Happy Forgings share price
NSE: HAPPYFORGEBSE: 544057Industrial ProductsSmall Cap
Happy Forgings Limited · Face value ₹2 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Dec 2023 · Issue price ₹850
Last close ₹1,800.10up ₹15.50 (0.87%)BSE ₹1,798.80
Share price at the NSE close on 29 Oct 2026. Previous close ₹1,784.60.
29 Oct: open ₹1,790.00, high ₹1,819.80, low ₹1,761.70
52-week range of traded prices to 29 Oct 2026
₹976.00Low, 6 Nov 2025₹2,470.00High, 1 Sep 2026
- Next results date: the board meets on 5 Nov 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹16,993 Cr504th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 51.90
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 7.99
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.22%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 16.5%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 16.9%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.15
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 72,87857.2% delivered
About Happy Forgings
Happy Forgings Limited makes heavy forged and precision-machined steel components, such as crankshafts, front axle carriers, steering knuckles and differential housings, for domestic and global vehicle and equipment makers.123 Its parts go into commercial vehicles, passenger vehicles, farm equipment and off-highway vehicles, and into industrial uses such as oil and gas, power generation, railways and wind energy.4 Its factories are in Ludhiana, Punjab.5
Happy Forgings says it is India's third largest engineering-led maker of complex, safety-critical, heavy forged and precision-machined components by forging capacity.6 It has partnerships with more than 60 domestic and global vehicle and equipment makers (OEMs, or original equipment manufacturers).7 Its major customers include Ashok Leyland, Mahindra & Mahindra, Tata Motors, JCB, Yanmar, Escorts Kubota, American Axle & Manufacturing, Dana, Liebherr, Same Deutz Fahr and Bonfiglioli.8
Paritosh Kumar, its chairman and managing director, founded the company, which was incorporated in July 1979.910 Its shares were listed on the stock exchanges in 2023 after its initial public offering (IPO), and in 2024 it began supplying crankshafts for SUVs.11 Its promoters, who include Paritosh Kumar, Ashish Garg and Megha Garg, held 78.48% of the shares on 31 Mar 2026.1213 It has 1 wholly owned subsidiary, HFL Technologies Private Limited, which had not started operations as of its annual report for the year to Mar 2026.1415
Happy Forgings key points
Results
- In the quarter to Jun 2026, consolidated revenue was ₹449 crore, up 27.0% from ₹354 crore a year earlier, the company's highest for a quarter.1617
- Profit after tax for the quarter to Jun 2026 was ₹91 crore, up 39.2% and also a quarterly high, at 20.4% of revenue, above 20% for the first time.171819
- EBITDA (earnings before interest, tax, depreciation and amortisation) for the quarter to Jun 2026 was ₹141 crore, up 39.3%, a margin of 31.3%, the 4th quarter in a row above 30%.2021
- In the year to Mar 2026, consolidated revenue was ₹1,546 crore, up 9.8%, EBITDA ₹471 crore, up 15.7%, and profit after tax ₹302 crore, up 12.8%.222324
Revenue mix
- Share of revenue by sector252627
Item quarter to Jun 2026 year to Mar 2026 Commercial vehicles 33% 37% Farm equipment 32% 32% Industrials 16% 14% Off-highway vehicles 11% 11% Passenger vehicles 8% 6% - Components both forged and machined in-house were 89% of the product mix in the year to Mar 2026; machining contribution rose to 90% in the quarter to Jun 2026, from 88% a year earlier.2829
- Crankshafts machined to tolerances of 5 to 10 microns (thousandths of a millimetre) brought about 50% of revenue in the year to Mar 2026.30
Where revenue comes from
Plants and capacity
- The company's plants are Kanganwal I (started in 1995), Kanganwal II (2006) and Dugri (2021).33
- At the end of June 2026, installed capacity was 1,52,000 tonnes a year for forging and 75,200 tonnes for machining, used at 59% and 78% in the quarter to Jun 2026.34
- A 10,000-tonne forging press was commissioned in the year to Mar 2026; in the quarter to Jun 2026 the company added another 4,000-tonne press and 7,200 tonnes of machining capacity.3536
- Its machining lines can make about 1.5 million crankshafts, 0.20 million front steering knuckles and 0.20 million differential cases a year.37
Order book
- In its presentation of 4 Aug 2026, the company said its incremental order book (business won but not yet delivered), led by exports, passenger vehicles and industrials, gives visibility of extra annual revenue rising to about ₹950 crore over 2 to 3 years.38
- Incremental order book by sector3940Off-highway and farm make up the rest; about 60% of the order book is for export, 40% for India.
