Tirupati Forge logo

Tirupati Forge MD, chairman, board of directors and AGM

NSE: TIRUPATIFLIndustrial ProductsSmall Cap

Last close ₹64.68down ₹1.32 (2.00%)

Share price at the NSE close on 23 Oct 2026. Previous close ₹66.00.

52-week range of traded prices to 23 Oct 2026
₹30.11Low, 18 Dec 2025₹83.90High, 22 Jul 2026
Market cap
₹841 Cr1,837th largest listed
P/E
137.8
P/B
6.3
Dividend yield
Nonein the last 12 months
ROE
5.1%
ROCE
5.0%
Debt to equity
0.26
Volume, NSE
17,541

Tirupati Forge board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Chairperson and managing directorHITESHKUMAR GORDHANBHAI THUMMAR

6 directors3 independent2 executive1 non-executive

  • HITESHKUMAR GORDHANBHAI THUMMAR · Chairperson and managing directorExecutive · joined Mar 2017 · reappointed Jul 2022 · 1 listed board
  • BHAVESHBHAI TULSIBHAI BARASIYAExecutive · joined Aug 2012 · reappointed Feb 2025 · 1 listed board
  • DARSHNA HITESHBHAI THUMMARNon-executive · joined Jul 2017 · 1 listed board
  • SMITA SACHIN RAVANIIndependent · joined Sep 2024 · reappointed Sep 2024 · 24 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • JAGRUTI NITINKUMAR ERDAIndependent · joined Jul 2022 · reappointed Jul 2022 · 50 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • MALAPPA BELARIIndependent · joined May 2025 · reappointed May 2025 · 17 months as independent · 1 listed board · 1 as independent · 2 committee seats

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • ANAND MOHAN SHRIVASTAVA, left 13 May 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 7 Sep 20266 of 6 present3 independent
    • 24 Aug 20266 of 6 present3 independent · 2 days in between
    • 21 Aug 20266 of 6 present3 independent · 7 days in between
    • 13 Aug 20266 of 6 present3 independent · 33 days in between
    3 earlier meetings
    • 10 Jul 20266 of 6 present3 independent · 7 days in between
    • 2 Jul 20266 of 6 present3 independent · 44 days in between
    • 18 May 20266 of 6 present3 independent

  • Audit Committee

    Chair JAGRUTI NITINKUMAR ERDA

    SMITA SACHIN RAVANI, DARSHNA HITESHBHAI THUMMAR, MALAPPA BELARI

    • 13 Aug 20264 of 4 present3 independent · 33 days in between
    • 10 Jul 20264 of 4 present3 independent · 7 days in between
    • 2 Jul 20264 of 4 present3 independent · 44 days in between
    • 18 May 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair SMITA SACHIN RAVANI

    JAGRUTI NITINKUMAR ERDA, DARSHNA HITESHBHAI THUMMAR, MALAPPA BELARI

    • 24 Aug 20264 of 4 present3 independent
    • 10 Feb 20264 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair SMITA SACHIN RAVANI

    JAGRUTI NITINKUMAR ERDA, DARSHNA HITESHBHAI THUMMAR, MALAPPA BELARI

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair HITESHKUMAR GORDHANBHAI THUMMAR

    BHAVESHBHAI TULSIBHAI BARASIYA, JAGRUTI NITINKUMAR ERDA

    No meeting listed in the filing.

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Kamlesh Rathod & AssociatesPeer-review certificate valid to Jul 2027

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Tirupati Forge AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Tirupati Forge dividend history

Annual general meeting, 25 Sep 2026

57,747 shareholders on the register on 18 Sep 2026; present: 5 promoters and 31 others; votes counted by CS PIYUSH JETHVA / CS PIYUSH JETHVA.The company's voting result (opens in a new tab)

  1. To Receive, Consider and adopt the financial Statement including Audited Balance Sheet as on 31st March 2026 and Profit & Loss Account for the year ended on that date and reports of Board of Directors and Auditor thereon and Cash Flow Statement and other various schedule prescribed under the Companies Act, 2013.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 49.88% · promoters 91.73% · institutions 0.00% · other public 9.08%

  2. To appoint a director in place of Shri Hiteshkumar Gordhanbhai Thummar (DIN: 02112952), Managing Director, who retires by rotation and, being eligible, offers himself for reappointment.
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 49.88% · promoters 91.73% · institutions 0.00% · other public 9.08%

  3. Re-Appointment of Shri Hiteshkumar Gordhanbhai Thummar (DIN: 02112952) as Chairman & Managing Director and Approval of Remuneration:
    SpecialPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 49.88% · promoters 91.73% · institutions 0.00% · other public 9.08%

  4. Ratification of remuneration of the Cost Auditor for the Financial Year 2026-27.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 49.88% · promoters 91.73% · institutions 0.00% · other public 9.08%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 31 Jul 2026, 2 resolutions

58,680 shareholders on the register on 23 Jul 2026; present: 11 promoters and 128 others; votes counted by PIYUSH JETHVA / PIYUSH JETHVA.The company's voting result (opens in a new tab)

