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In a filing to the stock exchanges, the company said that the Board of Directors at the meeting held on January 6, 2025, approved a capex budget of approximately ₹650 crore to set up facilities for heavy weight forged and machined components.
The amount has been set aside primarily for heavy forged and machined components for non-automotive sectors like power generation, marine, mining, high-horsepower farm equipment, material handling equipment and cranes, wind energy and oil and gas segments, among others.
The forgings company will invest the amount in setting up advanced forging capabilities for heavy weight components that weigh up to 3,000 kilograms.
The upcoming facility will be the first such facility in Asia and the second largest in the world. The company’s Board of Directors has estimated to invest about ₹650 crore over a period of 2-3 years for the said purpose.
By investing in these capabilities, Happy Forgings will strategically be able to position itself for serving the nonautomotive industrial segment, thereby addressing niche areas where heavyweight components are extremely important.
Happy Forgings is a manufacturer of complex heavy forged and high-precision machined components that debuted on the stock exchanges in December 2023. Around 30% of the company’s business comes from the farm equipment sector.
The company’s shares gained as much as 5.3% to hit an intraday high of ₹1,065.95 per piece on the BSE in morning deals. However, the stock pared some of early gains to trade flat at ₹1,007.95 apiece, down 0.46%, on the BSE at 12:24 pm.
Shares of Happy Forgings have gained 0.78% in the last one week, while declining nearly 9% in the past month. The stock has dropped over 14% in the last three months, while sliding over 20% in the past six months. However, in the last one year the stock has remained flat, with a gain of 0.41%.
(Edited by : Poonam Behura)
