Nifty

:

25178.65

Sensex

:

81287.19

-317.90 (-1.25%)
-961.42 (-1.17%)

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Nifty
Sensex

:
:

25178.65
81287.19

-317.90 (-1.25%)
-961.42 (-1.17%)

Happy Forgings Ltd.

Forgings

Rating :

70/99

BSE: 544057 | NSE: HAPPYFORGE

Watchlist

NSE BSE

1333.70

27-Feb-2026

Open
High
Low
Previous Close

1348
1348
1313.9
1344.40

Volume
Traded Value (lacs)
52 Week High
52 Week Low

47254
62902889.5
1370
724.1

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

12,602.68
44.11
2

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

12,695.12
0.22%
6.18

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

14.16
19.22
5.60

EBITDA CAGR (%)

10 Years
5 Years
3 Years

18.45
20.70
3.59

PAT CAGR (%)

10 Years
5 Years
3 Years

31.77
25.34
8.62

P:E (Median)

8 Years
5 Years
3 Years

-
-
39.27

P:BV (Average)

8 Years
5 Years
3 Years

-
-
6.23

EV:EBITDA (Average)

8 Years
5 Years
3 Years

-
-
23.67

Earnings Forecasts:

(Updated: 21-02-2026)

Description 2024 2025 2026 2027
Adj EPS 28.39 30.12 35.28 43.88
P/E Ratio 46.98 44.28 37.80 30.39
Revenue 1408.89 1535.33 1798.24 2164.23
EBITDA 406.7 449.76 532.83 653.61
Net Income 267.44 283.87 332.49 413.53
ROA 13.04 12.74 12.91 13.32
P/B Ratio 6.80 5.99 5.27 4.56
ROE 15.45 14.25 14.67 15.9
FCFF 33.32 -19.2 14.55 118.45
FCFF Yield 0.28 -0.16 0.12 0.99
Net Debt 11.85 117.8 52.4 121.8
BVPS 196.25 222.73 253.31 292.3

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Dec 25 Dec 24 Var% Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var%
Net Sales 391.31 354.32 10.44% 377.39 361.13 4.50% 353.80 341.47 3.61% 351.97 343.34 2.51%
Expenses 270.91 252.87 7.13% 261.58 255.76 2.28% 252.65 243.86 3.60% 249.70 246.20 1.42%
EBITDA 120.40 101.46 18.67% 115.80 105.37 9.90% 101.15 97.60 3.64% 102.27 97.14 5.28%
EBIDTM 30.77% 28.63% 30.68% 29.18% 28.59% 28.58% 29.06% 28.29%
Other Income 8.17 6.62 23.41% 6.25 13.14 -52.44% 10.35 7.66 35.12% 10.14 7.20 40.83%
Interest 2.46 2.15 14.42% 1.89 1.57 20.38% 2.31 1.37 68.61% 2.45 0.86 184.88%
Depreciation 22.43 19.11 17.37% 21.55 19.66 9.61% 20.55 18.01 14.10% 20.28 16.02 26.59%
PBT 103.68 86.82 19.42% 98.60 97.28 1.36% 88.65 85.88 3.23% 89.68 87.46 2.54%
Tax 24.73 22.30 10.90% 25.17 25.86 -2.67% 22.96 22.02 4.27% 21.92 21.67 1.15%
PAT 78.95 64.52 22.37% 73.44 71.43 2.81% 65.69 63.86 2.87% 67.77 65.79 3.01%
PATM 20.18% 18.21% 19.46% 19.78% 18.57% 18.70% 19.25% 19.16%
EPS 8.37 6.84 22.37% 7.79 7.57 2.91% 6.97 6.77 2.95% 7.19 6.98 3.01%

Description Dec 25 Dec 24 Var% Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var%
Net Sales 391.31 354.32 10.44% 377.39 361.13 4.50% 353.80 341.47 3.61% 351.97 343.34 2.51%
Expenses 270.91 252.87 7.13% 261.59 255.77 2.28% 252.65 243.86 3.60% 249.70 246.21 1.42%
EBITDA 120.40 101.46 18.67% 115.80 105.37 9.90% 101.15 97.60 3.64% 102.27 97.14 5.28%
EBIDTM 30.77% 28.63% 30.68% 29.18% 28.59% 28.58% 29.06% 28.29%
Other Income 8.16 6.62 23.26% 6.25 13.08 -52.22% 10.35 7.61 36.01% 10.03 7.20 39.31%
Interest 2.46 2.15 14.42% 1.89 1.57 20.38% 2.31 1.37 68.61% 2.45 0.86 184.88%
Depreciation 22.43 19.11 17.37% 21.55 19.66 9.61% 20.55 18.01 14.10% 20.28 16.02 26.59%
PBT 103.67 86.82 19.41% 98.60 97.22 1.42% 88.65 85.82 3.30% 89.56 87.46 2.40%
Tax 24.73 22.27 11.05% 25.17 25.86 -2.67% 22.96 22.02 4.27% 21.93 21.67 1.20%
PAT 78.94 64.55 22.29% 73.44 71.37 2.90% 65.69 63.80 2.96% 67.63 65.78 2.81%
PATM 20.17% 18.22% 19.46% 19.76% 18.57% 18.68% 19.21% 19.16%
EPS 8.37 6.85 22.19% 7.79 7.58 2.77% 6.97 6.77 2.95% 7.18 6.98 2.87%