Item quarter to Jun 2026 Industrials around 40% Passenger vehicles 25% to 30% Commercial vehicles 25% to 30%
Expansion and capital spending
- The company stated in its annual report for the year to Mar 2026 that its ₹650 crore programme for forgings of 250 kg to 3,000 kg is expected to generate ₹600 crore to ₹800 crore of annual revenue at optimal utilisation.41
- In its presentation of 4 Aug 2026, the company said it expects equipment installation at its ultra-heavy component plant to be completed by the end of the year to Mar 2027, with commercial revenue from the year to Mar 2028.42
- The company spent about ₹461 crore on capital expenditure in the year to Mar 2026 and has set aside about ₹80 crore for dedicated production lines for SUV platforms.43
- On its earnings call of 5 Aug 2026, the company said it hopes its 20 MW captive (own-use) solar plant goes on stream from January, with a 1% to 1.5% EBITDA margin benefit; its presentation expects cost savings from the year to Mar 2028.444546
What the company expects
- On its earnings call of 5 Aug 2026, the company said it expects high-teen percentage volume growth in the year to Mar 2027, with EBITDA margin broadly in line with the year to Mar 2026.47
- On its earnings call of 5 Aug 2026, the company said it expects industrial revenue to double in 3 to 4 years, and, without a date, that passenger vehicles should be 12% to 15% of revenue and both together about 45% to 50%.48
- On its earnings call of 5 Aug 2026, the company said it had negotiated price revisions with vehicle and equipment makers, with the full benefit expected in its results from the quarter to Sep 2026.49
Recent events
- On 7 Jul 2026, ICRA reaffirmed its AA (Stable) long-term and A1+ short-term credit ratings (its view of the company's ability to repay debt) on bank facilities totalling ₹485 crore.50
- In an exchange filing of 13 Jan 2026, the company said it had leased about 80 acres in Muktsar district, Punjab, for 29 years and 11 months for its solar power plant.5152
Last updated
All 52 sources, each with its page
- 1. Investor presentation, 4 Aug 2026, page 13
- 2. Annual report, 30 Jun 2026, page 17
- 3. Annual report, 30 Jun 2026, page 7
- 4. Annual report, 30 Jun 2026, page 42
- 5. Annual report, 30 Jun 2026, page 13
- 6. Annual report, 30 Jun 2026, page 7
- 7. Annual report, 30 Jun 2026, page 8
- 8. Annual report, 30 Jun 2026, page 59
- 9. Investor presentation, 4 Aug 2026, page 22
- 10. Investor presentation, 4 Aug 2026, page 13
- 11. Investor presentation, 4 Aug 2026, page 14
- 12. Annual report, 30 Jun 2026, page 79
- 13. Annual report, 30 Jun 2026, page 87
- 14. Annual report, 30 Jun 2026, page 47
- 15. Annual report, 30 Jun 2026, page 52
- 16. Investor presentation, 4 Aug 2026, page 11
- 17. Earnings call, 5 Aug 2026, page 3
- 18. Earnings call, 5 Aug 2026, page 3
- 19. Investor presentation, 4 Aug 2026, page 6
- 20. Earnings call, 5 Aug 2026, page 5
- 21. Earnings call, 5 Aug 2026, page 3
- 22. Annual report, 30 Jun 2026, page 16
- 23. Annual report, 30 Jun 2026, page 21
- 24. Investor presentation, 4 Aug 2026, page 11
- 25. Earnings call, 5 Aug 2026, page 4
- 26. Investor presentation, 4 Aug 2026, page 6
- 27. Annual report, 30 Jun 2026, page 10
- 28. Annual report, 30 Jun 2026, page 43
- 29. Earnings call, 5 Aug 2026, page 4
- 30. Annual report, 30 Jun 2026, page 21
- 31. Investor presentation, 4 Aug 2026, page 6
- 32. Annual report, 30 Jun 2026, page 43
- 33. Investor presentation, 4 Aug 2026, page 21
- 34. Earnings call, 5 Aug 2026, page 5
- 35. Annual report, 30 Jun 2026, page 17
- 36. Earnings call, 5 Aug 2026, page 5
- 37. Investor presentation, 4 Aug 2026, page 10
- 38. Investor presentation, 4 Aug 2026, page 6
- 39. Earnings call, 5 Aug 2026, page 10
- 40. Earnings call, 5 Aug 2026, page 10
- 41. Annual report, 30 Jun 2026, page 42
- 42. Investor presentation, 4 Aug 2026, page 6
- 43. Annual report, 30 Jun 2026, page 42
- 44. Annual report, 30 Jun 2026, page 44
- 45. Earnings call, 5 Aug 2026, page 7
- 46. Investor presentation, 4 Aug 2026, page 6
