Gujarat Victory Forging Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: 1,97,00,000 equity shares (Fresh 65,00,000 shares + OFS 1,32,00,000 shares)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Gujarat Victory Forging Limited

Incorporated in September 1990, Gujarat Victory Forging Limited manufactures non-ferrous metal products through the processing and recycling of metal scrap. Its product portfolio includes high-purity copper cathodes (99.96%–99.99% copper) and copper-related products such as tubes, pipes, ingots, busbars, rods, and master alloys (copper arsenic, phosphorus, nickel, chromium zirconium, and silicon alloys). These products serve industries including power infrastructure, electric vehicles, construction, renewable energy, and storage. The company operates three manufacturing units, with one in Panchmahals, Gujarat, and two in Vadodara, Gujarat.

Gujarat Victory Forging Limited IPO Overview

Gujarat Victory Forging Limited filed its DRHP with SEBI on March 30, 2026, for a book-built IPO of 1,97,00,000 equity shares, comprising a fresh issue of up to 65,00,000 shares and an offer for sale (OFS) of up to 1,32,00,000 shares by promoter Vijendrakumar Bishamber Gupta. The company may consider a pre-IPO placement. Net proceeds from the fresh issue will be utilized for financing capital expenditure towards expansion of Unit III at Vadodara by increasing copper cathode manufacturing capacity (₹317.85 million), pre-payment or scheduled repayment of certain outstanding borrowings (₹400 million), and general corporate purposes. Lead managers: Monarch Networth Capital Ltd. and Nirbhay Capital Services. Registrar: KFin Technologies Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced

Gujarat Victory Forging Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	1,97,00,000 equity shares
Fresh Issue	65,00,000 equity shares
Offer for Sale (OFS)	1,32,00,000 equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	6,74,47,500 shares
Shareholding post-issue	7,39,47,500 shares

Gujarat Victory Forging Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Gujarat Victory Forging Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

 Gujarat Victory Forging Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹3.30
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	20.48%
Net Asset Value (NAV)	₹16.20
Return on Equity (RoE)	20.39%
Return on Capital Employed (RoCE)	19.16%
EBITDA Margin	5.98%
PAT Margin	6.49%
Debt to Equity Ratio	0.34x

 Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in million)
Financing capital expenditure for expansion of Unit III at Vadodara (copper cathode capacity increase)	317.85
Pre-payment or scheduled repayment of certain outstanding borrowings	400.00
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

Gujarat Victory Forging Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	2,702.03	2,513.55	1,812.72	1,656.46
Revenue from Operations	3,445.73	6,076.50	5,111.51	5,453.85
Profit After Tax	223.74	203.75	93.05	60.94
Reserves and Surplus	1,090.96	868.37	641.52	540.12
Total Borrowings	374.07	267.32	254.97	112.70
Total Liabilities	1,609.35	1,673.99	1,178.22	1,115.27

Financial Status of Gujarat Victory Forging Limited

SWOT Analysis of Gujarat Victory Forging Limited

Strengths and Opportunities	Weaknesses and Threats
Proven track record of sustained profitability in high-entry-barrier industry	Revenue concentration: top customers contribute significant portion
De-risked business model with diverse industry applications and product portfolio	Geographic concentration: majority operations in Gujarat
Strong customer base with 176 customers across 15 states and 5 countries	Working capital intensive business model
Robust raw materials sourcing capabilities from 11 countries	Relatively low EBITDA margin (4.67%) compared to peers
Strong renewable energy infrastructure (330 KW solar) enabling cost-efficient manufacturing	Dependence on copper scrap imports and price volatility
Experienced promoters with over two decades of domain knowledge	Intense competition from larger players like Hindalco and Vedanta
India’s copper demand expected to double by 2030	Regulatory changes in scrap import duties
Government’s zero BCD on copper scrap to boost recycling competitiveness	Currency fluctuations affecting import costs
Capacity expansion from 5,400 MTPA to 9,600 MTPA copper cathodes	Global copper price volatility impacting margins

