MarketFriction

Happy Forgings Ltd

NSE HAPPYFORGE · BSE 544057 · Castings & Forgings
₹2,003.70 -3.07%
NSE close2026-10-01
52 week range888.75 - 2,470.00
Market cap₹19,586 Cr.
P/E59.8
IPO 2023 · +136% since Microcap 250 Price band 5% Delivery 63.3%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales343342343341361354352354377391424449
Expenses249247246244256253250253262271291309
Operating Profit94959798105101102101116120133141
OPM %27%28%28%29%29%29%29%29%31%31%31%31%
Other Income1378137101068611
Interest441122222243
Depreciation161716182019202122222526
Profit before tax747887869787908999104111123
Tax %25%25%25%26%27%26%24%26%26%24%25%25%
Net Profit555866647165686673798491
EPS in Rs6.176.156.986.777.586.857.186.977.798.378.869.69
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5858601,1971,3581,4091,5461,642
Expenses4266298569711,0021,0761,132
Operating Profit159231341388407471510
OPM %27%27%28%29%29%30%31%
Other Income66613373132
Interest127121281011
Depreciation36385465778995
Profit before tax117192280324360402436
Tax %26%26%25%25%26%25%
Net Profit86142209243267302327
EPS in Rs965.9215.9023.3225.7928.3831.9734.71
Dividend Payout %0%0%6%16%11%13%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%21%9%16%
Compounded Profit Growth%28%13%22%
Stock Price CAGR%%%126%
Return on Equity%18%16%15%
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital91818191919
Reserves6367709701,5941,8312,109
Borrowings153240219143228330
Other Liabilities76102119130138175
Total Liabilities8741,1301,3261,8862,2152,633
Fixed Assets4154566787449081,108
CWIP4021275127123237
Investments000080237
Other Assets4194615731,0161,1051,050
Total Assets8741,1301,3261,8862,2152,633
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity6080209189292445
Cash from Investing Activity-59-166-172-470-320-497
Cash from Financing Activity-083-372814065
Net Cash Flow1-3-011213
Free Cash Flow-32-11135-512-16
CFO/OP59%53%80%71%92%114%
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days10394949611093
Inventory Days176173112137143134
Days Payable554232342834
Cash Conversion Cycle225226175199226193
Working Capital Days8276711029777
ROCE %22%26%23%19%18%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters78.60%78.60%78.60%78.60%78.60%78.57%78.54%78.52%78.50%78.48%78.46%
FIIs2.06%1.12%2.24%2.27%2.28%2.19%2.17%2.03%1.84%1.73%1.88%
DIIs5.83%16.92%16.69%17.14%17.06%17.07%16.98%17.02%16.73%16.48%15.54%
Public13.50%3.35%2.47%1.98%2.05%2.18%2.31%2.45%2.94%3.30%4.12%
No. of Shareholders1,34,83993,58774,09065,37664,98264,67063,79061,07561,48457,81564,341