- 47. Earnings call, 5 Aug 2026, page 5
- 48. Earnings call, 5 Aug 2026, page 11
- 49. Earnings call, 5 Aug 2026, page 3
- 50. Exchange filing, 7 Jul 2026, page 1
- 51. Exchange filing, 13 Jan 2026, page 2
- 52. Exchange filing, 13 Jan 2026, page 1
Results
Consolidated; ₹ crore.Happy Forgings quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +15.5%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +21.6%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹449 Crup 6.04%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹91 Crup 9.45%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 20.4%
Revenue by quarter
Peak revenue ₹449 Cr, quarter to Jun 2026; lowest ₹352 Cr, quarter to Mar 2025
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 361 | 354 | 352 | 354 | 377 | 391 | 424 | 449 |
| Net profit | 71 | 65 | 68 | 66 | 73 | 79 | 84 | 91 |
| Net margin | 19.8% | 18.2% | 19.2% | 18.6% | 19.5% | 20.2% | 19.7% | 20.4% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹1,546 Crup 9.76%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹302 Crup 12.79%
- Net margin
- 19.5%
Revenue by year
Peak revenue ₹1,546 Cr, year to Mar 2026; lowest ₹1,358 Cr, year to Mar 2024
Net profit by year, a loss in red
| ₹ crore | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 1,358 | 1,409 | 1,546 |
| Net profit | 243 | 267 | 302 |
| Net margin | 17.9% | 19.0% | 19.5% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
In the year to Mar 2026 the company reports one business segment, FORGING & MACHINING, which carries all its revenue.
Valuation
Today, against the company's own history.Happy Forgings PE ratio and valuation
Price to earnings
At or below today's level on 77% of 247 trading days over the last year.
LowestHighest
Its median43.43Industry median24.11
Price to book
At or below today's level on 91% of 600 trading days since May 2024.
LowestHighest
Its median5.86Industry median2.97
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 33% of 688 trading days since Jan 2024.
LowestHighest
Its median0.29%Industry median0.48%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +47.3% | +12.7% | +30.4% | 0.3% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.
Mutual fund holdings
30 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 1 of the 8 funds that added or cut is an index fund, an ETF or an arbitrage fund: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 30 funds holding Happy Forgings
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 3
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 4
- AddedAdded. Funds that held more shares than at the end of the month before.
- 1
- CutCut. Funds that held fewer shares than at the end of the month before.
- 7
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 15
| Fund | |||
|---|---|---|---|
 SBI Small Cap FundSBI Mutual Fund | 37,00,000 | 1.86% | ₹764.9 Cr |
 HSBC Small Cap FundHSBC Mutual Fund | 16,31,308 | 1.82% | ₹337.2 Cr |
 Kotak-Small Cap FundKotak Mahindra Mutual Fund | 15,91,671 | 1.72% | ₹329.0 Cr |
 Axis Small Cap FundAxis Mutual Fund | 10,25,105 | 0.69% | ₹211.9 Cr |
| SBI Automotive Opportunities FundSBI Mutual Fund | 8,40,000 | 2.86% | ₹173.6 Cr |
 DSP Small Cap FundDSP Mutual Fund | 5,83,267 | 0.56% | ₹120.6 Cr |
| HSBC Multi Cap FundHSBC Mutual Fund | 4,93,831 | 1.60% | ₹102.1 Cr |
 Nippon India Flexi Cap FundNippon India Mutual Fund | 3,97,180 | 0.89% | ₹82.1 Cr |
 Sundaram Focused FundSundaram Mutual Fund | 3,67,376 | 7.36% | ₹75.9 Cr |
| Axis India Manufacturing FundAxis Mutual Fund | 3,20,701 | 1.20% | ₹66.3 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 30 Oct 2025.Happy Forgings insider trading
Bought on the marketBought on the market. The value each filer stated for its purchases on the exchange, added up; gifts, transfers and pledges are not counted. A purchase filed with no value is counted under the sum, not in it. Sold on the marketSold on the market. The value each filer stated for its sales on the exchange, added up; gifts, transfers and pledges are not counted. A sale filed with no value is counted under the sum, not in it.
