Happy Steels
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 16 Jul 2026 | ₹10 | — | ₹15,200 | — | ₹20,000 |
| 15 Jul 2026 | ₹10 | — | ₹15,200 | — | ₹20,000 |
| 14 Jul 2026 | ₹12 | — | ₹18,200 | — | ₹24,000 |
| 13 Jul 2026 | ₹8 | — | ₹12,200 | — | ₹16,000 |
| 12 Jul 2026 | ₹14 | — | ₹21,300 | — | ₹28,000 |
| 11 Jul 2026 | ₹14 | — | ₹21,300 | — | ₹28,000 |
| 10 Jul 2026 | ₹7 | — | ₹10,600 | — | ₹14,000 |
| 09 Jul 2026 | ₹8 | — | ₹12,200 | — | ₹16,000 |
| 08 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 07 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 06 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 05 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 04 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 03 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Jul 2026 – 13 Jul 2026
- Listing date
- 16 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹62 – ₹66
- Issue price
- ₹66 per share
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE SME
- Total issue size
- ₹25 Cr
- Fresh issue
- ₹23.75 Cr 35,98,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹94.29 Cr
- Promoter holding
- 99.33% → 72.99% pre-issue → post-issue
- ISIN
- INE1GFG01011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- Kanganwal Road, Jaspal, Banger, Punjab
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,76,000 | — | — |
| Market maker | 1,90,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹66
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,56,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹66 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.77 | 4.97 |
| P/E (×) | 9.75 | 13.28 |
| Price to book (×) | 1.73 | — |
| Market cap | — | ₹94.29 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 17.76%
- ROCE
- 20.89%
- Debt / equity
- 1.18
- PAT margin
- 7.50%
- EBITDA margin
- 16.14%
- NAV per share
- ₹38.09
- Price to book
- 1.73
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Happy Steels
Happy Steels Limited (formerly Happy Steels Private Limited) is a manufacturer of precision-engineered forged and machined steel components. Incorporated on June 14, 1996, the company was converted from a private limited company to a public limited company on March 20, 2025. The company operates a single integrated manufacturing facility in Ludhiana, Punjab with cutting, forging, and machining capabilities. Its primary business involves manufacturing components for automotive and industrial applications. The company generates revenue through the sale of these engineered components to customers concentrated in Punjab, Haryana, and Tamil Nadu, with growing export operations to markets including Indonesia and the USA.
Company Analysis
from RHPHappy Steels Limited manufactures precision-engineered forged and machined steel components for the automotive and industrial sectors through cutting, forging, and machining operations.
Happy Steels Limited (formerly Happy Steels Private Limited) is a manufacturer of precision-engineered forged and machined steel components. Incorporated on June 14, 1996, the company was converted from a private limited company to a public limited company on March 20, 2025. The company operates a single integrated manufacturing facility in Ludhiana, Punjab with cutting, forging, and machining capabilities. Its primary business involves manufacturing components for automotive and industrial applications. The company generates revenue through the sale of these engineered components to customers concentrated in Punjab, Haryana, and Tamil Nadu, with growing export operations to markets including Indonesia and the USA.
Objects of the Issue
- Capital Expenditure for Plant & Machinery 1247.76 lakhs p.43
- Capital Expenditure for Other Expenses 68.07 lakhs p.43
- Repayment/Prepayment of Term Loan to HDFC Bank Limited (Account No. 750) 200.44 lakhs p.43
- Repayment/Prepayment of Term Loan to HDFC Bank Limited (Account No. 746) 40.27 lakhs p.43
- Repayment/Prepayment of Term Loan to HDFC Bank Limited (Account No. 546) 146.87 lakhs p.43
- Repayment/Prepayment of Term Loan to HDFC Bank Limited (Account No. 160) 110.57 lakhs p.43
- Capital expenditure towards purchase of additional plant and machinery for our existing manufacturing unit Rs. 1,315.83 lakhs p.100
- Repayment/Prepayment of Term Loans to Banks Rs. 498.15 lakhs p.100
- General Corporate Purpose p.100
- Funding capex for technological and forging infrastructure enhancement, including advanced forging technologies, equipment and patented forging technology p.163
- Repayment of borrowings
- General corporate purposes
- Funding capex for new manufacturing facilities and machinery p.247
- SAP implementation and IT infrastructure p.247
- Building construction p.247
- Repayment of borrowings p.304
Issue Structure
- Total Issue
- Up to 37,88,000 Equity Shares of face value of Rs. 10/- each aggregating to Rs. [●] lakhs
- Fresh Issue
- Up to 37,88,000 Equity Shares of face value of Rs. 10/- each aggregating to Rs. [●] lakhs
- Offer for Sale
- NIL
- Price Band
- FROM RS. 62.00 TO RS. 66.00
- Lot Size
- Bid Lot: 4,000 equity shares and in multiples of 2,000 equity shares thereafter. Lot Size: 2000 Equity Share.
