Happy Forgings
Happy Forgings Ltd valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for Happy Forgings Ltd, framed against the sector median so the premium or discount is obvious at a glance.
Happy Forgings Ltd trades at a P/E of 41.69× and P/B of 5.90×.
Valuation
Profitability
Growth
Financial Health
Happy Forgings Ltd financials: P&L, balance sheet, cash flow, ratios.
Twelve years of audited numbers for Happy Forgings Ltd, switchable between annual and quarterly views, consolidated or standalone.
Happy Forgings Ltd reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹12,550.5 Cr and reported EPS of ₹31.95.
| Period | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue from Operations | 1,358 | 1,409 | 1,546 |
| Other Income | 13 | 37 | 31 |
| Total Income | 1,372 | 1,446 | 1,577 |
| Cost of Goods Sold (COGS) | 597 | 592 | 632 |
| Gross Profit | 762 | 817 | 915 |
| +Operating Expenses | 374 | 411 | 444 |
| EBITDA | 388 | 407 | 471 |
| +Non-Operating Expenses | 77 | 85 | 100 |
| Profit Before Tax (PBT) | 324 | 360 | 402 |
| +Tax Expense | 81 | 92 | 100 |
| Profit After Tax (PAT) | 243 | 267 | 302 |
| Earnings Per Share (EPS) | 25.79 | 28.38 | 31.97 |
| Diluted Shares Outstanding (Nos.) | 9 | 9 | 9 |
| +Additional Disclosures | 1,650 | 1,680 | 1,806 |
| Sales Growth % | — | 3.73 | 9.76 |
| YoY Sales Growth % | — | 3.73 | 9.76 |
| Material Cost % | 46 | 43 | 39 |
| Employee Cost % | 8 | 9 | 9 |
| Other Cost % | 19 | 20 | 20 |
| OPM % | 29 | 29 | 30 |
| Tax % | 25 | 26 | 25 |
| Profit Growth % | — | 10.06 | 12.79 |
| Gross Margin % | 0.00 | 0.00 | 0.00 |
| EBITDA Margin % | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratio | 0.00 | 0.00 | 0.00 |
| Additional Fields | 323 | 330 | 382 |
Happy Forgings segment analysis: revenue and profit mix.
Disclosed business segments at Happy Forgings with their share of revenue and profit, switchable between consolidated and standalone reporting.
Happy Forgings discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
Happy Forgings Ltd investment thesis: bull case, bear case, and the flip lines.
Why someone would buy Happy Forgings Ltd, why someone wouldn't, and the quantitative tripwires that would force the call to flip.
Happy Forgings Ltd's investment case rests on 8 positive markers and 8 flagged concerns drawn from the latest reported filings.
What you're getting.
Happy Forgings boasts a robust 28.90% operating profit margin (OPM), showcasing efficient cost management and high operational efficiency. This strong OPM contributes significantly to the company's overall profitability and financial health.
The company demonstrates consistent quarterly profit growth, with a recent increase of 2.96%. This positive trend, coupled with a low 0.12 debt-to-equity ratio, points towards a financially stable and expanding business.
A high 78.5% promoter holding signifies strong management confidence and alignment with shareholder interests. This substantial promoter stake reduces the risk of hostile takeovers or significant management changes, reassuring investors.
Happy Forgings exhibits a superior Return on Capital Employed (ROCE) of 19.20%, exceeding industry averages. This high ROCE highlights the company's efficient capital utilization and strong competitive advantage, promising future growth.
The company reported strong quarterly sales of ₹354 crore, with a healthy growth rate of 3.61%. This consistent revenue expansion indicates robust market demand and effective business strategies, supporting future profitability.
What can break it.
Happy Forgings' stock price has shown considerable volatility, fluctuating between ₹1191 and ₹716 in the past year. This volatility poses a risk for investors seeking portfolio stability and consistent returns.
The company's Price-to-Earnings (P/E) ratio of 35.80 is relatively high compared to industry peers (e.g., AIAENG at 28.43), potentially suggesting overvaluation. Investors should carefully assess this valuation metric.
While promoter holding is high, the very low public shareholding, recently at 2.45%, might limit stock liquidity. This could make it difficult for investors to buy or sell shares quickly without significantly impacting the price.
Although the debt-to-equity ratio is low at 0.12, the absolute debt level of ₹228 warrants monitoring. A sudden increase in debt could negatively affect the company's financial health and profitability, impacting investor returns.
