| Quarterly Financials | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 |
Revenue  | 296 | 304 | 333 | 344 | 345 | 351 | 349 | 374 | 361 | 362 | 364 | 384 |
| Expenses | 221 | 217 | 230 | 249 | 247 | 246 | 244 | 256 | 253 | 250 | 253 | 262 |
| EBITDA | 75 | 88 | 104 | 94 | 99 | 104 | 105 | 118 | 108 | 112 | 112 | 122 |
| Operating Profit % | 25 % | 28 % | 30 % | 27 % | 28 % | 28 % | 29 % | 29 % | 29 % | 29 % | 29 % | 31 % |
| Depreciation | 16 | 14 | 16 | 16 | 17 | 16 | 18 | 20 | 19 | 20 | 21 | 22 |
| Interest | 4 | 5 | 3 | 4 | 4 | 1 | 1 | 2 | 2 | 3 | 2 | 2 |
| Profit Before Tax | 56 | 68 | 86 | 74 | 78 | 88 | 86 | 97 | 87 | 90 | 89 | 99 |
| Tax | 15 | 17 | 21 | 19 | 20 | 22 | 22 | 26 | 22 | 22 | 23 | 25 |
| Net Profit | 42 | 51 | 64 | 55 | 58 | 66 | 64 | 71 | 65 | 68 | 66 | 73 |
| EPS in ₹ | 4.65 | 5.67 | 7.16 | 6.17 | 6.46 | 7.25 | 6.77 | 7.58 | 6.85 | 7.18 | 6.97 | 7.79 |
Happy Forgings
Happy Forgings
1,030.50
+30.00
(3.00%)
Key Fundamentals
Market Cap
9,718.06 Cr
EPS
28.39
PE Ratio
36.23
Dividend Yield
0.29 %
Industry
Industrial Products 52 Week High
1,134.80
52 Week Low
724.10
PB Ratio
5.02
Debt to Equity
0.11
Sector
Castings & Forgings Analyst Rating and Forecast
- By Refinitiv from6 analysts
Actual
Company News
View All News
Happy Forgings Reports Strong Q2 Performance with 60% Gross Margin Despite Export Challenges
Nov 13, 2025
Nov 13, 2025Happy Forgings Limited delivered robust quarterly results with revenue of INR 377 crores, reflecting 4.5% year-on-year growth. The company achieved its highest quarterly gross margin of around 60% and EBITDA margin of approximately 31%. Gross profit grew 7% to INR 228 crores, while EBITDA increased 10% to INR 116 crores. Profit after tax grew 10% on adjusted basis to INR 73 crores. Domestic market drove growth across commercial vehicles, farm, industrial and passenger vehicle sectors, while export volumes remained low due to global market weakness and U.S. tariff uncertainties. The company maintains strong balance sheet with cash liquidity of approximately INR 315 crores and debt-equity ratio below 0.1. Management is progressing with INR 650 crores strategic capex program and has secured INR 350 crores of annual orders for new infrastructure. Commercial vehicles contributed 37% of revenue in H1 FY26, farm equipment 34%, passenger vehicles 5%, off-highway 10%, and industrials 13%.
Happy Forgings Limited Makes Earnings Call Recording AvailableNov 07, 2025
Happy Forgings Limited has made the audio recording of its earnings conference call available on its website. The earnings call discussed financial results for the quarter and half year ended September 30, 2025, and was held on November 7, 2025. The recording can be accessed through a link provided on the company's website.
Happy Forgings Limited Pays Fine for Non-Compliance with Nomination and Remuneration Committee RequirementsNov 07, 2025
Nov 07, 2025Happy Forgings Limited received notices from BSE and NSE regarding non-compliance with Regulation 19(1) and 19(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, related to the composition of the Nomination and Remuneration Committee for the quarter ended June 2025. The company was fined Rs. 14,160 (including 18% GST) by both exchanges. Happy Forgings' Board of Directors acknowledged that the non-compliance was not willful and confirmed the fine has been paid. The company stated it has undertaken necessary steps to strengthen its processes to avoid such inadvertent delays in the future.
