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HAPPY FORGINGS LIMITED HAPPYFORGE NSEINFRA

Industrials · Metal Fabrication · India
https://www.happyforgingsltd.com
Company Profile ↓
₹1,613.50
+72.12% 1Y
Mkt Cap₹15,223.45 Cr
P/E50.55
P/B7.06
Div. Yield0.25%
52W High₹1,613.50
52W Low₹878.00
Book Value₹225.56
EPS (TTM)₹31.92

Company Overview

Happy Forgings Limited manufactures and sells forgings and related components in India and internationally. The company offers crankshafts; differential cases; front axle beams and steering knuckles; railway parts, including camshafts, connecting rods, piston pins, spacers, and others; brake flanges and suspension brackets; transmission parts, such as shafts and spindles, crown wheels and pinions, rings, and connecting rods. It also offers windmill application products, including planet carrier, pinion shaft, and housing; oil and gas component, such as valve body; and bicycle pedals. It serves the original equipment manufacturers, manufacturers of commercial and passenger vehicles, farm equipment, and off highway and industrial equipment, as well as machinery for oil and gas, aerospace, power generation, railways, and wind turbine industries. Happy Forgings Limited was incorporated in 1979 and is based in Ludhiana, India.

Why Investors Should Care

Healthy Capital Returns

Return on capital employed stands at 18.9%.

Consistent Profit Growth

Net profit has compounded at 13.1% per year over the last five years.

Healthy Margins

Maintains a net profit margin of 21.2%.

Conservative Balance Sheet

Carries low leverage with a debt-to-equity ratio of 0.15.

Recent Developments

  • Mar 2026 Revenue of ₹1,422.84 Cr (+9.8% YoY); net profit ₹301.63 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +9.8%, earnings +12.8%.
  • 5-Year Trend Long-term compounding — revenue CAGR 9.8%, profit CAGR 13.1%.

Growth & Price Performance

Compounded Sales Growth

5 Years:9.85%
1 Year:9.75%

Compounded Profit Growth

5 Years:13.06%
1 Year:12.79%

Stock Price Performance

1 Year:+72.12%
6 Months:+44.63%
3 Months:+22.65%
1 Month:+19.17%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Bullish
52-Week Range 100% of range
₹878.00 ₹1,613.50
Trend Signals
  • Price vs 50-DMAAbove
  • Price vs 200-DMAAbove
  • RSI (14)68.88 · Neutral
Price Performance
1M+19.17%
3M+22.65%
6M+44.63%
1Y+72.12%
Valuation vs Sector

P/E of 50.55 is above the sector median of 29.60 — pricier than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Excellent profit margin of 21.2%.
  • Profit CAGR of 13.1% over 5 years.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Trading at a high P/E of 50.5.

* The pros and cons are auto-generated from financial metrics.

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Valuation

Stock P/E
50.55
Industry PE
29.60
Forward P/E
32.05
PEG Ratio
-
Book Value
₹225.56
Price to Book
7.06
P/S
9.72
EV/EBITDA
31.73
Dividend Yield
0.25%

Growth (CAGR)

Revenue 5Y
9.85%
Profit 5Y
13.06%
Revenue (YoY)
9.75%
Earnings (YoY)
12.79%

Profitability & Returns

ROCE
18.92%
ROE
14.17%
ROA
11.46%
Profit Margin
21.20%
Op Margin
26.87%
Gross Margin
48.45%
EPS (Latest Qtr)
₹8.84
EPS (TTM)
₹31.92

Balance Sheet & Liquidity

Debt/Equity
0.15
Quick Ratio
1.84
Current Ratio
2.35
Debt
₹329.62 Cr
Total Assets
₹2,632.81 Cr
Current Assets
₹1,071.10 Cr
Working Capital
₹615.41 Cr

Ownership

Promoter Holding
78.47%
Chg in Prom Hold
-0.02%
FII / Inst Holding
16.69%
Chg in FII Hold
-3.37%

Financial Snapshot

Enterprise Value
₹15,223.45 Cr
Total Revenue (TTM)
₹1,422.84 Cr
EBITDA
₹500.85 Cr
Free Cash Flow
₹-16.59 Cr
Operating Cash Flow
₹444.67 Cr
Shares Outstanding
₹9.44 Cr
Gross Margin
48.45%
Payout Ratio
9.40%

