About
Happy Forgings Limited manufactures and sells forgings and machined components for the automotive and industrial sectors in India and internationally. The company offers crankshafts; differential cases; front axle beams and steering knuckles; railway parts, including camshafts, connecting rods, piston pins, spacers, and others; brake flanges and suspension brackets; and transmission parts, such as shafts and spindles, crown wheels and pinions, and rings. It also offers windmill application products, including planet carrier, pinion shaft, and housing; oil and gas components, such as valve body; and bicycle pedals. It serves the original equipment manufacturers, manufacturers of commercial and passenger vehicles, farm equipment, and off highway and industrial equipment, as well as machinery for oil and gas, aerospace, power generation, railways, and wind turbine industries. Happy Forgings Limited was incorporated in 1979 and is based in Ludhiana, India.
Key Metrics
as of Sep 2026Market Cap21,167 Cr
P/E64.60
Div Yield0.18 %
Book Value₹226.00
52w High₹2,484.00
52w Low₹862.00
Face Value₹2.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 449.00 | 424.00 | 391.00 | 377.00 | 354.00 | 352.00 | 354.00 | 361.00 | 341.00 | 343.00 | 342.00 | 343.00 | 330.00 |
| Expenses | 309.00 | 291.00 | 271.00 | 262.00 | 253.00 | 250.00 | 253.00 | 256.00 | 244.00 | 246.00 | 247.00 | 249.00 | 230.00 |
| Operating Profit | 141.00 | 133.00 | 120.00 | 116.00 | 101.00 | 102.00 | 101.00 | 105.00 | 98.00 | 97.00 | 95.00 | 94.00 | 100.00 |
| OPM % | 31.00 | 31.00 | 31.00 | 31.00 | 29.00 | 29.00 | 29.00 | 29.00 | 29.00 | 28.00 | 28.00 | 27.00 | 30.00 |
| Other Income | 11.00 | 6.00 | 8.00 | 6.00 | 10.00 | 10.00 | 7.00 | 13.00 | 8.00 | 7.00 | 3.00 | 1.00 | 3.00 |
| Depreciation | 26.00 | 25.00 | 22.00 | 22.00 | 21.00 | 20.00 | 19.00 | 20.00 | 18.00 | 16.00 | 17.00 | 16.00 | 15.00 |
| Interest | 3.00 | 4.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 1.00 | 1.00 | 4.00 | 4.00 | 3.00 |
| Profit before tax | 123.00 | 111.00 | 104.00 | 99.00 | 89.00 | 90.00 | 87.00 | 97.00 | 86.00 | 87.00 | 78.00 | 74.00 | 85.00 |
| Tax % | 25.00 | 25.00 | 24.00 | 26.00 | 26.00 | 24.00 | 26.00 | 27.00 | 26.00 | 25.00 | 25.00 | 25.00 | 25.00 |
| Net Profit | 91.00 | 84.00 | 79.00 | 73.00 | 66.00 | 68.00 | 65.00 | 71.00 | 64.00 | 66.00 | 58.00 | 55.00 | 64.00 |
| EPS in Rs | 9.69 | 8.86 | 8.37 | 7.79 | 6.97 | 7.19 | 6.85 | 7.58 | 6.78 | 6.98 | 6.15 | 6.17 | 7.16 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,546.00 | 1,409.00 | 1,358.00 | 1,197.00 | 860.00 | 585.00 | 558.00 | 750.00 | 550.00 |
| Expenses | 1,076.00 | 1,002.00 | 971.00 | 856.00 | 629.00 | 426.00 | 416.00 | 545.00 | 413.00 |
| Operating Profit | 471.00 | 407.00 | 388.00 | 341.00 | 231.00 | 159.00 | 142.00 | 205.00 | 137.00 |
| OPM % | 30.00 | 29.00 | 29.00 | 28.00 | 27.00 | 27.00 | 26.00 | 27.00 | 25.00 |
| Other Income | 31.00 | 37.00 | 13.00 | 6.00 | 6.00 | 6.00 | 7.00 | 1.00 | 4.00 |
| Interest | 10.00 | 8.00 | 12.00 | 12.00 | 7.00 | 12.00 | 25.00 | 23.00 | 22.00 |
| Depreciation | 89.00 | 77.00 | 65.00 | 54.00 | 38.00 | 36.00 | 28.00 | 29.00 | 23.00 |
| Profit before tax | 402.00 | 360.00 | 324.00 | 280.00 | 192.00 | 117.00 | 96.00 | 155.00 | 96.00 |
| Tax % | 25.00 | 26.00 | 25.00 | 25.00 | 26.00 | 26.00 | 17.00 | 38.00 | 39.00 |
| Net Profit | 302.00 | 268.00 | 243.00 | 209.00 | 142.00 | 86.00 | 80.00 | 95.00 | 58.00 |
| EPS in Rs | 31.97 | 28.39 | 25.79 | 23.32 | 15.90 | 965.92 | 893.18 | 1,066.26 | 738.38 |
| Dividend Payout % | 13.00 | 11.00 | 16.00 | 6.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 19.00 | 19.00 | 19.00 | 18.00 | 18.00 | 9.00 | 9.00 | 9.00 | 8.00 |
| Reserves | 2,109.00 | 1,831.00 | 1,594.00 | 970.00 | 770.00 | 636.00 | 550.00 | 470.00 | 176.00 |
| Borrowings | 330.00 | 227.00 | 143.00 | 219.00 | 240.00 | 150.00 | 105.00 | 156.00 | 301.00 |
| Other Liabilities | 175.00 | 138.00 | 130.00 | 119.00 | 102.00 | 79.00 | 100.00 | 85.00 | 92.00 |
| Total Liabilities | 2,633.00 | 2,215.00 | 1,886.00 | 1,326.00 | 1,130.00 | 874.00 | 763.00 | 719.00 | 576.00 |
| Fixed Assets | 1,108.00 | 907.00 | 744.00 | 678.00 | 456.00 | 415.00 | 275.00 | 291.00 | 285.00 |
| CWIP | 237.00 | 123.00 | 127.00 | 75.00 | 212.00 | 40.00 | 109.00 | 46.00 | 9.00 |
| Investments | 238.00 | 80.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 30.00 | 0.00 |
| Other Assets | 1,050.00 | 1,105.00 | 1,015.00 | 573.00 | 461.00 | 419.00 | 378.00 | 352.00 | 282.00 |
| Total Assets | 2,633.00 | 2,215.00 | 1,886.00 | 1,326.00 | 1,130.00 | 874.00 | 763.00 | 719.00 | 576.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 445.00 | 292.00 | 189.00 | 209.00 | 80.00 | 50.00 | 169.00 | 136.00 |
| Cash from Investing Activity | -498.00 | -319.00 | -470.00 | -172.00 | -166.00 | -59.00 | -119.00 | -162.00 |
| Cash from Financing Activity | 66.00 | 39.00 | 281.00 | -37.00 | 83.00 | 10.00 | -50.00 | 27.00 |
| Net Cash Flow | 13.00 | 12.00 | 1.00 | 0.00 | -3.00 | 1.00 | 0.00 | 1.00 |
| Free Cash Flow | -16.00 | 12.00 | -4.00 | 35.00 | -111.00 | -42.00 | 67.00 | 1.00 |
| CFO/OP % | 114.00 | 92.00 | 71.00 | 80.00 | 53.00 | 53.00 | 136.00 | 91.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 93.00 | 110.00 | 96.00 | 94.00 | 94.00 | 103.00 | 90.00 | 82.00 | 114.00 |
| Inventory Days | 134.00 | 143.00 | 137.00 | 112.00 | 173.00 | 176.00 | 111.00 | 106.00 | 111.00 |
| Days Payable | 34.00 | 28.00 | 34.00 | 32.00 | 42.00 | 55.00 | 53.00 | 30.00 | 48.00 |
| Cash Conversion Cycle | 193.00 | 226.00 | 199.00 | 175.00 | 226.00 | 225.00 | 148.00 | 158.00 | 177.00 |
| Working Capital Days | 77.00 | 98.00 | 102.00 | 71.00 | 76.00 | 82.00 | 60.00 | 106.00 | 123.00 |
| ROCE % | 18.00 | 19.00 | 23.00 | 26.00 | 22.00 | 18.00 | 19.00 | 32.00 | — |
Corporate Actions
4 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 20 Jul 2026 | 20 Jul 2026 | — | 4.00 | |
| Dividend | 22 Jul 2025 | 22 Jul 2025 | — | 3.00 | |
| Dividend | 22 Jul 2024 | 22 Jul 2024 | — | 4.00 | |
| Other | 22 Jul 2024 | — | — | — | Annual General Meeting |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update7 Aug from crisil
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Rating update7 Jul from icra
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Rating update17 Mar from icra
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Rating update30 Sep 2025 from icra
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Rating update15 Sep 2025 from crisil
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Rating update21 Jul 2025 from icra