What is Happy Forgings Ltd (HAPPYFORGE) share price return in the past 10 years?

Data is not available for this company

What is the share price of Happy Forgings Ltd (HAPPYFORGE)?

Company share prices are keep on changing according to the market conditions. The current trading price of Happy Forgings Ltd (HAPPYFORGE) on 04-Jun-2026 16:59:59 at 16:59 is 1388.90.

What is the P/E ratio of Happy Forgings?

The latest standalone P/E ratio of Happy Forgings as of 04-Jun-2026 is 43.44.

What is the P/B ratio of Happy Forgings Ltd (HAPPYFORGE)?

The latest standalone P/B ratio of Happy Forgings Ltd (HAPPYFORGE) as of 04-Jun-2026 is 6.16.

What is the 52-week high and low of Happy Forgings Ltd (HAPPYFORGE)?

The 52-week high of Happy Forgings Ltd (HAPPYFORGE) is Rs. 1489.80 and the 52-week low is Rs. 870.00.

Happy Forgings Ltd (HAPPYFORGE) Share Analysis – Cycle Position, Quality & Valuation Zone & DeciZen Rating

Name: Happy Forgings Ltd (HAPPYFORGE)
Brand: Happy Forgings

Key Metrics

Valuation Multiples

Market Cap

₹13,104 Cr.

Current Price

₹1,388.9

52-Week Low / High

₹870 / 1,490

TTM EPS

₹32

TTM Sales

₹1,546 Cr.

Book Value per Share

₹225.6

P/E Ratio

43.44

Higher than its 5-year historical median

Industry PE

81.9

Price to Book (P/B)

6.16

Higher than its 5-year historical median

Price to Sales (P/S)

8.47

Higher than its 5-year historical median

EV/EBITDA

26.68

Higher than its 5-year historical median

Dividend Yield

0.38%

Profitability Efficiency

Return on Equity (ROE)

15.53%

In line with industry median

Return on Capital Employed (ROCE)

19.16%

Outperforms industry median

Return on Assets (ROA)

13.05%

Operating Profit Margin

28.9%

Net Profit Margin

18.99%

Gross Profit Margin

30.8%

Growth Momentum
1-yr vs 3-yr growth

Sales Growth (1 Year)

Slowing versus 3-year growth rate

3.73%

Operating Profit Growth (1 Year)

Slowing versus 3-year growth rate

4.94%

Net Profit Growth (1 Year)

Slowing versus 3-year growth rate

10.12%

Asset Quality

Promoter Holding

78.48%

Pledged shares (%) of Promoter's holding (%)

0.00%

Reserves

₹2,109 Cr.

Equity

₹18.9 Cr.

Face Value

₹2

All Time Low / High

₹716.10 / 1489.80

Happy Forgings stock performance

Key Ratios

Check Before You Invest

Quality

Very Good

Check detailed performance

Valuation

Somewhat Overvalued

Check Valuation charts

Price Trend

Semi Strong

Check Price chart

Q.1 Is Happy Forgings Ltd a good quality company?

Happy Forgings Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.

How does Happy Forgings Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Happy Forgings Ltd vs industry peers?

Happy Forgings Ltd revenue CAGR is 20.35%, compared to the industry median CAGR of 10.29%, indicating faster growth and gaining its market share.

Q.1 Promoter shareholding and pledge status of Happy Forgings Ltd?

Promoters hold 78.48% of the Happy Forgings Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Q.1 Stock return of Happy Forgings Ltd over the last decade?

