Gujarat Victory Forgings IPO

About Gujarat Victory Forging IPO

The Gujarat Victory Forging IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of a fresh issue component. The fresh issue will include 1,97,00,000 shares aggregating up to ₹[TBA] crores. The total number of shares is 2,62,00,000 and the aggregate amount is yet to be finalised.

Gujarat Victory Forging IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Gujarat Victory Forging is engaged in the business of manufacturing of non-ferrous metal products by way of processing and recycling of non-ferrous metal scrap. The company’s products are primarily used across key end-user industries such as power infrastructure, EV and automotive, construction and real estate, renewable energy and energy storage, among others.

Objectives of Gujarat Victory Forging IPO

• Financing the capital expenditure requirement towards expansion of their existing Unit III at Vadodara by increasing the manufacturing capacity of copper cathodes.
  
• Pre-payment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company.
  
• General corporate purposes.
  

Industry Outlook

India holds a strategically evolving position in the global copper industry, shaped by its growing domestic demand, expanding manufacturing base, and increasing role in regional trade. The country has developed strong refining and downstream capacities, supported by leading integrated producers with global-scale operations. Copper is critical for India’s industrial ecosystem particularly in power transmission, renewable energy, automotive manufacturing, and electronics sectors that are expanding rapidly under national infrastructure and electrification initiatives. Globally, India’s demand trajectory aligns with the broader shift toward energy transition and digitalization. Rising investment in renewable energy, electric vehicles, and grid modernization is driving consistent consumption growth. However, volatility in global prices, trade barriers, and raw material availability remain challenges. Nonetheless, India’s favourable policy environment, strong downstream capabilities, and growing participation in global supply chains are strengthening its presence in the international copper market, positioning it as an emerging and increasingly influential player in the years ahead.

About Gujarat Victory Forging

Gujarat Victory Forging is engaged in the business of manufacturing of non-ferrous metal products by way of processing and recycling of non-ferrous metal scrap. Their product portfolio comprises high purity copper cathodes typically ranging between 99.96%-99.99% copper, copper related products such as copper tubes and pipes, copper ingots, copper busbar, copper rods, copper alloy rods, copper coil, brass tubes and pipes. (collectively referred as “Copper related products”) and Master Alloys of Copper such as copper arsenic alloys, copper phosphorus alloys, copper nickel alloys, chromium zirconium alloys and copper silicon alloys (collectively referred as “Master Alloys of Copper”) which find applications in various industries including power infrastructure, EV & Automotive, construction & real estate, renewable energy and its storage, among others. Their products are customisable to the requirements of their customers, with respect to the level of purity and/or composition with other metal and non-metal that conform to international standards.

Strengths of Gujarat Victory Forging

• Proven track record of sustained profitability and consistent financial results in a high entry barrier industry.
  
• De-risked business model with diverse industry applications, product portfolio and operational flexibility.
  
• Strong customer base along with robust raw materials sourcing capabilities.
  
• Strong renewable energy infrastructure enabling sustainable and cost-efficient manufacturing.
  
• Experienced promoters and management team, having domain knowledge.
  

Risks of Gujarat Victory Forging

• Any disruption in procurement, quality or import of copper scrap and other raw materials.
  
• Their operations and financial performance are concentrated and significantly dependent on the sale of copper cathodes.
  
• A significant portion of their revenue is derived from their repeat and top 10 customers.
  
• They do not have formal agreements for the procurement of raw materials with their suppliers.
  
• While their revenues are growing pan-India across 15 states/union territories, their revenue concentration is in western India.
  
• Their dependence on imported copper scrap, which is subject to stringent environmental and hazardous waste regulations, exposes them to regulatory risks.
  
• Their operations are largely dependent on confirmed customer orders.
  
• They are dependent on a single copper extrusion machine for the manufacture of 5 out of their 9 products, and have not entered into any maintenance agreement for such machinery.
  

Source: All the financial information for listed industry peers mentioned above is on a consolidated basis sourced from the Annual Reports/Information of the peer company submitted to stock exchanges for the year ended March 31, 2025. * As adjusted for bonus and split

Notes: 1. All the financial information for listed industry peers mentioned above is on a consolidated basis.

2. P/E Ratio has been computed based on the closing market price of equity shares on the NSE on March 20, 2026 divided by the Diluted EPS.

3. RoNW is computed as net profit after tax divided by the closing net worth. Net worth has been computed as the sum of Share capital and other Equity.

4. NAV is computed as the closing net worth divided by the closing outstanding number of equity shares.

5. “Net worth” means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, but does not include reserves created out of revaluation of assets, capital reserve, write-back of depreciation and amalgamation as per SEBI ICDR Regulations.

Anchor Investor Bidding Date: TBA

Registrar: KFin Technologies Limited
Book Running Lead Managers:

• Monarch Networth Capital Limited
  
• Nirbhay Capital Services Private Limited
  

Gujarat Victory Forging Business Model

The company earns its revenue through manufacturing of non-ferrous metal products by processing and recycling of non-ferrous metal scrap.

Gujarat Victory Forging Growth Trajectory

Gujarat Victory Forging’s Total Income for FY25 was ₹614.110 crores, whereas in FY24 and FY23 it was ₹515.456 crores and ₹547.409 crores, respectively.

The Profit After Tax for FY25 was ₹20.375 crores, whereas in FY24 and FY23 it was ₹9.305 crores and ₹6.094 crores, respectively.

Their EBITDA for FY25 was ₹28.379 crores, whereas in FY24 and FY23 it was ₹15.339 crores and ₹12.004 crores, respectively.

Gujarat Victory Forging Market Position

Through a diversified product portfolio, they have established a wide customer base of 176 customers in 15 states/union territories in India and 5 countries internationally during the six-month period that ended September 30, 2025. As of September 30, 2025, and during the last 3 fiscal years, they have also exported their products to 5 countries including Oman, Zambia, South Korea, Indonesia and UAE.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹614.110 crores, ₹20.375 crores, and ₹28.379 crores, respectively.

How to apply for Gujarat Victory Forging IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.