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As of 6 Nov 2026, Happy Forgings trades at 49.0× trailing earnings, above the industry P/E of 25.1×, and the shares are 31% below their 52-week high. Sales and net profit grew 9.8% and 13% a year over 3 years; its ROCE of 19% is the second-highest among the 7 largest Metal Fabrication peers. Debt is 0.24× equity, and its dividend yield is 0.2%. It is a small-cap company with a market cap of ₹15,996 Cr, ranked 5th of 71 Metal Fabrication companies by market cap; the shares rose 86% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹1,900.40
Day high
₹1,900.40
Day low
₹1,694.50
Prev. close
₹1,882.70
Volume
2.2 L

Health check

1 good · 2 fair · 3 to check
  • ReturnsAhead

    +85.8% over a year, better than 7 of 7 peers.

  • Price tagPricier

    P/E 49.0 vs industry 25.1.

  • GrowthSlow

    Sales +9.8%, profit +13.1% a year over 3 years.

  • ProfitabilityAverage

    ROCE 18.9% vs peer median 7.9%.

  • Balance sheetFair

    Debt 0.24× equity, interest covered 41.9×, Piotroski 4 of 9.

  • Red flags2 to check

    P/E of 49.0 against an industry P/E of 25.1.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Metal Fabrication

70 listed peers. Screen the industry

Small cap

₹15,996 Cr, #5 of 71 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Jun 2026: sales ₹1,768 Cr · profit ₹351 Cr
Market cap
₹15,996 Cr
Small cap
P/E
49.0
Industry 25.1
Price to book
7.00
Peers 4.11
Dividend yield
0.24%
ROE
16.6%
Peers 6.7%
ROCE
18.9%
Peers 7.9%
Debt to equity
0.24
Debt ₹543 Cr
EPS (TTM)
₹34.60
Face value ₹2
OPM (TTM)
30.6%
Net margin 19.9%
Sales growth
+27.0%
Latest quarter vs a year ago
Profit growth
+39.2%
Latest quarter vs a year ago
Price to sales
9.05
EV/EBITDA 29.6

Strengths and risks

Strengths

  • Quarterly profit up 39.2% on a year ago.
  • Quarterly sales up 27.0% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • P/E of 49.0 against an industry P/E of 25.1.
  • 31% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Happy Forgings

Happy Forgings Limited manufactures and sells forgings and machined components for the automotive and industrial sectors in India and internationally. The company offers crankshafts; differential cases; front axle beams and steering knuckles; railway parts, including camshafts, connecting rods, piston pins, spacers, and others; brake flanges and suspension brackets; and transmission parts, such as shafts and spindles, crown wheels and pinions, and rings.…

Headquarters
Ludhiana
Employees
3,512
Sector
Industrials
ISIN
INE330T01021
Website
happyforgingsltd.com

Price range

52 weeks

₹980.10₹2,470.00

Today

₹1,694.50₹1,900.40
Avg volume (3M)
1.1 L
1-year return
plus 85.8%
From 52-week high
minus 31.4%

Analyst consensus

7 analysts
BuyMean target ₹2,041.71 plus 20.5%

Target range, with today’s price

Low ₹1,493.00High ₹2,450.00

Consensus from Yahoo Finance. Not a recommendation.

Peers · Metal Fabrication

Compare with peersScreen the whole industry
Company
BHARATFORGBharat Forge1,740.00minus 0.74%85,029121.87.2315.6%6.7%14.7%9.7%26.9%0.49%plus 32.3%
INDOMIMINDO-MIM1,219.50minus 3.93%60,302101.120.9422.8%21.3%28.6%15.8%4.9%0.00%plus 64.4%
PTCILPTC Industries24,335.00plus 0.04%38,564290.623.737.9%8.6%24.6%40.7%57.8%0.00%plus 41.4%
ZETWERKZetwerk Manufacturing Businesses164.89minus 1.10%27,937–−2.47−13.0%−36.0%0.1%56.9%–0.00%plus 19.3%
HAPPYFORGEHappy Forgings1,694.50minus 10.00%15,99649.07.0018.9%15.2%30.6%9.8%13.1%0.24%plus 85.8%
RKFORGERamkrishna Forgings693.85minus 4.25%13,08768.43.514.7%5.6%17.1%10.5%−33.9%0.58%plus 35.6%
GRAVITAGravita India1,493.90minus 0.07%10,88327.34.1118.1%16.2%9.3%14.9%23.5%0.52%minus 15.4%
RHIMRHI MAGNESITA INDIA LTD.359.80minus 0.21%7,430–2.09−7.2%−10.1%11.7%13.9%–0.69%minus 24.4%
Median of 7 peers–−0.74%27,937101.14.117.9%6.7%14.7%14.9%23.5%0.49%32.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrMar 25Jun 25Dec 25Mar 26Jun 26
352354391424449
–––+20.4%+27.0%
250253271290309
102101120133141
29.1%28.6%30.8%31.5%31.3%
1010.48.2611.1
2.52.32.53.83.1
20.320.622.424.526.2
89.688.6104111123
24.5%25.9%23.9%24.8%25.4%
67.665.778.983.691.5
–––+23.5%+39.2%
7.186.968.308.849.68

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+9.8%
Profit CAGR 3Y
+13.1%
EPS CAGR 3Y
+12.9%
ROE
16.6%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,0741,2431,2961,423
–+15.8%+4.3%+9.8%
728855889951
345388407471
32.1%31.2%31.4%33.1%
4.81029.419.3
11.91179.8
54.264.777.189
−3.82.27.110.2
280324360402
25.5%25.1%25.6%25.0%
209243267302
–+16.4%+10.1%+12.8%
22.1525.7928.3731.92

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
17.918.818.818.9
9701,5941,8312,109
219143228330
119130138175
1,3261,8862,2152,633
8039331,1301,501
127193232405
–16060.710
0.4122134405
396478658312
1,3261,8862,2152,633

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
209189292445
−172−470−320−497
−3728140.264.9
−00.612.312.8
−175−194−281−461
34.9−4.711.5−16.6
–−11.6−37.7−28.3

Shareholding pattern

Source: NSE filings
78.4%
promoters
  • Promoters78.44%
  • Public21.56%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202678.44%21.56%minus 0.02
30 Jun 202678.46%21.54%minus 0.02
31 Mar 202678.48%21.52%minus 0.02
31 Dec 202578.50%21.50%minus 0.02
30 Sep 202578.52%21.48%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you