Happy Forgings Limited

NSE: HAPPYFORGE · Castings & Forgings · sector

₹1,758.40NSE close 2026-10-26

Key numbers

Market cap₹16,596 cr

Price₹1,758.40

52w high / low₹2,470 / ₹976

P/E50.6xSector median 25.0x

P/B7.8xSector median 3.1x

Book value₹225.5

Dividend yield0.17%Sector median 0.48%

ROE16.5%Sector median 13.4%

ROCE18.2%Sector median 15.8%

OPM31.1%Sector median 17.0%

Debt / equity0.15xSector median 0.15x

EV/EBITDA32.6xSector median 16.8x

Interest cover39.8x

Current ratio2.35x

Sales growth 3y–Sector median +3.4%

Profit growth 3y–Sector median +19.6%

PEG2.34x

Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 23 companies in Castings & Forgings (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹290 cr vs borrowings ₹330 cr (FY26): borrowings are higher by ₹40 cr.
Operating profit covered interest 39.8x in the last 12 months.
Operating cash flow was below net profit in 1 of the last 3 years (FY24).
Revenue was higher than a year earlier in 4 of the last 4 quarters.
Other income was 10% of net profit in the last 12 months.
Dividend paid in 2 of the last 3 financial years.
Price ₹1,758.40 on 2026-10-26: -28.8% from the 52-week high, +80.2% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹2,345.90 · low ₹756.15

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	361	354	352	354	377	391	424	449
EBITDA	105	101	102	101	116	120	133	141
OPM %	29.2%	28.6%	29.1%	28.6%	30.7%	30.8%	31.5%	31.3%
Other income	13	7	10	10	6	8	6	11
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
Revenue YoY					+4.5%	+10.4%	+20.4%	+27.0%
Profit YoY					+2.9%	+22.3%	+23.6%	+39.2%

Consolidated figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY24	FY25	FY26	TTM
Revenue	1,358	1,409	1,546	1,642
EBITDA	388	407	471	510
Net profit	243	267	302	327
EPS (₹)	26.78	28.39	31.99	34.72
Revenue growth		+3.7%	+9.8%	+15.5%
Profit growth		+10.1%	+12.8%	+21.6%
Dividend / share (₹)	–	4.00	3.00

Compounded growth	3 years	5 years	Last 12 months
Sales	–	–	+15.5%
Net profit	–	–	+21.6%
EPS	–	–	–
Share price	–	+28.0% (2y)	+80.0%

Balance sheet

₹ cr	FY24	FY25	FY26
Shareholders' equity	1,612	1,850	2,128
Borrowings	143	228	330
Cash & equivalents	117	216	290
Total assets	1,886	2,215	2,633
Fixed assets	742	900	1,097
Capital work in progress	122	116	229
Investments	0	0	0
Receivables	357	427	395
Inventory	224	232	233
Payables	56	45	59

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY24	FY25	FY26
Cash from operations	189	292	445
Cash from investing	-469	-320	-497
Cash from financing	281	40	65
Capex	194	281	461
Free cash flow	-5	11	-17

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY24	FY25	FY26
ROE %	15.1%	14.5%	14.2%
ROCE %	19.1%	17.7%	16.8%
Debtor days	96	111	93
Inventory days	137	143	134
Payable days	34	28	34
Cash conversion cycle (days)	199	226	193
Working capital days	134	153	145

Shareholding

Holder	% (2026-09-30)
Promoters	78.44%
FIIs	2.37%
DIIs	14.93%
of which Mutual funds	13.37%
of which Insurance	0.00%
Public (non-institutions)	4.26%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	78.60%	78.57%	78.54%	78.52%	78.50%	78.48%	78.46%	78.44%

Promoter group	%
Paritosh Kumar	40.30%
Ashish Garg	13.71%
Ayush Capital and Financial Services Private Limited	11.38%
Paritosh Kumar	9.48%
Megha Garg	2.56%
Paritosh Kumar Garg Huf	0.73%
Ashish Garg & Sons (Huf)	0.27%
Sudesh Kumari Agarwal	0.00%
Rashmi Garg	0.00%

Public holders above 1%	%
SBI Small Cap Fund	4.81%
HSBC Mutual Fund- HSBC Small CAP Fund	2.35%
Kotak Small CAP Fund	2.25%
Axis Mutual Fund Trustee Ltd A/C Axis Mutual Fund A/C Axis Small CAP Fund	1.43%
Ikigai Alternate Emerging Equity Fund	1.08%

65,550 shareholders. Pledged: – of promoter shares.

Peers in Castings & Forgings

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
PTCIL	₹34,768 cr	276.8x	23.1x	8.7%	9.3%	24.6%	–	–
AIAENG	₹33,394 cr	26.4x	4.2x	16.9%	20.1%	27.6%	-3.4%	0.41%
HAPPYFORGE	₹16,596 cr	50.6x	7.8x	16.5%	18.2%	31.1%	–	0.17%
BALUFORGE	₹5,154 cr	17.4x	3.2x	20.2%	19.5%	26.6%	–	0.03%
STEELCAS	₹3,372 cr	37.2x	8.5x	25.2%	30.9%	26.9%	-3.9%	0.52%
AMIC	₹2,253 cr	78.3x	14.3x	22.9%	25.5%	30.2%	–	–
INVPRECQ	₹1,314 cr	90.1x	12.8x	15.0%	15.8%	17.8%	+3.5%	0.04%
NELCAST	₹1,053 cr	25.6x	1.8x	7.1%	9.9%	7.3%	+1.7%	0.41%
SGIL	₹878 cr	–	7.9x	-8.1%	4.2%	9.0%	+8.1%	0.30%
NEETUYOSHI	₹840 cr	31.3x	6.1x	27.5%	22.5%	31.1%	–	–

All 23 companies in Castings & Forgings →

Dividends & corporate actions

Ex-date	Action	Detail
2026-07-20	Dividend	Dividend - Rs 4 Per Share
2025-07-22	Dividend	Dividend - Rs 3 Per Share
2024-07-22	Dividend	Dividend - Rs 4 Per Share
2024-07-22	Other	Annual General Meeting

Documents

Links go to the original files on the exchange website.

About the company

Manufacturing: Metal & Metal products


Sector	Industrials
Industry	Castings & Forgings
Sub-industry	Castings & Forgings
Symbol	HAPPYFORGE
BSE code	544057
ISIN	INE330T01021
Face value	₹2.0
Incorporated	1979-07-02
Website	www.happyforgingsltd.com
Plants (India / abroad)	3 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.