This order constitutes manufacturing and supply of fully machined components for the SUV segment. The total size of the order is worth Rs 60-70 crore p.a. and Rs 400 crore for a period of 6 years starting from 1 April 2024.

With this order, the company will establish its presence in the passenger vehicles segment as it aims to diversify the sectoral revenue mix further both in domestic as well as exports markets.

Ashish Garg, managing director said, “The expansion into the passenger vehicles segment not only broadens Happy Forgings' market reach but also enhances its sectoral revenue mix, thereby reducing dependency on any single market segment.

Looking ahead, the company anticipates that the passenger vehicles segment will make a meaningful contribution of upto 8-10% of the total revenues in the future.”

Happy Forgings is principally engaged in the manufacturing of forgings and related components.

Happy Forgings reported 39.2% increase in standalone net profit to Rs 57.90 crore on 16.2% rise in revenue from operations to Rs 341.99 crore in Q3 FY24 over Q3 FY23.

The scrip rose 0.48% to currently trade at Rs 971.60 on the BSE.