- Directors and key managers1 purchase, 2 sales₹0.28 Cr₹1.03 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹0.75 Cr
- Employees0 purchases, 5 salesNo purchase₹0.89 CrNet−₹0.89 Cr1 off-market move
- Others0 purchases, 19 salesNo purchase₹2.49 CrNet−₹2.49 Cr1 off-market move
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Happy Forgings competitors and peers
Castings & Forgings, 30 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Happy Forgings in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 PTC IndustriesPTCIL | 39,143 | 311.66 | – | +94.6% | +105.0% | 8.7% | 7.3% | 0.00% |
 AIA EngineeringAIAENG | 33,945 | 26.81 | 4.23 | +5.6% | +14.5% | 16.9% | 14.2% | 0.44% |
 Balu Forge IndustriesBALUFORGE | 5,497 | 20.52 | – | +19.7% | +18.1% | 20.2% | 17.5% | 0.03% |
 SteelcastSTEELCAS | 3,654 | 40.30 | 9.25 | +8.9% | +14.6% | 25.2% | 26.8% | 0.50% |
 Amic ForgingAMIC | 2,457 | 87.02 | – | +16.9% | −20.6% | 16.8% | – | 0.00% |
 Investment & Precision CastingsINVPRECQ | 1,397 | 95.82 | 13.61 | +16.6% | +144.0% | 15.0% | 15.4% | 0.07% |
 NelcastNELCAST | 1,142 | 27.82 | 1.91 | +4.2% | −1.9% | 7.1% | 8.2% | 0.53% |
 Synergy Green IndustriesSGIL | 898 | – | 8.08 | −2.5% | −151.0% | −8.1% | 1.9% | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Happy Forgings dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹4.00 a share, years to Mar 2024 and Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 20 Jul 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹4.00 |
| 22 Jul 2025 | Final | ₹3.00 |
| 22 Jul 2024 | Final | ₹4.00 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Happy Forgings announcements
Oct 2026
24 Oct · Analysts
24 Oct · Board meeting
Sep 2026
11 Sep · Disclosure
Aug 2026
11 Aug · Analysts
Happy Forgings share price by year
Each calendar year to 2025.Happy Forgings share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 1,149.10 | +15.1% | 1,149.10 | 756.15 |
| 2024 | 998.50 | −3.0% | 1,277.85 | 815.25 |
| 2023 | 1,029.25 | – | 1,030.80 | 1,019.10 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2023 is from its first session, 27 Dec 2023.
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 1,798.80 | 1,815.00 | 1,772.00 | 1,784.60 | 1,785.61 | 39,617 | 58.6% |
| 27 Oct 2026 | 1,758.40 | 1,809.40 | 1,741.50 | 1,798.80 | 1,795.92 | 1,08,371 | 57.3% |
| 26 Oct 2026 | 1,716.20 | 1,769.90 | 1,680.00 | 1,758.40 | 1,735.08 | 1,97,402 | 55.5% |
| 23 Oct 2026 | 1,827.70 | 1,827.70 | 1,736.10 | 1,762.00 | 1,753.85 | 1,21,108 | 51.4% |
| 22 Oct 2026 | 1,825.70 | 1,850.00 | 1,785.00 | 1,818.00 | 1,822.74 | 52,232 | 48.0% |
| 21 Oct 2026 | 1,867.50 | 1,867.50 | 1,791.00 | 1,825.70 | 1,821.40 | 63,724 | 55.2% |
| 19 Oct 2026 | 1,858.50 | 1,878.10 | 1,845.10 | 1,866.80 | 1,866.66 | 32,649 | 45.4% |
| 16 Oct 2026 | 1,870.00 | 1,898.90 | 1,844.90 | 1,866.00 | 1,866.71 | 44,333 | 55.3% |
| 15 Oct 2026 | 1,920.00 | 1,922.20 | 1,850.10 | 1,873.20 | 1,873.42 | 1,88,849 | 52.8% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- HAPPYFORGE
- BSE code
- 544057
- ISIN
- INE330T01021
- Industry
- Industrial Products
- Website
- www.happyforgingsltd.com
- CIN
- L28910PB1979PLC004008
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1979
- Registered office
- B XXIX, 2254/1, Kanganwal Road, P.O. Jugiana, Ludhiana 141120, Punjab
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments