Happy Forgings Ltd logo

Happy Forgings Ltd

HAPPYFORGE NSE

Key Fundamentals

SmallcapCastings & ForgingsIndustrial Products
Market Cap
₹17,629 Cr
Volatility
High Risk
P/E Ratio
54.92
EBITDA
₹502 Cr
Return on Equity
14.17%
Debt to Equity
0.16
Book Value
₹225.49
EPS
₹25.77
52W High
₹1,908
52W Low
₹862.05

Insights

Beta

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

Log in to view Happy Forgings Ltd insights

48 extracted metrics + investor summaries across FY18–FY26.

Log in — free

Tapetide Score

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

Technical Indicators

Key Insights

Weaknesses

2
  • Stock is trading at 8.45 times its book value
  • Dividend payout has been low at 12.9% of profits over last 3 years

Growth Rate

Revenue Growth
9.04% ↗
Net Income Growth
12.79% ↗
Cash Flow Change
52.11% ↗
ROE
-2.01% ↘
ROCE
-2.47% ↘
EBITDA Margin (Avg.)
3.55% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high

Happy Forgings Ltd is a mid-cap industrial products company with a market cap of Rs 16,287 crore, trading at a PE of 49.2x. The company has delivered compounded profit growth of 28% over 5 years and sales growth of 21% over the same period, though recent growth has moderated to 16% TTM sales growth and the stock trades at 8.06x book value.

Bull Case 7
  • Strong 5-year compounded profit growth of 28%, indicating robust earnings expansion over a meaningful period
  • Healthy 5-year compounded sales growth of 21%, demonstrating consistent revenue scale-up in the industrial forging space
  • TTM profit growth of 22% outpacing TTM sales growth of 16%, suggesting improving margins and operating leverage
  • Stock has delivered 87% returns over the past 1 year, reflecting strong market confidence and momentum
  • 5-year average ROE of 18% indicates efficient capital deployment and strong return generation for shareholders
  • 3-year compounded profit growth of 13% maintained even through post-pandemic industrial cycles, showing resilience
  • Market cap of Rs 16,287 crore places the company in a sweet spot for institutional interest while retaining mid-cap growth potential
Bear Case 8
  • PE ratio of 49.2x is significantly elevated for an industrial products company, leaving limited margin of safety
  • Stock is trading at 8.06x book value, well above typical industrial sector valuations, indicating premium pricing
  • Dividend payout has been low at just 12.9% of profits over the last 3 years, limiting income returns for shareholders
  • ROE has declined from 18% (5-year average) to 15% in the last year, suggesting potential dilution of return efficiency
  • Sales growth has decelerated from 21% (5-year CAGR) to 9% (3-year CAGR) to 16% TTM, showing uneven momentum
  • 3-year compounded profit growth of 13% is notably lower than the 5-year figure of 28%, indicating growth rate normalization
  • Dividend yield of only 0.23% provides negligible income cushion against potential capital depreciation at current valuations
  • 87% stock price appreciation in 1 year has significantly outpaced fundamental earnings growth of 22% TTM, creating a valuation gap

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 3
  • Record Q1FY27 revenue, PAT up 39% Aug 4

    Happy Forgings reported record Q1FY27 revenue of ₹449 crore (up 27% YoY) with PAT rising 39.2% to ₹91.6 crore and EBITDA margin above 30%.

  • Strong volume growth outlook Aug 5

    Management expects strong volume growth for FY27 while targeting EBITDA margins consistent with FY26 levels, with potential for further margin improvement beyond FY26 benchmarks.

  • ₹4 dividend, key directors reappointed Jul 27

    AGM on July 27 approved ₹4 per share final dividend for FY26 and reappointed MD Ashish Garg and WTD Megha Garg, signaling management continuity.

Neutral 2
  • Q1FY27 earnings call posted Aug 5

    Audio recording of the earnings conference call held on August 5, 2026 discussing June quarter results has been made available on the company website.

  • Earnings call scheduled Aug 5 Jul 28

    Happy Forgings announced it would host its Q1FY27 earnings conference call on August 5, 2026 to discuss financial and operational performance.

TL;DR: Happy Forgings is firing on all cylinders with record revenue, 39% profit growth, and EBITDA margins above 30% in Q1FY27. No material headwinds are visible — management guidance points to continued volume expansion with stable-to-improving margins. Leadership continuity and shareholder returns via dividend add to the positive picture. The trend is clearly improving, though sustaining 27% revenue growth rates will be the key monitorable going forward.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 78.46%
DIIs 15.54%
Public 3.35%
FIIs 1.88%
Others 0.78%
Total 100.01%
  Aug 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
88.24%
78.60%
78.60%
78.60%
78.60%
78.60%
78.57%
78.54%
78.52%
78.50%
78.48%
78.46%
FIIs
0.00%
0.00%
1.12%
2.24%
2.28%
2.28%
2.19%
2.17%
2.02%
1.84%
1.73%
1.88%
DIIs
0.00%
4.00%
16.93%
16.69%
17.14%
17.06%
17.07%
16.98%
17.01%
16.73%
16.48%
15.54%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
6.26%
2.98%
2.21%
1.78%
1.83%
1.89%
1.98%
2.06%
2.46%
2.79%
3.35%
Others
11.76%
11.13%
0.37%
0.26%
0.20%
0.22%
0.28%
0.34%
0.39%
0.47%
0.53%
0.78%
No. of Shareholders
8
2,51,941
93,587
74,090
65,376
64,982
64,670
63,790
61,075
61,484
57,815
64,341

Documents

Frequently Asked Questions about Happy Forgings Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: HAPPYFORGE and BSE: 544057. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Happy Forgings Ltd belong to?
Happy Forgings Ltd operates in the Industrial Products sector within the Castings & Forgings industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Happy Forgings Ltd?
Happy Forgings Ltd has a market capitalisation of approximately ₹17629.38 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Happy Forgings Ltd?
The Price-to-Earnings (PE) ratio of Happy Forgings Ltd is 54.92. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Happy Forgings Ltd?
Over the past 52 weeks, Happy Forgings Ltd has traded between a low of ₹862.05 and a high of ₹1,908. This range helps investors understand the stock's price volatility and recent trading levels.
Does Happy Forgings Ltd pay dividends?
Yes, Happy Forgings Ltd has a dividend yield of 0.21%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Happy Forgings Ltd?
Happy Forgings Ltd has a Return on Equity (ROE) of 14.17%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Happy Forgings Ltd on Tapetide?
On Tapetide, you can view Happy Forgings Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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

Explore More

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