Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on May, 2026
• This is the 2nd RI from the company since April 2025.
• The company kept adding business activities in non-core business and unrelated areas.
• It posted minuscule profits till March 2025 and posted higher top and bottom lines for H1-FY26, that raise eyebrows and concern over its sustainability.
• Post RI, its paid-up equity base will be around three fold and may raise issue for its servicing.
• Promoter’s holding has been at 0%, and the counter is under vested interest’s operations.
• There is no harm in skipping this at par dicey offer.
ABOUT COMPANY:
Tirupati Innovar Ltd., (TIL) erstwhile known as Tirupati Tyres Ltd. – was initially commenced its business operations in the field of trading in tyres and electric vehicle–related activities. Over time, in line with emerging opportunities and its long-term growth strategy, the Company expanded its scope by adding new object clauses. These additions enable the Company to undertake diversified activities including jewellery and gem trading, agriculture and allied services, as well as real estate development and related businesses.
Among the expanded areas, the Company has strategically positioned “trading in agriculture products” as one of its principal business activities. The Company’s focus on agricultural trading aligns with national demand patterns, market potential within the agri-value chain, and the rising opportunities in organized commodity trading, thereby strengthening its long-term growth prospects. The company is now actively engaged in agriculture-product trading, focusing on commodities such as pulses and rice. This business serves as a strategic diversification, tapping into growing national demand for agri-commodities and leveraging opportunities across organized commodity markets, thereby strengthening its long-term growth potential.
The company’s agricultural trading business leverages fast-growing organized commodity markets and national platforms to source and distribute staples such as pulses and rice. By acting as an aggregator and trader, it connects farmers and institutional buyers, creating value across the agri-value chain. This engagement helps diversify its revenue base, hedges against seasonal and price volatility, and positions the firm to benefit from rising demand and improving digital infrastructure in India’s agri-commodity ecosystem. As of March 31, 2025, it had 15 employees on its payroll including the management.
ISSUE DETAILS:
The company is coming out with its 2nd Rights Issue (RI) of 46442650 equity shares of Rs. 10 each at par value to mobilize Rs. 46.44 cr. The RI opens for subscription on May 07, 2026, and will close on May 15, 2026. The company is offering RI in the ratio of 19 for 10 to its eligible stakeholders as of the record date of April 30, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE and MSEI. The company is spending Rs. 0.75 cr. for this RI process, and from the net proceeds, it will utilize Rs. 34.08 cr. for funding working capital, and Rs. 11.61 cr. for general corporate purposes.
The RI is solely lead managed by the company itself., and Skyline Financial Services Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 24.44 cr. will stand enhanced to Rs. 70.81 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 70.81 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last four fiscals, the company has posted total income / net profit, of Rs. 0.26 cr. / Rs. 0.16 cr. (FY22), Rs. 0.29 cr. / Rs. 0.22 cr. (FY23), Rs. 0.41 cr. / Rs. 0.09 cr. (FY24), Rs. 11.81 cr. / Rs. 1.00 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it posted a net profit of Rs. 2.20 cr. on a total income of Rs. 49.64 cr. It presented minuscule operations till FY25 and marked growth from the ongoing fiscal, but it posted small profits. Higher net profit for 6M-FY26 appears to be inflated data for paving a way for RI. Near threefold equity base post-RI indicates its servicing issue going forward. Its NAV stood at Rs. 22.50 as of March 31, 2025. The offer document has represented NAV at Rs. 2.25 and Rs. 22.50 (page no. 114 of the offer document), the clarification is needed on this info from the company.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 539040 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 11.30 on April 29, 2026, and opened on an ex-right basis at Rs. 11.42 on April 30, 2026. Since then, it has marked a high/low of Rs. 13.38/ Rs. 11.00. The scrip last closed at Rs. 13.38 as of May 06, 2026 (at upper circuit on a thin volume with market operations by vested interests). For the last 52 weeks’ it has posted a high/low of Rs. 13.38 / Rs. 5.12.
The promoters’ holding has been at O% for the last three quarters ended March 31, 2026. The counter appears rigged and well managed above the par value by vested interests to tempt investors.
Conclusion / Investment Strategy
This is the 2nd RI from the company since April 2025. The company kept adding business activities in non-core business and unrelated areas. It posted minuscule profits till March 2025 and posted higher top and bottom lines for H1-FY26, that raise eyebrows and concern over its sustainability. Post RI, its paid-up equity base will be around three fold and may raise issue for its servicing. Promoter’s holding has been at 0%, and the counter is under vested interest’s operations. The offer documents were made available just this afternoon only (i.e., today May 06, 2026.). There is no harm in skipping this at par dicey offer.
Review By Dilip Davda on May, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