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Net Sales 1,474.47 1,408.89 1,358.24 1,196.53 860.05 584.96 558.09 750.25 550.50 435.63 374.69 Net Sales Growth 5.30% 3.73% 13.51% 39.12% 47.03% 4.81% -25.61% 36.29% 26.37% 16.26% Cost Of Goods Sold 605.06 591.67 596.59 551.05 388.40 251.61 249.02 336.46 250.06 192.72 184.84 Gross Profit 869.41 817.23 761.64 645.47 471.65 333.35 309.06 413.79 300.44 242.91 189.86 GP Margin 58.96% 58.01% 56.08% 53.95% 54.84% 56.99% 55.38% 55.15% 54.58% 55.76% 50.67% Total Expenditure 1,034.84 1,002.19 970.70 855.59 629.16 426.21 415.65 544.90 413.48 342.78 299.88 Power & Fuel Cost - 99.10 92.36 75.76 67.65 46.26 49.64 60.01 48.72 45.28 44.77 % Of Sales - 7.03% 6.80% 6.33% 7.87% 7.91% 8.89% 8.00% 8.85% 10.39% 11.95% Employee Cost - 124.82 114.46 87.78 68.68 49.00 49.07 50.50 41.85 36.10 22.85 % Of Sales - 8.86% 8.43% 7.34% 7.99% 8.38% 8.79% 6.73% 7.60% 8.29% 6.10% Manufacturing Exp. - 135.36 118.18 97.22 74.88 55.82 48.95 61.18 40.42 53.37 27.92 % Of Sales - 9.61% 8.70% 8.13% 8.71% 9.54% 8.77% 8.15% 7.34% 12.25% 7.45% General & Admin Exp. - 11.41 8.61 8.04 4.73 2.84 3.65 7.77 3.32 2.34 5.36 % Of Sales - 0.81% 0.63% 0.67% 0.55% 0.49% 0.65% 1.04% 0.60% 0.54% 1.43% Selling & Distn. Exp. - 30.78 33.16 26.54 20.41 10.83 11.71 10.11 10.47 9.26 7.29 % Of Sales - 2.18% 2.44% 2.22% 2.37% 1.85% 2.10% 1.35% 1.90% 2.13% 1.95% Miscellaneous Exp. - 9.05 7.34 9.19 4.41 9.86 3.61 18.86 18.65 3.72 7.29 % Of Sales - 0.64% 0.54% 0.77% 0.51% 1.69% 0.65% 2.51% 3.39% 0.85% 1.83% EBITDA 439.62 406.70 387.54 340.94 230.89 158.75 142.44 205.35 137.02 92.85 74.81 EBITDA Margin 29.82% 28.87% 28.53% 28.49% 26.85% 27.14% 25.52% 27.37% 24.89% 21.31% 19.97% Other Income 34.91 37.57 13.36 5.75 6.06 5.86 6.82 1.33 3.82 1.30 1.78 Interest 9.11 7.53 11.78 12.48 7.16 11.78 25.06 22.94 21.69 23.31 28.65 Depreciation 84.81 77.06 64.73 54.18 37.74 35.76 28.40 29.01 22.98 28.49 27.51 PBT 380.61 359.67 324.39 280.03 192.05 117.06 95.80 154.73 96.17 42.34 20.44 Tax 94.78 92.10 81.41 71.33 49.76 30.61 15.86 59.30 37.86 12.91 3.47 Tax Rate 24.90% 25.61% 25.10% 25.47% 25.91% 26.15% 16.56% 38.32% 39.37% 30.49% 16.98% PAT 285.85 267.57 242.99 208.70 142.28 86.45 79.94 95.43 58.31 29.42 16.96 PAT before Minority Interest 285.85 267.57 242.99 208.70 142.28 86.45 79.94 95.43 58.31 29.42 16.96 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 19.39% 18.99% 17.89% 17.44% 16.54% 14.78% 14.32% 12.72% 10.59% 6.75% 4.53% PAT Growth 7.62% 10.12% 16.43% 46.68% 64.58% 8.14% -16.23% 63.66% 98.20% 73.47% EPS 30.31 28.37 25.77 22.13 15.09 9.17 8.48 10.12 6.18 3.12 1.80

