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Happy Forgings

HAPPYFORGE NSE
₹1,849.70 +82.90 (+4.69%)
P/E
53.29
View as Markdown
MCP
Close 4 Nov 2026 ₹1,849.70 +855.30 +86.0% 1Y
Start ₹994.40

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
18.00%
Debt to Equity
0.16
EPS (TTM)
₹34.71
Book Value
₹225.44
Market Cap
—
P/E (TTM)
53.29
P/B
8.20
ROE
15.00%
Dividend Yield
0.23%
EBITDA
₹502 Cr
52W High
₹2,470.00
52W Low
₹976.00
Day Range
₹1,732.30 – ₹1,874.80
Volume
2,48,770

Peer Comparison

Industrials › Industrial Products › Castings & Forgings

Happy Forgings peer comparison
PTC Industries
₹24,410.00291.36₹38,271 Cr11.700.00%7.16%8.59%₹697 Cr₹125 Cr
AIA Engineering
₹3,219.8023.73₹30,370 Cr3.560.47%17.00%21.10%₹4,549 Cr₹1,264 Cr
Happy Forgings (this company)
₹1,849.7053.29₹16,973 Cr8.200.23%15.00%18.00%₹1,642 Cr₹327 Cr
Balu Forge Industries
₹504.0522.16₹6,053 Cr3.840.03%19.60%22.70%₹1,175 Cr₹268 Cr
Steelcast
₹364.5040.73₹3,696 Cr9.340.12%24.00%32.30%₹441 Cr₹91 Cr
Amic Forging
₹2,055.2531.77₹2,342 Cr8.950.00%18.10%25.20%₹104 Cr₹26 Cr
Median 6 companies₹1,952.4836.25₹11,513 Cr8.580.08%17.55%21.90%₹936 Cr₹197 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

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

Overall score

52 Average

Data confidence 100/100

insider_selling

Category scores

Quality
67
Strong
Returns, margins, earnings quality 22% weight
Valuation
35
Poor
Cheap vs sector & own history 24% weight
Growth
48
Average
Sales & profit trajectory 9% weight
Financial Health
78
Strong
Solvency, leverage, coverage 9% weight
Momentum
65
Good
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

2
  • Stock is trading at 8.72 times its book value
  • Dividend payout has been low at 12.9% of profits over last 3 years

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish658
OscillatorsNeutral252
Moving AveragesStrong Bullish406

Key readings

RSI (14)
45.99
Neutral
MACD (12,26,9)
−66.31
Bullish
SMA (50)
2,039.32
Bearish
SMA (200)
1,565.56
Bullish

As of

Analyst Rating

Based on 6 analysts
BUY83%

5 of 6 analysts rate Buy, 0 Hold, 1 Sell.

As of

BUY
5
83%
HOLD
0
0%
SELL
1
17%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+21.45%
3Y+8.90%
1Y+9.72%
TTM+15.48%

Net profit

Net profit growth by window
5Y+28.56%
3Y+13.05%
1Y+13.11%
TTM+21.11%

Operating cash flow

Operating cash flow growth by window
5Y+49.29%
3Y+28.65%
1Y+52.40%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+3.29 pp
3Y+1.98 pp
1Y+1.58 pp
TTM+2.30 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹585 Cr
Mar 2022₹860 Cr
Mar 2023₹1,197 Cr
Mar 2024₹1,358 Cr
Mar 2025₹1,409 Cr
Mar 2026₹1,546 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021₹86.00 Cr
Mar 2022₹142 Cr
Mar 2023₹209 Cr
Mar 2024₹243 Cr
Mar 2025₹267 Cr
Mar 2026₹302 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹149 Cr −2.0% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Happy Forgings Ltd trades at ₹1,849.7 with a market cap of ₹16,973 crore as of 2026-11-04, commanding a PE of 53.29x and a price-to-book of 8.2x. The company has delivered 28% compounded profit growth over five years on a near debt-free balance sheet (debt-to-equity 0.16), though recent three-year sales growth has moderated to 9% and dividend payout remains low at 12.9% of profits.

