Tirupati Forge gets defence license for artillery shells

Tirupati Forge Limited

secured an Arms Act license to manufacture 150,000 empty artillery shells annually, starting pilot runs in December 2026. This marks the company's entry into the high-margin defence sector. The license permits production across major artillery sizes, including crucial 155mm variants. While this opens a high-growth market, an industrial license is not an order book. The stock currently trades at an elevated TTM P/E of around 144 times on a net profit base of 6 crore rupees. Investors should avoid chasing the immediate announcement hype until commercial orders and capex details are confirmed. What to watch next: Commercial order wins, pilot run completion by December 2026, and actual capex guidance in upcoming quarterly results. Call: HOLD | Disclosure: No personal position or financial interest in the stock.