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21
Net Sales 1,474.47 1,408.89 1,358.24 1,196.53 860.05 584.96 Net Sales Growth 5.30% 3.73% 13.51% 39.12% 47.03% Cost Of Goods Sold 605.06 591.67 596.59 551.05 388.40 251.61 Gross Profit 869.41 817.23 761.64 645.47 471.65 333.35 GP Margin 58.96% 58.01% 56.08% 53.95% 54.84% 56.99% Total Expenditure 1,034.85 1,002.20 970.70 855.59 629.16 426.21 Power & Fuel Cost - 99.10 92.36 75.76 67.65 46.26 % Of Sales - 7.03% 6.80% 6.33% 7.87% 7.91% Employee Cost - 124.82 114.46 87.78 68.68 49.00 % Of Sales - 8.86% 8.43% 7.34% 7.99% 8.38% Manufacturing Exp. - 135.36 118.18 97.22 74.88 46.03 % Of Sales - 9.61% 8.70% 8.13% 8.71% 7.87% General & Admin Exp. - 11.42 8.61 8.04 4.73 2.72 % Of Sales - 0.81% 0.63% 0.67% 0.55% 0.46% Selling & Distn. Exp. - 30.78 33.16 26.54 20.41 10.92 % Of Sales - 2.18% 2.44% 2.22% 2.37% 1.87% Miscellaneous Exp. - 9.05 7.34 9.19 4.41 19.68 % Of Sales - 0.64% 0.54% 0.77% 0.51% 3.36% EBITDA 439.62 406.69 387.54 340.94 230.89 158.75 EBITDA Margin 29.82% 28.87% 28.53% 28.49% 26.85% 27.14% Other Income 34.79 37.45 13.35 5.74 6.06 5.86 Interest 9.11 7.53 11.78 12.48 7.16 11.78 Depreciation 84.81 77.06 64.73 54.18 37.74 35.76 PBT 380.48 359.55 324.39 280.02 192.05 117.06 Tax 94.79 92.12 81.40 71.33 49.76 30.61 Tax Rate 24.91% 25.62% 25.09% 25.47% 25.91% 26.15% PAT 285.70 267.44 242.98 208.70 142.29 86.45 PAT before Minority Interest 285.70 267.44 242.98 208.70 142.29 86.45 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 19.38% 18.98% 17.89% 17.44% 16.54% 14.78% PAT Growth 7.61% 10.07% 16.43% 46.67% 64.59% EPS 30.30 28.36 25.77 22.13 15.09 9.17