Over the last 1 year(s), the stock has delivered a CAGR of 68.33% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	15.2%	19.3%	28.4%	31.8%	18.4%	17.5%	21.8%	26.2%	22.7%	19.2%	-
Value Creation Index ⓘ	0.1	0.4	1.1	1.4	0.4	0.3	0.6	0.9	0.7	0.4	-
Growth Parameters ⓘ
Sales ⓘ	375	436	551	750	558	585	860	1,197	1,358	1,409	1,546
Sales YoY Gr.	-	16.3%	26.4%	36.3%	-25.6%	4.8%	47%	39.1%	13.5%	3.7%	-
Adj EPS ⓘ	2.2	3.7	7.2	10.7	8.8	9.6	15.6	23.2	25.6	28	32
YoY Gr.	-	72.6%	93%	48.9%	-17.4%	8.7%	62.3%	48.9%	10.5%	9.6%	-
BVPS (₹) ⓘ	16.6	20.3	23.3	53.5	62.4	72.1	88	110.4	170.6	195.2	225.6
Adj Net Profit ⓘ	16.9	29.3	56.5	95.4	78.9	85.7	139	207	241	264	302
Cash Flow from Ops. ⓘ	39	48.2	34.5	136	169	49.9	80.3	209	189	292	-
Debt/CF from Ops. ⓘ	5.3	3.8	8.7	1.1	0.7	3.1	3	1	0.8	0.8	-

CAGR ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	15.9%	20.4%	17.9%	3.7%
Adj EPS ⓘ	33%	26.1%	21.7%	9.6%
BVPSⓘ	31.5%	25.6%	30.4%	14.5%
Share Price	-	-	-	45.3%

Key Financial Parameters ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	16.4	20.1	32.9	28.8	15.2	14.3	19.4	23.3	18.5	15.3	15.2
Op. Profit Mgn % ⓘ	20	21.4	24.9	27.4	25.7	27.1	26.9	28.7	28.5	28.9	30.4
Net Profit Mgn % ⓘ	4.5	6.7	10.3	12.7	14.1	14.7	16.2	17.3	17.7	18.8	19.5
Debt to Equity ⓘ	1.6	1.2	1.6	0.3	0.2	0.2	0.3	0.2	0.1	0.1	0
Working Cap Days ⓘ	151	128	143	151	218	222	180	157	196	240	113
Cash Conv. Cycle ⓘ	77	69	97	106	129	126	125	116	123	142	71

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	375	436	551	750	558	585	860	1,197	1,358	1,409
Operating Expenses ⓘ +	300	343	413	545	416	426	629	856	971	1,002
Manufacturing Costs	73	99	89	121	99	102	143	173	211	234
Material Costs	185	193	250	336	249	252	388	551	597	592
Employee Cost	23	36	42	51	49	49	69	88	114	125
Other Costs ⓘ	20	15	32	37	19	24	30	44	49	51
Operating Profit ⓘ	75	93	137	205	142	159	231	341	388	407
Operating Profit Margin (%)	20.0%	21.3%	24.9%	27.4%	25.5%	27.1%	26.8%	28.5%	28.5%	28.9%
Other Income ⓘ +	2	1	4	1	7	6	6	6	13	38
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
Interest ⓘ	29	23	22	23	25	12	7	12	12	8
Depreciation ⓘ	28	28	23	29	28	36	38	54	65	77
Profit Before Tax ⓘ	20	42	96	155	96	117	192	280	324	360
Tax ⓘ	3	13	38	59	16	31	50	71	81	92
Profit After Tax	17	29	58	95	80	86	142	209	243	268
PAT Margin (%)	4.5%	6.8%	10.6%	12.7%	14.3%	14.8%	16.5%	17.4%	17.9%	19.0%
Adjusted EPS (₹)	2.2	3.7	7.4	10.7	8.9	9.7	15.9	23.3	25.8	28.4
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	15.50%	10.60%

