Tirupati Forge Secures Defence Manufacturing Licence for Artillery Shells
Tirupati Forge Limited has received an industrial licence under the Indian Arms Act, 1959, allowing the company to manufacture empty artillery shells across multiple major calibres.
The development marks a significant expansion of the company’s presence into India’s defence manufacturing sector and could create a new business vertical alongside its existing engineering operations.
Licence Covers Multiple Artillery Shell Calibres
According to the company’s announcement dated September 19, 2026, the industrial licence covers the manufacturing of empty artillery shell bodies in the following sizes:
- 105 mm
- 120 mm
- 122 mm
- 125 mm
- 130 mm
- 152 mm
- 155 mm
Within the 155 mm category, the licence covers several variants, including HE M107, HE L15A1, Extended Range Full Bore (ERFB), ERFB Base Bleed (BB), and ERFB Boat Tail (BT).
The approval provides Tirupati Forge with the regulatory framework to establish manufacturing capabilities in a strategically important defence segment.
Initial Production Capacity of 150,000 Units
Tirupati Forge said its initial production capability is planned at 150,000 units annually.
The company is also working on scaling up production capacity at its advanced production centre as it prepares for commercial manufacturing.
According to the company, pilot manufacturing runs are targeted to begin in December 2026, followed by a transition towards full-scale industrial production.
Defence Manufacturing Expansion
The licence represents an important step in Tirupati Forge’s plan to diversify into defence manufacturing.
The company intends to use its existing expertise in high-precision engineering and manufacturing to develop capabilities for artillery shell production.
The move also aligns with India’s broader push towards defence indigenisation and domestic manufacturing under the Atmanirbhar Bharat initiative.
However, the licence itself does not automatically translate into defence orders or revenue. Future commercial performance will depend on factors such as successful production qualification, customer approvals, order inflows, capacity utilisation and execution.
Potential Revenue Opportunity
Tirupati Forge expects the new defence business to create additional revenue opportunities as production scales up.
The company said it expects interest from both Indian and international customers and has prepared a scaling plan to address potential demand.
For investors, the key developments to monitor will therefore be:
- Start of pilot production in December 2026
- Successful qualification and testing of products
- Defence orders and customer approvals
- Capacity expansion beyond the initial 150,000-unit annual capability
- Capital expenditure required for scaling
- Revenue contribution from the new defence business
- Domestic and international customer relationships
These factors will provide greater visibility into the actual financial impact of the new business.
Management Commentary
Hitesh Thummar, Chairman and Managing Director of Tirupati Forge Limited, said obtaining the industrial licence for artillery shell manufacturing is a major milestone for the company.
He said the approval reflects the company’s engineering capabilities and technical expertise and marks its entry into a strategically important area of defence manufacturing.
According to the management, the company aims to prepare its facilities for production of high-precision artillery products while addressing potential domestic and international demand.
The management also linked the initiative to India’s objective of strengthening domestic defence manufacturing and reducing dependence on external sources.
What Investors Should Watch Next
The industrial licence is a regulatory and capacity-building milestone, but the financial impact will become clearer only after the company moves from licensing and pilot production to commercial orders.
The next important triggers for investors could include:
Pilot Production → Product Qualification → Customer Approvals → Defence Orders → Capacity Utilisation → Revenue Contribution
The December 2026 pilot-production target will therefore be an important milestone to track.
Investor Takeaway
Tirupati Forge’s industrial licence gives the company the regulatory approval to manufacture empty artillery shell bodies across several major calibres, including multiple 155 mm variants.
With an initial planned production capability of 150,000 units annually and pilot manufacturing targeted for December 2026, the company is positioning defence manufacturing as a potential new growth area.
At this stage, investors should distinguish between the potential opportunity created by the licence and actual financial performance. Order wins, production commencement, customer approvals, capacity utilisation and eventual revenue contribution will determine how significant the defence business becomes for Tirupati Forge.
Disclaimer
This article is based on information disclosed by Tirupati Forge Limited. The information is provided for educational and informational purposes only and should not be considered investment advice or a recommendation to buy or sell any security. Investors should independently verify company disclosures and evaluate the associated risks before making investment decisions. Forward-looking statements regarding production, demand, capacity expansion, and future business opportunities are subject to risks and uncertainties and may differ materially from actual outcomes.