Happy Forgings Limited
NSE: HAPPYFORGECastings & Forgings
Share price
₹1,940.90
+0.34% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
65
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹18,439 Cr
P/E ratio
56.4
P/B ratio
8.6
ROCE
18.0%
ROE
15.0%
Dividend yield
0.2%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 15.5% over the past year, and 7.3% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 28.0% to 31.1% over the last two years.
Whether it grew faster than its sector
It grew 7.3% a year against a sector median of 10.6% — 3.4 percentage points slower.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
Priced at 4.3 times its growth rate, on earnings growth of 13%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Happy Forgings Limited — this one | 13%/yr | 56.4× | ₹4.3 |
| PTC Industries Limited | 59%/yr | 293.6× | ₹5.0 |
| AIA Engineering Limited | 7%/yr | 28.0× | ₹4.0 |
| Balu Forge Industries Limited | 88%/yr | 22.1× | ₹0.25 |
| Steelcast Limited | 7%/yr | 39.6× | ₹5.7 |
| Investment & Precision Castings Limited | 30%/yr | 101.9× | ₹3.4 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Castings & Forgings), it ranks 4 of 12 on returns, 10 of 12 on growth, 1 of 12 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 18% on capital, ahead of 67% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years it made ₹1215 crore of cash from the business but spent ₹1300 crore on plant and equipment, ₹85 crore more than it made; the gap was from lenders and shareholders. And the profit is real: of every 100 rupees it reported over 6 years, about 102 arrived as cash (before interest, which is why it can exceed the profit).
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Volume grew 23%, ahead of the late-teens promised, with margin above 30%
Announced 4 Aug 2026 · Consolidated · Unaudited
Revenue
₹449 Cr
Revenue vs last year
+27.0%
Revenue vs last quarter
+6.0%
Net profit
₹91 Cr
Profit vs last year
+38.6%
Profit vs last quarter
+8.9%
Net margin
20.4%
EPS
₹9.70
Earnings call transcript · 5 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹18,439 Cr
- Prev close
- ₹1,940.90
- 52w High
- ₹2,470
- 52w Low
- ₹889
- Enterprise value
- ₹18,602 Cr
- Beta
- 0.9
- Price CAGR 1y
- 105.0%
- Price CAGR 3y
- —
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- 11.5%
- PEG ratio
- 4.3
- P/E ratio
- 56.4
- P/B ratio
- 8.6
- EV / EBITDA
- 39.6
- Industry P/E
- 40.2
- ROCE
- 18.0%
- ROCE 5y average
- 21.6%
- ROE
- 15.0%
- Debt / Equity
- 0.2
- Interest coverage
- 41.2
- Dividend yield
- 0.2%
- ROE 3y average
- 16.0%
- ROE last year
- 15.0%
Annual P&L
- Annual revenue
- ₹1,546 Cr
- Annual profit
- ₹302 Cr
- Operating margin
- 30.0%
- Net profit margin
- 19.5%
- EBITDA margin
- 30.5%
- Sales growth 3y
- 8.9%
- Sales growth 5y
- 21.5%
- Profit growth 3y
- 13.0%
- Profit growth 5y
- 28.0%
- EPS
- ₹32.0
- Sales growth TTM
- 16.0%
- Profit growth TTM
- 22.0%
- Dividend payout
- 13.0%
Quarter P&L
- Sales latest quarter
- ₹449 Cr
- Profit latest quarter
- ₹91 Cr
- YoY quarterly sales growth
- 27.0%
- YoY quarterly profit growth
- 37.9%
- OPM latest quarter
- 31.3%
Balance Sheet
- Book Value
- ₹224
- Face Value
- ₹2.0
- Total debt
- ₹330 Cr
- Total cash
- ₹53 Cr
- Borrowings
- ₹330 Cr
- Reserves / Equity
- 111.0
Cash Flow
- Operating cash flow
- ₹445 Cr
- Free cash flow
- -₹16 Cr
- FCF yield
- -0.1%
- Net cash flow
- ₹13 Cr
Shareholding
- Promoter holding
- 78.5%
- FII holding
- 1.9%
- DII holding
- 15.5%
- Public holding
- 4.1%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| PTC Industries | 24,685.00 | 294.7 | 37,009 | 0.00 | 29.2 | 465.7 | 191.8 | 97.4 | 8.6 |
| AIA Engineering | 3,858.00 | 28.4 | 36,003 | 0.41 | 301.0 | -1.3 | 1,168.0 | 12.4 | 21.1 |
| Happy Forgings | 1,934.30 | 55.8 | 18,260 | 0.21 | 91.5 | 39.2 | 449.4 | 27.0 | 18.0 |
| Balu Forge | 507.50 | 23.0 | 6,161 | 0.03 | 66.1 | 15.9 | 300.7 | 28.9 | 22.7 |