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Peer Comparison Compare Peers on Screener
Competitors | LTP | Market Cap (₹ Cr.) | P/E Ratio | Revenue (₹ Cr.) | YoY Revenue Growth % | Net Profit (₹ Cr.) | YoY Profit Growth % | RSI |
|---|---|---|---|---|---|---|---|---|
3,825.50 | #1 35,699.71 | 32.13 | #1 4,619.10 | -10.05 | #1 1,060 | 8.23 | 69.11 | |
1,030.50 | #2 9,718.06 | #7 36.23 | #2 1,446.30 | #6 5.45 | #2 267 | #6 2.80 | 56.24 | |
623.15 | 7,103.41 | 30.00 | 940.80 | #1 65.02 | 204 | 35.42 | 49.67 | |
217.96 | 2,205.76 | 25.58 | 380.60 | -7.73 | 72 | 74.44 | 49.06 | |
1,465.50 | 1,756.18 | 49.46 | 142.00 | 9.65 | 36 | 52.17 | 39.63 | |
106.56 | 927.08 | 26.00 | 1,268.80 | -0.97 | 37 | -51.02 | 34.96 | |
550.00 | 854.87 | 55.75 | 363.70 | 10.85 | 17 | -42.86 | 52.95 | |
493.60 | 502.06 | 66.33 | 165.80 | -3.66 | 6 | #1 100.00 | 48.33 | |
116.70 | 461.60 | 27.52 | 70.80 | 49.05 | 17 | -87.74 | 44.83 | |
1,002.90 | 425.00 | #1 19.47 | 178.20 | 22.64 | 23 | -19.40 | 50.54 |
Automatic Screeners on ScanX
Growth Rate
Revenue Growth
5.45 %
Net Income Growth
10.04 %
Cash Flow Change
54.31 %
ROE
-4.05 %
ROCE
-4.99 %
EBITDA Margin (Avg.)
5.06 %
Quarterly Financial Results
Balance Sheet
| Balance Sheet | 2022 | 2023 | 2024 | 2025 |
| Total Assets | 1,130 | 1,326 | 1,886 | 2,215 |
| Fixed Assets | 456 | 678 | 744 | 908 |
| Current Assets | 425 | 489 | 742 | 919 |
| Capital Work in Progress | 212 | 75 | 127 | 123 |
| Investments | 0 | 0 | 0 | 80 |
| Other Assets | 461 | 573 | 1,016 | 1,105 |
| Total Liabilities | 1,130 | 1,326 | 1,886 | 2,215 |
| Current Liabilities | 245 | 257 | 242 | 326 |
| Non Current Liabilities | 97 | 81 | 32 | 39 |
| Total Equity | 788 | 988 | 1,613 | 1,850 |
| Reserve & Surplus | 770 | 970 | 1,594 | 1,831 |
| Share Capital | 18 | 18 | 19 | 19 |
Cash Flow
| Cash Flow | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Cash Flow | 1 | -3 | 0 | 1 | 12 |
| Investing Activities | -59 | -166 | -172 | -470 | -320 |
| Operating Activities | 60 | 80 | 210 | 189 | 292 |
| Financing Activities | -0 | 83 | -37 | 281 | 40 |
Share Holding
| % Holding | Aug 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 |
| Promoter | 88.24 % | 78.60 % | 78.60 % | 78.60 % | 78.60 % | 78.60 % | 78.57 % | 78.54 % | 78.52 % |
| FIIs | 0.00 % | 0.00 % | 1.12 % | 2.24 % | 2.28 % | 2.28 % | 2.19 % | 2.17 % | 2.02 % |
| DIIs | 0.00 % | 4.00 % | 16.93 % | 16.69 % | 17.14 % | 17.06 % | 17.07 % | 16.98 % | 17.01 % |
| Government | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % |
| Public / Retail | 0.00 % | 6.26 % | 2.98 % | 2.21 % | 1.78 % | 1.83 % | 1.89 % | 1.98 % | 2.06 % |
| Others | 11.76 % | 11.13 % | 0.37 % | 0.26 % | 0.20 % | 0.22 % | 0.28 % | 0.34 % | 0.39 % |
| No of Share Holders | 8 | 2,51,941 | 93,587 | 74,090 | 65,376 | 64,982 | 64,670 | 63,790 | 61,075 |
Dividend History
| Annual Cash Flows | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.3 | 4 | 3 |
| Dividend Yield (%) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.15 | 0.51 | 0.3 |
Corporate Action
| Record Date | Corporate Action | Information | Announcement Day | LTP at Annoucement | LTP at Record Day |
|---|---|---|---|---|---|
| 22 Jul 2024 |  Dividend | ₹ 4.00 /share | 22 Jul 2024 | 1,100.95 | 1,204.70 |
| 29 Jul 2024 |  Annual General Meeting | NA | 29 Jul 2024 | 1,156.90 | 1,226.30 |
| 07 Nov 2024 |  Quarterly Result Announcement | NA | 07 Nov 2024 | 1,068.95 | 1,149.90 |
| 07 Feb 2025 | Quarterly Result Announcement | NA | 07 Feb 2025 | 1,042.65 | 1,016.45 |
| 17 May 2025 | Quarterly Result Announcement | NA | 17 May 2025 | 768.90 | 848.70 |
| 22 Jul 2025 | Dividend | ₹ 3.00 /share | 22 Jul 2025 | 848.70 | 949.80 |
| 29 Jul 2025 | Annual General Meeting | NA | 29 Jul 2025 | 848.70 | 961.30 |
| 09 Aug 2025 | Quarterly Result Announcement | NA | 09 Aug 2025 | 945.00 | 956.90 |
| 06 Nov 2025 | Quarterly Result Announcement | NA | 06 Nov 2025 | 968.15 | 1,013.20 |
Announcements
Announcement under Regulation 30 (LODR)-Earnings Call TranscriptNov 13, 2025
Nov 13, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationNov 07, 2025
Nov 07, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeNov 07, 2025
Nov 07, 2025Board Comments On Fine Levied By BSE & NSENov 06, 2025
Nov 06, 2025Announcement under Regulation 30 (LODR)-Monitoring Agency ReportNov 06, 2025
Nov 06, 2025Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseNov 06, 2025