Gujarat Victory Forging Limited IPO Strengths

Proven Track Record of Sustained Profitability and Consistent Financial Results in a High-Entry-Barrier Industry

Gujarat Victory Forging has showcased a consistent track record of growth and profitability. Revenue from operations grew to ₹6,076.50 million in Fiscal 2025, while PAT increased from ₹60.94 million in Fiscal 2023 to ₹203.75 million in Fiscal 2025. The company recorded PAT growth of 118.97% from Fiscal 2024 to Fiscal 2025. The company maintains a conservative debt policy and strong working capital management, with credit ratings of BWR A- (long-term) and BWR A2 (short-term) from Brickwork Ratings. This financial stability enables the company to meet customer requirements and strengthen trust and engagement.

De-Risked Business Model with Diverse Industry Applications, Product Portfolio and Operational Flexibility

Gujarat Victory Forging’s business model is diversified across products, end-use industries, and customer base. The company manufactures 9 products across product segments, serving industries including power infrastructure, automotive, construction, renewable energy, electronics, and industrial machinery. With total installed capacity of 9,360 MTPA distributed across two manufacturing facilities, each unit is equipped to produce a comprehensive range of products, providing operational flexibility and reducing business interruption risk.

Strong Customer Base Along with Robust Raw Materials Sourcing Capabilities

Gujarat Victory Forging has established a wide customer base of 176 customers across 15 states/union territories in India and 5 countries internationally. The top 10 customers had an average relationship term of over 6.3 years as of September 30, 2025. The company sources raw materials from domestic and international suppliers across 11 countries, including UAE, Malaysia, Kuwait, USA, Singapore, and China. This extensive supplier network enables cost-effective and reliable supply of raw materials.

Strong Renewable Energy Infrastructure Enabling Sustainable and Cost-Efficient Manufacturing

Gujarat Victory Forging has made significant investments in renewable energy infrastructure, successfully commissioning and operating a 330 KW rooftop solar power unit at Unit III. During Fiscal 2025, the power generated from this installation resulted in an adjustment of approximately ₹0.56 million in total electricity expenditure. This integrated renewable energy strategy strengthens energy security, reduces carbon footprint, and contributes to long-term cost optimization while enhancing the company’s ESG profile.

Experienced Promoters and Management Team with Domain Knowledge

Gujarat Victory Forging’s management team is led by experienced promoters, Vijendrakumar Bishamber Gupta, Manjuben Vijendrakumar Gupta, and Rahul Vijendra Agrawal, representing first and second generation in the business. The promoters have an average experience of more than two and a half decades in the non-ferrous metal industry. They are supported by Key Managerial Personnel and Senior Management Personnel with diverse experience across various operations and functions related to the business.

Other IPO Pages Linking

More About Gujarat Victory Forging Limited

Gujarat Victory Forging Limited, incorporated in September 1990, has established itself as a manufacturer of non-ferrous metal products through the processing and recycling of metal scrap with over three decades of operational history.

Manufacturing Facilities

• Unit I (Manjusar, Savli, Vadodara): 2,760 MTPA capacity
• Unit II (Manjusar, Savli, Vadodara): 6,600 MTPA capacity (operating adjacently to Unit I)
• Unit III (Panchmahals, Gujarat): Copper cathode manufacturing with 36 electrolysis cells, to be expanded to 60 cells
• Total installed capacity: 9,360 MTPA (post-expansion: 13,560 MTPA)

Product Portfolio

• Copper Cathodes: 99.96%–99.99% purity (LME Grade A)
• Copper Products: Tubes, pipes, busbars, rods, ingots, coils
• Brass Products: Tubes and pipes
• Master Alloys: Copper arsenic, phosphorus, nickel, chromium zirconium, and silicon alloys
• End-Use Industries: Power infrastructure, automotive, EV, construction, renewable energy, electronics, industrial machinery, storage