The 'Castings & Forgings' industry is highly competitive, with peers like AIA Engineering and Balu Forge exhibiting strong metrics. Intense competition could pressure Happy Forgings' margins and market share.
What would change my mind.
Trim if P/E re-rates above 54. The valuation cushion thins from there.
Reassess if quarterly profit growth prints below 0% for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 15.99. Balance sheet risk re-prices growth multiples fast.
Exit if ROE slips below 10%. The operating engine is no longer compounding capital efficiently.
Happy Forgings Ltd peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — Happy Forgings Ltd is highlighted for quick read-across.
Quick Compare
Happy Forgings Ltd technical analysis: indicators, pivots and CPR.
Live RSI, MACD and moving-average signals plus today's pivot and Central Pivot Range levels for Happy Forgings Ltd — derived from the live tape, not yesterday's close.
Happy Forgings Ltd last traded at ₹1,331.9 with an intraday range of ₹1,323.2–₹1,373.8 — live indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Live: ₹1331.90| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 1463.93 | +132.03 | +9.91% |
| R3 | 1413.33 | +81.43 | +6.11% |
| R2 | 1393.57 | +61.67 | +4.63% |
| R1 | 1362.73 | +30.83 | +2.31% |
| PIVOT | 1342.97 | 11.07 | 0.83% |
| CURRENT | 1331.90 | — | — |
| S1 | 1210.93 | -120.97 | -9.08% |
| S2 | 1261.53 | -70.37 | -5.28% |
| S3 | 1292.37 | -39.53 | -2.97% |
| S4 | 1312.13 | -19.77 | -1.48% |
HAPPYFORGE is trading Below CPR, indicating Bearishness
CPR is Wider, suggesting unlikely for trending moves
Day's range: 1356.1 ~ 1373.8
Trading Inside opening range
Happy Forgings Ltd delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for Happy Forgings Ltd over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in Happy Forgings Ltd stood at 65.3% of traded volume, against a 20-day average of 53.4%.
Happy Forgings announcements: results, concalls, ratings, M&A.
Filings Happy Forgings sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
Happy Forgings files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 128 documents below.
General Updates
Happy Forgings Limited has informed the Exchange about " Annual Secretarial Compliance Report FY 2025-26"
Analysts/Institutional Investor Meet/Con. Call Updates
Happy Forgings Limited has informed the Exchange about Link of Recording
Copy of Newspaper Publication
Happy Forgings Limited has informed the Exchange about Copy of Newspaper Publication
Updates
Happy Forgings Limited has informed the Exchange regarding 'Record date for the purpose of final dividend'.
Record Date
Happy Forgings Limited has informed the Exchange that Record date for the purpose of Dividend is 20-Jul-2026.
Investor decks & rating reports.
Investor Presentation
Investor Presentation
Investor Presentation
Investor Presentation
Investor Presentation
Happy Forgings insider trading: promoter and management activity.
Promoter, director and designated-employee transactions in Happy Forgings as reported to SEBI — buying and selling signals from the people who know the business best.
Happy Forgings insider activity below tracks 6 reported promoter, director and designated-employee transactions under SEBI Regulation 7(2).
| Insider | Category | Txn Date | Action | Quantity | Value (₹) | Price |
|---|---|---|---|---|---|---|
| PANKAJ KUMAR GOYAL | Insider | 17 Mar 2026 | buy | +2.2 K | ₹27.93 L | ₹1,291.78 |
| PANKAJ KUMAR GOYAL | Insider | 17 Mar 2026 | buy | +2.2 K | ₹27.4 L | ₹1,267.14 |
| PANKAJ KUMAR GOYAL | Insider | 17 Mar 2026 | buy | +2.2 K | ₹27.93 L | ₹1,291.78 |
| PANKAJ KUMAR GOYAL | Insider | 17 Mar 2026 | buy | +2.2 K | ₹27.4 L | ₹1,267.14 |
| PANKAJ KUMAR GOYAL | Insider | 17 Mar 2026 | buy | +6.0 K | ₹75.66 L | ₹1,264.73 |
| PANKAJ KUMAR GOYAL | Insider | 17 Mar 2026 | buy | +2.2 K | ₹27.4 L | ₹1,267.14 |
Happy Forgings dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue Happy Forgings has declared, sequenced by announce and record date.
