Happy Forgings Limited (HAPPYFORGE)

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Happy Forgings Limited (HAPPYFORGE) · mywealthgrid

About

Happy Forgings Limited manufactures castings and forgings within the Industrials sector's industrial products segment. The company operates at scale with ₹19,725.82 Cr market cap and delivered ₹449.42 Cr standalone revenue in Q1 FY26. It maintains consistent operating margins near 31% and distributes regular dividends while carrying low leverage (D/E 0.15).

Face value: ₹2

Market cap

₹18,915 Cr

P/E

57.8×

P/B

8.9×

Dividend yield

0.3%

ROE

15.2%

ROCE

20.3%

Debt / equity

0.15

OPM

30.4%

EPS (TTM)

₹34.7

Book value

₹225.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation at PE 60.25 relative to ROE 15.17% signals significant multiple compression risk if growth slows; verify earnings trajectory.

Stock surged 114% over one year to ₹2,089.6 from ₹878; momentum rally exposes downside if expectations reset.

Public float of only 4.12% with 78.46% promoter holding limits liquidity and retail accessibility.

Castings and forgings face industrial-cycle volatility and raw-material cost swings; verify order visibility and pricing flexibility.

Generated analysis · source review pending

Growth drivers

Revenue grew 19% YoY from ₹377.39 Cr (Sep 2025) to ₹449.42 Cr (Jun 2026); verify order book health and market-share expansion.

Net profit expanded 24.5% YoY from ₹73.44 Cr to ₹91.46 Cr while OPM held at 30%+; verify if margin durability survives cost inflation.

Consistent dividends across 2024–2026 and D/E of 0.15 indicate strong cash conversion; verify capex plans and organic growth investment.

Generated analysis · source review pending

679 historical price candles were omitted because the exchange source has not been verified.

₹2,003.7-3.4%1Y

Quick read

rule-based

Pros

+High return on capital employed of 21.9%
+Healthy operating margin of 30.4%
+Comfortable interest coverage of 39.4×
+High promoter holding of 78.5% with no pledge

Cons

−Modest revenue growth of 8.9% a year over the last 3 years
−Trading at 8.9× book value

Research score

Structured signal from quality, growth, valuation and momentum.

51/100

Business quality: 74
Growth: 70
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Aia Engineering LimitedAIAENGAIAENG	₹35,682 Cr	₹35,682 Cr	₹4,549 Cr	₹1,258 Cr	28.4%	₹1,266 Cr	28.7%	21.3%	17%	320
Ptc Industries LimitedPTCILPTCIL	₹33,038 Cr	₹33,299 Cr	₹697 Cr	₹172 Cr	21.9%	₹126 Cr	16.9%	8.6%	7%	970
Happy Forgings LimitedHAPPYFORGEHAPPYFORGE	₹18,915 Cr	₹19,245 Cr	₹1,642 Cr	₹510 Cr	30.4%	₹327 Cr	19.5%	20.3%	15.2%	193
Balu Forge Industries LimitedBALUFORGEBALUFORGE	₹5,623 Cr	₹5,750 Cr	₹1,175 Cr	₹312 Cr	27.1%	₹268 Cr	23.4%	23.9%	19.6%	182
Steelcast LimitedSTEELCASSTEELCAS	₹3,607 Cr	₹3,607 Cr	₹441 Cr	₹119 Cr	27%	₹91 Cr	20.5%	31.3%	24.1%	158
Amic Forging LtdAMICAMIC	₹2,673 Cr	—	₹142 Cr	₹43 Cr	30.2%	₹28 Cr	20%	—	—	—
Investment & Precision Castings LimitedINVPRECQINVPRECQ	₹1,595 Cr	—	₹188 Cr	₹31 Cr	16.4%	₹12 Cr	6.3%	—	—	—
Nelcast LimitedNELCASTNELCAST	₹1,053 Cr	₹1,310 Cr	₹1,338 Cr	₹98 Cr	8.3%	₹41 Cr	3.7%	14.3%	8.4%	51
Synergy Green Industries LimitedSGILSGIL	₹951 Cr	₹1,202 Cr	₹366 Cr	₹39 Cr	10.7%	₹5 Cr	1.3%	10.8%	4.2%	44
Neetu Yoshi LtdNEETUYOSHINEETUYOSHI	₹927 Cr	₹931 Cr	₹98 Cr	₹31 Cr	31.1%	₹13 Cr	25.4%	33.4%	27.5%	152
Magna Electro Castings LtdMAGNAELQMAGNAELQ	₹546 Cr	₹560 Cr	₹176 Cr	₹34 Cr	16.9%	₹23 Cr	9.4%	17.4%	13.5%	—
Kalyani Forge LimitedKALYANIFRGKALYANIFRG	₹340 Cr	₹446 Cr	₹237 Cr	₹33 Cr	11.9%	₹12 Cr	4%	17.7%	10.1%	185

