HAPPYFORGE

Happy Forgings Limited

Auto components and engineering parts for vehicles and industrial machinery

Industrials›Capital Goods›Industrial Products›Castings & Forgings

happyforgingsltd.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1866.00
Market cap
17,595 Cr
Stock P/E
53.7
P/B
8.27
Dividend yield
0.2%
ROE (FY26)
14.2%
ROCE (FY26)
16.8%
Operating margin (FY26)
24.7%
Debt / equity (FY26)
0.15
OCF / EBITDA (FY26)
94.5%
OCF / EBITDA (3Y)
73.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Happy Forgings makes heavy forged and precision-machined components for commercial vehicle, passenger vehicle, farm equipment, off-highway and industrial customers, including global OEMs (original equipment manufacturers), in India and export markets.

Company snapshot

3rdBy market cap

Ranked among 10 companies in Castings & Forgings.

What we see

Positives
  • ✓Net margin of 19.5% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricMar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales343 Cr341 Cr361 Cr354 Cr352 Cr354 Cr377 Cr391 Cr424 Cr449 Cr
Operating expenses (approx.)246 Cr244 Cr256 Cr253 Cr250 Cr253 Cr262 Cr271 Cr290 Cr309 Cr
EBITDA97 Cr98 Cr105 Cr101 Cr102 Cr101 Cr116 Cr120 Cr133 Cr141 Cr
OPM %28.3%28.6%29.2%28.6%29.1%28.6%30.7%30.8%31.5%31.3%
Other income7 Cr8 Cr13 Cr7 Cr10 Cr10 Cr6 Cr8 Cr6 Cr11 Cr
Interest0.86 Cr1 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr4 Cr3 Cr
Depreciation16 Cr18 Cr20 Cr19 Cr20 Cr21 Cr22 Cr22 Cr25 Cr26 Cr
Profit before tax87 Cr86 Cr97 Cr87 Cr90 Cr89 Cr99 Cr104 Cr111 Cr123 Cr
Tax %24.8%25.7%26.6%25.7%24.5%25.9%25.5%23.9%24.8%25.4%
Net profit66 Cr64 Cr71 Cr65 Cr68 Cr66 Cr73 Cr79 Cr84 Cr91 Cr
EPS (₹)₹7.25₹6.77₹7.58₹6.85₹7.18₹6.97₹7.79₹8.37₹8.86₹9.70

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales860 Cr1,197 Cr1,358 Cr1,409 Cr1,546 CrSign in free for the trailing twelve months
Operating expenses (approx.)629 Cr856 Cr971 Cr1,002 Cr1,076 CrSign in free for the trailing twelve months
EBITDA231 Cr341 Cr388 Cr407 Cr471 CrSign in free for the trailing twelve months
OPM %26.8%28.5%28.5%28.9%30.4%Sign in free for the trailing twelve months
Other income6 Cr6 Cr13 Cr37 Cr31 CrSign in free for the trailing twelve months
Interest7 Cr12 Cr12 Cr8 Cr10 CrSign in free for the trailing twelve months
Depreciation38 Cr54 Cr65 Cr77 Cr89 CrSign in free for the trailing twelve months
Profit before tax192 Cr280 Cr324 Cr360 Cr402 CrSign in free for the trailing twelve months
Tax %25.9%25.5%25.1%25.6%25.0%Sign in free for the trailing twelve months
Net profit142 Cr209 Cr243 Cr267 Cr302 CrSign in free for the trailing twelve months
EPS (₹)₹15.90₹23.32₹26.78₹28.39₹31.99Sign in free for the trailing twelve months
Dividend payout %——4.8%14.1%9.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital18 Cr18 Cr19 Cr19 Cr19 Cr
Reserves770 Cr970 Cr1,594 Cr1,831 Cr2,109 Cr
Borrowings240 Cr219 Cr143 Cr228 Cr330 Cr
Other liabilities102 Cr119 Cr130 Cr138 Cr175 Cr
Total liabilities1,130 Cr1,326 Cr1,886 Cr2,215 Cr2,633 Cr
Fixed assets (net)455 Cr677 Cr742 Cr900 Cr1,097 Cr
CWIP212 Cr75 Cr122 Cr116 Cr229 Cr
Investments0.42 Cr—0 Cr80 Cr237 Cr
Loans & advances——0.24 Cr0.33 Cr0.19 Cr
Inventories184 Cr170 Cr224 Cr232 Cr233 Cr
Trade receivables222 Cr308 Cr357 Cr427 Cr395 Cr
Cash & bank0.02 Cr0.01 Cr0.64 Cr13 Cr26 Cr
Other assets57 Cr97 Cr440 Cr447 Cr416 Cr
Total assets1,130 Cr1,326 Cr1,886 Cr2,215 Cr2,633 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity80 Cr209 Cr189 Cr292 Cr445 Cr
Cash from investing-166 Cr-172 Cr-469 Cr-320 Cr-497 Cr
Cash from financing83 Cr-37 Cr281 Cr40 Cr65 Cr
Net cash flow-3 Cr-0.0070 Cr0.63 Cr12 Cr13 Cr
Free cash flow (OCF − Capex)-111 Cr35 Cr-5 Cr11 Cr-17 Cr

Ratios

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %19.4%24.2%19.1%17.7%16.8%
ROE %18.1%21.1%15.1%14.5%14.2%
Debtor days94949611093
Inventory days154113130140140
Days payable3732322736
Cash conversion cycle211175194223197
OCF / EBITDA %34.8%61.4%48.8%71.9%94.5%
OCF / EBITDA % (3 years)——49.9%60.9%73.2%
Debt / equity0.310.220.090.120.15
Current ratio1.731.913.072.812.35
Net debt / EBITDA1.040.640.370.530.65