Subscribe to Happy Forgings: KR Choksey

KR Choksey, IPO report on Happy Forgings

Happy Forgings Limited is a leading Indian forging and machining company, incorporated in July 1979. It specializes in designing and manufacturing heavy forgings and high-precision machined components offering a wide range of solutions in the heavy commercial vehicles, farm equipment, off-highway construction and industrial equipment and machinery for oil and gas, power generation, railways, and wind turbine industries. With over 40 years of experience in manufacturing and supplying quality and complex components, the Company is well established within the industries and customers its caters to. The Company is a supplier to each of the top 5 Indian OEMs, by market share, in the medium and heavy commercial vehicle industry and 4 of the top 5 Indian OEMs in the farm equipment industry by market share in FY 2023.

Valuation and Outlook

The company's foray into lightweight forging and machining, with the introduction of aluminum components, and an increased focus on export opportunities set against the backdrop of continued efforts to reduce operating costs and improve operational efficiencies, are likely to keep the company on its growth trajectory. Therefore, we recommend a ‘SUBSCRIBE’ rating for Happy Forgings Limited.