- Face Value
- Rs. 10/-
Business Model
The company manufactures precision forged and machined steel components through an integrated production process comprising cutting, forging, and machining operations. It procures raw materials (primarily steel bars) and allied inputs, processes them through its manufacturing operations, and sells finished components to automotive and industrial customers on a purchase-order basis. Revenue is generated from domestic sales and export operations.
Business Segments
SWOT Analysis
- • Established company with 30 years operational history and experienced promoter team(p.2)
- • Recent revenue and profitability growth trend(p.31)
- • Improving capacity utilization rates across manufacturing operations(p.31)
- • Strong ROE performance relative to peer group(p.117)
- • Higher ROCE than most peers(p.117)
- • Excellent debt service capacity(p.117)
- • Integrated manufacturing enabling diversified product offerings with enhanced value addition(p.158)
- • Safety-critical and load-bearing products vital to vehicle performance(p.158)
- • Scale and experience with three decades of operations and promoter expertise(p.159)
- • Quality assurance systems with ISO certifications and comprehensive inspection processes(p.159)
- • Diversified domestic and international geographical presence reducing market concentration risk(p.160)
- • Long-term customer relationships reflecting consistent delivery performance(p.161)
- • Integrated manufacturing capabilities with comprehensive forging and machining processes(p.269)
- • Long-term customer relationships with OEMs and Tier-I suppliers across multiple segments(p.269)
- • Diversified customer base reducing dependence on single customer or vehicle segment(p.269)
- • Strong profitability improvement with PAT margin increasing from 2.85% to 7.50%(p.277)
- • Robust ROCE of 20.89% and ROE of 19.49% demonstrating efficient capital deployment(p.271)
- • High customer concentration with top 10 customers representing 67.47% of revenue(p.28)
- • No long-term firm commitment agreements with customers(p.28)
- • High supplier concentration with top 10 suppliers representing 91.73% of purchases(p.32)
- • Significant dependence on single supplier (30.30% of purchases in FY2026)(p.32)
- • No long-term procurement arrangements with key suppliers(p.32)
- • Geographic concentration with 60.39% of revenue from three states(p.28)
- • Missing documentary evidence of Consent to Establish for manufacturing facility(p.29)
- • Single manufacturing facility creating operational concentration risk(p.46)
- • High inventory levels with 204 days inventory days in FY2026(p.35)
- • Historical delays in statutory filings with penalties paid(p.35)
- • Past delays in payment of statutory dues (ESI and EPF)(p.47)
- • Missing corporate records and regulatory filings with RoC(p.41)
- • Outstanding debt of Rs. 4,759.65 lakhs as of May 31, 2026(p.44)
- • High employee attrition with 36% attrition rate in FY2026(p.39)
- • Promoter dependence with critical roles of key management(p.44)
- • Higher leverage than industry peers(p.117)
- • Smallest revenue scale among listed peers(p.117)
- • Concentration of revenue in top three states (Punjab, Haryana, Tamil Nadu)(p.160)
- • Dependence on top ten customers for majority of revenue(p.161)
- • Export operations concentrated in select overseas markets, particularly Indonesia(p.161)
- • Significant supplier concentration with top ten suppliers(p.173)
- • High employee attrition rate(p.176)
- • Inadequate insurance coverage relative to asset base(p.179)
- • High debt-to-equity ratio of 1.18 indicating substantial leverage(p.271)
- • Heavy dependence on top customers with top 5 customers contributing 50.43% of revenue(p.271)
- • Significant interest-bearing debt with finance costs of Rs. 262.49 lakhs in FY 2026(p.273)
- • Low current ratio of 1.42 indicating tight working capital position(p.271)
- • Pending litigation regarding customs allegation of undervaluation(p.247)
