	₹3.1B	₹1.8B	₹991.9M	₹1.1B	₹361.8M	₹308.9M	₹336.4M
Net debt / EBITDA	1.81×	-0.42×	0.65×	0.62×	0.9×	2.73×	1.2×	0.66×
Cash conversion cycle (days)	76	118	116	64	107	145	88	86