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Shareholder's Funds 1,849.69 1,612.49 988.30 787.61 645.16 558.47 478.51 183.76 160.29 130.87 Share Capital 18.85 18.84 17.90 17.90 8.95 8.95 8.95 7.90 7.90 7.90 Total Reserves 1,820.89 1,587.98 970.40 769.71 636.21 549.52 469.56 175.86 152.39 122.97 Non-Current Liabilities 39.33 31.62 81.22 96.99 53.49 75.86 100.32 181.71 126.04 158.54 Secured Loans 0.00 0.00 58.18 74.05 30.00 49.42 65.07 155.83 107.77 122.72 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 4.80 4.80 4.80 4.98 12.27 Long Term Provisions 0.00 0.00 0.00 0.00 3.33 0.60 0.35 0.08 0.00 0.00 Current Liabilities 325.63 241.83 256.64 245.26 175.54 128.67 140.05 210.64 108.76 120.09 Trade Payables 45.36 55.53 47.74 44.23 37.93 35.91 27.61 32.96 28.02 39.02 Other Current Liabilities 44.64 36.72 59.76 30.63 13.95 36.02 32.11 37.48 16.76 27.29 Short Term Borrowings 227.29 143.31 134.34 161.64 119.82 50.71 73.40 131.92 62.76 48.67 Short Term Provisions 8.34 6.27 14.81 8.76 3.84 6.03 6.94 8.28 1.22 5.12 Total Liabilities 2,214.65 1,885.94 1,326.16 1,129.86 874.19 763.00 718.88 576.11 395.09 409.50 Net Block 907.20 743.67 678.44 456.19 414.65 275.45 290.82 284.99 217.04 232.30 Gross Block 1,227.75 988.05 859.11 585.82 506.54 332.41 319.40 470.68 379.78 367.14 Accumulated Depreciation 320.55 244.37 180.67 129.63 91.89 56.96 28.59 185.69 162.75 134.85 Non Current Assets 1,296.04 1,144.30 836.21 704.28 538.98 486.18 411.25 313.31 251.00 259.33 Capital Work in Progress 122.70 126.69 74.75 212.26 40.37 109.14 46.14 8.90 6.61 1.28 Non Current Investment 0.10 0.10 0.00 0.41 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Loans & Adv. 128.19 81.30 60.00 34.94 83.57 101.48 74.14 12.01 18.56 25.75 Other Non Current Assets 137.85 192.53 23.02 0.48 0.38 0.11 0.16 7.41 8.80 0.00 Current Assets 918.60 741.65 489.33 424.97 334.59 276.83 307.62 262.80 144.09 150.17 Current Investments 79.58 0.00 0.00 0.00 0.00 0.00 30.27 0.00 0.00 0.00 Inventories 232.42 224.17 169.60 183.98 121.57 75.65 97.73 76.09 53.31 73.38 Sundry Debtors 426.54 356.92 308.06 222.04 165.57 137.85 169.13 172.41 79.83 66.76 Cash & Bank 136.54 121.73 0.34 1.46 27.78 55.76 5.08 7.06 3.30 2.77 Other Current Assets 43.52 12.11 3.39 8.79 19.67 7.57 5.41 7.23 7.65 7.26 Short Term Loans & Adv. 20.86 26.73 7.94 8.70 8.79 3.23 2.29 4.55 5.98 6.01 Net Current Assets 592.97 499.81 232.69 179.71 159.05 148.16 167.57 52.16 35.32 30.08 Total Assets 2,214.64 1,885.95 1,325.54 1,129.25 873.57 763.01 718.87 576.11 395.09 409.50

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21
Shareholder's Funds 1,849.55 1,612.49 988.30 787.62 645.16 Share Capital 18.85 18.84 17.90 17.90 8.95 Total Reserves 1,820.75 1,587.98 970.40 769.72 636.21 Non-Current Liabilities 39.33 31.62 81.22 96.99 53.49 Secured Loans 0.00 0.00 58.18 74.05 30.00 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 Long Term Provisions 0.00 0.00 0.00 0.00 3.33 Current Liabilities 326.35 241.84 256.64 245.26 175.74 Trade Payables 45.36 55.54 47.74 44.23 37.93 Other Current Liabilities 44.64 36.72 59.76 30.63 10.50 Short Term Borrowings 227.99 143.31 134.34 161.64 123.47 Short Term Provisions 8.36 6.27 14.80 8.76 3.84 Total Liabilities 2,215.23 1,885.95 1,326.16 1,129.87 874.39 Net Block 907.71 743.67 678.44 456.19 414.65 Gross Block 1,228.26 988.05 859.11 585.82 506.54 Accumulated Depreciation 320.55 244.37 180.67 129.63 91.89 Non Current Assets 1,296.59 1,144.20 836.21 703.87 538.98 Capital Work in Progress 122.80 126.69 74.75 212.26 40.37 Non Current Investment 0.00 0.00 0.00 0.00 0.00 Long Term Loans & Adv. 128.22 81.30 60.00 34.94 83.57 Other Non Current Assets 137.85 192.53 23.02 0.48 0.38 Current Assets 918.64 741.75 489.33 425.39 334.79 Current Investments 79.58 0.00 0.00 0.42 0.00 Inventories 232.42 224.17 169.60 183.98 121.57 Sundry Debtors 426.54 356.92 308.06 222.04 165.77 Cash & Bank 136.56 121.84 0.34 1.46 27.78 Other Current Assets 43.54 12.11 3.39 8.79 19.67 Short Term Loans & Adv. 20.88 26.73 7.94 8.70 8.79 Net Current Assets 592.29 499.91 232.69 180.13 159.05 Total Assets 2,215.23 1,885.95 1,325.54 1,129.26 873.77

