Incorporated in 1979, Happy Forgings is a leading heavy forgings and high-precision machined components manufacturer.
Long-standing relationships with clients. As of September 30, 2023, its top 10 customers have remained with it for at least 10 years.
Its top clients include reputed auto manufacturers, such as Ashok Leyland, JCB India, Mahindra & Mahindra, etc.
Revenue concentration. Its top ten clients accounted for around 70 per cent of FY23 revenue.
Lack of bargaining power. It sources most of its raw material from a limited number of suppliers. The forging industry is highly competitive.
Is the company's net debt-to-equity ratio less than one? Yes. Its net debt-to-equity ratio stood at 0.2 times as of September 2023.