- • Expansion of manufacturing capacity through IPO proceeds(p.34)
- • Growing export operations with Indonesia and USA markets(p.33)
- • Debt reduction through loan prepayment from IPO proceeds(p.44)
- • Planned capacity expansion through IPO proceeds(p.100)
- • Debt reduction through IPO proceeds(p.100)
- • Expansion to new export geographies with growing international demand(p.162)
- • Growing Indian automotive tractor market with 10.93% CAGR through 2031(p.140)
- • Expansion of automotive axle market at 11.7% CAGR through 2035(p.151)
- • Rising demand for EV components and advanced technologies(p.147)
- • Product mix optimization with higher-value components(p.163)
- • Technological infrastructure enhancement and advanced forging technology adoption(p.163)
- • Significant export growth with 111.78% increase in export sales in FY 2026(p.274)
- • Strategic expansion into new geographies including Indonesia and USA markets(p.275)
- • Growing on-highway automotive segment with revenue from automotive industry increasing(p.275)
- • Product portfolio expansion including spindles and components for defence and EV applications(p.269)
- • Capacity expansion with capex investments in machinery and infrastructure(p.247)
- • Fluctuation in raw material, power, and fuel prices(p.35)
- • Exposure to foreign exchange fluctuations in export markets(p.50)
- • Dependence on third-party logistics providers(p.52)
- • Indian economic slowdown could reduce demand(p.52)
- • Political and geopolitical risks in India affecting operations(p.56)
- • Natural calamities and pandemic risks(p.54)
- • Changes in environmental, health and safety regulations(p.47)
- • Regulatory and compliance changes affecting listed company status(p.51)
- • Global economic instability and geopolitical tensions(p.55)
- • Global economic slowdown affecting manufacturing(p.128)
- • TREM Stage V emission standards requiring costly component redesigns(p.141)
- • High fragmentation of agricultural holdings limiting component viability(p.141)
- • Competition from established global players in automotive components(p.177)
- • Market saturation and price competition in automotive axle segment(p.153)
- • Supply chain risks from geopolitical and international trade disruptions(p.161)
- • High production costs and stringent regulatory requirements in automotive components(p.152)
- • Volatility in raw material prices affecting operating margins(p.272)
- • Global economic conditions and geopolitical risks impacting export markets(p.272)
- • Domestic market decline with sales reducing 8.28% in FY 2025(p.277)
- • Dependence on OEM customer JIT model requiring high inventory levels(p.276)
- • Conflict of interest with promoter group companies in similar business(p.215)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Parveen Kumar Garg | Promoter | — | — |
| Mr. Abhishek Garg | Promoter | — | — |
| Mr. Deepak Garg | Promoter | — | — |
| M/S PARVEEN GARG HUF | Promoter Group | — | — |
| Parveen Kumar Garg | Promoter | 77.13% | — |
| Parveen Garg HUF | Promoter Group | 6.18% | — |
| Bindu Garg | Promoter Group | 4.67% | — |
| Deepak Garg | Promoter | 4.64% | — |
| Abhishek Garg | Promoter | 4.63% | — |
| Charushree Garg | Promoter Group | 1.04% | — |
| Ridhima Garg | Promoter Group | 1.03% | — |
| Parveen Kumar Garg | Promoter & Whole-Time Director | 77.13% | — |
| Abhishek Garg | Promoter & Managing Director | 4.63% | — |
| Deepak Garg | Promoter & Whole-Time Director | 4.64% | — |
| Parveen Kumar Garg | Promoter & Whole-time Director | 77.13% | — |
| Abhishek Garg | Promoter & Managing Director | 4.63% | — |
| Deepak Garg | Promoter & Whole-time Director | 4.64% | — |
| Parveen Garg HUF | Promoter Group | 6.18% | — |
| Abhishek Garg | Promoter/MD | — | — |
| Sanjeev Garg | Promoter/MD | — | — |
| Parveen Kumar Garg | Promoter/Director | — | — |
| Neeraj Garg | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.