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Happy Forgings Ltd

₹ 1,170-1.29%
05 Jan – close price
🔗happyforgingsltd.com•BSE: 544057•NSE: HAPPYFORGE
Market Cap₹ 11,041 Cr.
Current Price₹ 1,170
High / Low₹ 1,194
Stock P/E40.7
Book Value₹ 208
Dividend Yield0.26 %
ROCE19.2 %
ROE15.5 %
Face Value₹ 2.00
Sales₹ 1,437 Cr.
OPM29.3 %
Mar Cap₹ 11,041 Cr.

ABOUT

Incorporated in July 1979, Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components.[1]

KEY POINTS

Leading Forging Company[1]HFL is the 4th largest manufacturer of complex and safety-critical, heavy-forged, and precision-machined components in India by forging capacity

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsOrder Book PositionLarge Order ReceiptsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.AIA Engineering4078.0033.7738056.050.39277.488.071047.760.3418.924309.9627.561126.89277.445.1713.660.14
2.Happy Forgings1170.5040.6811041.080.2673.442.81377.394.5019.171437.4829.27271.4273.445.6313.050.10
3.Balu Forge593.2527.986821.890.0365.0435.50299.5134.3831.261058.1428.14243.7765.045.4120.750.07
4.Steelcast209.4523.802119.630.6923.2174.64106.6541.5432.94435.2428.3589.0723.215.8920.240.00
5.Amic Forging1446.7061.631555.030.0012.40-45.4266.584.5727.89124.2327.6625.2312.4010.3816.830.05
6.Nelcast104.9224.82912.820.484.76-44.13298.74-9.599.551251.767.3736.784.761.613.030.52
7.Synergy Green510.3551.08793.240.202.36-43.2772.00-19.0220.85350.1514.1215.532.367.096.261.79
–Median: 21 Co.225.9524.82373.50.13.690.1155.674.0519.17189.513.8811.443.693.2210.520.21

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2023Sep 2024Sep 2025
Sales
294342354330341354302343352343361377
Expenses
221247253230244253217246250249256262
Operating Profit
739510110098101869710294105116
Other Income
237381027101136
Profit before tax
567887858689688790749799
Tax %
26%25%26%25%26%26%25%25%24%25%27%26%
Net Profit
425865646466516668557173
EPS in Rs
4.656.156.857.166.786.975.676.987.196.177.587.79

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
5507505585858601,1971,3581,4091,437
Expenses
4135454164266298569711,0021,017
Operating Profit
137205142159231341388407421
Other Income
417666133733
Interest
222325127121289
Depreciation
232928363854657781
Profit before tax
9615596117192280324360364
Net Profit
58958086142209243268271
EPS in Rs
738.381,066.26893.18965.9215.9023.3225.7928.3928.80
Dividend Payout %
0%0%0%0%0%6%16%11%–

Compounded Profit Growth

10 Years:%
5 Years:27%
3 Years:23%
TTM:5%

Compounded Sales Growth

10 Years:%
5 Years:20%
3 Years:18%
TTM:4%

Return on Equity

10 Years:%
5 Years:18%
3 Years:18%
Last Year:15%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:%
1 Year:17%

Balance Sheet

Standalone figures in ₹ crores

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
89991818191919
Reserves
1764705506367709701,5941,8311,941
Borrowings
301156105150240219143227193
Other Liabilities
928510079102119130138149
Total Liabilities
5767197638741,1301,3261,8862,2152,301
Fixed Assets
285291275415456678744907951
Gross Block
470.68319.40332.41506.54585.82859.11988.051,227.75–
Accumulated Depreciation
185.6928.5956.9691.89129.63180.67244.37320.55–
CWIP
9461094021275127123226
Investments
030000008086
Other Assets
2823523784194615731,0151,1051,038
Total Assets
5767197638741,1301,3261,8862,2152,301

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
–1361695080209189292
Cash from Investing Activity
–-162-119-59-166-172-470-319
Cash from Financing Activity
–27-501083-3728139
Net Cash Flow
–1-01-3-0112

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
1148290103949496110
Inventory Days
111106111176173112137143
Days Payable
4830535542323428
Cash Conversion Cycle
177158148225226175199226
Working Capital Days
1231066082767110298
ROCE %
–32%19%18%22%26%23%19%

Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
78.60%78.60%78.60%78.60%78.60%78.57%78.54%78.52%
FIIs
2.06%1.12%2.24%2.27%2.28%2.19%2.17%2.03%
DIIs
5.83%16.92%16.69%17.14%17.06%17.07%16.98%17.02%
Public
13.50%3.35%2.47%1.98%2.05%2.18%2.31%2.45%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Happy Forgings to close trading window from April 1, 2026, for financial results

25th March 2026, 4:07 pm

Happy Forgings Allots 22,540 Equity Shares Under ESOP Scheme

14th March 2026, 12:44 am

Happy Forgings to Hold Virtual Investor & Analyst Meetings on March 2nd

24th February 2026, 9:21 pm

Happy Forgings Announces Analyst & Investor Meetings on Feb 21, 2026

18th February 2026, 10:16 pm

Happy Forgings Q3 FY26 Earnings Call: All-time High Revenue and Margins Reported, Outlines Future Growth Investments

16th February 2026, 10:58 pm

Published by Other Websites

External media mentions & references

Motilal Oswal Flags Happy Forgings: Buy With Rs 1,350 Target

17th February 2026, 2:59 pm

Motilal Oswal Eyes Britannia at ₹7150, Reiterates Buy

17th February 2026, 2:59 pm

India's Auto Sector Surges Ahead: Maruti, M&M, TVS Motor Fuel Record 2025 Growth – Is This Your Next Big Investment?