Fundamentals

Market Cap₹ 19,586 Cr.
Current Price₹ 2,075
Stock P/E59.8
Book Value₹ 226
ROCE18.0 %
ROE15.0 %
Dividend Yield0.19 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)16%
Compounded Profit Growth (TTM)22%
Consolidated figures.
Valuation
Market capRs 17,933 Cr
Enterprise valueRs 18,172 Cr
P/E (TTM)54.77x
Price to book22.77x
Price to sales10.92x
EV / EBITDA33.53x
EV / EBIT40.64x
EV / sales11.07x
Price to cash flow223.35x
Earnings yield1.83%
Profitability
Operating margin (excl. other income)26.85%
Operating margin (incl. other income)27.55%
EBITDA margin33.00%
Pre-tax margin26.55%
Net profit margin19.94%
Net margin, latest quarter20.35%
ROE19.86%
ROCE21.81%
ROA14.20%
ROIC (approx.)32.28%
Tax rate25.91%
Other income / net worth0.77%
Growth
Sales growth (latest year)47.03%
Profit growth (latest year)64.59%
Sales growth QoQ6.04%
Profit growth QoQ9.45%
Sales growth YoY (latest quarter)27.03%
Profit growth YoY (latest quarter)39.23%
Per share
EPS (TTM)Rs 36.58
EPS (latest year)Rs 15.90
EPS (latest quarter)Rs 10.22
Book value per shareRs 88.00
Sales per shareRs 183.46
Cash flow per shareRs 8.97
Free cash flow per shareRs -1.79
Efficiency
Asset turnover0.76x
Fixed asset turnover1.89x
Inventory turnover2.88x
Inventory days127 days
Debtor days94 days
Debtors turnover3.87x
Creditor days34 days
Cash conversion cycle193 days
Working capital days77 days
Leverage
Total debtRs 240 Cr
Cash and bankRs 1 Cr
Net debtRs 239 Cr
Debt to equity0.31x
Net debt / EBITDA0.44x
Interest coverage39.86x
Current ratio (filing 2026-03-31)2.35x
Quick ratio (filing 2026-03-31)1.84x
Trade payables (filing 2026-03-31)Rs 59 Cr
Owners' fund to total sources69.71%
Debt to assets21.27%
Cash flow
Cash from Operating Activity (latest year)Rs 80 Cr
Cash from Investing Activity (latest year)Rs -166 Cr
Cash from Financing Activity (latest year)Rs 83 Cr
Net Cash Flow (latest year)Rs -3 Cr
Free cash flow (latest year)Rs -16 Cr
FCFE (approx.: FCF + change in debt)Rs 71 Cr
Cash from ops / profit, 5 years1.04x
Sales to cash flow10.71x
Statement figures
Net sales (TTM)Rs 1,642 Cr
Net sales (latest year)Rs 860 Cr
Sales (latest quarter)Rs 449 Cr
Operating profit excl. other income (latest year)Rs 231 Cr
Operating profit (latest quarter)Rs 141 Cr
Other income (TTM)Rs 32 Cr
EBITDA (TTM)Rs 542 Cr
PBDT (TTM)Rs 531 Cr
Profit before tax (TTM)Rs 436 Cr
Tax (latest year)Rs 50 Cr
Net profit (TTM)Rs 327 Cr
Net profit (latest year)Rs 142 Cr
Net profit (latest quarter)Rs 91 Cr
Depreciation (TTM)Rs 95 Cr
Depreciation (latest quarter)Rs 26 Cr
Interest (TTM)Rs 11 Cr
Cost of goods sold (latest year)Rs 530 Cr
Total expenditure (latest year)Rs 629 Cr
Total income (latest year)Rs 866 Cr
Share capitalRs 18 Cr
ReservesRs 770 Cr
Shareholders' fundsRs 788 Cr
Total assetsRs 1,130 Cr
Net blockRs 456 Cr
Capital work in progressRs 212 Cr
InvestmentsRs 0 Cr
ReceivablesRs 222 Cr
InventoryRs 184 Cr
Other liabilitiesRs 102 Cr
Shares outstanding (crore)8.95
Ownership
Promoter holding78.46% (-0.08 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
PeriodHAPPYFORGENifty 50Difference
1 week-3.9%-2.8% -1.1 pts
1 month-17.2%-6.8% -10.4 pts
3 months+33.7%-7.6% +41.3 pts
6 months+73.3%+0.4% +72.9 pts
1 year+106.1%-9.9% +116.0 pts
2 years+65.6%-13.6% +79.2 pts
23 mutual fund schemes hold about ₹3,085 Cr. Over three months 17 bought more and 3 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Small Cap Fund2.09%892 +11%
HSBC Small Cap Fund2.08%396 +8%
Kotak Small Cap Fund1.95%384 +11%
Axis Small Cap Fund0.79%247 +10%
SBI Automotive Opportunities Fund3.55%204 -7%
DSP Small Cap Fund0.79%172 +6%
HSBC Multi Cap Fund1.83%111 +7%
Nippon India Flexi Cap Fund0.97%96 +15%
Sundaram Focused Fund8.08%89 +13%
Axis India Manufacturing Fund1.33%77 +9%
Kotak Business Cycle Fund2.00%70 +10%
Aditya Birla SL Flexi Cap Fund0.21%60 +3%
Kotak Pioneer Fund1.37%59 +6%
Aditya Birla SL Transportation and Logistics Fund3.12%53 +2%
PGIM India Flexi Cap Fund0.82%49 -21%
PGIM India Small Cap Fund2.26%40 -5%
Aditya Birla SL Mfg. Equity Fund2.44%34 +3%
HSBC Infrastructure Fund0.87%22 +17%
Aditya Birla SL Dividend Yield Fund0.82%12 +100%
Bandhan Aggressive Hybrid Fund0.38%10 +6%
PGIM India ELSS Tax Saver Fund0.87%6 +16%
Samco Multi Cap Fund0.52%1 +100%
Motilal Oswal BSE 1000 Index Fund0.02%0 +12%