Happy Forgings corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
About Happy Forgings Ltd: business, sector, key facts.
What Happy Forgings Ltd does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
Happy Forgings Ltd operates in the Industrials, listed as NSE: HAPPYFORGE, BSE: 544057.
Happy Forgings Limited is an Indian-based manufacturer and supplier of a wide range of forgings and related components, catering to both domestic and international markets. Their product portfolio is extensive and encompasses various crucial parts for a multitude of industries.
The company's offerings include critical automotive components such as crankshafts, front axle beams, steering knuckles, differential cases, brake flanges, and suspension brackets. Beyond automotive applications, they also produce components for agricultural machinery, off-highway and industrial equipment, and other specialized sectors.
Happy Forgings' expertise extends to the production of components for heavier machinery and specialized applications. This includes parts for oil and gas extraction equipment, aerospace components, power generation systems, railway infrastructure, and even wind turbine technology. Their manufacturing capabilities cover a broad spectrum of forging needs.
In addition to larger components, Happy Forgings also manufactures smaller, precision-forged parts. These include items like piston pins, spacers, bicycle pedals, bull gears, and semi-machined transmission parts, demonstrating versatility in their production processes and the ability to serve a wide range of clients with diverse requirements.
Happy Forgings primarily serves original equipment manufacturers (OEMs) across various industries. Their customer base includes manufacturers of commercial vehicles, farm equipment, off-highway and industrial equipment, and those involved in the oil and gas, aerospace, power generation, railway, and wind turbine sectors. Their long-standing presence in the industry, dating back to their incorporation in 1979, speaks to their experience and reliability.
Questions investors ask about Happy Forgings Ltd (HAPPYFORGE).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of Happy Forgings Ltd (HAPPYFORGE)?
The current share price of Happy Forgings Ltd (HAPPYFORGE) is ₹1,331.9. Today, the stock has declined by ₹16.30 (1.21%), trading in a range of ₹1,323.2 to ₹1,373.8. The stock opened at ₹1,373.8 with a trading volume of 79,428 shares.
02Is Happy Forgings Ltd stock a good investment for long-term?
Happy Forgings Ltd can be considered for long-term investment based on several factors. The company has a market capitalization of ₹12,550.5 crores, P/E ratio of 41.69, ROE of 15.16%, and ROCE of 19.20%. The dividend yield stands at 0.30%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of Happy Forgings Ltd stock?
The 52-week high price of Happy Forgings Ltd (HAPPYFORGE) is ₹0, while the 52-week low is ₹0. Currently trading at ₹1,331.9, the stock is Infinity% away from its 52-week low and -Infinity% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy Happy Forgings Ltd stock at the current price?
Whether to buy Happy Forgings Ltd stock at ₹1,331.9 depends on multiple factors. The stock is currently trading with a P/E ratio of 41.69 and P/B ratio of 5.90. Today's performance shows a loss of 1.21%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of Happy Forgings Ltd and when is the next dividend?
Happy Forgings Ltd offers a dividend yield of 0.30%, which means for every ₹100 invested at the current price of ₹1,331.9, you can expect to receive approximately ₹0.30 annually as dividends. The face value of the stock is ₹2.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of Happy Forgings Ltd?
Happy Forgings Ltd's key financial metrics include: P/E Ratio: 41.69, P/B Ratio: 5.90, ROE: 15.16%, ROCE: 19.20%, Dividend Yield: 0.30%, EPS: ₹31.95, Book Value: ₹225.64, and Debt-to-Equity: 15.49. The company's market cap stands at ₹12,550.5 crores. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is Happy Forgings Ltd stock performing today in the market?
Happy Forgings Ltd stock opened at ₹1,373.8 and is currently trading at ₹1,331.9, showing a decline of ₹16.30 (1.21%). The intraday high is ₹1,373.8 and low is ₹1,323.2. The trading volume stands at 79,428 shares, indicating moderate market participation today.
08What is the P/E ratio of Happy Forgings Ltd and what does it indicate?
Happy Forgings Ltd has a Price-to-Earnings (P/E) ratio of 41.69, which means investors are willing to pay ₹41.69 for every ₹1 of earnings. With an EPS of ₹31.95, this P/E ratio suggests the stock may be trading at a premium, possibly due to high growth expectations. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about Happy Forgings Ltd (HAPPYFORGE) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.
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