Happy Forgings Ltd
Happy Forgings Ltd (HAPPYFORGE) last reported results for the quarter ended Jun 2026, with sales of ₹449 crore and net profit of ₹91 crore. The stock last traded at ₹1,963, a market capitalisation of ₹18,533 crore, on a P/E of 56.6. Over the past 52 weeks the stock has ranged between ₹889 and ₹2,484. Figures are as of 6 Oct 2026 and are not real time.
Happy Forgings Ltd share price and key metrics
- Current price
- ₹1,963
- Market cap
- ₹18,533 cr
- Stock P/E
- 56.6
- Book value
- ₹226
- ROE
- 15.0%
- ROCE
- 18.0%
- Dividend yield
- 0.20%
- 52w high / low
- 2484/889
Metrics as of 6 Oct 2026. Not real time.
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Happy Forgings Ltd growth and returns
- 10 Years
- %
- 5 Years
- 21%
- 3 Years
- 9%
- TTM
- 16%
- 10 Years
- %
- 5 Years
- 28%
- 3 Years
- 13%
- TTM
- 22%
- 10 Years
- %
- 5 Years
- %
- 3 Years
- %
- 1 Year
- 115%
- 10 Years
- %
- 5 Years
- 18%
- 3 Years
- 16%
- Last Year
- 15%
Happy Forgings Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹449 cr, up 26.8% from ₹354 cr a year earlier. Net profit was ₹91 cr, up 37.9% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 361 | 354 | 352 | 354 | 377 | 391 | 424 | 449 |
| Expenses | 256 | 253 | 250 | 253 | 262 | 271 | 291 | 309 |
| Operating profit | 105 | 101 | 102 | 101 | 116 | 120 | 133 | 141 |
| OPM % | 29% | 29% | 29% | 29% | 31% | 31% | 31% | 31% |
| Other income | 13 | 7 | 10 | 10 | 6 | 8 | 6 | 11 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 3 |
| Depreciation | 20 | 19 | 20 | 21 | 22 | 22 | 25 | 26 |
| Profit before tax | 97 | 87 | 90 | 89 | 99 | 104 | 111 | 123 |
| Tax % | 27% | 26% | 24% | 26% | 26% | 24% | 25% | 25% |
| 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 | 9.69 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Happy Forgings Ltd annual results
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 585 | 860 | 1,197 | 1,358 | 1,409 | 1,546 | 1,642 |
| Operating profit | 159 | 231 | 341 | 388 | 407 | 471 | 510 |
| OPM % | 27% | 27% | 28% | 29% | 29% | 30% | 31% |
| Net profit | 86 | 142 | 209 | 243 | 267 | 302 | 327 |
| EPS (₹) | 965.92 | 15.90 | 23.32 | 25.79 | 28.38 | 31.97 | 34.71 |
TTM is the trailing twelve months to the most recent quarter.
Happy Forgings Ltd balance sheet
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 9 | 18 | 18 | 19 | 19 | 19 |
| Reserves | 636 | 770 | 970 | 1,594 | 1,831 | 2,109 |
| Borrowings | 153 | 240 | 219 | 143 | 228 | 330 |
| Other liabilities | 76 | 102 | 119 | 130 | 138 | 175 |
| Total liabilities | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 |
| Fixed assets | 415 | 456 | 678 | 744 | 908 | 1,108 |
| CWIP | 40 | 212 | 75 | 127 | 123 | 237 |
| Investments | 0 | 0 | 0 | 0 | 80 | 237 |
| Other assets | 419 | 461 | 573 | 1,016 | 1,105 | 1,050 |
| Total assets | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 |
As reported by the company. Total assets equal total liabilities by construction.
