Tirupati Forge began in 2012 with a clear aim: to build an export-first factory that could forge, machine and finish steel components under one roof, selling straight into international markets. Fifteen years later, that single 5-acre site in Hadamtala, Gujarat, has become one of India’s most complete forging lines - one of only three in the country to run a 630-tonne Lasco hydraulic extrusion press - and the company is now using the same integrated approach to step into defence manufacturing and captive solar power. The recurring logic is simple: own every production step from raw steel to ready-to-pack component, control quality obsessively with in-house labs and full traceability, and sell where the margins are - first to global oil and gas buyers, and now to India’s defence procurement machine. # Business segments Three engines at different stages - a global forging cash cow, a defence bet under construction, and a captive solar plant that cuts the power bill for both. ## 1. Forged and machined components: the export engine that built the company **A fully integrated factory that takes steel in one end and ships finished flanges, hammer unions and precision parts out the other - roughly two-thirds of revenue comes from overseas, led by the US oil and gas industry.** - **One roof, every step** - the 5-acre plant in Hadamtala combines forging (hammers, a 630-tonne Lasco hydraulic extrusion press, and ring rolling), CNC machining, heat treatment, and an automatic dipping-and-drying paint line that packs 60 tonnes of ready-to-pack material a day. No process is outsourced, so the company controls quality and traceability from raw steel to final crate. - **Flanges are the backbone** - carbon steel flanges (the rings that connect pipes in oil refineries and pipelines) make up about 64% of product sales, in sizes from half an inch to 24 inches and pressure ratings up to 2,500 pounds. A US distributor takes the entire flange output and pays in dollars, and the company says its pricing leads the carbon steel flange market. - **Certifications unlock markets** - the factory holds IATF 16949:2016 (automotive quality), ISO 9001:2015, the European PED AD 2000 pressure-equipment directive, and a Canadian Registration Number covering all provinces, which together open doors to regulated industries across North America and Europe. - **Beyond flanges** - the product range extends to hammer unions (the connectors used in high-pressure oilfield piping, assembled in-house from individual male, female and nut components), earth-moving parts (11% of sales), gears and shafts, agricultural components, and railway parts, spreading the customer base across oil and gas, construction, mining, automotive and defence end-users. ## 2. Defence manufacturing: the artillery-shell bet being built now **A dedicated, fully automated plant to make 155mm artillery shell bodies for India’s military - a high-margin business that plugs directly into the government’s drive for domestic procurement.** - **Phased ramp-up into a big budget** - the company expects to reach 50% utilisation in the first quarter of FY27 and scale to 80% by FY28, with commercial production targeted to begin in Q2 FY27. The backdrop is India’s Ministry of Defence budget of ₹6.8 lakh crore, with three-quarters earmarked for domestic manufacturers, and a projected $130 billion in military spending over the next five years. - **Margin structure is the draw** - at full utilisation, the defence vertical is expected to generate annual revenue of roughly ₹250 crore, with EBITDA margins forecast above 40%. The planned investment for the shell-body facility is ₹67 crore. ## 3. Captive solar power: the cost lever underneath both businesses **A 4.8 MW solar plant built entirely for the company’s own consumption, designed to slash the electricity bill by ₹2.5 crore a year - and more once the defence plant starts drawing power.** - **Built on promoter-leased land** - the solar installation sits on two parcels totalling about 17 acres in Junagadh district, Gujarat, taken on long-term lease from a promoter group member in August 2024. It uses N-TopCon bifacial modules and a single-axis tracking system, and has been operational since May 2025. # Group structure and partners **A single-entity listed company with no subsidiaries, controlled by its founding promoters and recently recapitalised through preferential issues to fund the defence and capacity expansion.** - **Standalone structure** - Tirupati Forge has no holding, subsidiary or associate companies; it is listed on the National Stock Exchange under the symbol TIRUPATIFL. - **Promoter land ties** - the company leases factory land from the Chairman under a 15-year arrangement approved in 2018, and has more recently leased solar-plant land and agreed to purchase adjacent industrial land from promoter group members, keeping expansion within the promoter ecosystem.