HAPPY FORGINGS LIMITED HAPPYFORGE NSEINFRA

Industrials · Metal Fabrication · India

https://www.happyforgingsltd.com

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.

Market & Price

Market Cap

₹13,090.18 Cr

Current Price

₹1,387.40

High / Low (52W)

₹1,450.00 / ₹878.00

Beta

0.93

Valuation

Stock P/E

43.48

Industry PE

27.78

Forward P/E

29.41

PEG Ratio

Book Value

₹207.84

Price to Book

6.68

P/S

8.47

EV/EBITDA

27.89

Dividend Yield

0.29%

Profitability & Returns

ROCE

18.95%

ROE

15.16%

ROA

9.84%

Profit Margin

19.50%

Op Margin

25.68%

EPS (Latest Qtr)

₹8.84

EPS (TTM)

₹31.91

Balance Sheet & Liquidity

Debt/Equity

0.15

Quick Ratio

1.50

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

78.49%

Chg in Prom Hold

-0.00%

FII / Inst Holding

17.36%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹13,125.03 Cr

Total Revenue (TTM)

₹1,546.34 Cr

EBITDA

₹470.69 Cr

Free Cash Flow

₹-33.00 Cr

Operating Cash Flow

₹444.67 Cr

Shares Outstanding

₹9.44 Cr

Gross Margin

59.14%

Payout Ratio

9.40%

Growth (CAGR)

Revenue 5Y

12.94%

Profit 5Y

13.06%

Revenue (YoY)

20.40%

Earnings (YoY)

23.00%

PROS

Compounding revenue at 12.9% over 5 years.
Profit CAGR of 13.1% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

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

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	HAPPYFORGE HAPPY FORGINGS LIMITED NSEINFRA	1,387.40	43.48	₹13,090.18 Cr	0.29%	18.95%	15.16%	12.94%	13.06%
2	LT Larsen & Toubro Limited NIFTY50NSEAIINFRA	4,076.50	34.84	₹5.61 L Cr	0.93%	14.55%	16.95%	16.09%	15.38%
3	ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA	1,804.60	30.96	₹4.16 L Cr	0.42%	11.02%	15.59%	22.93%	34.11%
4	HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU	4,303.80	31.55	₹2.88 L Cr	1.16%	13.80%	23.98%	7.87%	16.08%
5	POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA	38,445.00	172.41	₹1.71 L Cr	0.02%	24.92%	21.04%	22.24%	119.12%
6	INDIGO InterGlobe Aviation Limited NSEINFRA	4,405.00	-	₹1.70 L Cr	0.24%	15.53%	-	44.12%	72.60%
7	CUMMINSIND Cummins India Limited NSEINFRA	5,881.00	68.97	₹1.63 L Cr	1.12%	34.95%	29.45%	16.07%	24.35%
8	CGPOWER CG Power and Industrial Solutions Limited NSEINFRA	917.45	118.99	₹1.44 L Cr	0.14%	19.35%	19.56%	21.67%	7.81%
9	POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA	9,477.50	53.48	₹1.43 L Cr	0.37%	30.44%	24.58%	26.57%	28.11%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026
Revenue	361.13 Cr	354.32 Cr	351.97 Cr	353.80 Cr	391.31 Cr	423.84 Cr
Cost of Revenue	148.63 Cr	148.90 Cr	145.54 Cr	148.87 Cr	160.88 Cr	172.29 Cr
Gross Profit	212.50 Cr	205.43 Cr	206.44 Cr	204.93 Cr	230.43 Cr	251.55 Cr
Operating Expenses	126.79 Cr	123.08 Cr	124.45 Cr	124.33 Cr	132.45 Cr	142.72 Cr
Operating Income	85.71 Cr	82.35 Cr	81.99 Cr	80.60 Cr	97.97 Cr	108.83 Cr
EBITDA	118.45 Cr	108.08 Cr	112.30 Cr	111.50 Cr	128.56 Cr	139.38 Cr
Interest Expense	1.57 Cr	2.15 Cr	2.45 Cr	2.30 Cr	2.46 Cr	3.81 Cr
Pretax Income	97.22 Cr	86.82 Cr	89.56 Cr	88.64 Cr	103.67 Cr	111.06 Cr
Tax Provision	25.86 Cr	22.27 Cr	21.93 Cr	22.96 Cr	24.73 Cr	27.50 Cr
Net Income	71.37 Cr	64.55 Cr	67.63 Cr	65.69 Cr	78.94 Cr	83.55 Cr
Diluted EPS	7.57	6.84	7.18	6.96	8.30	8.84

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	1,073.51 Cr	1,243.08 Cr	1,408.89 Cr	1,546.34 Cr
Cost of Revenue	-	617.84 Cr	677.70 Cr	591.67 Cr	631.81 Cr
Gross Profit	-	455.67 Cr	565.38 Cr	817.23 Cr	914.53 Cr
Operating Expenses	-	164.77 Cr	242.26 Cr	487.59 Cr	532.88 Cr
Operating Income	-	290.90 Cr	323.12 Cr	329.64 Cr	381.65 Cr
EBITDA	-	346.12 Cr	400.13 Cr	444.15 Cr	501.50 Cr
Interest Expense	-	11.91 Cr	11.01 Cr	7.53 Cr	10.47 Cr
Pretax Income	-	280.03 Cr	324.39 Cr	359.55 Cr	401.98 Cr
Tax Provision	-	71.33 Cr	81.40 Cr	92.12 Cr	100.35 Cr
Net Income	-	208.70 Cr	242.98 Cr	267.44 Cr	301.63 Cr
Diluted EPS	-	22.15	25.79	28.37	31.92

Compounded Sales Growth

5 Years:	12.94%
1 Year:	20.40%

Compounded Profit Growth

5 Years:	13.06%
1 Year:	23.00%

Stock Price Performance

1 Year:	+47.31%
6 Months:	+38.67%
3 Months:	+4.52%
1 Month:	+6.62%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	1,326.16 Cr	1,885.95 Cr	2,215.22 Cr	2,632.81 Cr
Current Assets	-	489.95 Cr	741.75 Cr	918.64 Cr	1,071.10 Cr
Cash & Equivalents	-	1.31 L	64.27 L	12.95 Cr	25.72 Cr
Inventory	-	169.60 Cr	224.17 Cr	232.42 Cr	232.76 Cr
Receivables	-	308.06 Cr	356.92 Cr	426.54 Cr	394.78 Cr
Total Liabilities	-	337.86 Cr	273.46 Cr	365.68 Cr	504.68 Cr
Current Liabilities	-	256.64 Cr	241.84 Cr	326.35 Cr	455.69 Cr
Long Term Debt	74.05 Cr	58.18 Cr	0	-	-
Total Debt	-	218.52 Cr	143.31 Cr	227.99 Cr	329.62 Cr
Total Equity	-	988.30 Cr	1,612.49 Cr	1,849.55 Cr	2,128.12 Cr
Shares Outstanding	-	9.42 Cr	9.42 Cr	9.42 Cr	9.44 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	209.46 Cr	189.44 Cr	292.33 Cr	444.67 Cr
Investing Cash Flow	-	-172.45 Cr	-469.73 Cr	-320.20 Cr	-496.83 Cr
Financing Cash Flow	-	-37.01 Cr	280.92 Cr	40.17 Cr	64.93 Cr
Capital Expenditure	-	-174.59 Cr	-194.12 Cr	-280.85 Cr	-461.26 Cr
Free Cash Flow	-	34.87 Cr	-4.68 Cr	11.48 Cr	-16.59 Cr
Net Change in Cash	-	-71,000	62.96 L	12.30 Cr	12.77 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	42.4%	45.5%	58.0%	59.1%
Operating Margin %	-	27.1%	26.0%	23.4%	24.7%
Net Margin %	-	19.4%	19.5%	19.0%	19.5%
ROE %	-	21.1%	15.1%	14.5%	14.2%
ROCE %	-	27.2%	19.7%	17.5%	17.5%

Shareholding Pattern

Insiders

78.49%

Institutions

17.36%

Public Float

80.73%

Analyst View

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HAPPYFORGE · Industrials