Valuation of Happy Forgings - Standalone

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	131	160	184	479	558	645	788	988	1,607	1,840
Share Capital ⓘ	8	8	8	9	9	9	18	18	19	19
Reserves ⓘ	123	152	176	470	550	636	770	970	1,588	1,821
Debt +	184	176	293	143	105	150	236	193	143	227
Long Term Debt	135	113	161	70	54	30	74	58	0	0
Short Term Debt	49	63	132	73	51	120	162	134	143	227
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	39	28	33	28	36	38	44	48	56	45
Others Liabilities ⓘ	56	31	67	69	64	41	62	98	80	102
Total Liabilities ⓘ	410	395	576	719	763	874	1,130	1,326	1,886	2,215
Fixed Assets
Net Fixed Assets ⓘ +	232	217	285	291	275	415	456	678	744	907
Gross Block	367	380	471	319	332	507	586	859	988	1,228
Accumulated Depreciation	135	163	186	29	57	92	130	181	244	321
CWIP ⓘ	1	7	9	46	109	40	212	75	127	123
Investments ⓘ	0	0	0	30	0	0	0	0	0	80
Inventories	73	53	76	98	76	122	184	170	224	232
Trade Receivables	67	80	172	169	138	166	222	308	357	427
Cash Equivalents	3	3	7	5	56	28	1	0	122	137
Others Assets ⓘ	33	35	27	80	109	104	54	95	313	310
Total Assets ⓘ	410	395	576	719	763	874	1,130	1,326	1,886	2,215

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	39	48	34	136	169	50	80	209	189	292
PBT ⓘ	20	42	96	155	96	117	192	280	324	360
Adjustment ⓘ	27	28	45	55	50	46	40	71	72	64
Changes in Working Capital ⓘ	-1	-7	-84	-23	47	-79	-109	-78	-123	-49
Tax Paid ⓘ	-7	-15	-23	-50	-25	-34	-43	-64	-84	-83
Cash Flow From Investing Activity ⓘ +	-24	-23	-132	-162	-119	-59	-166	-172	-470	-319
Capex	-20	-24	-128	-166	-101	-63	-191	-174	-194	-280
Net Investments	0	-0	0	0	-51	0	23	2	-277	-59
Others ⓘ	-5	1	-4	4	33	4	2	0	0	20
Cash Flow From Financing Activity ⓘ +	-17	-24	96	27	-50	10	83	-37	281	39
Net Proceeds from Shares ⓘ	5	0	0	199	0	0	0	0	381	1
Net Proceeds from Borrowing ⓘ	0	-30	48	-90	-16	-29	48	2	-84	0
Interest Paid ⓘ	0	0	-21	-24	-12	-25	-7	-12	-13	-7
Dividend Paid ⓘ	0	0	0	0	0	0	0	0	-12	-38
Others ⓘ	-22	6	69	-59	-23	64	42	-27	9	84
Net Cash Flow ⓘ	-2	0	-2	1	-0	1	-3	-0	1	12

Financial Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	16.39	20.21	33.89	28.82	15.42	14.36	19.86	23.5	18.73	15.53
ROCE (%)	15.24	19.32	28.44	31.77	18.44	17.46	21.81	26.18	22.69	19.16
Asset Turnover Ratio	1.05	1.21	1.16	1.16	0.76	0.72	0.86	0.98	0.85	0.69
PAT to CFO Conversion(x)	2.29	1.66	0.59	1.43	2.11	0.58	0.56	1	0.78	1.09
Working Capital Days
Receivable Days	61.40	55.20	81.60	83.10	99.80	94.30	82.20	80.70	89	100.80
Inventory Days	65	47.70	41.90	42.30	56.40	61.30	64.80	53.80	52.70	58.80
Payable Days	85.20	63.50	44.50	32.90	46.60	53.60	38.60	30.50	31.60	31.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Happy Forgings Ltd FAQs

The current trading price of Happy Forgings on 04-Jun-2026 16:59 is ₹1,388.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Happy Forgings stood at ₹13,104.3 Cr

The latest P/E ratio of Happy Forgings as of 03-Jun-2026 is 43.44.

The latest P/B ratio of Happy Forgings as of 03-Jun-2026 is 6.16.

The 52-week high of Happy Forgings is ₹1,489.8 and the 52-week low is ₹870.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Happy Forgings is ₹1,546 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Happy Forgings Ltd is a good quality company.

