Pursuant to the Regulation 30 of SEBI (Listing Obligations and Disclosure Requiements) Regulations, 2015 we would like to inform about the revision in the Credit Ratings of the Company by CRISIL.
As attached
Format of Initial Disclosure to be made by an entity identified as a Large Corporate. Sr. No. Particulars Details 1Name of CompanyTirupati Sarjan Ltd 2CIN NO.L45100GJ1995PLC024091 3 Outstanding borrowing of company as on 31st March / 31st December, as applicable (in Rs cr) 20.21 4Highest Credit Rating during the previous FY NA 4aName of the Credit Rating Agency issuing the Credit Rating mentioned in (4)Not Applicable 5Name of Stock Exchange# in which the fine shall be paid, in case of shortfall in the required borrowing under the frameworkBSE We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. No Name of the Company Secretary: ARPIT JAYANTIBHAI VYAS Designation: COMPANY SECRETARY AND COMPLIANCE OFFICER EmailId: cs.tirupatisarjan@gmail.com Name of the Chief Financial Officer: RUCHIR RUSHIKESHBHAI PATEL Designation: CHIEF FINANCIAL OFFICER EmailId: ruchir26@gmail.com Date: 29/04/2026 Note: In terms para of 3.2(ii) of the circular, beginning F.Y 2022, in the event of shortfall in the mandatory borrowing through debt securities, a fine of 0.2% of the shortfall shall be levied by Stock Exchanges at the end of the two-year block period. Therefore, an entity identified as LC shall provide, in its initial disclosure for a financial year, the name of Stock Exchange to which it would pay the fine in case of shortfall in the mandatory borrowing through debt markets.
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 25.53 | 41.65 | 54.56 | 72.02 | 41.21 | 49.09 | 53.47 | 77.90 | 30.83 | 37.83 | 69.02 | 80.05 |
| YOY Revenue Growth % | 10.74% | -16.4% | 87.64% | 31.43% | 61.39% | 17.87% | -1.99% | 8.17% | -25.2% | -22.93% | 29.08% | 2.76% |
| Other Income | 0.04 | 0.07 | 0.28 | 1.11 | 0.16 | 0.54 | 0.39 | 0.48 | 0.32 | 0.18 | 0.10 | 0.94 |
| Total Income | 25.57 | 41.72 | 54.84 | 73.13 | 41.37 | 49.63 | 53.87 | 78.38 | 31.15 | 38.01 | 69.12 | 80.99 |
| Total Expenses + | 24.56 | 40.31 | 53.05 | 71.29 | 39.74 | 47.90 | 51.88 | 76.28 | 29.64 | 36.76 | 67.13 | 79.14 |
| Cost of Materials Consumed | 16.19 | 19.53 | 26.04 | 39.38 | 20.43 | 16.16 | 19.00 | 24.06 | 23.23 | 11.72 | 15.89 | 25.77 |
| Employee Benefit Expense | 0.28 | 0.29 | 0.79 | 1.04 | 0.46 | 0.49 | 0.53 | 0.48 | 0.42 | 0.36 | 1.16 | 0.37 |
| Other Expenses | 0.67 | 0.56 | 0.91 | 0.75 | 0.52 | 0.87 | 0.42 | 2.27 | 1.16 | 0.76 | 1.05 | 5.67 |
| Operating Profit | 0.97 | 1.33 | 1.51 | 0.73 | 1.47 | 1.19 | 1.59 | 1.62 | 1.19 | 1.07 | 1.89 | 0.91 |
| OPM % | 3.8% | 3.2% | 2.8% | 1% | 3.6% | 2.4% | 3% | 2.1% | 3.9% | 2.8% | 2.7% | 1.1% |
| Profit Before Tax + | 1.01 | 1.41 | 1.79 | 1.84 | 1.63 | 1.73 | 1.99 | 2.10 | 1.51 | 1.43 | 1.99 | 1.67 |
| Tax Expense | 0.24 | 0.42 | 0.49 | 0.95 | 0.42 | 0.65 | 0.46 | 0.76 | 0.45 | 0.40 | 0.57 | 0.43 |
| Tax % | 24% | 29.7% | 27.3% | 51.7% | 26% | 37.6% | 23.3% | 36% | 29.6% | 28.1% | 28.9% | 25.8% |
