Happy Forgings Limited share price
Happy Forgings Limited manufactures and sells forgings and machined components for the automotive and industrial sectors in India and internationally. The company offers crankshafts; differential cases; front axle beams and steering knuckles; railway parts, including camshafts, connecting rods, piston pins, spacers, and others; brake flanges and suspension brackets; and transmission parts, such as shafts and spindles, crown wheels and pinions, and rings. It also offers windmill application products, including planet carrier, pinion shaft, and housing; oil and gas components, such as valve body; and bicycle pedals. It serves the original equipment manufacturers, manufacturers of commercial a…Read more
16 Oct 2026, 3:29 PM IST₹1,866.00▼ 7.20 (0.38%)
- Market Cap₹ 17,615 Cr.
- Current Price₹ 1,866.00
- High / Low₹ 2,470 / 941
- Stock P/E53.9
- Book Value₹ 226
- Dividend Yield0.21 %
- ROCE18.9 %
- ROE15.20 %
- Face Value₹ 2.0
More figures (10)
- EPS (TTM)₹ 34.60
- Price / Book8.27
- OPM26.9 %
- Debt / Equity0.15
- Sales growth (4Y)9.8 %
- Profit growth (4Y)13.1 %
- Promoter holding78.5 %
- EV / EBITDA34.5
- Beta0.88
- All-time high₹ 2,470
Price chart
| Returns | 1M | 3M | 6M | YTD | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| HAPPYFORGE | -13.45% | +15.98% | +41.85% | +62.39% | +98.17% | — | — |
| Nifty 50 | -0.31% | -3.85% | -4.34% | -11.42% | -9.53% | +5.46% | +4.76% |
Price returns only (dividends not included). Prices from NSE via Yahoo Finance; may be delayed.
Quick take
- Happy Forgings Limited is in the Metal Fabrication industry (Industrials), with a market value of ₹17,615 crore.
- It trades at 53.9 times its last 12 months' earnings and 8.3 times book value.
- Revenue grew 9.8% a year over the last 4 years, profit 13.1% a year.
- Return on equity was 15.2% and return on capital employed 18.9% in the latest year.
- Debt was 0.15 times shareholders' equity.
- The share price is 24.5% below its 52-week high and up 98.2% over one year.
- Promoters and insiders hold about 78.5%; institutions about 15.2%.
Pros
AI- Latest quarter (Jun 2026): sales up 27% and profit up 39% from a year ago.
- Healthy return on equity of 16.4% on average over the last 3 years.
- Borrowings are moderate at 0.15 times shareholders' equity.
- Institutional (FII + DII) holding has risen by 9.4 points over 3 years.
- Promoters hold a large stake of 78.44%.
Cons
AI- Trades at 53.9 times earnings, above its 3-year median of 40.2.
- Trades at 8.3 times its book value.
Pros and cons are generated automatically from the reported figures. They are observations, not a recommendation to buy or sell.
AI analysis
Plenitude AI reads the figures on this page and explains them in plain language. It does not say whether to buy or sell.
About Happy Forgings Limited
Happy Forgings Limited manufactures and sells forgings and machined components for the automotive and industrial sectors in India and internationally. The company offers crankshafts; differential cases; front axle beams and steering knuckles; railway parts, including camshafts, connecting rods, piston pins, spacers, and others; brake flanges and suspension brackets; and transmission parts, such as shafts and spindles, crown wheels and pinions, and rings. It also offers windmill application products, including planet carrier, pinion shaft, and housing; oil and gas components, such as valve body; and bicycle pedals. It serves the original equipment manufacturers, manufacturers of commercial and passenger vehicles, farm equipment, and off highway and industrial equipment, as well as machinery for oil and gas, aerospace, power generation, railways, and wind turbine industries. Happy Forging…
- Employees
- 3,512
- Head office
- Ludhiana
- NSE industry
- Capital Goods
Peer comparison
| Company | Market cap (₹ Cr) | P/E | P/B | ROE | OPM | Sales CAGR | Div. yield |
|---|---|---|---|---|---|---|---|
| Happy Forgings LimitedHAPPYFORGE | 17,615 | 53.9 | 8.27 | 15.2% | 26.9% | +9.8% | 0.21% |
| Hindustan Aeronautics LimitedHAL | 3,33,652 | 35.8 | 8.13 | 24.0% | 27.4% | +6.4% | 0.92% |
| Bharat Electronics LimitedBEL | 2,75,469 | 44.9 | 11.48 | 27.6% | 29.1% | +15.5% | 0.66% |
| ABB India LimitedABB | 1,44,119 | 92.6 | 15.44 | 22.4% | 14.4% | +15.4% | 0.43% |
| CG Power and Industrial Solutions LimitedCGPOWER | 1,33,285 | 106.7 | 16.72 | 20.4% | 11.8% | +21.2% | 0.16% |
| Hitachi Energy India LimitedPOWERINDIA | 1,29,215 | 112.3 | 24.96 | 21.0% | 14.8% | +22.2% | 0.03% |
| Siemens LimitedSIEMENS | 1,29,058 | 88.8 | 9.32 | 14.7% | 9.9% | +3.0% | 0.49% |
| Cummins India LimitedCUMMINSIND | 1,27,734 | 54.0 | 15.07 | 29.5% | 20.1% | +16.1% | 1.42% |
| Polycab India LimitedPOLYCAB | 1,23,807 | 39.2 | 9.46 | 24.5% | 13.1% | +26.6% | 0.57% |
| Siemens Energy India LimitedENRIN | 1,02,883 | 69.1 | 21.38 | 29.0% | 18.3% | +63.5% | 0.14% |
Companies in the same industry (Metal Fabrication). Tap a heading to sort. Sorting is a way to explore data, not a recommendation.