Bull Case 8
  • Strong five-year compounded profit growth of 28%, indicating sustained earnings expansion over a meaningful period
  • Very low debt-to-equity ratio of 0.16, giving the company significant financial flexibility and resilience against cyclical downturns
  • Healthy ROCE of 18.95% suggests efficient deployment of capital in a capital-intensive forging business
  • TTM profit growth of 22% shows continued momentum in earnings beyond the longer-term trend
  • Five-year compounded sales growth of 21% demonstrates an ability to scale revenue meaningfully over a longer horizon
  • TTM sales growth of 16% indicates the top line continues to expand at a double-digit pace
  • Stock has delivered a 1-year CAGR of 107%, reflecting strong market recognition and re-rating from the ₹976 52-week low
  • Five-year average ROE of 18% points to a consistent ability to generate above-average returns for shareholders in the industrial products space
Bear Case 7
  • Price-to-book of 8.2x is elevated, meaning investors are paying a large premium over the company's net asset value
  • Three-year compounded sales growth has decelerated to 9% versus the five-year figure of 21%, signalling a potential slowdown in top-line momentum
  • Dividend payout has averaged only 12.9% of profits over the last three years, with a current yield of just 0.23%, offering minimal income return
  • Last-year ROE of 15% has declined from the five-year average of 18%, suggesting returns on equity are trending lower
  • Stock is 25.1% below its 52-week high of ₹2,470, indicating the recent rally has already seen a meaningful correction
  • Three-year compounded profit growth of 13% lags the five-year figure of 28%, suggesting the high-growth phase may be normalising
  • The 107% one-year stock CAGR has front-loaded significant gains, raising the risk of mean reversion if quarterly results disappoint relative to the demanding valuation

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

AI News Digest

21d ago

TL;DR: Happy Forgings is executing well: Q1FY27 revenue grew 27%, EBITDA margin reached 31.3%, and a ₹9.5bn order book that is 70% PV/industrial and 60% export-linked gives multi-year visibility. The main risks are rising steel and input costs, flat FY27 margin guidance of 30.4%, slower volume growth, and high expectations after an 87% rally to ₹2,470. The trend is improving, with the mix shift, operating leverage and the FY28 captive solar plant supporting Motilal Oswal's 33% FY29 margin target. Over the next few quarters, watch steel cost pass-through in Q2FY27 and new order wins, since further capex depends on them.

Headwinds 3
  • Rising steel and input costs Sep 16

    Raw material costs were a headwind in Q1FY27. Motilal Oswal flags possible near-term margin pressure from rising input costs, with steel cost pass-through only expected from Q2FY27.

  • Flat FY27 margin guidance Sep 16

    Management expects FY27 EBITDA margin to stay at the FY26 level of 30.4%, below Q1FY27's 31.3%. That implies margins may soften over the rest of the year.

  • Volume growth set to slow Sep 16

    FY27 volume growth guidance is high-teens, down from the 23% YoY growth delivered in Q1FY27.

Positives 6
  • ₹9.5bn order book drives growth Sep 16

    The ₹9.5 billion order book is expected to drive most topline growth over FY27-29. PVs and industrials make up 70% of it and about 60% is export-linked, and the orders carry higher realizations and better margins.

  • Strong Q1FY27 results Sep 16

    Q1FY27 volumes grew 23% YoY and revenue rose 27%. EBITDA margin expanded 280 bps YoY to 31.3%, helped by price hikes and a better product mix.

  • Stock hits 52-week high Sep 16

    Shares hit a new 52-week high of ₹2,470 on September 1, an 87% gain in calendar year 2026, on confidence in the order book and growth outlook.

Neutral 2
  • ₹650cr heavy forgings capex Sep 16

    Of the planned ₹650 crore capex for heavy forgings, ₹250 crore is already deployed and another ₹150 crore is planned in FY28. Further spending depends on new order wins and customer requirements.

  • Expansion into data centre power Sep 16

    Capacity additions will target PVs, industrial applications, heavy engines and data centre power infrastructure. These diversify the business but will take time to scale.

Quarterly Results

₹ Cr
HAPPYFORGE quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
HAPPYFORGE profit and loss, annual, ₹ crore
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 (₹)
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
15.9
23.32
25.79
28.38
31.97
34.71
Div. Payout %
0%
0%
6%
16%
11%
13%
—

Balance Sheet

₹ Cr
HAPPYFORGE balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
HAPPYFORGE cash flow, annual, ₹ crore
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

Ratios

HAPPYFORGE financial ratios, annual
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 across FY18–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 78.44%
  • DIIs 14.93%
  • Public 3.49%
  • FIIs 2.37%
  • Others 0.77%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Happy Forgings Ltd?
Happy Forgings Ltd trades at a PE ratio of 53.29 as of 4 Nov 2026, on earnings per share of ₹34.71, against a book value of ₹225.44 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 ₹976 and ₹2,470 as of 4 Nov 2026.
Does Happy Forgings Ltd pay dividends?
Happy Forgings Ltd has a dividend yield of 0.23%.
What is the Return on Equity (ROE) of Happy Forgings Ltd?
Happy Forgings Ltd reported a return on equity of 15.00%. 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.

Website happyforgingsltd.com
CEO Mr. Paritosh Kumar Garg
Employees 3,171
Listed 27 Dec 2023
Face Value ₹2

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