Happy Forgings Ltd cash flow
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 60 | 80 | 209 | 189 | 292 | 445 |
| Cash from investing | -59 | -166 | -172 | -470 | -320 | -497 |
| Cash from financing | -0 | 83 | -37 | 281 | 40 | 65 |
| Net cash flow | 1 | -3 | -0 | 1 | 12 | 13 |
| Free cash flow | -32 | -111 | 35 | -5 | 12 | -16 |
| CFO / operating profit | 59% | 53% | 80% | 71% | 92% | 114% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Happy Forgings Ltd operating ratios
| Per year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| ROCE % | — | 22% | 26% | 23% | 19% | 18% |
| Debtor days | 103 | 94 | 94 | 96 | 110 | 93 |
| Inventory days | 176 | 173 | 112 | 137 | 143 | 134 |
| Days payable | 55 | 42 | 32 | 34 | 28 | 34 |
| Cash conversion cycle | 225 | 226 | 175 | 199 | 226 | 193 |
| Working capital days | 82 | 76 | 71 | 102 | 97 | 77 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Happy Forgings Ltd shareholding pattern
Promoters held 78.46% at Jun 2026, broadly unchanged since Jun 2025. FIIs 1.88% and DIIs 15.54%.
| % held | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 78.60% | 78.60% | 78.57% | 78.54% | 78.52% | 78.50% | 78.48% | 78.46% |
| FIIs | 2.27% | 2.28% | 2.19% | 2.17% | 2.03% | 1.84% | 1.73% | 1.88% |
| DIIs | 17.14% | 17.06% | 17.07% | 16.98% | 17.02% | 16.73% | 16.48% | 15.54% |
| Public | 1.98% | 2.05% | 2.18% | 2.31% | 2.45% | 2.94% | 3.30% | 4.12% |
| No. of shareholders | 65,376 | 64,982 | 64,670 | 63,790 | 61,075 | 61,484 | 57,815 | 64,341 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
Happy Forgings Ltd corporate filings
- Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018Company Updatelow impact
- Intimation of closure of Trading windowInsider Trading / SASTlow impact
- Happy Forgings Ltd announces allotment of shares under ESOP schemeCompany Updatelow impact
Cruxal's analysis: Happy Forgings Ltd has filed an intimation regarding the allotment of equity shares…
Read the full analysis - Happy Forgings Limited Reports Strong Q1 FY27 Results with 27% Revenue Growth and 39% PAT GrowthCompany Updatehigh impact
Cruxal's analysis: Happy Forgings Limited delivered a robust performance in Q1 FY27, with revenue reaching…
Read the full analysis - Happy Forgings Ltd schedules analyst and institutional investor meetingCompany Updatelow impact
Cruxal's analysis: Happy Forgings Ltd has issued an intimation regarding a scheduled meeting with analysts…
Read the full analysis - Happy Forgings Ltd: Disclosure of newspaper publication regarding financial resultsCompany Updatelow impact
Cruxal's analysis: Happy Forgings Ltd has published a notice in newspapers as per Regulation 30 of the SEBI…
Read the full analysis - Happy Forgings Limited releases audio recording of Q1 FY27 earnings conference callCompany Updatelow impact
Cruxal's analysis: Happy Forgings Limited has formally filed the audio recording of its earnings conference…
Read the full analysis - Happy Forgings Ltd issues a routine press release on August 4, 2026Company Updatelow impact
Cruxal's analysis: Happy Forgings Ltd has issued a press release on August 4, 2026, under Regulation 30 of…
Read the full analysis - Happy Forgings Reports Record Q1 FY27 Revenue of INR 449 Crore, PAT Jumps 39.2% YoY to INR 91 Crore, Significantly Beating Analyst EstimatesCompany Updatehigh impact
Cruxal's analysis: Happy Forgings Limited commenced FY27 on a strong note, reporting record quarterly…
Read the full analysis - Happy Forgings Reports Strong Q1 FY27 Results, Beats Consensus on Revenue and EPS with Robust YoY Growth and Margin ExpansionResulthigh impact
Cruxal's analysis: Happy Forgings Limited has announced impressive consolidated financial results for the…
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