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Happy Forgings IPO Promoters
PARITOSH KUMAR, ASHISH GARG, MEGHA GARG, AYUSH CAPITAL & FINANCIAL SERVICES PRIVATE LIMITED, GARG FAMILY TRUST, PARITOSH KUMAR GARG (HUF) AND ASHISH GARG & SONS (HUF)

Happy Forgings: Company Details

Happy Forgings is the fourth largest engineering led manufacturer of complex and safety critical, heavy forged and high precision machined components in India as of Fiscal 2023 in terms of forgings capacity .
It, through its vertically integrated operations, is engaged in engineering, process design, testing,
manufacturing, and supply of a variety of components that are both margin accretive and value-additive. It primarily caters to domestic and global original equipment manufacturers (“OEMs”) manufacturing commercial vehicles in the automotive sector, while in the non-automotive sector, it caters to manufacturers of farm equipment, off-highway vehicles and manufacturers of industrial equipment and machinery for oil and gas, power generation, railways and wind turbine industries.
With over 40 years of experience of manufacturing and supplying quality and complex components according to customers specifications, it has emerged as a leading player in the domestic crankshaft manufacturing industry with the second largest production capacity for commercial vehicle and high horse-power industrial crankshafts in India. Its focus on producing margin accretive value-added products has led to its transition from being a forging led business to a machined components manufacturer. Its revenue from sale of machined products has increased from Rs. 3,992.02 million in Fiscal 2021 (representing 72.88% of our revenue from sale of products in such Fiscal) to Rs.8,392.33 million in Fiscal 2023 (representing 78.66% of our revenue from sale of products in such Fiscal), at a CAGR of 44.99% which demonstrates our increased focus on machined products.
Its strength in machining and overall value addition to products has enabled it to achieve the highest EBITDA margin among its peers.

Happy Forging manufactures a wide range of heavy forged and machined products which include crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, pinion shafts, suspension products and valve bodies across industries for a diversified base of customers.
It is among the few companies in India with the capability to manufacture and supply high precision safety critical components to leading OEMs including manufacturers of commercial vehicles, farm equipment, off-highway and industrial equipment and machinery for oil and gas, power generation, railways and wind turbine industries.

It is a supplier to each of the top five Indian OEMs, by market share, in the medium and heavy commercial vehicle industry and four of the top five Indian OEMs in the farm equipment industry by market share, in Fiscal 2023.

Happy Forgings owns and operates three manufacturing facilities, of which two are located at Kanganwal in Ludhiana, Punjab and one is located at Dugri in Ludhiana, Punjab. Its annual aggregate installed capacity for forging and machining has increased from 67,000.00 MT and 29,500.00 MT,
respectively, as of March 31, 2021, to 107,000.00 MT and 46,100.00 MT as of March 31, 2023, respectively.

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Objects of the Happy Forgings IPO
The Offer comprises the Fresh Issue and an Offer for Sale.
 The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
1. Purchase of equipment, plant and machinery.
2. Prepayment of all or a portion of certain outstanding borrowings availed by the Company; and
3. General corporate purposes.

GMP today Details financial aspect

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Happy Forgings IPO GMP

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