Industry can now expect a turnaround

  • Industry News
  • Mar 28,22
Playing an important role in import substitution, Super Forgings & Steels Ltd (SFSL) has specialised in production of high-value and higher grades tool & die steels creating a niche for itself. In this interview, Piyush Modi, Director, Super Forgings & Steels Ltd, offers insight into the market and shares the company’s future plans.
Industry can now expect a turnaround

Playing an important role in import substitution, Super Forgings & Steels Ltd (SFSL) has specialised in production of high-value and higher grades tool & die steels creating a niche for itself. In this interview, Piyush Modi, Director, Super Forgings & Steels Ltd, offers insight into the market and shares the company’s future plans.

With more than five decades in the industry, Super Forgings & Steels certainly has created a niche. What is the company’s USP?
The company has always believed in trying to venture into products which are not easily available in India. We were one of the first companies in India to go into tools steels around 30 years back when these materials were mainly imported. Since Kolkata doesn’t have many industries, we had our customers base in other states where freight becomes a factor. So, we had to develop products which are import substitutes and not easily available and are of high value so that freight doesn’t matter much. We manufacture all types of tools steel and supply them in small quantities as the requirement of tool steel is in small lot sizes. Very few companies can claim to do that.

What are the types of forgings manufactured by SFSL?
We are into open die forgings generally making bars of rounds/flats and squares in long lengths or as per length requirement. Our main clients are BHEL, BEML, Tata Motors, Amtek Group, Fouress Engineering, Forbes Marshall, WPIL, Ordnance Factories, etc.

What is the size of the forgings industry in India?
Open die forging is a big market. The products are either raw materials or tools/dies for auto, machine building, power sector, pump manufacturers, closed die forging industry etc.

The last few years have been sluggish. Is the worst over for the industry, or it is still waiting for a turnaround?
I feel the worst for the industry is over and now we can expect a turnaround. Boom will take time but definitely things should start improving from the next financial year.

The forging industry in India is fragmented in a number of clusters and a large number of unorganised units. Is there scope for consolidation? The bigger companies like Bharat Forge etc have representations in chambers of commerce etc. But there are so many small forging units throughout the country. I don’t think it is possible to consolidate.

Is the Indian industry in tune with the latest technology trends?
No, majority of forging companies are not in tune with the latest technology trends. Competition is a reality in any field of business.

How is the current scenario in forgings?
Competition is fierce as the market is bad. The demand is low so automatically competition is very high. This leads to low margins and delayed realisations also.

The government is exhorting to Make in India. What would you like to say, as someone who is already engaged in this task?
We have been into developing materials which were only imported from the last 30 years. Now this concept of Make in India is not new to us and we would like to put all our efforts to make it a success.

What are the future plans?
Once the market stabilises, we would like to invest in technology to make better products so that we could compete in the international market also.

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