31st December 2025, 11:40 am

India's Auto Sector Surges Post-GST: Robust Demand Fuels Top Stock Picks!

22nd December 2025, 1:40 pm

Motilal Oswal Picks Reliance, L&T, Happy Forgings: Up to 17% Upside Seen

20th November 2025, 6:58 pm

News Articles

Editorial & research coverage

India's Auto Sector Surges Ahead: Maruti, M&M, TVS Motor Fuel Record 2025 Growth – Is This Your Next Big Investment?
India's Auto Sector Surges Ahead: Maruti, M&M, TVS Motor Fuel Record 2025 Growth – Is This Your Next Big Investment?

31st December 2025, 11:40 am

India's Auto Sector Surges Post-GST: Robust Demand Fuels Top Stock Picks!
India's Auto Sector Surges Post-GST: Robust Demand Fuels Top Stock Picks!

22nd December 2025, 1:40 pm

Surprise Surge: HAPPY FORGINGS Hits Record High Margins! Motilal Oswal Upgrades with HUGE Price Target! 🚀
Surprise Surge: HAPPY FORGINGS Hits Record High Margins! Motilal Oswal Upgrades with HUGE Price Target! 🚀

11th November 2025, 11:20 am

Happy Forgings SHINES: ICICI Securities' BUY Rating & INR 1,300 Target Ignite Investor Frenzy!
Happy Forgings SHINES: ICICI Securities' BUY Rating & INR 1,300 Target Ignite Investor Frenzy!

10th November 2025, 8:51 pm

Happy Forgings Surges: Q3 Revenue Jumps 10.4%, Margins Hit New Peaks
Happy Forgings Surges: Q3 Revenue Jumps 10.4%, Margins Hit New Peaks

Documents

Announcements

Closure of Trading Window

27 Dec - Trading window closed Jan 1, 2026 until 48 hours after board meeting for unaudited quarter and nine-month results.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

13 Dec - Investor meetings on 17 December 2025 in Mumbai, organised by Dam Capital; no UPSI.

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
Announcement under Regulation 30 (LODR)-Earnings Call Transcript

13 Nov 2025 - Transcript of Earnings call for the quarter and half year ended 30th September 2025

Announcement under Regulation 30 (LODR)-Newspaper Publication

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Credit Ratings

Rating update

30 Sep 2025 from icra

Rating update

15 Sep 2025 from crisil

Rating update

21 Jul 2025 from icra

Rating update

9 May 2025 from crisil

Rating update

18 Jul 2024 from icra

Rating update

7 Mar 2024 from crisil

Concalls

Nov 2025

TranscriptPPTRecording

Aug 2025

TranscriptPPT

May 2025

TranscriptPPTRecording

Feb 2025

TranscriptPPT

Nov 2024

TranscriptPPT

Sep 2024

PPT

Aug 2024

TranscriptPPT

Jun 2024

TranscriptPPT

May 2024

PPT

May 2024

PPT

Feb 2024

TranscriptPPT

Stock Analysis

Description

Happy Forgings Limited is a leading Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components. This news relates to the company's strategic expansion into renewable energy infrastructure.

Key Growth Triggers

  1. Execution of a long-term lease for approximately 80 acres in Muktsar, Punjab, for setting up a solar power plant.
  2. The 29-year, 11-month lease agreement aims to support the company's sustainability initiatives and potentially reduce long-term energy costs through captive solar power generation.

Order Book

Currently no data available for Order Book.

Key Red Flags

Currently no data available for Key Red Flags.

Key Dates To Watch

  1. June 8, 2024: Previous intimation regarding land requirement for solar plant.

Corporate Announcements

25th Mar 26
Impact Rating: 6
Happy Forgings announces its trading window will be closed from April 1, 2026. This restriction will persist for 48 hours after the Board Meeting convened to approve audited financial results for the quarter and year ended March 31, 2026.
13th Mar 26
Impact Rating: 6
Happy Forgings Limited has completed the allotment of 22,540 equity shares to its employees through the Employees Stock Option Scheme. This corporate action leads to an increase in the company's total issued and paid-up share capital.
24th Feb 26
Impact Rating: 7
Happy Forgings Limited has scheduled virtual meetings for March 2nd, 2026, from 4:00 PM. The company will engage with analysts and institutional investors, focusing exclusively on publicly available information.
18th Feb 26
Impact Rating: 4
Meetings are scheduled to discuss publicly available information only, no UPSI will be shared.
16th Feb 26
Impact Rating: 9
The company detailed Q3 FY26 performance, highlighting robust domestic demand, margin improvements, and significant investments in capacity expansion for future growth.