NSE: HAPPYFORGE · BSE: 544057
HAPPY FORGINGS LIMITED
Makes steel forgings and crankshafts supplied to commercial vehicle, passenger vehicle, industrial, and farm equipment OEMs, with machined components making up 89% of FY26 sales. Commercial vehicles contributed 37% of FY26 revenue, with the mix targeted to fall to around 27% by FY28; industrials stood at 11%, with management guiding to 30-31% by FY28 on orders in power, renewables, rail, and data centres. A new order book of Rs.950 crore was secured at a realisation of Rs.340-350/kg against a current average of Rs.245/kg, executable over 2.5-3 years. The footprint includes a 10,000-ton forging line commissioned in Q4 FY26, total machining capacity of 68,000 MT, and a 4,000-ton press to be commissioned in H1 FY27. Passenger vehicle share with a flagship OEM rose from 32% to 47%, while MHCV market share is targeted at 42% from 32%. Materials — primarily steel — are the largest operating cost at 39.2% of revenue, with other opex at 19.9% and capex absorption of 29.4% reflecting heavy ongoing investment. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commercial Vehicles (37%), Industrials (11%), Passenger Vehicles, Farm Equipment and Other. Asset-heavy forging and machining business serving cyclical auto and industrial end-markets; capex-intensive
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,358 | 1,409 | 1,546 |
| EBITDA (ex other income) | 388 | 407 | 471 |
| margin % | 28.5 | 28.9 | 30.4 |
| Owners' profit | 243 | 0 | 0 |
| EPS, as reported (₹) | 26.78 | 28.39 | 31.99 |
| ROE % · ROCE % | 15.1 · 20.4 | 14.5 · 19.4 | 14.2 · 18.9 |
| Debt / equity (x) | 0.09 | 0.12 | 0.15 |
| Cash from operations | 189 | 292 | 445 |
| Capex | (194) | (271) | (454) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 361 | 354 | 352 | 354 | 377 | 391 | 424 | 449 |
| Profit before tax | 97 | 87 | 90 | 89 | 99 | 104 | 111 | 123 |
| Net profit | 71 | 65 | 68 | 66 | 73 | 79 | 84 | 91 |
| EPS (₹) | 7.58 | 6.85 | 7.18 | 6.97 | 7.79 | 8.37 | 8.86 | 9.70 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PTC INDUSTRIES LIMITED | 35,981 | 286.5 | 23.87 | 210.2 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED | 33,724 | 26.6 | 4.20 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED ◆ | 17,054 | 52.0 | 8.01 | 34.6 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 5,353 | 18.1 | 3.36 | 16.2 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,547 | 39.1 | 8.98 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,278 | 26.6 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,320 | 112.2 | 12.86 | 43.9 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,092 | 26.5 | 1.82 | 10.2 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 52.0 | 26.1 | 18 of 22 | 19% |
| P/B | 8.0 | 3.5 | 17 of 20 | 16% |
| ROCE | 18.5 | 13.7 | 7 of 24 | 74% |
| ROE | 14.2 | 11.5 | 7 of 20 | 68% |
| Debt / Equity | 0.1 | 0.1 | 11 of 20 | 47% |
| EBITDA margin | 33.8 | 18.5 | 2 of 20 | 95% |
| Revenue growth | 27.0 | 12.2 | 4 of 18 | 82% |
| Profit growth | 39.2 | 19.3 | 8 of 17 | 56% |
| Market cap | 17054 | 409 | 3 of 24 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Earnings call set for November 6 after Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Board meeting set for November 5 to approve Q2 and H1 results | results | low | — | — |
| 6 Oct 2026 · Routine compliance certificate for Q2 FY27 submitted to exchanges | compliance | minimal | — | — |
| 21 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 11 Sept 2026 · ESOP allotment of 22,412 shares to employees | capital market events | low | — | — |
| 11 Aug 2026 · Happy Forgings Q1 FY27: Revenue Rs.449 cr, PAT Rs.91 cr, both highest ever | investor communications | medium | — | — |
| 11 Aug 2026 · Happy Forgings to attend Equirus Securities investor meet on 14 Aug 2026 | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 5 Aug 2026 · Audio recording of Q1 FY27 earnings call available | investor communications | low | — | — |
| 4 Aug 2026 · Happy Forgings Q1 FY27 PAT jumps 39% to Rs 91.5 cr, revenue up 27% | results | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.