Nov 06, 2025Announcement under Regulation 30 (LODR)-Investor PresentationNov 06, 2025
Nov 06, 2025Financial Results For Quarter And Half Year Ended 30Th Sep 2025Nov 06, 2025
Nov 06, 2025Board Meeting Outcome for Outcome Of BMNov 06, 2025
Nov 06, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationOct 31, 2025
Oct 31, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationOct 28, 2025
Oct 28, 2025Corrigendum To Letter Dated October 182025Oct 19, 2025
Oct 19, 2025Board Meeting Intimation for Approval Of Unaudited Financial Results For The Quarter And Half Year Ended 30Th Sep 2025Oct 18, 2025
Oct 18, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Oct 08, 2025
Oct 08, 2025Announcement under Regulation 30 (LODR)-Credit RatingOct 01, 2025
Oct 01, 2025Closure of Trading WindowSep 24, 2025
Sep 24, 2025Announcement under Regulation 30 (LODR)-Credit RatingSep 16, 2025
Sep 16, 2025Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSSep 10, 2025
Sep 10, 2025Copy Of Letter Sent To ShareholdersSep 10, 2025
Sep 10, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationSep 10, 2025
Sep 10, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationAug 23, 2025
Aug 23, 2025Announcement under Regulation 30 (LODR)-Earnings Call TranscriptAug 18, 2025
Aug 18, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeAug 11, 2025
Aug 11, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationAug 10, 2025
Aug 10, 2025Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseAug 09, 2025
Aug 09, 2025Announcement under Regulation 30 (LODR)-Investor PresentationAug 09, 2025
Aug 09, 2025Announcement under Regulation 30 (LODR)-Monitoring Agency ReportAug 09, 2025
Aug 09, 2025Financial Results For The Quarter Ended 30Th June 2025Aug 09, 2025
Aug 09, 2025Board Meeting Outcome for Outcome Of Board MeetingAug 09, 2025
Aug 09, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationAug 04, 2025
Aug 04, 2025Board Meeting Intimation for Approval Of Unaudited Financial Results For The Quarter Ended 30Th June 2025Jul 31, 2025
Jul 31, 2025Shareholder Meeting / Postal Ballot-Scrutinizers ReportJul 30, 2025
Jul 30, 2025Shareholder Meeting / Postal Ballot-Outcome of AGMJul 29, 2025
Jul 29, 2025Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011Jul 22, 2025
Jul 22, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jul 08, 2025
Jul 08, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 04, 2025
Jul 04, 2025Disclosure Under Regulation 30 Of The SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015Jul 03, 2025
Jul 03, 2025Business Responsibility and Sustainability Reporting (BRSR)Jul 01, 2025
Jul 01, 2025Reg. 34 (1) Annual Report.Jul 01, 2025
Jul 01, 2025Notice Of 46Th Annual General MeetingJul 01, 2025
Jul 01, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJun 27, 2025
Jun 27, 2025Closure of Trading WindowJun 27, 2025
Jun 27, 2025Intimation Of AGM To Be Held On Tuesday 29Th July 2025 And Record Date For Final DividendJun 25, 2025
Jun 25, 2025Record Date For Payment Of Final DividendJun 25, 2025
Jun 25, 2025Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSJun 20, 2025
Jun 20, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeMay 23, 2025
May 23, 2025Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSMay 20, 2025
May 20, 2025Compliances-Reg.24(A)-Annual Secretarial ComplianceMay 19, 2025
May 19, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeMay 19, 2025
May 19, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationMay 18, 2025
May 18, 2025Mutual Fund Holdings
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ICICI Prudential Transportation and Logistics Fund Direct - Growth 
Mirae Asset Nifty Total Market Index Fund Direct-Growth 
Aditya Birla Sun Life Transportation and Logistics Fund Direct-Growth 
Axis India Manufacturing Fund Direct-Growth 
Bandhan Nifty Total Market Index Fund Direct-Growth 
Canara Robeco Mid Cap Fund Direct - Growth 
DSP Small Cap Direct Plan-Growth 
Groww ELSS Tax Saver Fund Direct - Growth 
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Nippon India Flexi Cap Fund Direct - Growth 
SBI Automotive Opportunities Fund Direct - Growth Technical Indicators
RSI(14)
Neutral 48.47
ATR(14)
Volatile 31.16
STOCH(9,6)
Neutral 58.04
STOCH RSI(14)
Oversold 19.00
MACD(12,26)
Bearish -3.94
ADX(14)
Weak Trend 17.04
UO(9)
Bearish 50.32
ROC(12)
Uptrend And Accelerating 0.61
WillR(14)
Neutral -68.51
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