| Quarterly Financials | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
Revenue  | 296 | 304 | 333 | 344 | 345 | 351 | 349 | 374 | 361 | 362 | 364 |
| Expenses | 221 | 217 | 230 | 249 | 247 | 246 | 244 | 256 | 253 | 250 | 253 |
| EBITDA | 75 | 88 | 104 | 94 | 99 | 104 | 105 | 118 | 108 | 112 | 112 |
| Operating Profit % | 25 % | 28 % | 30 % | 27 % | 28 % | 28 % | 29 % | 29 % | 29 % | 29 % | 29 % |
| Depreciation | 16 | 14 | 16 | 16 | 17 | 16 | 18 | 20 | 19 | 20 | 21 |
| Interest | 4 | 5 | 3 | 4 | 4 | 1 | 1 | 2 | 2 | 3 | 2 |
| Profit Before Tax | 56 | 68 | 86 | 74 | 78 | 88 | 86 | 97 | 87 | 90 | 89 |
| Tax | 15 | 17 | 21 | 19 | 20 | 22 | 22 | 26 | 22 | 22 | 23 |
| Net Profit | 42 | 51 | 64 | 55 | 58 | 66 | 64 | 71 | 65 | 68 | 66 |
| EPS in ₹ | 4.65 | 5.67 | 7.16 | 6.17 | 6.46 | 7.25 | 6.77 | 7.58 | 6.85 | 7.18 | 6.97 |
Happy Forgings
Happy Forgings
1,013.20
-1.70
(-0.17%)
Key Fundamentals
Market Cap
9,570.90 Cr
EPS
28.39
PE Ratio
35.52
Dividend Yield
0.30 %
Industry
Industrial Products 52 Week High
1,191.05
52 Week Low
724.10
PB Ratio
5.17
Debt to Equity
0.11
Sector
Castings & Forgings Analyst Rating and Forecast
- By Refinitiv from6 analysts
Actual
Company News
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Happy Forgings Limited reported revenue from operations of Rs. 354 crores, up 3.6% year-over-year for the quarter ended June 30, 2025. The company maintained EBITDA margin at 28.6% (Rs. 101 crores) and PAT margin at 18.6% (Rs. 66 crores). Volume increased 3.8% to 14,457 MT while realization remained flat at Rs. 245 per kg despite raw material price corrections. The commercial vehicles segment (39% of revenue) faced mid-single digit decline, while farm equipment (32% of revenue) showed better-than-overall growth. The company invested Rs. 110 crores in new machining lines and announced a Rs. 650 crore CAPEX plan for heavyweight precision components. New order wins include Rs. 250 crores from European farm equipment OEM, Rs. 300 crores for wind energy components, and Rs. 180 crores annually for data center applications. Management expects medium-term growth of 15-18% and anticipates domestic CV and farm equipment segments to show high single-digit growth.
Happy Forgings Limited Makes Q1 FY2026 Earnings Call Recording AvailableAug 11, 2025
Happy Forgings Limited has made the audio recording of its Q1 FY2026 earnings conference call available on its website. The earnings call was held on August 11, 2025, covering the quarter ended June 30, 2025. The company filed this information with the National Stock Exchange of India Ltd. and BSE Ltd. The audio recording can be accessed through the company's website link provided in the regulatory filing.
Happy Forgings Limited reported revenue of Rs 354 crores for Q1 FY26, representing a 3.6% year-on-year increase. EBITDA grew 3.6% to Rs 101 crores while PAT rose 3.0% to Rs 66 crores. The company maintained stable EBITDA margins at 28.6% and improved gross profit margins by 140 basis points to 57.9%. Finished goods volume increased 3.8% to 14,457 MT with realization per kg remaining stable at Rs 245. The forging capacity utilization improved from 57% to 59% while machining capacity utilization decreased from 83% to 77%. The company plans Rs 80 crores capex in FY26 for passenger vehicle segment scaling and Rs 650 crores for heavy forgings capacities by FY27. Management noted resilient performance despite headwinds in end-user industries and deflationary steel prices, with healthy domestic demand in passenger vehicles, farm equipment, and industrial segments, though exports were impacted by sluggish demand and tariff uncertainties.
