Happy Forgings Ltd

Happy Forgings Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Happy Forgings Ltd

₹ 1,564 2.85%
09 Jul - close price
happyforgingsltd.com BSE: 544057 NSE: HAPPYFORGE
About

Incorporated in July 1979, Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components.[1]

Key Points

Leading Forging Company[1]
HFL is the 4th largest manufacturer of complex and safety-critical, heavy-forged, and precision-machined components in India by forging capacity

Website BSE NSE
  • Market Cap ₹ 14,750 Cr.
  • Current Price ₹ 1,564
  • High / Low ₹ 1,590 / 862
  • Stock P/E 49.3
  • Book Value ₹ 226
  • Dividend Yield 0.26 %
  • ROCE 18.0 %
  • ROE 15.0 %
  • Face Value ₹ 2.00
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Pros

Cons

  • Dividend payout has been low at 12.9% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Castings & Forgings

Part of BSE Industrials BSE 1000

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
302 330 343 342 343 341 361 354 352 354 377 391 424
217 230 249 247 246 244 256 253 250 253 262 271 291
Operating Profit 86 100 94 95 97 98 105 101 102 101 116 120 133
OPM % 28% 30% 27% 28% 28% 29% 29% 29% 29% 29% 31% 31% 31%
2 3 1 3 7 8 13 7 10 10 6 8 6
Interest 5 3 4 4 1 1 2 2 2 2 2 2 4
Depreciation 14 15 16 17 16 18 20 19 20 21 22 22 25
Profit before tax 68 85 74 78 87 86 97 87 90 89 99 104 111
Tax % 25% 25% 25% 25% 25% 26% 27% 26% 24% 26% 26% 24% 25%
51 64 55 58 66 64 71 65 68 66 73 79 84
EPS in Rs 5.67 7.16 6.17 6.15 6.98 6.78 7.58 6.85 7.19 6.97 7.79 8.37 8.86
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
550 750 558 585 860 1,197 1,358 1,409 1,546
413 545 416 426 629 856 971 1,002 1,076
Operating Profit 137 205 142 159 231 341 388 407 471
OPM % 25% 27% 26% 27% 27% 28% 29% 29% 30%
4 1 7 6 6 6 13 37 31
Interest 22 23 25 12 7 12 12 8 10
Depreciation 23 29 28 36 38 54 65 77 89
Profit before tax 96 155 96 117 192 280 324 360 402
Tax % 39% 38% 17% 26% 26% 25% 25% 26% 25%
58 95 80 86 142 209 243 268 302
EPS in Rs 738.38 1,066.26 893.18 965.92 15.90 23.32 25.79 28.39 31.97
Dividend Payout % -0% -0% -0% -0% -0% 6% 16% 11% 13%
Compounded Sales Growth
10 Years: %
5 Years: 21%
3 Years: 9%
TTM: 10%
Compounded Profit Growth
10 Years: %
5 Years: 28%
3 Years: 13%
TTM: 12%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 67%
Return on Equity
10 Years: %
5 Years: 18%
3 Years: 16%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 8 9 9 9 18 18 19 19 19
Reserves 176 470 550 636 770 970 1,594 1,831 2,109
301 156 105 150 240 219 143 227 330
92 85 100 79 102 119 130 138 175
Total Liabilities 576 719 763 874 1,130 1,326 1,886 2,215 2,633
285 291 275 415 456 678 744 907 1,108
CWIP 9 46 109 40 212 75 127 123 237
Investments -0 30 -0 -0 0 -0 0 80 238
282 352 378 419 461 573 1,015 1,105 1,050
Total Assets 576 719 763 874 1,130 1,326 1,886 2,215 2,633

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
136 169 50 80 209 189 292 445
-162 -119 -59 -166 -172 -470 -319 -498
27 -50 10 83 -37 281 39 66
Net Cash Flow 1 -0 1 -3 -0 1 12 13
Free Cash Flow 1 67 -42 -111 35 -4 12 -16
CFO/OP 91% 136% 53% 53% 80% 71% 92% 114%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 114 82 90 103 94 94 96 110 93
Inventory Days 111 106 111 176 173 112 137 143 134
Days Payable 48 30 53 55 42 32 34 28 34
Cash Conversion Cycle 177 158 148 225 226 175 199 226 193
Working Capital Days 123 106 60 82 76 71 102 98 77
ROCE % 32% 19% 18% 22% 26% 23% 19% 18%

Insights

In beta
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Finished Goods Volume
MT

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Forging Capacity
MT
Machining Capacity
MT
Realisation per kg
Rs/kg
Exports Share
% of revenue
Machined Product Mix
% of revenue
Forging Capacity Utilisation
%
Machining Capacity Utilisation
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

6 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
78.60% 78.60% 78.60% 78.60% 78.60% 78.57% 78.54% 78.52% 78.50% 78.48%
2.06% 1.12% 2.24% 2.27% 2.28% 2.19% 2.17% 2.03% 1.84% 1.73%
5.83% 16.92% 16.69% 17.14% 17.06% 17.07% 16.98% 17.02% 16.73% 16.48%
13.50% 3.35% 2.47% 1.98% 2.05% 2.18% 2.31% 2.45% 2.94% 3.30%
No. of Shareholders 1,34,83993,58774,09065,37664,98264,67063,79061,07561,48457,815

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

Annual reports

DRHP

Credit ratings

Concalls