Quarterly Results
Consolidated figures in ₹ croreStandalone figures in ₹ crore /
Source: the company's results filed with NSE, as reported. Tap a row marked + for its breakdown. Latest quarter on the right.
Profit & Loss
Consolidated figures in ₹ croreStandalone figures in ₹ crore /
| ₹ Cr | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|
| 1,358 | 1,409 | 1,546 | 1,642 | |
| YOY Sales Growth % | 3.73% | 9.76% | ||
| 971 | 1,002 | 1,076 | 1,132 | |
| Material Cost % | 44% | 42% | 41% | 40% |
| Employee Cost % | 8% | 9% | 9% | 9% |
| Other Expenses % | 19% | 20% | 20% | 20% |
| Operating Profit | 388 | 407 | 471 | 510 |
| OPM % | 29% | 29% | 30% | 31% |
| Other Income | 13 | 37 | 31 | 32 |
| Interest | 12 | 8 | 10 | 11 |
| Depreciation | 65 | 77 | 89 | 95 |
| Profit before tax | 324 | 360 | 402 | 436 |
| 25% | 26% | 25% | 25% | |
| Current tax | 75 | 85 | 90 | |
| Deferred tax | 7 | 7 | 10 | |
| 243 | 267 | 302 | 327 | |
| Profit to shareholders | 243 | |||
| YOY Profit Growth % | 10.06% | 12.79% | ||
| EPS in Rs | 26.78 | 28.39 | 31.99 | 34.72 |
| Dividend Payout % | 5% |
Compounded Sales Growth
- TTM:
- 16%
Compounded Profit Growth
- TTM:
- 22%
Stock Price CAGR
- 1 Year:
- 98%
Return on Equity
- 4 Years:
- 18%
- Last Year:
- 15%
| ₹ Cr | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|
| 1,358 | 1,409 | 1,546 | 1,642 | |
| YOY Sales Growth % | 3.73% | 9.76% | ||
| 971 | 1,002 | 1,076 | 1,132 | |
| Material Cost % | 44% | 42% | 41% | 40% |
| Employee Cost % | 8% | 9% | 9% | 9% |
| Other Expenses % | 19% | 20% | 20% | 20% |
| Operating Profit | 388 | 407 | 471 | 510 |
| OPM % | 29% | 29% | 30% | 31% |
| Other Income | 13 | 38 | 31 | 32 |
| Interest | 12 | 8 | 10 | 11 |
| Depreciation | 65 | 77 | 89 | 95 |
| Profit before tax | 324 | 360 | 402 | 436 |
| 25% | 26% | 25% | 25% | |
| Current tax | 75 | 85 | 90 | |
| Deferred tax | 7 | 7 | 10 | |
| 243 | 268 | 302 | 327 | |
| YOY Profit Growth % | 10.12% | 12.73% | ||
| EPS in Rs | 26.78 | 28.40 | 31.99 | 34.72 |
| Dividend Payout % | 5% | 14% | 9% |
Compounded Sales Growth
- TTM:
- 16%
Compounded Profit Growth
- TTM:
- 22%
Stock Price CAGR
- 1 Year:
- 98%
Return on Equity
- 4 Years:
- 18%
- Last Year:
- 15%
Financial years ending March; TTM = the last four quarters. Source: the company's results filed with NSE, as reported. Tap a row marked + for its breakdown. Dividend payout = dividends paid in the year ÷ net profit.
