Happy Forgings Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
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.
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%
- 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 45.0% year on year
- Valuation is stretched - P/E of 64.5 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 4.9
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORG | 1950.00 | 132.00 | 93227.28 | 0.44 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| HAPPYFORGE | 2236.25 | 64.46 | 21105.44 | 0.18 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| RKFORGE | 727.05 | 123.91 | 13244.76 | 0.14 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| BALUFORGE | 536.65 | 24.31 | 6514.50 | 0.03 | 66.09 | 15.89 | 300.72 | 28.95 | 22.95 | 28.19 |
| MMFL | 644.15 | 18.36 | 3110.06 | 0.62 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| HILTON | 18.48 | 18.64 | 95.11 | 0.00 | 18.06 | 11940.00 | 589.56 | 2573.74 | 7.92 | 6.93 |
| GANGAFORGE | 1.60 | 0.00 | 53.92 | 0.00 | 10.58 | 3748.28 | 71.85 | 827.58 | 4.06 | 9.34 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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% | 25.64% | 26.58% | 25.69% | 24.44% | 25.90% | 25.52% | 23.85% | 24.76% | 25.42% |
| Net Profit | 64 | 55 | 58 | 66 | 64 | 71 | 65 | 68 | 66 | 73 | 79 | 84 | 91 |
| 7.16 | 6.17 | 6.46 | 7.25 | 6.78 | 7.58 | 6.85 | 7.19 | 6.97 | 7.79 | 8.37 | 8.86 | 9.70 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 436 | 551 | 750 | 558 | 585 | 860 | 1,197 | 1,358 | 1,409 | 1,546 | 1,642 | |
| 343 | 413 | 545 | 416 | 426 | 629 | 856 | 971 | 1,002 | 1,076 | 1,161 | |
| Operating Profit | 93 | 137 | 205 | 142 | 159 | 231 | 341 | 388 | 407 | 471 | 481 |
| OPM % | 21.31% | 24.89% | 27.37% | 25.52% | 27.14% | 26.85% | 28.49% | 28.53% | 28.87% | 30.44% | 29.30% |
| 1 | 4 | 1 | 7 | 6 | 6 | 6 | 13 | 38 | 31 | 32 | |
| Interest | 23 | 22 | 23 | 25 | 12 | 7 | 12 | 12 | 8 | 10 | 11 |
| Depreciation | 28 | 23 | 29 | 28 | 36 | 38 | 54 | 65 | 77 | 89 | 95 |
| Profit before Tax | 42 | 96 | 155 | 96 | 117 | 192 | 280 | 324 | 360 | 402 | 436 |
| Tax % | 30.51% | 39.37% | 38.33% | 16.56% | 26.15% | 25.91% | 25.47% | 25.09% | 25.61% | 24.96% | 24.90% |
| Net Profit | 29 | 58 | 95 | 80 | 86 | 142 | 209 | 243 | 268 | 302 | 327 |
| EPS | 373.00 | 738.35 | 1150.87 | 900.85 | 965.88 | 15.90 | 23.32 | 25.79 | 28.39 | 31.97 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.51% | 10.57% | 12.51% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 21%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 33%
- 5 Years:
- 28%
- 3 Years:
- 13%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 139%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 19%
- 3 Years:
- 16%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 9 | 9 | 9 | 18 | 18 | 19 | 19 | 19 |
| 152 | 176 | 470 | 550 | 636 | 770 | 970 | 1,588 | 1,821 | 2,102 | |
| 184 | 301 | 156 | 118 | 153 | 240 | 219 | 143 | 227 | 330 | |
| Trade Payables | 28 | 33 | 28 | 36 | 38 | 44 | 48 | 56 | 45 | 59 |
| 23 | 59 | 57 | 50 | 38 | 58 | 72 | 80 | 102 | 123 | |
| Total Liabilities | 395 | 576 | 719 | 763 | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 |
| 217 | 285 | 291 | 275 | 415 | 456 | 678 | 744 | 907 | 1,108 | |
| Capital Work in Progress | 7 | 9 | 46 | 108 | 39 | 212 | 75 | 122 | 116 | 229 |
| 0 | 0 | 30 | 0 | 0 | 0 | 0 | 0 | 80 | 238 | |
| 53 | 76 | 98 | 76 | 122 | 184 | 170 | 224 | 232 | 233 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 357 | 427 | 395 | |
| Cash & Bank | 3 | 7 | 5 | 56 | 28 | 1 | 0 | 122 | 137 | 53 |
| 115 | 199 | 249 | 248 | 271 | 276 | 403 | 317 | 316 | 377 | |
| Total Assets | 395 | 576 | 719 | 763 | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 63 | 58 | 187 | 194 | 84 | 123 | 273 | 189 | 292 | 445 | |
| Cash from Investing | -23 | -132 | -162 | -119 | -59 | -166 | -172 | -470 | -319 | -498 |
| Cash from Financing | -24 | 96 | 27 | -50 | 10 | 83 | -37 | 281 | 39 | 66 |
| 0 | -2 | 1 | -0 | 1 | -3 | -0 | 1 | 12 | 13 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Happy Forgings Limited has informed the Exchange regarding Allotment of 22412 Shares.
2026-08-11 - Happy Forgings Limited has informed the Exchange about Transcript
2026-08-11 - Happy Forgings Limited has informed the Exchange about Schedule of meet
2026-08-05 - Happy Forgings Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-05 - Happy Forgings Limited has informed the Exchange about Link of Recording
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 - 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 - Happy Forgings Limited has informed the Exchange about Investor Presentation
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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Happy Forgings Ltd.
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