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,197	1,358	1,409	1,546
COGS	551	597	592	632
Gross profit	645	762	817	915
	305	374	411	444
	341	388	407	471
OPM %	28.5%	28.5%	28.9%	30.4%
Depreciation	54	65	77	89
Interest	12	12	8	10
	6	13	37	31
Profit before tax	280	324	360	402
Tax	71	81	92	100
Tax %	25.5%	25.1%	25.6%	25%
	209	243	267	302
PAT margin %	17.4%	17.9%	19%	19.5%
EPS (₹)	23.3	26.8	28.4	32
EPS adjusted (₹)	23.3	25.8	28.4	32
	0%	14.9%	10.6%	12.5%
Annual report	—	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	18	18	19	19	19
Reserves	—	970	1,594	1,831	2,109
	—	219	143	228	330
	—	119	130	138	175
Total equity & liabilities	—	1,326	1,886	2,215	2,633
	456	678	744	908	1,108
CWIP	—	75	122	116	229
Investments	—	0	0	80	237
	—	573	1,020	1,112	1,058
Total assets	—	1,326	1,886	2,215	2,633

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	209	189	292	445
	-172	-469	-320	-497
	-37	281	40	65
Net cash flow	0	1	12	13
Free cash flow	35	-5	21	-10
CFO / Operating profit %	61.4%	48.8%	71.9%	94.5%

Compounded sales growth

7 years: —
5 years: —
3 years: 9%
1 year: 10%

Compounded profit growth

7 years: —
5 years: —
3 years: 13%
1 year: 13%

Return on equity

7 years: —
5 years: —
3 years: 15%
Last year: 14%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.9%	56.1%	58%	59.1%
EBITDA margin %	28.5%	28.5%	28.9%	30.4%
EBIT margin %	24%	23.8%	23.4%	24.7%
PAT margin %	17.4%	17.9%	19%	19.5%
Working capital
Receivable days	94	96	111	93
Inventory days	112	137	143	134
Payable days	32	34	28	34
NWC days	175	199	226	193
Leverage
Current ratio	1.91	3.07	2.81	2.35
Debt to EBITDA	0.64	0.37	0.56	0.7
Debt to equity	0.22	0.09	0.12	0.15
Interest coverage	23.4	28.5	48.7	39.4
Asset turnover	0.9	0.72	0.64	0.59
Return ratios
Return on assets %	15.7%	12.9%	12.1%	11.5%
Return on capital employed %	27.3%	24.8%	20.8%	20.3%
Return on equity %	21.1%	15.1%	14.5%	14.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	78.6%	78.6%	78.6%	78.6%	78.6%	78.6%	78.57%	78.54%	78.52%	78.5%	78.48%	78.46%
	1.81%	2.06%	1.12%	2.24%	2.28%	2.28%	2.19%	2.17%	2.02%	1.84%	1.73%	1.88%
	4.49%	5.84%	16.93%	16.69%	17.14%	17.06%	17.07%	16.98%	17.01%	16.73%	16.48%	15.54%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	15.1%	13.5%	3.35%	2.47%	1.98%	2.06%	2.17%	2.31%	2.45%	2.93%	3.31%	4.12%
No. of shareholders	—	—	—	—	—	—	—	—	61,075	61,484	57,815	64,341

Promoter holding down 0.14 percentage points since Sep 2023.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
PATWINDER SINGHEmployees/Designated Employees	SellMarket Sale	1,002	₹9.06 L	0.01% → 0.01%	2 Sept 20257(2)
MANGESH SHANTARAM PURANDAREEmployees/Designated Employees	SellMarket Sale	2,622	₹24.97 L