Balance Sheet
Consolidated figures in ₹ crore, as at 31 March
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 18 | 19 | 19 | 19 |
| Reserves | 970 | 1,594 | 1,831 | 2,109 |
| 219 | 143 | 228 | 330 | |
| Long term borrowings | 58 | |||
| Short term borrowings | 160 | 143 | 228 | 330 |
| 119 | 130 | 138 | 175 | |
| Trade payables | 48 | 56 | 45 | 59 |
| Current liabilities | 257 | 242 | 326 | 456 |
| Total Liabilities | 1,326 | 1,886 | 2,215 | 2,633 |
| 803 | 933 | 1,130 | 1,501 | |
| Gross block | 804 | 1,178 | 1,450 | 1,876 |
| Accumulated depreciation | 2 | 245 | 320 | 376 |
| Goodwill & intangibles | 1 | 6 | 15 | 19 |
| CWIP | 127 | 193 | 232 | 405 |
| 396 | 760 | 853 | 727 | |
| Inventories | 170 | 224 | 232 | 233 |
| Trade receivables | 308 | 357 | 427 | 395 |
| Cash & equivalents | 0 | 1 | 13 | 26 |
| Current assets | 490 | 742 | 919 | 1,071 |
| Total Assets | 1,326 | 1,886 | 2,215 | 2,633 |
Source: Yahoo Finance (compiled from the annual reports). Tap a row marked + for its breakdown.
Cash Flows
Consolidated figures in ₹ crore, financial years ending March
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 209 | 189 | 292 | 445 | |
| Profit for the year | 209 | 243 | 267 | 302 |
| Working capital changes | -78 | -123 | -48 | 59 |
| Direct taxes paid | -64 | -84 | -83 | -93 |
| -172 | -470 | -320 | -497 | |
| Fixed assets purchased | -175 | -194 | -281 | -461 |
| Fixed assets sold | 0 | 0 | 0 | 0 |
| Investments purchased | -0 | -322 | -424 | -631 |
| Investments sold | 1 | 45 | 365 | 574 |
| -37 | 281 | 40 | 65 | |
| Proceeds from borrowings | 17 | 85 | 102 | |
| Repayment of borrowings | -17 | -84 | -1 | |
| Interest paid | -12 | -13 | -7 | -10 |
| Dividends paid | -12 | -38 | -28 | |
| Net Cash Flow | -0 | 1 | 12 | 13 |
| Free Cash Flow | 35 | -5 | 11 | -17 |
Free cash flow = cash from operations − capital expenditure. Source: Yahoo Finance.
Ratios
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| ROE | — | 21.1% | 18.7% | 15.4% | 15.2% |
| ROCE | — | 27.3% | 20.4% | 19.4% | 18.9% |
| Operating margin | — | 27.1% | 26.0% | 25.5% | 26.9% |
| Net margin | — | 19.4% | 19.5% | 20.6% | 21.2% |
| Debt / equity | — | 0.22 | 0.09 | 0.12 | 0.15 |
| Current ratio | — | 1.91 | 3.07 | 2.81 | 2.35 |
Computed from the reported statements: ROE on average equity; ROCE = EBIT / (total assets − current liabilities).
Shareholding Pattern
Numbers in percentages · as filed with NSE each quarter
- Promoters 78.44%
- FIIs 2.37%
- DIIs 14.93%
- Public 4.26%
| % | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 78.60% | 78.60% | 78.60% | 78.60% | 78.60% | 78.57% | 78.54% | 78.52% | 78.50% | 78.48% | 78.46% | 78.44% |
| 2.06% | 1.12% | 2.24% | 2.28% | 2.28% | 2.19% | 2.17% | 2.02% | 1.84% | 1.73% | 1.88% | 2.37% | |
| Foreign portfolio investors (Cat. I) | 1.91% | 0.97% | 2.02% | 2.02% | 2.02% | 1.93% | 1.91% | 1.76% | 1.57% | 1.43% | 1.57% | 2.04% |
| Foreign portfolio investors (Cat. II) | 0.15% | 0.15% | 0.22% | 0.25% | 0.26% | 0.26% | 0.26% | 0.27% | 0.27% | 0.30% | 0.31% | 0.33% |
| 5.84% | 16.93% | 16.69% | 17.14% | 17.06% | 17.07% | 16.98% | 17.01% | 16.73% | 16.48% | 15.54% | 14.93% | |
| Mutual funds | 5.14% | 7.42% | 7.59% | 7.86% | 7.53% | 11.67% | 11.52% | 11.68% | 11.59% | 14.63% | 13.86% | 13.37% |
| Insurance companies | 0.66% | 0.70% | 0.58% | 0.55% | 0.48% | 0.33% | 0.32% | 0.22% | 0.22% | 0.22% | ||
| Banks | 0.01% | |||||||||||
| Alternative investment funds | 0.02% | 8.80% | 8.52% | 8.72% | 9.05% | 5.07% | 5.14% | 5.12% | 4.92% | 1.63% | 1.68% | 1.56% |
| 13.50% | 3.35% | 2.47% | 1.98% | 2.05% | 2.17% | 2.31% | 2.45% | 2.93% | 3.31% | 4.13% | 4.26% | |
| Retail (up to ₹2 lakh) | 3.95% | 2.98% | 2.21% | 1.78% | 1.83% | 1.89% | 1.98% | 2.06% | 2.46% | 2.55% | 3.15% | 3.33% |
| HNIs (above ₹2 lakh) | 0.23% | 0.20% | 0.16% | |||||||||
| NRIs | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.05% | 0.06% | 0.09% | 0.10% | 0.14% | 0.15% |
| Bodies corporate | 0.44% | 0.11% | 0.10% | 0.07% | 0.09% | 0.16% | 0.17% | 0.20% | 0.21% | 0.25% | 0.41% | 0.37% |
| No. of Shareholders | 1,34,839 | 93,587 | 74,090 | 65,376 | 64,982 | 64,670 | 63,790 | 61,075 | 61,484 | 57,815 | 64,341 | 65,550 |
Source: shareholding patterns filed by the company with NSE. Public = non-institutional holders. Tap a row marked + for its breakdown.