Customer and Geographic Presence

• Domestic: 176 customers across 15 states/union territories including Gujarat, Maharashtra, Rajasthan, Karnataka, Telangana, Tamil Nadu, and Delhi
• International: 5 countries including Oman, Zambia, South Korea, Indonesia, and UAE
• Export Revenue: ₹364.98 million (10.59% of revenue) in H1 FY2026

Raw Material Sourcing

• Procures copper scrap (80%–99% copper content) from 11 countries including UAE, Malaysia, Kuwait, USA, Singapore, Lithuania, Switzerland, China, Cyprus, Indonesia, and Hong Kong

Sustainability Initiatives

• 330 KW rooftop solar power unit at Unit III under net metering arrangement
• Plans to expand sustainable copper extraction through procurement and recycling of PVC cable and wire scrap (Druid scrap)

Credit Ratings

• Long-term: BWR A- (Stable)
• Short-term: BWR A2

Industry Outlook

India’s non-ferrous metal and copper industry is poised for robust growth driven by infrastructure development, renewable energy expansion, and increasing demand from automotive and electronics sectors. The India Non-Ferrous Metal Market is anticipated to grow at a CAGR of 5.8% during 2025-2031. Demand for non-ferrous metals is expected to show growth of approximately 7-10% in FY2025, outpacing global demand growth of ~2%.

Key Growth Drivers:

• Copper Demand Surge: India’s domestic copper demand is expected to double by 2030, driven by industrial and energy transformation. India’s copper demand is projected to reach 3-3.3 million metric tons by 2030.
• Copper Cathode Market: Pan-India demand for copper cathodes is projected to grow from 795,000 MT in Fiscal 2025 to 1,300,000 MT by Fiscal 2030, representing a CAGR of 10.2%.
• Recycling Industry Boost: The Indian government has eliminated Basic Customs Duty (BCD) on copper scrap, enhancing recycling competitiveness and lowering input costs. Copper availability from recycling in India could rise to 25-30% of local demand.
• Infrastructure and Energy Transition: Grid modernisation, increased EV demand, expansion of renewable energy capacity, growth in electronics manufacturing, and data centre development collectively drive sustained demand for copper cathodes, tubes, pipes, busbars, and master alloys.
• Production Capacity Gap: India’s copper cathode production is approximately 555,000 MT, while the country imports around 500,000 MT of copper annually to bridge the supply gap.

Market Projections:

• India’s copper demand is projected to reach 3.24 million tonnes by FY2030 within conventional sectors.
• Western and Northern India have displayed high demand growth for copper cathodes, with Maharashtra, Uttar Pradesh, and Gujarat leading consumption.
• The Indian copper recycling sector is expected to benefit from zero BCD on non-ferrous scrap, supporting domestic secondary producers.

How Will Gujarat Victory Forging Limited Benefit

• Gujarat Victory Forging is strategically positioned to benefit from India’s copper cathode demand growing at 10.2% CAGR to 1.3 million MT by FY2030, with the company’s capacity expansion from 5,400 MTPA to 9,600 MTPA enabling it to capture a larger share of this growing market.
• The company’s location in Gujarat, the largest copper cathode and copper wire producing state in India, provides enhanced access to raw materials, well-developed industrial infrastructure, and efficient logistics networks.
• The government’s elimination of BCD on copper scrap enhances the company’s cost competitiveness in recycling operations, supporting the expansion into sustainable copper extraction through procurement and recycling of PVC cable scrap.
• With India’s copper demand expected to double by 2030 and the country importing approximately 500,000 MT of copper annually, Gujarat Victory Forging’s domestic production capabilities position it to benefit from import substitution.
• The company’s 330 KW rooftop solar power unit and planned expansion into sustainable copper extraction align with India’s net zero goals and growing demand for environmentally responsible manufacturing.
• Gujarat Victory Forging’s diversified product portfolio across power infrastructure, EV, renewable energy, and construction sectors positions it to benefit from India’s infrastructure build-out and energy transition, with the non-ferrous metal market expected to grow at 5.8% CAGR through 2031.