7 deals · 24 Jan 2025 – 12 Feb 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
12 Feb 2026	BUSINESS EXCELLENCE TRUST III	Block	NSE	Sell	26,86,704	₹1,145.00	₹307.63 Cr
12 Feb 2026	BUSINESS EXCELLENCE TRUST III	Bulk	NSE	Sell	26,86,704	₹1,145.00	₹307.63 Cr
12 Feb 2026	KOTAK MAHINDRA MUTUAL FUND	Bulk	NSE	Buy	24,66,000	₹1,145.00	₹282.36 Cr
12 Feb 2026	KOTAK MAHINDRA MUTUAL FUND	Block	NSE	Buy	24,66,000	₹1,145.00	₹282.36 Cr
12 Feb 2026	RAJNI TARUN JAIN	Block	NSE	Buy	2,20,704	₹1,145.00	₹25.27 Cr
24 Jan 2025	BUSINESS EXCELLENCE TRUST III	Bulk	BSE	Sell	39,10,098	₹950.06	₹371.48 Cr
24 Jan 2025	SBI MUTUAL FUND	Bulk	BSE	Buy	35,91,766	₹950.00	₹341.22 Cr

1–7 of 7

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. PARITOSH KUMARExecutive Director-Chairperson-MD
Mr. ASHISH GARGExecutive Director-MD
Ms. MEGHA GARGExecutive Director
Mr. RAVINDRA PISHARODYNon-Executive - Independent Director
Mrs. RAJESWARI KARTHIGEYANNon-Executive - Independent Director
Mr. ATUL B. LALLNon-Executive - Independent Director
Mr. Narinder Singh JunejaChief Operating Officer
Bindu GargCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 7 fund houses

Held by these funds

9.77%

of the company's equity

All mutual funds

13.86%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

11 schemes · 7 fund houses

		Shares
Smallcap Fund	SBI Mutual Fund	37 L	892.44	2.09%	3.919%	-0
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	15.92 L	383.91	1.95%	1.686%	-5,977
Small Cap Fund	Axis Mutual Fund	10.25 L	247.26	0.79%	1.086%	-0
Automotive Opportunities Fund	SBI Mutual Fund	9.35 L	225.6	3.55%	0.991%	-64,689
Small Cap Fund	DSP Mutual Fund	7.12 L	171.66	0.79%	0.754%	-0
Flexi Cap Fund	Nippon India Mutual Fund	3.97 L	95.8	0.98%	0.421%	-297
India Manufacturing Fund	Axis Mutual Fund	3.21 L	77.35	1.33%	0.34%	-0
Portfolio of Kotak Business Cycle Fund	Kotak Mahindra Mutual Fund	2.92 L	70.36	2.01%	0.309%	-0

1–8 of 11

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

3

Final dividend20 Jul 2026 · ex-date₹4
Final dividend22 Jul 2025 · ex-date₹3
Final dividend22 Jul 2024 · ex-date₹4

1

Board meeting to consider results4 Aug 2026

1

Earnings call5 Aug 2026call

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

94 announcementsExport CSV

21 Sept 2026, 4:10 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.9%	56.1%	58%	59.1%
EBITDA margin %	28.5%	28.5%	28.9%	30.4%
EBIT margin %	24%	23.8%	23.4%	24.7%
PAT margin %	17.4%	17.9%	19%	19.5%
Working capital
Receivable days	94	96	111	93
Inventory days	112	137	143	134
Payable days	32	34	28	34
NWC days	175	199	226	193
Leverage
Current ratio	1.91	3.07	2.81	2.35
Debt to EBITDA	0.64	0.37	0.56	0.7
Debt to equity	0.22	0.09	0.12	0.15
Interest coverage	23.4	28.5	48.7	39.4
Asset turnover	0.9	0.72	0.64	0.59
Return ratios
Return on assets %	15.7%	12.9%	12.1%	11.5%
Return on capital employed %	27.3%	24.8%	20.8%	20.3%
Return on equity %	21.1%	15.1%	14.5%	14.2%

Date	Category	Subject	Filing
21 Sept 2026, 4:10 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
11 Sept 2026, 3:17 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
11 Aug 2026, 3:46 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
11 Aug 2026, 3:41 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
28 Jul 2026, 3:56 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Jul 2026, 1:12 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
27 Jul 2026, 5:15 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
21 Jul 2026, 4:54 pm	Board Meeting	Board Meeting Intimation for Approval Of Unaudited Financial Results For The Quarter Ended 30Th June 2026	PDF

Happy Forgings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends3

Board meetings1

Other corporate actions1

Announcements

Ratio timeline

Dividends3

Board meetings1

Other corporate actions1

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

1

1

3

1

1