The key valuation ratios of Happy Forgings Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Happy Forgings Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Happy Forgings Ltd

Happy Forgings, headquartered in Ludhiana, brings years of engineering distinction to the forging and machining landscape. Founded in 1979, the company has earned a reputation for manufacturing intricate, high-precision components that serve a breadth of industries. The company specialises in high-precision, heavy-duty, and safety-critical forged components. The company’s journey began with a solitary unit dedicated to producing bicycle pedals. Over the years, its dedication to excellence has led it to offer an extensive array of highprecision engineering solutions, including fully machined heavy crankshafts, pinion shafts, planetary carriers and valve bodies, among others. The company's products cater to diverse sectors such as heavy commercial vehicles, agricultural machinery, off-highway construction, oil and gas, power generation, railways, wind turbine industries and passenger vehicles. The company’s operations are vertically integrated, covering engineering, process design, testing, manufacturing, and supply, serving a broad spectrum of customers across industries.

The company was incorporated as ‘Happy Forgings Private Limited’ at Jalandhar, Punjab as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated July 2, 1979, issued by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. Thereafter, the company was converted from a private limited company to a public limited company, pursuant to a resolution passed in the EGM of its Shareholders held on March 31, 1998, and the name of the Company was changed to ‘Happy Forgings Limited’, and a fresh certificate of incorporation dated April 1, 1998, was issued to the company by the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh.

Business area of the company

The company is principally engaged in manufacturing of forgings and related components. The company’s portfolio caters to key sectors, including Commercial Vehicles, Passenger Vehicles, Agricultural and Off-Highway Equipment, Oil & Gas, Power Generation, Railways, and Wind Turbines. With vertically integrated manufacturing facilities located in Ludhiana, the company retains comprehensive oversight across its production lifecycle, ensuring superior quality and operational efficiency.

Products of the company

Crankshafts
Front Axle Components (Steering Knuckle, Front Axle Beam)
Differential Case
Suspension Products (Brake Flange, Suspension Brackets)
Will Mill Application Products (Planetary Carrier, Pinion Shaft, Housing)
Oil and Gas (Valve Body)
Railway Parts (Bush, Connecting Rod and Camshafts)
Transmission Parts (Shafts, Crown Wheel and Ring Gears)

Awards, accreditations or recognitions

2011: ‘Best in Class’ award by Oerlikon Drive Systems.
2012: ‘Development’ award by JCB India Limited.
2015: ‘Best Supplier (Forging)’award from a gear manufacturing company.
2016: ‘Overall Excellence in Cost Delivery and Quality’ award at Partners Meet 2016 organised by Escorts.
2016: ‘Proactive Cost Competitiveness’ award for the year 2015-16 at Supplier Summit 2016 organised by Ashok Leyland.
2017: ‘Outstanding Contribution in Overall Performance Excellence’ award from VE Commercial Vehicles, a joint venture of Volvo Group & Eicher Motors.
2017: ‘Sanjeevani Award’ by an engine manufacturing company.
2018: ‘Delivery Excellence’ award at the Meritor Europe Truck Supplier Day by Meritor.
2021: Received the IATF 16949:2016 accreditation for manufacturing of forged and machined components without product design responsibility and with the extended manufacturing site(s) for Kanganwal Facility I.
2021: Received the ISO 14001: 2015 accreditation for manufacture of forged and machined components Kanganwal Facility I.
2021: Received the ISO 45001: 2018accreditation for manufacture of forged and machined components Kanganwal Facility I.
2022: ‘Excellence Award’ by Escorts Kubota Limited.
2022: Received the IATF 16949:2016 accreditation for manufacture of forged and machined components and excluding product design Dugri Facility.
2023: ‘Supplier Excellence Award’ for delivery performance at AAM (American Axle Manufacturing) India Supplier Event 2023.
2023: Award for Outstanding Contribution in Gear Business’ at the Annual Supplier Conference 2023 organised by Eicher Engineering Components, VE Commercial Vehicles.
2023: Received a certificate of appreciation for supplier agri machinery under ‘Business Excellence Process/Digitalisation’ by Escorts Kubota Limited
2023: Received the ISO 45001:2018 accreditation for manufacture of forged and machined components and excluding product design Dugri Facility.
2023: Received the ISO 14001:2015 accreditation for manufacture of forged and machined components and excluding product design Dugri Facility.
2024-25: Special Appreciation Award – Mahindra & Mahindra Supplier Excellence Awards
2024-25: Best Quality Award from Escorts Kubota
2024-25: Quality Performance Award from Ashok Leyland
2024-25: Supplier Excellence Award from American Axle & Manufacturing
2024-25: Next Level Quality Award from Genera