| Profit After Tax | 0.76 | 0.99 | 1.30 | 0.89 | 1.21 | 1.08 | 1.52 | 1.35 | 1.06 | 1.03 | 1.41 | 1.24 |
| EPS (Basic) | 0.23 | 0.30 | 0.40 | 0.27 | 0.37 | 0.33 | 0.46 | 0.41 | 0.32 | 0.31 | 0.43 | 0.37 |
| Particulars | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 217.73 | 221.67 | 193.75 | 157.06 | 91.23 | 65.00 |
| YOY Revenue Growth % | -1.78% | 14.41% | 23.36% | 72.16% | 40.35% | - |
| Other Income | 1.53 | 1.58 | 1.50 | 1.36 | 1.86 | 2.32 |
| Total Income | 219.26 | 223.25 | 195.26 | 158.42 | 93.09 | 67.33 |
| Total Expenses + | 212.66 | 215.80 | 189.21 | 154.27 | 90.77 | 65.64 |
| Cost of Materials Consumed | 76.62 | 79.64 | 101.13 | 59.26 | 29.27 | 19.68 |
| Employee Benefit Expense | 2.31 | 1.97 | 2.40 | 1.78 | 6.06 | 4.82 |
| Other Expenses | 8.65 | 4.09 | 2.88 | 2.22 | 2.73 | 2.38 |
| Operating Profit | 5.07 | 5.87 | 4.55 | 2.80 | 0.46 | -0.64 |
| OPM % | 2.3% | 2.6% | 2.3% | 1.8% | 0.5% | -1% |
| Profit Before Exceptional | 6.59 | 7.45 | 6.05 | 4.16 | 2.32 | 1.69 |
| Exceptional Items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit Before Tax + | 6.59 | 7.45 | 6.05 | 4.16 | 2.32 | 1.69 |
| Tax Expense | 1.85 | 2.29 | 2.10 | 1.13 | 0.63 | 0.55 |
| Tax % | 28.1% | 30.8% | 34.7% | 27.3% | 27.3% | 32.6% |
| Profit After Tax | 4.74 | 5.16 | 3.95 | 3.02 | 1.69 | 1.14 |
| EPS (Basic) | 1.44 | 1.56 | 1.20 | 0.92 | 0.51 | 0.34 |
| Particulars | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Non-Current Assets + | 91.26 | 88.07 | 90.34 | 88.09 | 87.12 | 9,108,444.77 |
| Property, Plant & Equipment | 9.96 | 8.73 | 8.98 | 8.23 | 4.75 | 415,975.23 |
| Capital Work in Progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-Current Investments | 0.00 | 0.00 | 0.83 | 10.10 | 8.92 | 0.00 |
| Goodwill | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Intangible Assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Current Assets + | 94.92 | 107.26 | 128.01 | 119.85 | 84.60 | 8,526,926.70 |
| Inventories | 61.21 | 67.90 | 83.54 | 69.52 | 69.83 | 6,458,064.14 |
| Trade Receivables | 26.41 | 31.86 | 38.92 | 43.67 | 8.30 | 1,191,014.23 |
| Cash and Cash Equivalents | 4.17 | 4.33 | 2.96 | 2.44 | 1.39 | 658,868.08 |
| Current Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| LIABILITIES & EQUITY | ||||||
| Total Equity | 93.97 | 89.23 | 84.08 | 80.13 | 77.11 | 7,509,597.21 |
| Equity Share Capital | 16.50 | 16.50 | 16.50 | 16.50 | 16.50 | 1,649,901.25 |
| Other Equity | 77.47 | 72.73 | 67.58 | 63.63 | 60.61 | 5,859,695.96 |
| Non-Current Liabilities | 33.86 | 39.93 | 47.98 | 41.98 | 38.42 | 3,628,408.18 |
| Current Liabilities | 58.35 | 66.17 | 86.29 | 85.82 | 56.19 | 6,497,366.08 |
| Total Liabilities | 92.21 | 106.10 | 134.27 | 127.81 | 94.61 | 10,125,774.26 |
| Particulars | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
| Cash from Operating Activities | 7.51 | 16.75 | 7.13 | 7.66 | 11.05 | -2.38 |
| Cash from Investing Activities | 2.44 | 1.59 | -4.02 | -5.96 | -0.62 | 0.99 |
| Cash from Financing Activities | -10.12 | -16.96 | -2.59 | -1.01 | -15.63 | -0.26 |
| Net Increase/Decrease in Cash | -0.16 | 1.38 | 0.52 | 0.69 | -5.20 | -1.65 |