Tirupati Forge Limited has informed the Exchange regarding 'the Investor Presentation for the quarter and half year ended 30th September 2025, which includes detailed updates on the Defence Project fo...

11th November, 2025

To,

Listing Department National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G - Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051

Symbol: TIRUPATIFL

Dear Sir/Madam,

Sub: Investor Presentation for Current Status of the Defence Project for Empty shell body 155 MM M 107. Disclosure under Regulation 30 read with Para a of Part a of Schedule III of the SEBI (LODR) Regulations, 2015.

Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the Investor Presentation for the quarter and half year ended 30th September 2025, which includes detailed updates on the Defence Project for Empty shell body 155 MM M 107.

The aforementioned presentation has been uploaded on the company’s website https://tirupatiforge.com/investor-presentation.php

Kindly take the same on your record and oblige.

Thanking you,

Yours Faithfully,

For, Tirupati Forge Limited

BHAVESHBHAI TULSIBHAI BARASIYA Whole-time director DIN: 05332180

Encl/-: 

Investor Presentation for the Quarter and half year ended on September 30, 2025.

Chairman’s Update

“As you are aware the Company is making rapid progress in its defence foray with the establishment of a fully automated, state-of-the-art shell body manufacturing plant. The quarter under review was relatively muted, with temporary pressure on profitability impacted by higher depreciation and finance costs related to our solar and defence assets, as well as the 50% duty imposed in the U.S., our key export market.

While revenues rose on account of higher tariffs, margins were lower due to elevated costs . Cost escalated due to higher depreciation and finance costs associated with solar asset and defence setup. These costs are strategic in nature, reflecting our commitment to clean and sustainable energy and long term growth. With the full utilization of the solar plant and the commencement of commercial operations at the defence unit, expected by Q4 FY26, the Company anticipates a marked improvement in margins and overall profitability.

In addition, recent changes in government policy have affected our ability to fully utilize solar generation capacity. However, this is a transient phase. With the upcoming commencement of commercial production at our defence manufacturing units, solar power consumption is expected to reach full utilisation, leading to significant savings in energy costs and enhanced operational efficiency.

Employee costs also witnessed an uptick during the quarter, largely due to strategic hiring for our upcoming defence facility. These additions to our workforce reflect investments in the future, bringing in specialized talent and technical expertise essential to the next phase of our growth.

I am pleased to report that the defence manufacturing facility remains firmly on track. Civil works are nearing completion, and machinery deliveries are scheduled for January. We expect commercial production to commence in the Q1FY27, with operations scaling to 100% capacity utilization by H2FY27.

We are witnessing robust interest and strong inbound inquiries from potential customers across the defence ecosystem. To capitalize on this momentum, we are planning an expansion of the defence facility in FY27, which will position the company to cater to growing demand both domestically and internationally.

The company’s strategic pivot towards the defence manufacturing segment marks a transformational shift in our business model. This transition will begin to reflect in meaningful topline growth and improved profitability from the second quarter of FY27 onwards.”

Q2FY26 Update

• Total Income increased by 23.7% from ₹ 329 mn to ₹ 407 mn

QoQ, largely driven by higher US tariffs.

• EBITDA decreased by 0.2% from ₹ 43.0 mn to ₹42.9mn QoQ

• PAT decreased by 5.0% from ₹ 14.1 mn to ₹ 13.4 mn QoQ

• Profitability for the quarter was impacted by rise in employee

expenses, higher depreciation & interest charge on account of the

new defence unit and the solar plant. While the additional costs

are provided for in the P&L, the commensurate revenues will start

from the Q1FY27 and will also lead to full utilization of the solar

plant leading to substantial saving in energy costs.

200

150

100

50

0

Total Income QoQ (In INR Mn)

329.1

407.2

Q1FY26

Q2FY26

EBITDA QoQ (in INR Mn)

43.0

42.9

Q1FY26

Q2FY26

PAT QoQ (In INR Mn)

14.1

13.4

Q1FY26

Q2FY26

Defence Update

• Civil works for the new defence manufacturing facility are on track for completion by

December 2025, with machine installations and deliveries scheduled for January 2026.

Testing and trials are expected to conclude by Q4FY26, paving the way for commercial

production in Q1FY27.

• Next generation fully robotic, state-of-the-art plant with an annual capacity of 1.2 lakh

shell bodies.

• Amongst few Indian few Indian manufacturers with a 100% automated shell body

production line.

•

Initial production will focus on Empty Shell Body 155mm M107 with full capacity

utilization targeted by H1FY27.

• Experiencing strong demand visibility and significant inbound customer interest.

• Capacity expansion planned in FY27 to capitalize on accelerating defence sector

opportunities

Ammunition Market

• The Indian ammunition market was valued at USD 844 million in 2023, accounting for

approximately 5.5% of the global market.