  1. INCREASE IN AUTHORISED CAPITAL
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00%

  2. ISSUE OF CONVERTIBLE WARRANTS ON PREFERENTIAL BASIS
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 5 Aug 2025, 6 resolutions

66,664 shareholders on the register on 29 Jul 2025; present: 5 promoters and 49 others; votes counted by CS PIYUSH JETHVA / CS PIYUSH JETHVA.The company's voting result (opens in a new tab)

  1. To Receive, Consider and adopt the financial Statement including Audited Balance Sheet as on 31st March 2025 and Profit & Loss Account for the year ended on that date and reports of Board of Directors and Auditor thereon and Cash Flow Statement and other various schedule prescribed under the Companies Act, 2013.MoreLess
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  2. To appoint a director in place of Shri. Bhaveshbhai Tulsibhai Barasiya – Whole time Director [DIN: 05332180], who retires by rotation and being eligible, offers herself for re-appointment
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.05%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  3. Appointment of Mr. CS Piyush Jethva [ICSI Membership No.: F6377] [Proprietor] as Secretarial Auditor of the Company for Financial Year 2025-26 to 2029-30:
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  4. To Appoint Shri. Mallappa Beleri [Din: 10512254] As an Independent Director of The Company:
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  5. To Approve Remuneration of Shri. Hiteshkumar Gordhanbhai Thummar [Din: 02112952] Managing Director Under Section 196 And 197 Read with Schedule V of The Companies Act, 2013:
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

  6. Ratification of remuneration of the Cost Auditor for the Financial Year 2024-25 & 2025-26.
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 16 Nov 2024, 5 resolutions

Present: 5 promoters and 41 others.The company's voting result (opens in a new tab)

  1. INCREASE IN AUTHORISED CAPITAL AND CHANGED THE CAPITAL CLAUSE OF MEMORANDUM OF ASSOCIATION.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 57.69% · promoters 90.98% · institutions 26.63% · other public 15.12%

  2. ISSUE 1,47,00,000 (ONE CRORES FORTY SEVEN LACS) EQUITY SHARES OF FACE VALUE OF RS. 2.00/- (RUPEE TWO ONLY) EACH AT A PREMIUM OF RS. 30/- (RUPEES THIRTY ONLY) TOTAL ISSUE PRICE OF RS. 32/- (RS. THIRTY-TWO ONLY) EACH EQUITY SHARES ON PREFERENTIAL BASIS.MoreLess
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 57.69% · promoters 90.98% · institutions 26.63% · other public 15.12%

  3. TO ISSUE 1,23,10,000 (ONE CRORE TWENTY THREE LACS TEN THOUSAND) WARRANTS CONVERTIBLE INTO/OR EXCHANGEABLE FOR 1 (ONE) FULLY PAID-UP EQUITY SHARE OF THE COMPANY AT FACE VALUE OF RS. 2.00/- (RUPEES TWO ONLY) EACH (“WARRANTS”) AT A PREMIUM OF RS. 30/- (RUPEES THIRTY ONLY) TOTAL ISSUE PRICE OF RS. 32/- (RUPEES THIRTY-TWO ONLY) EACH PAYABLE IN CASH (“WARRANTS ISSUE PRICE”).MoreLess
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 57.69% · promoters 90.98% · institutions 26.63% · other public 15.12%

  4. nTO APPROVE THE BORROWINGS LIMITS OF RS. 100 CRORES (RUPEES ONE HUNDRED CRORES ONLY) UNDER SECTION 180(1)(c) OF THE COMPANIES ACT, 2013n
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 57.69% · promoters 90.98% · institutions 26.63% · other public 15.12%

  5. TO SEEK APPROVAL UNDER SECTION 180(1)(a) OF THE COMPANIES ACT, 2013 INTER ALIA FOR CREATION OF MORTGAGE OR CHARGE ON THE ASSETS, PROPERTIES OR UNDERTAKINGS OF THE COMPANY.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 57.69% · promoters 90.98% · institutions 26.63% · other public 15.12%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 27 Sep 2024, 6 resolutions

Present: 5 promoters and 27 others.The company's voting result (opens in a new tab)

  1. To Receive, Consider and adopt the financial Statement including Audited BalancenSheet as on 31st March 2024 and Profit & Loss Account for the year ended on that datenand reports of Board of Directors and Auditor thereon and Cash Flow Statement andnother various schedule prescribed under the Companies Act, 2013.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 57.17% · promoters 90.81% · institutions 30.86% · other public 13.91%

  2. To appoint a Director in place of Smt. Darshna Hiteshbhai Thummar – Non-ExecutivenDirector [DIN: 07869257], who retires by rotation and being eligible, offers herself for reappointment.
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 57.15% · promoters 90.81% · institutions 30.86% · other public 13.88%

  3. TO APPOINT SMT. SMITA SACHIN RAVANI [DIN: 10695275] AS AN INDEPENDENT DIRECTORnOF THE COMPANY:
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 57.15% · promoters 90.81% · institutions 30.86% · other public 13.88%

  4. TO APPROVE RELATED PARTY TRANSACTION WITH MRS. CHETNABEN THUMMAR
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.11%