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 16 Mar 15
Cash From Operating Activity 292.36 189.43 209.46 80.28 38.95 28.45 PBT 359.67 324.39 280.03 192.05 20.44 16.88 Adjustment 64.47 72.11 71.20 40.20 26.67 17.72 Changes in Working Capital -48.56 -123.20 -77.94 -108.86 -1.22 -3.09 Cash after chg. in Working capital 375.59 273.30 273.29 123.38 45.88 31.51 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -83.23 -83.86 -63.84 -43.11 -6.93 -3.07 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -319.44 -469.83 -172.45 -165.66 -24.49 -5.02 Net Fixed Assets -235.71 -180.88 -135.78 -429.66 -53.76 Net Investments -79.58 -0.10 0.41 -0.41 0.00 Others -4.15 -288.85 -37.08 264.41 29.27 Cash from Financing Activity 39.47 280.92 -37.01 82.52 -16.84 -22.30 Net Cash Inflow / Outflow 12.39 0.52 -0.01 -2.87 -2.37 1.12 Opening Cash & Equivalents 0.54 0.01 0.02 2.89 5.14 4.02 Closing Cash & Equivalent 12.93 0.54 0.01 0.02 2.77 5.14

Description Mar 25 Mar 24 Mar 23 Mar 22
Cash From Operating Activity 292.33 189.44 209.46 80.29 PBT 359.55 324.39 280.03 192.05 Adjustment 64.58 72.11 71.21 40.19 Changes in Working Capital -48.58 -123.19 -77.94 -108.84 Cash after chg. in Working capital 375.56 273.30 273.29 123.40 Interest Paid 0.00 0.00 0.00 0.00 Tax Paid -83.23 -83.86 -63.84 -43.11 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 Cash From Investing Activity -320.20 -469.73 -172.45 -165.68 Net Fixed Assets -235.71 -180.88 -135.78 Net Investments -79.58 -0.10 0.41 Others -4.91 -288.75 -37.08 Cash from Financing Activity 40.17 280.92 -37.01 82.52 Net Cash Inflow / Outflow 12.30 0.63 -0.01 -2.87 Opening Cash & Equivalents 0.64 0.01 0.02 2.89 Closing Cash & Equivalent 12.95 0.64 0.01 0.02

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09
Book Value (Rs.) 195.21 170.57 110.43 88.00 800.62 73.33 88.50 76.08 57.02 64.36 ROA 13.05% 15.13% 17.00% 14.20% 0.93% -2.64% 1.65% 2.66% -1.73% 2.95% ROE 15.53% 18.73% 23.50% 19.86% 6.73% -18.91% 11.21% 20.13% -12.08% 15.88% ROCE 19.16% 22.69% 26.18% 21.81% 11.36% 8.27% 15.34% 13.08% 7.47% 11.16% Fixed Asset Turnover 1.28 1.48 1.66 1.57 1.17 1.04 1.18 1.01 0.82 1.37 Receivable days 100.84 88.98 80.66 82.25 76.08 76.13 68.32 78.26 99.02 71.67 Inventory Days 58.77 52.69 53.80 64.84 69.42 79.88 80.55 84.55 112.29 94.06 Payable days 31.12 31.59 30.46 38.61 73.68 81.76 52.12 43.20 43.26 25.02 Cash Conversion Cycle 128.48 110.08 104.00 108.48 71.82 74.24 96.76 119.61 168.05 140.71 Total Debt/Equity 0.12 0.09 0.22 0.31 4.18 4.84 4.15 4.30 5.07 3.98 Interest Cover 48.74 28.55 23.45 27.83 1.18 0.74 1.32 1.37 1.34 1.74

Description Mar 25 Mar 24 Mar 23 Mar 22
Book Value (Rs.) 195.20 170.57 110.43 88.00 ROA 13.04% 15.13% 16.99% 12.59% ROE 15.52% 18.73% 23.50% 18.07% ROCE 19.15% 22.69% 26.18% 19.38% Fixed Asset Turnover 1.28 1.48 1.66 1.47 Receivable days 100.84 88.98 80.66 94.23 Inventory Days 58.77 52.69 53.80 78.08 Payable days 31.12 31.59 30.46 41.57 Cash Conversion Cycle 128.48 110.08 104.00 130.75 Total Debt/Equity 0.12 0.09 0.22 0.31 Interest Cover 48.73 28.55 23.45 27.83

Top Investors:

sbi small cap fund

business excellence trust iii- india business excellence fund iii

kotak small cap fund

ikigai emerging equity fund

aditya birla sun life trustee p ltd a/c aditya birla sun life flexi cap fund

Annual Reports:

News Update:

Happy Forgings - Quarterly Results
10th Feb 2026, 00:00 AM

Read More
Happy Forgings to set up solar power plant in Punjab
14th Jan 2026, 11:30 AM

The company has executed a long-term lease agreement for land required for setting up the solar power plant
Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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