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 HAPPYFORGE HAPPY FORGINGS LIMITED NSEINFRA 1,613.50 50.55 ₹15,223.45 Cr 0.25% 18.92% 14.17% 9.85% 13.06%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 3,849.40 32.93 ₹5.30 L Cr 0.96% 14.55% 14.72% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,834.20 31.50 ₹4.23 L Cr 0.42% 10.97% 13.32% 22.93% 34.11%
4 BEL Bharat Electronics Limited NIFTY50NSEAIDEFENCEINFRAPSU 410.75 56.42 ₹3.00 L Cr 1.05% 31.88% 25.27% 16.63% 26.64%
5 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,463.30 32.75 ₹2.98 L Cr 0.44% 13.80% 22.21% 7.87% 16.08%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 5,202.50 -84.07 ₹2.01 L Cr 0.24% 4.02% -34.31% 16.59% -227.40%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,535.50 64.97 ₹1.53 L Cr 1.17% 34.95% 27.87% 16.07% 24.35%
8 ABB ABB India Limited NSEAIINFRA 6,951.50 88.30 ₹1.47 L Cr 0.58% 28.45% 21.29% 15.41% 17.97%
9 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 33,005.00 148.92 ₹1.47 L Cr 0.02% 24.92% 19.09% 22.24% 119.12%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 302.00 Cr330.00 Cr343.00 Cr342.00 Cr343.00 Cr341.00 Cr361.00 Cr354.32 Cr351.97 Cr353.80 Cr377.00 Cr391.31 Cr423.84 Cr
Cost of Revenue -------148.90 Cr145.54 Cr148.87 Cr-160.88 Cr172.29 Cr
Gross Profit -------205.43 Cr206.44 Cr204.93 Cr-230.43 Cr251.55 Cr
Operating Expenses 217.00 Cr230.00 Cr249.00 Cr247.00 Cr246.00 Cr244.00 Cr256.00 Cr123.08 Cr124.45 Cr124.33 Cr262.00 Cr132.45 Cr142.72 Cr
Operating Income 72.00 Cr85.00 Cr78.00 Cr78.00 Cr81.00 Cr80.00 Cr85.00 Cr82.35 Cr81.99 Cr80.60 Cr94.00 Cr97.97 Cr108.83 Cr
EBITDA 86.00 Cr100.00 Cr94.00 Cr95.00 Cr97.00 Cr98.00 Cr105.00 Cr108.08 Cr112.30 Cr111.50 Cr116.00 Cr128.56 Cr139.38 Cr
Interest Expense 5.00 Cr3.00 Cr4.00 Cr4.00 Cr1.00 Cr1.00 Cr2.00 Cr2.15 Cr2.45 Cr2.30 Cr2.00 Cr2.46 Cr3.81 Cr
Pretax Income 68.00 Cr85.00 Cr74.00 Cr78.00 Cr87.00 Cr86.00 Cr97.00 Cr86.82 Cr89.56 Cr88.64 Cr99.00 Cr103.67 Cr111.06 Cr
Tax Provision 17.00 Cr21.25 Cr18.50 Cr19.50 Cr21.75 Cr22.36 Cr26.19 Cr22.27 Cr21.93 Cr22.96 Cr25.74 Cr24.73 Cr27.50 Cr
Net Income 51.00 Cr64.00 Cr55.00 Cr58.00 Cr66.00 Cr64.00 Cr71.00 Cr64.55 Cr67.63 Cr65.69 Cr73.00 Cr78.94 Cr83.55 Cr
Diluted EPS 5.667.166.176.156.986.777.586.847.186.967.798.308.84

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 585.00 Cr-1,073.51 Cr1,243.08 Cr1,296.40 Cr1,422.84 Cr
Cost of Revenue --617.84 Cr677.70 Cr684.53 Cr733.51 Cr
Gross Profit --455.67 Cr565.38 Cr611.88 Cr689.33 Cr
Operating Expenses 426.00 Cr-164.77 Cr242.26 Cr281.89 Cr307.02 Cr
Operating Income 123.00 Cr-290.90 Cr323.12 Cr329.99 Cr382.31 Cr
EBITDA 159.00 Cr-346.12 Cr400.13 Cr443.61 Cr500.85 Cr
Interest Expense 12.00 Cr-11.91 Cr11.01 Cr7.00 Cr9.83 Cr
Pretax Income 117.00 Cr-280.03 Cr324.39 Cr359.55 Cr401.98 Cr
Tax Provision 30.42 Cr-71.33 Cr81.40 Cr92.12 Cr100.35 Cr
Net Income 86.00 Cr-208.70 Cr242.98 Cr267.44 Cr301.63 Cr
Diluted EPS 965.92-22.1525.7928.3731.92

