Happy Forgings logo

Happy Forgings

HAPPYFORGE NSE

Key Fundamentals

SmallcapCastings & ForgingsIndustrial Products
Market Cap
₹20,663 Cr
Volatility
Moderate
P/E Ratio
62.49
EBITDA
₹502 Cr
Return on Equity
14.17%
Debt to Equity
0.16
Book Value
₹225.49
EPS
₹25.77
52W High
₹2,470
52W Low
₹881.75

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

2
  • Stock is trading at 9.62 times its book value
  • Dividend payout has been low at 12.9% of profits over last 3 years

Growth Rate

Revenue Growth
9.04% higher than 3Y
Net Income Growth
12.79% lower than 3Y
Cash Flow Change
52.11% lower than 3Y
ROE
-2.01% lower than 3Y
ROCE
-2.47% higher than 3Y
EBITDA Margin (Avg.)
3.55% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Happy Forgings Ltd operates in the Industrial Products sector with a market cap of ₹20,663 Cr and trades at a P/E of 64.5x and P/B of 9.92x. The company has delivered compounded profit growth of 28% over 5 years and 22% TTM, while ROE has moderated from an 18% 5-year average to 15% in the last year. The stock has surged 146% over the past 1 year, significantly re-rating its valuation multiples.

Bull Case 7
  • Strong 5-year compounded profit growth of 28% indicates sustained earnings momentum in the forging business
  • TTM sales growth of 16% and TTM profit growth of 22% show improving operating leverage with profits outpacing revenue
  • 5-year compounded sales growth of 21% reflects consistent top-line expansion well above GDP growth rates
  • 3-year ROE of 16% and 5-year ROE of 18% demonstrate the company has historically generated healthy returns on shareholder equity
  • 146% stock price CAGR over 1 year reflects strong market recognition and institutional interest in the forging sector theme
  • 3-year compounded profit growth of 13% maintained through a period that included post-COVID supply chain disruptions
  • Market cap of ₹20,663 Cr provides reasonable scale and liquidity for institutional participation
Bear Case 8
  • P/E of 64.5x is significantly elevated for an industrial products company, pricing in substantial future growth
  • P/B of 9.92x is exceptionally high for a capital-intensive forging business, as flagged in known concerns
  • ROE has declined from 18% (5-year average) to 15% (last year), indicating deteriorating capital efficiency even as valuations expanded
  • Dividend payout of just 12.9% of profits over the last 3 years suggests limited direct shareholder returns
  • Dividend yield of only 0.18% provides negligible income cushion in a downside scenario
  • 3-year compounded sales growth of 9% is notably slower than the 5-year CAGR of 21%, suggesting a deceleration in revenue momentum
  • The 146% 1-year stock price surge has far outpaced the TTM profit growth of 22%, indicating significant multiple expansion rather than earnings-driven appreciation
  • Last year ROE of 15% does not adequately justify a 9.92x price-to-book multiple, implying the market is pricing in a substantial ROE improvement that may not materialize

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 4d ago
Neutral 1
  • Analyst meet scheduled Aug 14 Aug 11

    Happy Forgings will host investor meetings in Mumbai on August 14, 2026, organized by Equirus Securities. The event will cover publicly available information only.

TL;DR: Limited recent news flow for Happy Forgings with only a scheduled analyst meet on Aug 14. No specific headwinds or positive catalysts have emerged from recent coverage. The upcoming investor meeting could provide more clarity on the company's outlook and operational performance in the near term.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
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
PBT
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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
585
860
1,197
1,358
1,409
1,546
1,642
Expenses
426
629
856
971
1,002
1,076
1,132
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
Interest
12
7
12
12
8
10
11
Depreciation
36
38
54
65
77
89
95
PBT
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
15.9
23.32
25.79
28.38
31.97
34.71
Div. Payout %
0%
0%
6%
16%
11%
13%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
60
80
209
189
292
445
Investing
-59
-166
-172
-470
-320
-497
Financing
0
83
-37
281
40
65
Net Cash Flow
1
-3
0
1
12
13
Free Cash Flow
-32
-111
35
-5
12
-16
CFO/OP
59
53
80
71
92
114
Figures in ₹ Crores

Ratios

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Happy Forgings insights

60 extracted metrics + investor summaries across FY18–FY27.

Log in — free

Shareholding Pattern

Others0.78%Promot.78.46%FIIs1.88%Public3.35%DIIs15.54%As ofJun 2026

Documents

Frequently Asked Questions about Happy Forgings

What does Happy Forgings Ltd do?
Incorporated in July 1979, Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components.[1]
Where is Happy Forgings Ltd (HAPPYFORGE) listed?
Happy Forgings Ltd trades as HAPPYFORGE on the NSE and under code 544057 on the BSE.
Which sector does Happy Forgings Ltd belong to?
Happy Forgings Ltd is classified under the Industrial Products sector, in the Castings & Forgings industry.
What is the market capitalisation of Happy Forgings Ltd?
Happy Forgings Ltd has a market capitalisation of ₹20,663 Cr, which places it in the Large Cap band.
What is the PE ratio of Happy Forgings Ltd?
Happy Forgings Ltd trades at a PE ratio of 62.49, on earnings per share of ₹25.77, against a book value of ₹225.49 per share.
What is the 52-week high and low of Happy Forgings Ltd?
Over the last 52 weeks Happy Forgings Ltd has traded between ₹881.75 and ₹2,470.
Does Happy Forgings Ltd pay dividends?
Happy Forgings Ltd has a dividend yield of 0.18%.
What is the Return on Equity (ROE) of Happy Forgings Ltd?
Happy Forgings Ltd reported a return on equity of 14.17%. Its debt-to-equity ratio is 0.16.

Company Information

Incorporated in July 1979, Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components.[1]

Website happyforgingsltd.com
CEO Mr. Paritosh Kumar Garg
Employees 3,171
Listed 2023-12-27
Face Value ₹ 2
Issued Size 9,43,27,921

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/HAPPYFORGE.md for Happy Forgings Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Industrial Products → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List