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue (₹ in million)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio	RoNW (%)	NAV (₹)
Gujarat Victory Forging Limited	10.00	6,076.50	3.35	3.35	[●]	23.42%	12.90
Jain Resources Recycling Ltd	2.00	71,257.68	7.16	7.16	61.62	31.56%	21.87
Bhagyanagar India Ltd	2.00	16,256.05	4.38	4.38	33.30	6.76%	64.82

Key Strategies for Gujarat Victory Forging Limited

Enhance Capacity Utilization of Copper Cathodes and Leverage Growth Opportunities in the Downstream Copper Products Industry

Gujarat Victory Forging intends to increase its current capacity of Copper Cathodes at Unit III, expanding production by 56.25% from 5,400 MTPA to 9,600 MTPA. Upon completion, total installed capacity will increase from 9,360 MTPA to 13,560 MTPA. The company has obtained key regulatory clearances including Consent to Establish from GPCB and approval of plans from the Factory Inspectorate. The expansion aims to tap into the projected pan-India demand growth for copper cathodes from 795,000 MT to 1,300,000 MT by FY2030.

Expand into Sustainable Copper Extraction Through Procurement and Recycling of Copper Wire and PVC Cable Scrap

Gujarat Victory Forging intends to expand into sustainable copper extraction through the procurement and recycling of PVC cable and wire scrap (Druid scrap), which contains 30-70% copper content. This initiative aims to strengthen raw material sourcing capabilities while reducing dependence on primary copper scrap sources. The company has identified key domestic and international suppliers and obtained the requisite Druid scrap license. This expansion is expected to reduce procurement costs and processing time, increasing overall cost efficiency.

Expanding Product Portfolio to Leverage Strong Growth in Non-Ferrous Metal Industry

Gujarat Victory Forging has strengthened its product portfolio through the introduction of new product lines, including copper cathodes in Fiscal 2023 and copper coils in Fiscal 2025 at Unit III. The company intends to further expand its portfolio by aligning offerings with established and emerging copper-intensive applications in India’s power infrastructure, automotive (including EVs), construction, renewable energy, electronics, and data centres. The company aims to allocate operating cash flows towards broadening product mix and introducing new copper and copper-related products.

Expanding Geographical Presence to Capture Larger Customer Base Across Exports and Domestic Markets

Gujarat Victory Forging has established a robust presence in both domestic and international markets, expanding its domestic footprint to 15 states/union territories and growing its global reach from 3 countries in Fiscal 2023 to 5 countries in Fiscal 2025. The company intends to expand its geographical presence to capture additional states and countries, meeting additional customer requirements. The consistent increase in domestic and international sales reflects the trust built through consistent product quality and timely deliveries.

FAQs

How can I apply for Gujarat Victory Forging Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Gujarat Victory Forging IPO?

The IPO comprises 1,97,00,000 equity shares, including fresh issue of 65,00,000 shares and OFS of 1,32,00,000 shares.

When is the Gujarat Victory Forging IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Gujarat Victory Forging shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Gujarat Victory Forging use the IPO proceeds?

Proceeds will be used for capex for copper cathode expansion (₹317.85 million), debt repayment (₹400 million), and general corporate purposes.

Infographic Content

Gujarat Victory Forging Limited IPO Highlights

Gujarat Victory Forging is a manufacturer of high-purity copper cathodes (99.96%-99.99%) and copper-related products serving power infrastructure, EV, renewable energy, and construction sectors with three manufacturing units in Gujarat.

• Offer Size:1,97,00,000 equity shares (Fresh Issue 65,00,000 shares; OFS 1,32,00,000 shares)
• Purpose:Net proceeds will be used for copper cathode capacity expansion (₹317.85 million), debt repayment (₹400 million), and general corporate purposes.
• Financials (FY March 2025):Revenue ₹6,076.50 million; Profit After Tax ₹203.75 million; EPS ₹3.35
• Listing:Mainboard IPO on BSE & NSE