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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 |
|---|---|---|---|---|---|---|---|---|
3,333.50 | #1 30,470.00 | 28.40 | #1 4,619.10 | -10.05 | #1 1,060 | 17.66 | 59.25 | |
1,013.20 | #2 9,570.90 | #7 35.52 | #2 1,446.30 | #5 5.45 | #2 267 | #7 2.98 | 63.05 | |
628.50 | 7,275.00 | 31.71 | 940.80 | #1 65.02 | 204 | 66.67 | 47.31 | |
214.73 | 2,143.90 | 24.49 | 380.60 | -7.73 | 72 | #1 74.44 | 44.63 | |
1,602.30 | 1,822.30 | 52.16 | 142.00 | 9.65 | 36 | 52.17 | 65.12 | |
113.56 | 1,006.80 | 26.83 | 1,268.80 | -0.97 | 37 | -51.02 | 37.53 | |
533.00 | 827.70 | 47.93 | 363.70 | 10.85 | 17 | 13.33 | 46.68 | |
513.00 | 507.90 | 85.88 | 165.80 | -3.66 | 6 | -4.35 | 59.23 | |
1,064.50 | 435.10 | 19.07 | 178.20 | 22.64 | 23 | 0.00 | 63.48 | |
515.00 | 265.80 | #1 18.27 | 154.50 | 0.91 | 12 | 42.50 | 48.24 |
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 |
|---|---|---|---|---|---|
| 06 Nov 2025 |  Quarterly Result Announcement | NA | 06 Nov 2025 | 968.15 | 1,009.25 |
| 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 |
Announcements
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
4 days ago
4 days agoAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation7 days ago
7 days agoCorrigendum 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, 2025Intimation Of Continuation Of Term Of Mr Paritosh Kumar Chairman And Managing Director Beyond 70 Years Of AgeMay 17, 2025
May 17, 2025Appointment/ Re-Appointment Of AuditorsMay 17, 2025
May 17, 2025Announcement under Regulation 30 (LODR)-Investor PresentationMay 17, 2025
May 17, 2025Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseMay 17, 2025
May 17, 2025Amendment In Code Of Fair Disclosure Of UPSIMay 17, 2025
May 17, 2025Corporate Action-Board approves DividendMay 17, 2025
May 17, 2025Financial Results For The Quarter And Year Ended 31St March 2025May 17, 2025
May 17, 2025Board Meeting Outcome for Outcome Of Board MeetingMay 17, 2025
May 17, 2025Announcement under Regulation 30 (LODR)-Monitoring Agency ReportMay 15, 2025
May 15, 2025Mutual Fund Holdings
Aditya Birla Sun Life Business Cycle 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 
Edelweiss Recently Listed IPO Fund Direct-Growth 
Groww ELSS Tax Saver Fund Direct - Growth 
HSBC Infrastructure Fund Direct-Growth 
ICICI Prudential Transportation and Logistics Fund Direct - Growth 
Invesco India Balanced Advantage Fund Direct-Growth 
Kotak Business Cycle Fund Direct - Growth 
Mirae Asset Nifty Total Market Index Fund Direct-Growth 
Motilal Oswal Nifty Microcap 250 Index Fund Direct - Growth 
Nippon India Flexi Cap Fund Direct - Growth 
SBI Automotive Opportunities Fund Direct - Growth Technical Indicators
RSI(14)
Neutral 63.80
ATR(14)
Less Volatile 27.10
STOCH(9,6)
Overbought 80.32
STOCH RSI(14)
Overbought 89.99
MACD(12,26)
Bullish 5.44
ADX(14)
Strong Trend 28.24
UO(9)
Bearish 61.64
ROC(12)
Uptrend And Accelerating 10.95
WillR(14)
Overbought -14.01
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