Minerva Capital Research Solutions

Happy Forgings

NSE: HAPPYFORGEBSE: 544057
Compare with peers
₹ 1,780.00▼ 27 (−1.49%)28 Oct, 03:29 pm IST
Market cap
₹ 16,642 Cr.
P/E
50.8x
P/B
8.06x
52-week range
976 – 2,470
ROE
15%
ROCE
18%
Dividend yield
0.2%
Debt / equity
0.15
Sector
Industrial Products
Industry
Castings & Forgings
Listed on
NSE, BSE

About

Happy Forgings Limited is an India-based company, which is a manufacturer of heavy forged and precision-machined components. The Company is engaged in the manufacturing of auto components and engineering parts. The Company’s products include crankshafts, differential cases, front axle components, railway parts, suspension products, transmission parts, oil and gas, and windmill application products. Its windmill application products consist of three critical components: the planet carrier, pinion shaft, and housing. Its railway components offer a range of parts, which include camshafts, connecting rods, piston pins, and spacers. The Company primarily caters to domestic and global original equipment manufacturers (OEMs) manufacturing commercial vehicles in the automotive sector. It also caters to manufacturers of farm equipment, off-highway vehicles and manufacturers of industrial equipment and machinery for the oil and gas, power generation, railways, and wind turbine industries.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Castings & Forgings: 30 companies →

Happy Forgings against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)50.8 against a typical 24.8: pricier than most peers (1st = cheapest).22nd of 30
  • Sales growth+26.8% against a typical +8% from a year earlier.7th of 23
  • Profit growth+37.9% against a typical +4.9% from a year earlier.7th of 22
  • Share price, 3 months+8.9% against a typical −0.8%.8th of 28
  • Size₹ 16,642.4 Cr. market value against a typical ₹ 208.1 Cr. (1st = largest).3rd of 30

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

High safety

Rated AA by 2 agencies
AA
DefaultRiskyModerateSafeVery safe
  • All agencies agree and none has raised a warning.
AgencyCurrent ratingOutlookAs of
CRISILCrisil AAStable30 Sep 2026
ICRA[ICRA]AA /[ICRA]A1+Stable14 Sep 2026
Credit rating actions
RatingDetails
30 Sep 2026
Reaffirmed
Crisil AA—CRISIL₹ 485 Cr.
14 Sep 2026
Reaffirmed
[ICRA]AA /[ICRA]A1+—ICRA₹ 485 Cr.
7 Aug 2026
Reaffirmed
Crisil AA—CRISIL₹ 485 Cr.
7 Jul 2026
Reaffirmed
[ICRA]AA /[ICRA]A1+—ICRA₹ 485 Cr.
30 Sep 2025
Rating action
[ICRA]AA /[ICRA]A1+—ICRA₹ 485 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
5 Nov 2026UpcomingFinancial ResultsTo consider and approve the financial results for the period ended September 30, 2026
4 Aug 2026Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2026
21 May 2026Financial Results/DividendTo consider and approve the financial results for the period ended March 31, 2026 and dividend
9 Feb 2026Financial ResultsTo consider and approve the financial results for the period ended December 31, 2025
6 Nov 2025Financial ResultsTo consider and approve the financial results for the period ended September 30, 2025
9 Aug 2025Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2025
17 May 2025Financial Results/DividendTo consider and approve the financial results for the period ended March 31, 2025 and dividend

Share price

1Y change +78.08%
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales343342343341361354352354377391424449
Expenses249247246244256253250253262271291309
Operating Profit94959798105101102101116120133141
OPM %27%28%28%29%29%29%29%29%31%31%31%31%
Other Income1378137101068611
Interest441122222243
Depreciation161716182019202122222526
Profit before tax747887869787908999104111123
Tax %25%25%25%26%27%26%24%26%26%24%25%25%
Net Profit555866647165686673798491
EPS in Rs6.176.156.986.777.586.857.186.977.798.378.869.69

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
—
5 Years
21%
3 Years
9%
TTM
16%
Compounded Profit Growth
10 Years
—
5 Years
28%
3 Years
13%
TTM
22%
Stock Price CAGR
10 Years
—
5 Years
—
3 Years
—
TTM
—
Return on Equity
10 Years
—
5 Years
18%
3 Years
16%
TTM
—

Shareholding

Latest: Jun 2026.

Promoters
78.46%
−0.08 pts in a year
FIIs
1.88%
−0.29 pts in a year
DIIs
15.54%
−1.44 pts in a year
Public
4.12%
+1.81 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 50.8xEPS (12 months) ₹ 34.70Median P/E 41.5x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
Happy Forgings₹ 1,780.00₹ 16,642 Cr.50.8x8.1x15%—
Samvardhana Motherson International₹ 151.00₹ 1,59,367 Cr.35.1x3.7x10.2%3.2%
Cummins India₹ 4,338.90₹ 1,20,274 Cr.62.3x17.8x29.5%19.5%
Bosch₹ 44,045.85₹ 1,29,918 Cr.51.3x8.1x19.4%13.8%
UNO Minda₹ 1,052.00₹ 60,749 Cr.54.8x9.8x19.1%6.5%
Sona Blw Precision Forgings₹ 752.80₹ 46,984 Cr.64.6x7.3x11.2%14.1%

Management

Paritosh Kumar
Chairman of the Board, Managing Director
Narinder Juneja Singh
Chief Executive Officer, Chief Operating Officer, Executive Director
Pankaj Kumar Goyal
Chief Financial Officer
Bindu Garg
Compliance Officer, Company Secretary
Ashish Garg
Managing Director, Executive Director
Megha Garg
Whole-Time Director
Suman Garg
Whole-Time Director (Promoter)

Prices are delayed and for information only. Nothing on this page is investment advice.