Red flags

F-score 4 of 8
lookShare dilution Share count up 9844% in a year
lookAuditor change Auditor change 2026-05-21: Happy Forgings Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-03-17PANKAJ KUMAR GOYALKey Managerial Personnelsell2,162Rs 0.27 CrMarket Sale
2026-03-17PANKAJ KUMAR GOYALKey Managerial Personnelbuy2,162Rs 0.28 CrMarket Purchase
2026-03-17PANKAJ KUMAR GOYALKey Managerial Personnelsell5,982Rs 0.76 CrMarket Sale
2026-02-20Dnyaneshwar TurambekarEmployees/Designated Employesell3,000Rs 0.39 CrMarket Sale
2026-02-13GURJINDER SINGHEmployees/Designated Employesell465Rs 0.06 CrMarket Sale
2026-02-13PATWINDER SINGHEmployees/Designated Employesell1,500Rs 0.20 CrMarket Sale
2026-02-12GURJINDER SINGHEmployees/Designated Employesell909Rs 0.11 CrMarket Sale
2025-12-18MANGESH SHANTARAM PURANDAREEmployees/Designated Employesell1,261Rs 0.13 CrMarket Sale
2025-12-02MANGESH SHANTARAM PURANDAREEmployees/Designated Employeother1,361Rs 0.03 CrESOP
2025-09-01PATWINDER SINGHEmployees/Designated Employesell2,357Rs 0.21 CrMarket Sale
2025-08-28PATWINDER SINGHEmployees/Designated Employesell1,002Rs 0.09 CrMarket Sale
2025-08-12MANGESH SHANTARAM PURANDAREEmployees/Designated Employesell2,622Rs 0.25 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹449 Cr +26.8% vs Jun 2025. Net profit ₹91 Cr +37.9%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-20Dividend - Rs 4 Per Share
2025-07-22Dividend - Rs 3 Per Share
2024-07-22Dividend - Rs 4 Per Share
2024-07-22Annual General Meeting
DateTypeWhat it says
2026-09-11ESOPAllotment of 22412 Shares.
2026-08-11Concall / analyst meetTranscript
2026-08-11Concall / analyst meetSchedule of meet
2026-08-05Concall / analyst meetLink of Recording
2026-08-04UpdatesCorrigendum to the letter submitted for financial results for the quarter ended 30th June 2026.
2026-08-04Press ReleaseA press release dated August 04, 2026, titled "Press release dated 4th August 2026".
2026-08-04Investor PresentationInvestor Presentation
2026-08-04CorrigendumCorrigendum to to the letter submitted for financial results for the quarter ended 30th june 2026.
2026-08-04Board meeting outcomeOutcome of Board Meeting held on August 04, 2026.
2026-08-04Board meeting outcomeHappy Forgings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-28Shareholder meetingVoting results.
2026-07-28Concall / analyst meetSchedule of meet
2026-07-27Shareholder meetingProceedings of Annual General Meeting held on July 27, 2026
2026-07-07Credit RatingCredit Rating
2026-07-02UpdatesSending letters to shareholders who have not registered their email ID pursuant to Regulation 36(1)(b) of SEBI (LODR) Regulations, 2015.
2026-06-30UpdatesBRSR for the year ended 31st March 2026.
2026-06-30Shareholder meetingNotice of Annual General Meeting to be held on July 27, 2026
2026-06-17ESOPAllotment of 28273 Shares.
2026-05-28Concall / analyst meetTranscript
2026-05-22General UpdatesAnnual Secretarial Compliance Report FY 2025-26
2026-05-22Concall / analyst meetLink of Recording
2026-05-21Press ReleaseA press release dated May 21, 2026, titled "Press release dated 21st May 2026".
2026-05-21Investor PresentationInvestor Presentation
2026-05-21UpdatesBook Closure for the purpose of dividend.
2026-05-21UpdatesRecord date for the purpose of final dividend.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Close to Close price movement greater than 100perc in previous 365 daysHigh low price variation greater than 100perc in previous 6 monthsHigh low price variation greater than 150perc in previous 12 monthsScrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Happy Forgings Ltd?

Happy Forgings Ltd (HAPPYFORGE) has a market capitalisation of Rs 19,586 Cr. at the 2026-10-01 close.

What is the P/E ratio of Happy Forgings Ltd?

Happy Forgings Ltd trades at a P/E of 59.8 on trailing twelve-month profit, at the 2026-10-01 close.

What were Happy Forgings Ltd's latest quarterly results?

In the Jun 2026 quarter, Happy Forgings Ltd sales was Rs 449 Cr (+26.8% vs Jun 2025) and net profit was Rs 91 Cr.

What is the 52-week high and low of Happy Forgings Ltd?

The 52-week high is Rs 2,470.00 and the 52-week low is Rs 888.75.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03