History and milestones

1979: Established a single unit for manufacturing bicycle crank arms.
1995: Commenced operations at Kanganwal Facility I.
2005: Installed heavy-duty hammers to begin producing oil engine parts and motor parts.
2006: Commenced operations at Kanganwal Facility II.
2007: Crossed Rs 100 crore in revenue
2008: Commissioned first 8,000 ton forging press.
2008: Installed model grinding technology for crankshaft manufacturing
2011-15: Ventured into new industries i.e. commercial vehicles, farm equipment and industrial equipment.
2017: Commissioned the second 8,000 ton forging press.
2018: Crossed Rs 500 crore in revenue.
2018: Secured funding through the financial sponsor route from the India Business Excellence Fund II
2021: Installed third 8,000 ton forging press line.
2021: Commencement of operations in Dugri Facility.
2022: Commissioned 14,000 ton forging press line.
2022: Installed eight dedicated crankshaft manufacturing lines
2023: Successful IPO and Listing.
2023: Crossed Rs 1,000 crore in revenue
2024: Entry into Passenger Vehicle segment.
2025: Installed and began operations of the 6,300-tonne press along with expansion in machining capacity.

Happy Forgings Ltd (HAPPYFORGE)

Happy Forgings Ltd (HAPPYFORGE)

Happy Forgings stock performance

Check Before You Invest

Quality

Valuation

Price Trend

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Value Creation ⓘ

Growth Parameters ⓘ

CAGR ⓘ

Key Financial Parameters ⓘ

Profit And Loss

Valuation of Happy Forgings - Standalone

Price Calculator

Price Chart

Price to Earnings

Price to Sales

Price to Book

EV to EBITDA

Dividend History

Analyst's Notes

Balance Sheet

Equity and Liabilities

Fixed Assets

Cash Flow

Financial Ratio

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Happy Forgings Ltd FAQs

About Happy Forgings Ltd

About MoneyWorks4Me

Our Vision

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
Logo:
Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Happy Forgings Ltd (HAPPYFORGE)

Happy Forgings Ltd (HAPPYFORGE)

Happy Forgings stock performance

Check Before You Invest

Quality

Valuation

Price Trend

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Value Creation ⓘ

Growth Parameters ⓘ

CAGR ⓘ

Key Financial Parameters ⓘ

Profit And Loss

Valuation of Happy Forgings - Standalone

Price Calculator

Price Chart

Price to Earnings

Price to Sales

Price to Book

EV to EBITDA

Dividend History

Price Calculator

Price Chart

Price to Earnings

Enterprise Value to EBIT

Price to Book-Value

Price to Sales

Dividend History

Analyst's Notes

Balance Sheet

Equity and Liabilities

Fixed Assets

Cash Flow

Financial Ratio

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Happy Forgings Ltd FAQs

What is the share price of Happy Forgings?

What is the market cap of Happy Forgings?

What is the P/E ratio of Happy Forgings?

What is the P/B ratio of Happy Forgings?

What is the 52-week high and low of Happy Forgings?

What is the TTM revenue of Happy Forgings?

Is Happy Forgings Ltd a good quality company?

Is Happy Forgings Ltd undervalued or overvalued?

Is Happy Forgings Ltd a good buy now?

About Happy Forgings Ltd

About MoneyWorks4Me

Our Vision

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.