Gujarat Victory Forgings Ltd IPO

Proven track record of sustained profitability and consistent financial results in a high entry barrier industry.

De-risked business model with diverse industry applications / customer base / suppliers / location / 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.

The company's ability to source adequate quality of copper scrap and other raw materials, including through imports, is critical to its operations, and any disruption in procurement, quality or import of such raw materials may adversely affect the company's business, financial condition and results of operations

The company's operations and financial performance are concentrated and significantly dependent on the sale of copper cathodes, which contributed to 44.76%, 49.34%, 56.30% and 44.29% of its revenue from operations during the six months period ended September 30, 2025, and the Financial Years ended March 31, 2025, March 31, 2024, and March 31, 2023. Any adverse conditions affecting the market of the said product can negatively impact its business, financial condition and results of operations.

A significant portion of the company's revenue during the six months period ended September 30, 2025, and as at Financial Year ended March 31, 2025, March 31, 2024, and March 31, 2023, is derived from its repeat and top 10 customers. Any decrease in revenues or loss of business from such customers may adversely affect the company's business, financial condition, cash flows and results of operations.

While the company has longstanding relationships with several of its suppliers, the company does not have formal agreements for the procurement of raw materials, and any failures to maintain such relationships could adversely affect its business, financial condition and results of operations.