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 874.00 Cr-1,326.16 Cr1,885.95 Cr2,215.22 Cr2,632.81 Cr
Current Assets --489.95 Cr741.75 Cr918.64 Cr1,071.10 Cr
Cash & Equivalents --1.31 L64.27 L12.95 Cr25.72 Cr
Inventory --169.60 Cr224.17 Cr232.42 Cr232.76 Cr
Receivables --308.06 Cr356.92 Cr426.54 Cr394.78 Cr
Total Liabilities --337.86 Cr273.46 Cr365.68 Cr504.68 Cr
Current Liabilities --256.64 Cr241.84 Cr326.35 Cr455.69 Cr
Long Term Debt -74.05 Cr58.18 Cr0--
Total Debt 153.00 Cr-218.52 Cr143.31 Cr227.99 Cr329.62 Cr
Total Equity 645.00 Cr-988.30 Cr1,612.49 Cr1,849.55 Cr2,128.12 Cr
Shares Outstanding --9.42 Cr9.42 Cr9.42 Cr9.44 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 60.00 Cr-209.46 Cr189.44 Cr292.33 Cr444.67 Cr
Investing Cash Flow -59.00 Cr--172.45 Cr-469.73 Cr-320.20 Cr-496.83 Cr
Financing Cash Flow -0--37.01 Cr280.92 Cr40.17 Cr64.93 Cr
Capital Expenditure -92.00 Cr--174.59 Cr-194.12 Cr-280.85 Cr-461.26 Cr
Free Cash Flow -32.00 Cr-34.87 Cr-4.68 Cr11.48 Cr-16.59 Cr
Net Change in Cash 1.00 Cr--71,00062.96 L12.30 Cr12.77 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % --42.4%45.5%47.2%48.4%
Operating Margin % 21.0%-27.1%26.0%25.5%26.9%
Net Margin % 14.7%-19.4%19.5%20.6%21.2%
ROE % 13.3%-21.1%15.1%14.5%14.2%
ROCE % --27.2%19.7%17.5%17.6%

Shareholding Pattern

Insiders
78.47%
Institutions
16.69%
Public Float
77.51%

Analyst View

Loading analyst coverage…

Latest News

Recent headlines for HAPPYFORGE

Google News Fri, 13 Feb 2026

Is Happy Forgings Limited's (NSE:HAPPYFORGE) Recent Stock Performance Influenced By Its Fundamentals In Any Way? - simplywall.st

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Google News Sun, 24 May 2026

Happy Forgings Limited (NSE:HAPPYFORGE) Just Released Its Yearly Earnings: Here's What Analysts Think - simplywall.st

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Google News Wed, 27 Dec 2023

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Google News Mon, 12 Jan 2026

Here's Why Happy Forgings (NSE:HAPPYFORGE) Can Manage Its Debt Responsibly - simplywall.st

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Google News Wed, 27 Mar 2024

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Google News hu, 28 Dec 2023

Happy Forgings Ltd Share Price Today | Happy Forgings Live NSE/BSE - Value Research

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HAPPYFORGE — Frequently Asked Questions

What is the current share price of HAPPY FORGINGS LIMITED (HAPPYFORGE)?

As of 2026-07-15 09:52 IST, HAPPY FORGINGS LIMITED (HAPPYFORGE) trades at ₹1,613.50 on NSE. Its 52-week range is ₹878.00 to ₹1,613.50.

What is the market capitalisation of HAPPYFORGE?

HAPPY FORGINGS LIMITED (HAPPYFORGE) has a market capitalisation of ₹15,223.45 Cr on NSE.

What is the P/E ratio of HAPPYFORGE?

HAPPYFORGE trades at a trailing price-to-earnings (P/E) ratio of 50.55. The industry average P/E is 29.60. Its price-to-book (P/B) ratio is 7.06.

Does HAPPYFORGE pay a dividend?

HAPPY FORGINGS LIMITED (HAPPYFORGE) currently offers a dividend yield of 0.25%.

What is the return on equity (ROE) of HAPPYFORGE?

HAPPYFORGE has a return on equity (ROE) of 14.17%. Its return on capital employed (ROCE) is 18.92%.

Is HAPPYFORGE a good stock to buy?

This page provides a data-driven analysis of HAPPY FORGINGS LIMITED (HAPPYFORGE), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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