Happy Forgings Limited
₹1,745.80-₹53.00 (-2.9%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹10,400 Cr
- P/E
- 38.3x
- EV / EBITDA
- 25.8x
- Revenue
- ₹1,409 Cr
- Net margin
- 17.9%
- ROCE
- 22.1%
Price chart
Technical chartScreen technicals →+70.8% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -15.5%
- 3M
- +5.3%
- 6M
- +29.1%
- 1Y
- +70.8%
- 5Y
- +69.6%
52-week range
Day change -₹53.00 (-2.9%) from ₹1,799 to ₹1,746 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in HAPPYFORGE, bought on each weekday since 2024.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 19.5%
Concerns1
- Negative free cash flow (₹27 Cr)
Rule-based from financial data. Not advice.
About the company
Happy Forgings Limited manufactures and sells forgings and related components in India and internationally.
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Happy Forgings Limited manufactures and sells forgings and related components 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; transmission parts, such as shafts and spindles, crown wheels and pinions, rings, and connecting rods. It also offers windmill application products, including planet carrier, pinion shaft, and housing; oil and gas component, 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 Forgings Limited was incorporated in 1979 and is based in Ludhiana, India.
- Sector
- Industrials
- Shares outstanding
- 9.4 Cr shares
- ISIN
- INE330T01021
- BSE code
- 544057
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹10,400 Cr
- P/E
- 38.3x
- P/B
- 5.3x
- EV / EBITDA
- 25.8x
- EV / Sales
- 7.6x
- P/S
- 7.7x
- Earnings yield
- 2.6%
- 52-week high
- ₹2,420.15
- 52-week low
- ₹942.15
Profitability
- Operating margin
- 28.6%
- Net margin
- 17.9%
- EBITDA margin
- 29.5%
- ROE
- 15.1%
- ROCE
- 22.1%
- ROA
- 12.9%
- Dividend payout
- 16.0%
- Tax rate
- 25.0%
- Other income, % of PBT
- 4.0%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,409 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 3.8%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 19.5%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹401 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 15.6%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 10.3%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 24.9%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹189 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -9.6%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹12.0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 42.2%
Solvency and efficiency
- Current ratio
- 7.81
- Debt / Equity
- 0.09
- Debt / Assets
- 0.08
- Debt / EBITDA
- 0.36
- Interest coverage
- 32.33
- Financial leverage
- 1.17
- CFO / Net profit
- 0.78
- Cash / Market cap
- 9.8%
- Cash per share
- ₹107.84
- Asset turnover
- 0.72
- Fixed asset turnover
- 1.83
- Capital intensity
- 0.55
- Debtor days
- 96 days
- Inventory turnover
- 2.66
- Cash conversion cycle
- 199 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹19 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹1,002 Cr |
| Sales | Operating profit | ₹407 Cr |
| Operating profit | Interest | ₹8 Cr |
| Operating profit | Depreciation | ₹77 Cr |
| Operating profit | Profit before tax | ₹322 Cr |
| Other income | Profit before tax | ₹37 Cr |
| Profit before tax | Tax and other | ₹92 Cr |
| Profit before tax | Net profit | ₹268 Cr |
Revenue and net profit
Revenue grew 3.8% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹585 Cr | ₹86 Cr |
| FY2022 | ₹860 Cr | ₹142 Cr |
| FY2023 | ₹1,197 Cr | ₹209 Cr |
| FY2024 | ₹1,358 Cr | ₹243 Cr |
| FY2025 | ₹1,409 Cr | ₹268 Cr |
Cash flows
FY2025: ₹292 Cr from operations, -₹27.0 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹50 Cr | -₹9 Cr |
| FY2022 | ₹80 Cr | -₹86 Cr |
| FY2023 | ₹209 Cr | ₹37 Cr |
| FY2024 | ₹189 Cr | -₹281 Cr |
| FY2025 | ₹292 Cr | -₹27 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹1,409 Cr+3.8%1Y
- Net profit
- ₹268 Cr+10.3%1Y
- Cash from operations
- ₹292 Cr
- Free cash flow
- -₹27 Cr
- Revenue CAGR, 5Y
- 19.5%
- EBITDA CAGR, 5Y
- 21.9%
- Net profit CAGR, 5Y
- 24.9%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹1,409 Cr | ₹407 Cr | — | ₹268 Cr | ₹292 Cr | -₹27 Cr | 14.5% | +3.8% | +10.3% |
Monthly returns
Month-by-month returns of HAPPYFORGE across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹2,215 Cr |
| Equity capital | ₹19 Cr |
| Reserves | ₹1,831 Cr |
| Borrowings | ₹227 Cr |
| Other liabilities | ₹138 Cr |
| Assets | ₹2,215 Cr |
| Fixed assets | ₹907 Cr |
| Capital work in progress | ₹123 Cr |
| Investments | ₹80 Cr |
| Other assets | ₹1,105 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
HAPPYFORGE trades at 38.3x earnings against a peer median of 38.3x.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Happy Forgings LimitedHAPPYFORGEthis company | ₹10,400 Cr | 38.3x | 5.3x | 15.1% | 25.8x |
| Finolex Industries Ltd.FINPIPE | ₹10,798 Cr | 24.7x | 1.9x | 8.2% | 14.2x |
| TD Power Systems LtdTDPOWERSYS | ₹10,719 Cr | 58.9x | 11.6x | 17.7% | 55.3x |
| HEG Ltd.HEG | ₹10,620 Cr | 44.4x | 2.5x | 5.6% | 20.4x |
| Action Construction Equipments Ltd.ACE | ₹10,558 Cr | 24.8x | 5.9x | 26.9% | 21.6x |
| Jindal Saw Ltd.JINDALSAW | ₹10,321 Cr | 7.4x | 0.8x | 15.8% | 3.8x |
| INOX India LimitedINOXINDIA | ₹10,163 Cr | 43.3x | 10.1x | 27.5% | 37.5x |
| Ingersoll-Rand (India) Ltd.INGERRAND | ₹10,116 Cr | 38.2x | 15.5x | 38.2% | 31.4x |
| Azad Engineering LimitedAZAD | ₹10,099 Cr | 89.1x | 6.8x | 9.1% | 67.4x |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
HAPPYFORGE since 1 January, against earlier years.
Historical volatility
HAPPYFORGE's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 27.0% |
| FY2022 | 27.0% |
| FY2023 | 28.0% |
| FY2024 | 29.0% |
| FY2025 | 29.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹1,409 Cr |
| Costs | |
| Interest | ₹8 Cr |
| Expenses | ₹1,002 Cr |
| Operating profitOperating Profit | ₹407 Cr |
| Other income and charges | |
| Profit before tax | ₹360 Cr |
| Tax | |
| Net profitNet Profit | ₹268 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹2,215 Cr |
| Equity capitalEquity Capital | ₹19 Cr |
| Reserves | ₹1,831 Cr |
| Borrowings | ₹227 Cr |
| Other liabilitiesOther Liabilities | ₹138 Cr |
| AssetsTotal Assets | ₹2,215 Cr |
| Fixed assetsFixed Assets | ₹907 Cr |
| Capital work in progressCWIP | ₹123 Cr |
| Investments | ₹80 Cr |
| Other assetsOther Assets | ₹1,105 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹292 Cr |
| Investing cash flowCash from Investing Activity | -₹319 Cr |
| Financing cash flowCash from Financing Activity | ₹39 Cr |
| Change in cashNet Cash Flow | ₹12 Cr |
Learn while you research
Academy chapters picked for Happy Forgings Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 38.3, learn when high multiples are justified.6 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read