| Steelcast | 373.30 | 41.7 | 3,778 | 0.46 | 23.7 | 19.3 | 124.8 | 17.0 | 32.3 |
| Amic Forging | 2,537.15 | 96.1 | 2,930 | 0.00 | 15.9 | 23.7 | 75.2 | 30.4 | 25.2 |
| Inv.& Prec.Cast. | 1,594.50 | 106.8 | 1,595 | 0.06 | 5.0 | 129.9 | 53.4 | 21.1 | 14.4 |
| Median | 434.50 | 28.4 | 916 | 0.01 | 4.1 | 4.2 | 71.0 | 11.5 | 15.7 |
Competes with: AIA Engineering Limited, Balu Forge Industries Limited, Ganga Forging Limited, Hilton Metal Forging Limited, Investment & Precision Castings Limited, Kalyani Forge Limited, Nelcast Limited, PTC Industries Limited, Steelcast Limited, Synergy Green Industries Limited, Tirupati Forge Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 330 | 343 | 342 | 343 | 341 | 361 | 354 | 352 | 354 | 377 | 391 | 424 | 449 |
| Expenses | 230 | 249 | 247 | 246 | 244 | 256 | 253 | 250 | 253 | 262 | 271 | 291 | 309 |
| Material Cost | 144 | 146 | 149 | 154 | 158 | 188 | |||||||
| Change in Inventories | 1.06 | 3.12 | 0.66 | 6.95 | 14 | -11 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 32 | 32 | 34 | 34 | 36 | 39 | |||||||
| Other Expenses | 72 | 72 | 78 | 76 | 82 | 93 | |||||||
| Operating Profit | 100 | 94 | 95 | 97 | 98 | 105 | 101 | 102 | 101 | 116 | 120 | 133 | 141 |
| OPM % | 30 | 27 | 28 | 28 | 29 | 29 | 29 | 29 | 29 | 31 | 31 | 31 | 31 |
| Other Income | 3 | 1 | 3 | 7 | 8 | 13 | 7 | 10 | 10 | 6 | 8 | 6 | 11 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Interest | 3 | 4 | 4 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 3 |
| Depreciation | 15 | 16 | 17 | 16 | 18 | 20 | 19 | 20 | 21 | 22 | 22 | 25 | 26 |
| Profit before tax | 85 | 74 | 78 | 87 | 86 | 97 | 87 | 90 | 89 | 99 | 104 | 111 | 123 |
| Tax % | 25 | 25 | 25 | 25 | 26 | 27 | 26 | 24 | 26 | 26 | 24 | 25 | 25 |
| Net Profit | 64 | 55 | 58 | 66 | 64 | 71 | 65 | 68 | 66 | 73 | 79 | 84 | 91 |
| EPS in Rs | 7.16 | 6.17 | 6.15 | 6.98 | 6.77 | 7.58 | 6.85 | 7.18 | 6.97 | 7.79 | 8.37 | 8.86 | 9.69 |
| Diluted EPS in Rs | 7.18 | 6.96 | 7.78 | 8.36 | 8.84 | 9.68 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 585 | 860 | 1,197 | 1,358 | 1,409 | 1,546 | 1,642 |
| Expenses | 426 | 629 | 856 | 971 | 1,002 | 1,076 | 1,132 |
| Material Cost | 603 | 607 | |||||
| Change in Inventories | -11 | 25 | |||||
| Purchases of Stock-in-Trade | 0 | 0 | |||||
| Employee Cost | 125 | 137 | |||||
| Other Expenses | 286 | 307 | |||||
| Operating Profit | 159 | 231 | 341 | 388 | 407 | 471 | 510 |
| OPM % | 27 | 27 | 28 | 29 | 29 | 30 | 31 |
| Other Income | 6 | 6 | 6 | 13 | 37 | 31 | 32 |
| Exceptional items (within Other Income) | 0 | 0 | |||||
| Interest | 12 | 7 | 12 | 12 | 8 | 10 | 11 |
| Depreciation | 36 | 38 | 54 | 65 | 77 | 89 | 95 |
| Profit before tax | 117 | 192 | 280 | 324 | 360 | 402 | 436 |
| Tax % | 26 | 26 | 25 | 25 | 26 | 25 | |
| Net Profit | 86 | 142 | 209 | 243 | 267 | 302 | 327 |
| EPS in Rs | 966 | 16 | 23 | 26 | 28 | 32 | 35 |
| Diluted EPS in Rs | 28 | 32 | |||||
| Dividend Payout % | 0 | 0 | 6 | 16 | 11 | 13 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- 21%
- 3 years
- 9%
- TTM
- 16%
Compounded profit growth
- 10 years
- —
- 5 years
- 28%
- 3 years
- 13%
- TTM
- 22%
Stock price CAGR
- 10 years
- —
- 5 years
- —
- 3 years
- —
- 1 year
- 105%
Return on equity
- 10 years
- —
- 5 years
- 18%
- 3 years
- 16%
- Last year
- 15%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 9 | 18 | 18 | 19 | 19 | 19 |
| Reserves | 636 | 770 | 970 | 1,594 | 1,831 | 2,109 |
| Borrowings | 153 | 240 | 219 | 143 | 228 | 330 |
| Other Liabilities | 76 | 102 | 119 | 130 | 138 | 175 |
| Minority Interest | 0 | |||||
| Total Liabilities | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 |
| Fixed Assets | 415 | 456 | 678 | 744 | 908 | 1,108 |
| CWIP | 40 | 212 | 75 | 127 | 123 | 237 |
| Investments | 0 | 0 | 0 | 0 | 80 | 237 |
| Other Assets | 419 | 461 | 573 | 1,016 | 1,105 | 1,050 |
| Total Assets | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | 60 | 80 | 209 | 189 | 292 | 445 |