Documents
Announcements
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Happy Forgings Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 201806-Oct-2026
- Trading WindowHappy Forgings Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 201521-Sep-2026
- ESOP/ESOS/ESPSHappy Forgings Limited has informed the Exchange regarding Allotment of 22412 Shares.11-Sep-2026
- Copy of Newspaper PublicationHappy Forgings Limited has informed the Exchange about Copy of Newspaper Publication05-Aug-2026
- UpdatesHappy Forgings Limited has informed the Exchange regarding 'corrigendum to the letter submitted for financial results for the quarter ended 30th June 2026'.04-Aug-2026
- Press ReleaseHappy Forgings Limited has informed the Exchange regarding a press release dated August 04, 2026, titled "Press release dated 4th August 2026".04-Aug-2026
- Investor PresentationHappy Forgings Limited has informed the Exchange about Investor Presentation04-Aug-2026
- CorrigendumHappy Forgings Limited has informed the Exchange regarding Corrigendum to to the letter submitted for financial results for the quarter ended 30th june 2026.04-Aug-2026
- Outcome of Board MeetingHappy Forgings Limited has informed the Exchange regarding Outcome of Board Meeting held on August 04, 2026.04-Aug-2026
- Outcome of Board MeetingHappy Forgings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.04-Aug-2026
- Shareholders meetingHappy Forgings Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 27, 2026. Further, the company has informed the Exchange regardi…28-Jul-2026
- Shareholders meetingHappy Forgings Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 27, 202627-Jul-2026
Annual reports
Credit ratings
Concalls & investor meets
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Transcript11-Aug-2026
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Schedule of meet11-Aug-2026
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Link of Recording05-Aug-2026
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Schedule of meet28-Jul-2026
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Transcript28-May-2026
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Link of Recording22-May-2026
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Schedule of meet09-May-2026
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Schedule of meet24-Feb-2026
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Schedule of meet18-Feb-2026
- Analysts/Institutional Investor Meet/Con. Call UpdatesHappy Forgings Limited has informed the Exchange about Transcript16-Feb-2026
Filings made by the company with NSE; documents open on NSE's website.
Key dates
- Ex-dividend date
- 20 Jul 2026
- Latest quarter
- 30 Jun 2026
- Financial year end
- 31 Mar 2026
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Questions about Happy Forgings Limited
What is the share price of Happy Forgings Limited today?
Happy Forgings Limited (HAPPYFORGE) last traded at ₹1,866.00 on NSE (16 Oct 2026, 3:29 PM IST). Prices may be delayed.
What is the market cap of Happy Forgings Limited?
About ₹17,615 crore at the latest price.
What is the P/E ratio of Happy Forgings Limited?
About 53.9 times its earnings over the last 12 months.
Is Happy Forgings Limited a good investment?
We do not give views on individual shares. Whether any share suits you depends on your goals, time horizon and risk appetite; for long-term goals, a diversified mutual fund is often a simpler way to own shares. Investments in securities markets are subject to market risks.
How can I buy Happy Forgings Limited shares?
You need a trading and demat account with a SEBI-registered stock broker. We can help you open one through Parshvanath Investments, an Authorised Person of Master Capital Services Ltd (SEBI Reg. INZ000210539). We provide execution and account service only, not tips or research.
Important. Prices from NSE via Yahoo Finance. Quarterly and annual results, shareholding and documents are taken from the filings the company made with NSE; balance sheet, cash flow and valuation figures are compiled by Yahoo Finance; ratios are computed by us from them. Figures may be delayed or revised. This page is for information only: it is not research, a recommendation or an offer to buy or sell any security. Investments in securities markets are subject to market risks; read all related documents carefully before investing. Plenitude Connect Private Limited is an AMFI-registered Mutual Fund Distributor (ARN-130934); share broking is offered through Parshvanath Investments, Authorised Person of Master Capital Services Ltd (SEBI Reg. INZ000210539).
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