    Turnout: all 35.34% · promoters 51.78% · institutions 30.86% · other public 13.74%

  5. TO RE-APPOINT SHRI. BHAVESHBHAI TULSIBHAI BARASIYA [DIN: 05332180] AS WHOLE-TIME DIRECTOR AND APPROVAL OF REMUNERATION UNDER SECTION 196 AND 197 READ WITH SCHEDULE V OF THE COMPANIES ACT, 2013
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 57.15% · promoters 90.81% · institutions 30.86% · other public 13.88%

  6. TO APPROVE RELATED PARTY TRANSACTION WITH MRS. BHARGAVI THUMMAR
    OrdinaryPromoters have an interest in it
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.11%

    Turnout: all 41.45% · promoters 62.64% · institutions 30.86% · other public 13.87%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 27 Dec 2023, 2 resolutions

Present: 5 promoters and 29 others.The company's voting result (opens in a new tab)

  1. To Increase the Authorised Capital of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 53.99% · promoters 90.60% · institutions 0.00% · other public 4.16%

  2. Allotment of Equity Shares on Prefrential Basis
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 53.99% · promoters 90.60% · institutions 0.00% · other public 4.16%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 15 Sep 2023, 3 resolutions

Present: 5 promoters and 29 others.The company's voting result (opens in a new tab)

  1. To Receive, Consider and adopt the financial Statement including Audited BalancenSheet as on 31st March 2023 and Profit & Loss Account for the year ended on that date andnreports of Board of Directors and Auditor thereon and Cash Flow Statement and other variousnschedule prescribed under the Companies Act, 2013.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 50.89% · promoters 86.57% · institutions 0.00% · other public 2.23%

  2. To appoint a Director in place of Shri. Hiteshkumar G. Thummar, ManagingnDirector [DIN: 02112952], who retires by rotation and being eligible, offers himself for reappointment.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 37.32% · promoters 63.05% · institutions 0.00% · other public 2.23%

  3. To Approve Remuneration of Shri. Bhavesh T. Barasiya [Din: 05332180]nWhole Time Director under Section 196 And 197 Read with Schedule V of the CompaniesnAct, 2013.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 50.89% · promoters 86.57% · institutions 0.00% · other public 2.23%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 30 Sep 2022, 5 resolutions

Present: 5 promoters and 27 others.The company's voting result (opens in a new tab)

  1. To Receive, Consider and adopt the financial Statement including Audited Balance Sheet as on 31st March 2022 and Profit & Loss Account for the year ended on that date and reports of Board of Directors and Auditor thereon and Cash Flow Statement and other various schedule prescribed under the Companies Act, 2013.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 81.63% · promoters 90.76% · institutions 0.00% · other public 69.24%

  2. To appoint a Director in place of Shri. Bhaveshbhai Tulsibhai Barasiya, Whole-time Director [DIN: 05332180], who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 81.08% · promoters 90.76% · institutions 0.00% · other public 67.95%

  3. To appoint M/s. Kamlesh Rathod & Associates, Chartered Accountants, [Firm Registration No.: 117930W] as Statutory Auditors of the Company and to fix their remuneration, for a first term of five consecutive years.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 81.63% · promoters 90.76% · institutions 0.00% · other public 69.24%

  4. To Appoint Smt. Jagruti Nitinkumar Erda [Din: 09680025] as an Independent Director of The Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 81.63% · promoters 90.76% · institutions 0.00% · other public 69.24%

  5. To Re-Appoint Shri. Hiteshkumar G. Thummar [Din: 02112952] as Chairman & Managing Director and Approval of Remuneration Under Section 196 And 197 Read With Schedule V Of The Companies Act, 2013
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 68.07% · promoters 67.20% · institutions 0.00% · other public 69.24%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
No
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far. A statement's amounts are left out where the raise it states and its own uses differ by fifty times or more, a figure typed at the wrong scale.

RaisedAmount raisedForSet asideSpentSpent elsewhereReason and comments
Preferential IssuesApr 2019–Long Term and Short Term Working Capital Requirement and to support future business expansions Plans––No
Audit committee: We are in agreement with the observation of the auditors for overdue of fixed deposits lying with Ashish Credit Co-operative Society Ltd for its maturity. Management of the company has taken steps for recovering and is in process for the same.MoreLess
Auditors: The Company had temporary parked the unutilized amount in the fixed deposits lying with Ashish Credit Co-operative Society Ltd. Fixed Deposits are now overdue for maturity since November, 2020. The society has defaulted in repayment of maturity amount on account of fraud against which the company has lodged FIR/suit having case no. CC/1349/2021 to CC/1352/2021. Company has made provision for expected credit loss of Rs. 120 Lakhs as at 30th June 2026 for the same as estimated by management of the company considering probable recovery.MoreLess
Preferential IssuesJan 2025–To fund the Expansion of existing capacity, assets acquisition, acquisition/purchase of plant and machinery and other fixed assets for purchase of new plant and machinery and other fixed assets for the purpose increasing its existing production capacity of its business for manufacturing, to meet the enhanced working capital requirements and general corporate purpose.––No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.