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Happy Forgings Ltd.

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happyforgingsltd.comBSE: 544057NSE: HAPPYFORGE
Market Cap₹ 21,105 Cr.
Current Price
High / Low₹ 2,470 / 889
Stock P/E64.5
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%
  • 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

Automobile and Auto ComponentsAutomobile & AncillariesForgings
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BHARATFORG1950.00132.0093227.280.44-89.89-131.674639.9418.7112.4615.05
2.HAPPYFORGE2236.2564.4621105.440.1891.4639.24449.4227.0318.1931.34
3.RKFORGE727.05123.9113244.760.1446.88297.761216.6719.845.5617.91
4.BALUFORGE536.6524.316514.500.0366.0915.89300.7228.9522.9528.19
5.MMFL644.1518.363110.060.6290.42371.26420.4818.719.0017.82
6.HILTON18.4818.6495.110.0018.0611940.00589.562573.747.926.93
7.GANGAFORGE1.600.0053.920.0010.583748.2871.85827.584.069.34
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
330343342343341361354352354377391424449
230249247246244256253250253262271290338
Operating Profit10094959798105101102101116120133112
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%
31378137101068611
Interest3441122222243
Depreciation15161716182019202122222526
Profit before Tax85747887869787908999104111123
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 Profit64555866647165686673798491
7.166.176.467.256.787.586.857.196.977.798.378.869.70

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4365517505585858601,1971,3581,4091,5461,642
3434135454164266298569711,0021,0761,161
Operating Profit93137205142159231341388407471481
OPM %21.31%24.89%27.37%25.52%27.14%26.85%28.49%28.53%28.87%30.44%29.30%
141766613383132
Interest23222325127121281011
Depreciation2823292836385465778995
Profit before Tax429615596117192280324360402436
Tax %30.51%39.37%38.33%16.56%26.15%25.91%25.47%25.09%25.61%24.96%24.90%
Net Profit2958958086142209243268302327
EPS373.00738.351150.87900.85965.8815.9023.3225.7928.3931.97—
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

Corporate actions

2026

Jul 20

₹ 2

Rs.4.0000 per share(200%)Final Dividend

2025

Jul 22

₹ 1.50

Rs.3.0000 per share(150%)Final Dividend

2024

Jul 22

₹ 2

Rs.4.0000 per share(200%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital889991818191919
1521764705506367709701,5881,8212,102
184301156118153240219143227330
Trade Payables28332836384448564559
2359575038587280102123
Total Liabilities3955767197638741,1301,3261,8862,2152,633
2172852912754154566787449071,108
Capital Work in Progress79461083921275122116229
00300000080238
53769876122184170224232233
0000000357427395
Cash & Bank37556281012213753
115199249248271276403317316377
Total Assets3955767197638741,1301,3261,8862,2152,633

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
635818719484123273189292445
Cash from Investing-23-132-162-119-59-166-172-470-319-498
Cash from Financing-249627-501083-372813966
0-21-01-3-011213

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
78.6078.6078.6078.5778.5478.5278.5078.4878.46
2.242.272.282.192.172.021.841.731.88
16.6917.1317.0617.0716.9817.0216.7316.4815.54
Government0.000.000.000.000.000.000.000.000.00
2.471.982.052.172.312.452.933.314.13

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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