•

It is projected to grow at a CAGR of ~4.9% (2023–2032), reaching an estimated USD 1.4

billion by 2032.

• The global ammunition market, in comparison, was valued at ~USD 15.5 billion in

2023, and is expected to expand to ~USD 22 billion by 2032

Key demand drivers

• Strategic & Geopolitical Factors: Heightened border tensions, internal security

challenges, and increased defence expenditure are fuelling ammunition demand.

•

Indigenisation & Policy Support: The Government’s ‘Make in India’ and self-reliance

(Atmanirbhar Bharat) initiatives are accelerating domestic manufacturing and reducing

import dependency.

• Modernization & Technology Upgrade: Armed forces are increasingly adopting

precision-guided, large-caliber, and advanced ammunition systems, driving demand for

innovation and higher-value production.

Tirupati Forging at Glance Forging Excellence, Shaping the Future

Backed by more than 15+ years of experience in manufacturing wide range of forged and machines components.

Manufacturing unit spread across 5 acres with in house testing and R&D labs

Current installed capacity of 15,000 to high quality TPA adhering standards. Holds IATF 16949:2016, ISO 9001:2015 PED AD 2000 & CRN

Levered for Growth

Amongst the leading and forging and Machining Lines in India. Amongst only 3 firms in India to have installed 630 Ton of Lasco Press Line

Amongst leading Indian suppliers of flanges , catering to diverse industrial sectors

Catering to clients across the globe. 55% of the revenue is attributed to overseas market, largely USA, Canada, Malaysia, African countries.

Europe

and

Fully Integrated Unit Serving Diversified Customers

Forging

• Capacity: 15,000 TPA, MPM Hammers: 2.5 ton and 4 ton Job Capacity: 0.5 Kg -125 Kg Single Piece Weight.

•

• Press Line forging capacity

upto 2kg.

Heat treatment

• Capacity :1000 kg/hr •

For Annealing, Quenching, Harding & Tempering

Ring Rolling

• 15,000 TPA •

Size: 150mm-800mm OD

Oil &Gas

Automotive

Defence

Power

Aerospace

Mining

Multi Spindle Drilling Machine

• Capacity : 800 OD, fully

automatic.

Hydraulic Extrusion Press

• Capacity :10,000 TPA •

Job Capacity: 15 Kg to 150 Kg Single Piece Weight

• 630 Ton Lasco Hydraulic Extrusion

Press.

Paint Shop

• Capacity: 60 TPD ready to pack

•

material. Fully automatic dipping and drying paint line.

Machining facility

• CNC machines ranging from

•

15mm to 800mm OD. Fully automatic VMC machines for 1000mm OD.

Diversified Portfolio of Products, End Markets and Geographic Regions

Product Portfolio (Sales by Product Group)

Revenue Share

Others, 15.01%

Agriculture, 3.67%

Gears/shafts/ Rings, 4.59%

Earth Moving Parts, 10.79%

Flanges, 65.94%

North America

50%

65.41%

Europe 50%

India 34.59% 50%

Africa 50%

Domestic Global

Customer base (Sales by Customer Industry)

1.50%

3.67%

13.80%

Machine Tools Agriculture Automotive

Construction & Mining

8.95 % 6.10%

Miscellaneous

65.98%

Oil & Gas

Market Opportunity- Forging Industry

Global Forging Industry

CAGR 7.6%

109

117

136

126

147

81

87

94

101

n b D S U n

I

158

- Rapidly Growing Automotive Industry

- Globally rise in investments in infrastructure, construction.

- Advancements in forging technologies, including closed-die

and precision forging, are driving market growth.

2023

2024

2025E

2026E

2027E

2028E

2029E

2030E

2031E

2032E

Indian Forging Industry

4.9

5.4

6

CAGR 9.8%

6.5

7.2

8.7

7.9

2023

2024

2025E

2026E

2027E

2028E

2029E

2030E

Source – Fortune business insights

9.5

- Growth is driven by the automotive industry, which

accounts for over 60% of India's forging units.

-

India becoming a global forging hub, supported by

government’s “Make in India” initiative.

- Shift in global OEMs outsourcing components from

manufacturers in lower cost countries.

- Higher spends on infrastructure

Market Opportunity- Defence Sector

-

“Make in India” gets priority in Defence budget allocation. Ministry

of Defence gets INR 6.8 lk crore

- 75% allocation is earmarked for procurement from domestic

manufacturers

-

-

India to spend $130 bn on military in next 5 years.

India Defence sector to grow at a CAGR of 13% from FY23 to

FY30

- Global Defence spend growth led by geopolitical tensions and

weapon stock depletion

- Global Defence budget is projected to reach USD 2,546.9

billion by 2028, at a CAGR of 4.9%.

Strategic shift to towards the Defence Sector to Leverage India’s Increasing Defence Expenditure.

Thank You