Happy Forgings Ltd.

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happyforgingsltd.comBSE: 544057NSE: HAPPYFORGE

Market Cap₹ 20,453 Cr.

Current Price

High / Low₹ 2,470 / 889

Stock P/E62.5

Book Value₹ 234

Price to Book5.15

Dividend Yield0.18 %

ROCE18.2 %

ROE15.2 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.

Confidence

74%

View full sector analysis →

PROS

Company has delivered good profit growth of 28.4% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 20.0%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 39.2% YoY, showing strong momentum
Company has delivered good sales growth of 21.5% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.14x)

CONS

Free cash flow has been persistently negative
Total debt has risen sharply - up 44.6% year on year
Valuation is stretched - P/E of 62.5 is well above its own 5-year median (34.4)
Stock is trading at 5.2x its book value
Growth is decelerating - 3Y profit CAGR (13.1%) trails the 5Y trend (28.4%)
Expensive relative to growth - PEG of 4.8

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesForgings

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHARATFORG	1940.00	131.33	92749.19	0.44	-89.89	-131.67	4639.94	18.71	12.46	15.05
2.	HAPPYFORGE	2167.15	62.47	20453.29	0.18	91.46	39.24	449.42	27.03	18.19	31.34
3.	RKFORGE	710.70	121.12	12946.91	0.14	46.88	297.76	1216.67	19.84	5.56	17.91
4.	BALUFORGE	533.25	24.16	6473.22	0.03	66.09	15.89	300.72	28.95	22.95	28.19
5.	MMFL	632.10	18.02	3051.88	0.63	90.42	371.26	420.48	18.71	9.00	17.82
6.	HILTON	18.11	18.27	93.21	0.00	18.06	11940.00	589.56	2573.74	7.92	6.93
7.	GANGAFORGE	1.58	0.00	53.25	0.00	10.58	3748.28	71.85	827.58	4.06	9.34

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	330	343	342	343	341	361	354	352	354	377	391	424	449
	230	249	247	246	244	256	253	250	253	262	271	290	338
Operating Profit	100	94	95	97	98	105	101	102	101	116	120	133	112
OPM %	30.38%	27.33%	27.83%	28.29%	28.59%	29.18%	28.63%	29.06%	28.59%	30.68%	30.77%	31.46%	24.82%
	3	1	3	7	8	13	7	10	10	6	8	6	11
Interest	3	4	4	1	1	2	2	2	2	2	2	4	3
Depreciation	15	16	17	16	18	20	19	20	21	22	22	25	26
Profit before Tax	85	74	78	87	86	97	87	90	89	99	104	111	123
Tax %	25.07%	25.11%	25.45%	24.78%	25.66%	26.60%	25.65%	24.49%	25.90%	25.53%	23.85%	24.76%	25.42%
Net Profit	0	0	0	0	64	71	65	68	66	73	79	84	91
	7.16	6.17	6.46	7.25	6.77	7.58	6.85	7.18	6.97	7.79	8.37	8.86	9.70

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	585	860	1,197	1,358	1,409	1,546	1,642
	426	629	856	971	1,002	1,076	1,161
Operating Profit	159	231	341	388	407	471	481
OPM %	27.14%	26.85%	28.49%	28.53%	28.87%	30.44%	29.30%
	6	6	6	13	37	31	32
Interest	12	7	12	12	8	10	11
Depreciation	36	38	54	65	77	89	95
Profit before Tax	117	192	280	324	360	402	436
Tax %	26.15%	25.91%	25.47%	25.09%	25.62%	24.96%	24.90%
Net Profit	86	142	209	243	267	302	327
EPS	9.66	15.90	23.32	25.79	28.38	31.97	—
Dividend Payout %	0.00%	0.00%	0.00%	15.51%	10.57%	12.51%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 21%
3 Years:: 9%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 28%
3 Years:: 13%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 139%

RETURN ON EQUITY

10 Years:: —
5 Years:: 19%
3 Years:: 16%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	9	18	18	19	19	19
	636	770	970	1,588	1,821	2,102
	157	240	219	143	228	330
Trade Payables	38	44	48	56	45	59
	34	58	72	80	102	123
Total Liabilities	874	1,130	1,326	1,886	2,215	2,633
	415	456	678	744	908	1,108
Capital Work in Progress	39	212	75	122	116	229
	0	0	0	0	80	237
	122	184	170	224	232	233
	0	0	0	357	427	395
Cash & Bank	28	1	0	122	137	53
	271	276	403	317	316	377
Total Assets	874	1,130	1,326	1,886	2,215	2,633

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	94	123	273	189	292	445
Cash from Investing	-59	-166	-172	-470	-320	-497
Cash from Financing	-0	83	-37	281	40	65
	1	-3	-0	1	12	13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	78.60	78.60	78.60	78.57	78.54	78.52	78.50	78.48	78.46
	2.24	2.27	2.28	2.19	2.17	2.02	1.84	1.73	1.88
	16.69	17.13	17.06	17.07	16.98	17.02	16.73	16.48	15.54
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	2.47	1.98	2.05	2.17	2.31	2.45	2.93	3.31	4.13

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

ESOP/ESOS/ESPS

2026-09-11 - Happy Forgings Limited has informed the Exchange regarding Allotment of 22412 Shares.

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Happy Forgings Limited has informed the Exchange about Transcript

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Happy Forgings Limited has informed the Exchange about Schedule of meet

2026-08-05

Copy of Newspaper Publication

2026-08-05 - Happy Forgings Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-05 - Happy Forgings Limited has informed the Exchange about Link of Recording

2026-08-04

Updates

2026-08-04 - Happy Forgings Limited has informed the Exchange regarding 'corrigendum to the letter submitted for financial results for the quarter ended 30th June 2026'.

2026-08-04

Press Release

2026-08-04 - Happy Forgings Limited has informed the Exchange regarding a press release dated August 04, 2026, titled "Press release dated 4th August 2026".

2026-08-04

Investor Presentation

2026-08-04 - Happy Forgings Limited has informed the Exchange about Investor Presentation

2026-08-04

Corrigendum

2026-08-04 - Happy Forgings Limited has informed the Exchange regarding Corrigendum to to the letter submitted for financial results for the quarter ended 30th june 2026.

News

Recent coverage and analyst commentary for HAPPYFORGE

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