| Cash from Investing Activity | -59 | -166 | -172 | -470 | -320 | -497 |
| Cash from Financing Activity | -0 | 83 | -37 | 281 | 40 | 65 |
| Net Cash Flow | 1 | -3 | -0 | 1 | 12 | 13 |
| Free Cash Flow | -32 | -111 | 35 | -5 | 12 | -16 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 103 | 94 | 94 | 96 | 110 | 93 |
| Inventory Days | 176 | 173 | 112 | 137 | 143 | 134 |
| Days Payable | 55 | 42 | 32 | 34 | 28 | 34 |
| Cash Conversion Cycle | 225 | 226 | 175 | 199 | 226 | 193 |
| Working Capital Days | 82 | 76 | 71 | 102 | 97 | 77 |
| ROCE % | 22 | 26 | 23 | 19 | 18 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
exports as % of revenue
28.00
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
44,03,006inr
2026-03-31
News
News and filings about Happy Forgings Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- grinding wheels / abrasive tools
- machine-tool parts and accessories
- steel
- stores, spares and loose tools
Depends on the price of
- steel
Sells to
- American Axle & Manufacturing · axle / driveline forgings (export)
- Ashok Leyland · forged & precision-machined automotive components incl. crankshafts, front axle beams, ste…
- Dana Incorporated · driveline / axle forgings (export)
- Escorts Kubota Limited · forged & precision-machined components for farm equipment (tractors)
- International Tractors Limited (Sonalika) · forged & machined tractor / farm equipment components
- JCB · off-highway / construction equipment forgings (export)
- Liebherr · off-highway equipment forged components (export)
- Mahindra & Mahindra · forged & precision-machined components for commercial vehicles / farm equipment
- Meritor · commercial vehicle axle components (export)
- SML Isuzu Limited · forged & machined CV components (NSE-listed, not in graph)
- Swaraj Engines Limited · forged & precision-machined engine components (crankshafts)
- Tata Motors Limited · CV engine crankshafts & precision-machined components (incl. via Tata Cummins)
- Yanmar · engine components (export)
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Castings & Forgings
- Classification
- Capital Goods › Castings & Forgings
- ISIN
- INE330T01021
Plants
- Manufacturing Facility I / Kanganwal I
- Manufacturing Facility II / Kanganwal II
- Manufacturing Facility III / Dugri
News impact
Big market events that reach Happy Forgings Limited, and how the effect spreads.
No recent market events reach this company.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 20 Jul 2026 | unspecified | ₹4 |
|---|---|---|
| 22 Jul 2025 | unspecified | ₹3 |
| 22 Jul 2024 | unspecified | ₹4 |
Splits, bonuses & buybacks
- daily-prices repair: 7 rows from NSE's archive (replace 2, delete 1, insert 4), 2024-01-15..2026-02-01 (docs/flat_day_repair.md)1× · 15 Jan 2024
Insider trades
| Disclosed | Who | Type | Shares | Value ₹ Cr |
|---|---|---|---|---|
| 28 Sep 2026 | RAJAN BHAGAT · Designated Person | SELL | 270 | 0.06 |
| 28 Sep 2026 | RAJAN BHAGAT · Designated Person | SELL | 271 | 0.05 |
| 28 Sep 2026 | RAJAN BHAGAT · Designated Person | BUY | 273 | 0.01 |
| 28 Sep 2026 | RAJAN BHAGAT · Designated Person | SELL | 5 | 0.00 |
| 7 Sep 2026 | NARINDER SINGH · Designated Person | SELL | 24 | 0.01 |
| 21 Aug 2026 | NARINDER SINGH · Designated Person | SELL | 2,500 | 0.58 |
| 18 Aug 2026 | BAJIRAO PANDURANG PATIL · Designated Person | SELL | 864 | 0.16 |
| 18 Aug 2026 | NARINDER SINGH · Designated Person | SELL | 500 | 0.11 |
| 13 Aug 2026 | BAJIRAO PADURANG PATIL · Designated Person | SELL | 862 | 0.16 |
| 13 Aug 2026 | GURJINDER SINGH · Designated Person | SELL | 515 | 0.10 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call · Q1FY275 Aug 2026
- Results presentation30 Jun 2026
- Annual report · 2025-2630 Jun 2026
- Earnings call · Q4FY2622 May 2026
- Earnings call · Q3FY2610 Feb 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.