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Happy Forging Limited
(HAPPYFORGE)
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Rating:65Neutral
Price Target:
₹2,476.00
▲(53.40% Upside)
Action:Downgraded
Date:08/06/26
The score is driven primarily by strong financial performance (growth and profitability with manageable leverage), partially offset by weak and volatile free cash flow conversion. Technicals are bullish but stretched (overbought), and valuation is the main headwind due to a high P/E and low dividend yield.
Positive Factors
Revenue Growth and Profitability
Sustained revenue expansion and robust profitability indicate strong demand for Happy Forging’s engineered components and support internal funding for capacity, technology and customer development.
Negative Factors
Volatile Free Cash Flow
Inconsistent free cash flow limits cash available for shareholders or debt reduction and indicates that working-capital swings or capital expenditure may continue absorbing a substantial share of earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Profitability
Sustained revenue expansion and robust profitability indicate strong demand for Happy Forging’s engineered components and support internal funding for capacity, technology and customer development.
Read all positive factors
Happy Forging Limited (HAPPYFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹217.58B
Dividend Yield0.17%
Average Volume (3M)1.78K
Price to Earnings (P/E)66.4
Beta (1Y)0.96
Revenue Growth15.53%
EPS Growth21.46%
CountryIN
Employees3,512
SectorGeneral
Sector StrengthN/A
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)34.72
Shares Outstanding94,378,730
10 Day Avg. Volume1,850
30 Day Avg. Volume1,780
Financial Highlights & Ratios
PEG Ratio2.85
Price to Book (P/B)5.12
Price to Sales (P/S)7.05
P/FCF Ratio10.00K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)42
Revenue Forecast (FY)₹19.06B
Happy Forging Limited Business Overview & Revenue Model
Company Description
Established in Ludhiana, India, in 1979, Happy Forgings Limited is an Indian company dedicated to the manufacturing of diverse forged and precision-machined components. Its extensive product range encompasses a wide array of heavy-duty parts, incl...
How the Company Makes Money
Happy Forging Limited makes money by manufacturing and selling forged and machined metal components to customers, with revenue primarily recognized from the sale of these finished goods. Key revenue streams typically include: (1) product sales of ...
Happy Forging Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.42B | 15.46B | 12.96B | 12.43B | 10.74B | 7.94B |
| Gross Profit | 8.66B | 6.89B | 6.12B | 5.65B | 4.56B | 3.54B |
| EBITDA | 5.42B | 5.01B | 4.44B | 4.00B | 3.46B | 2.36B |
| Net Income | 3.27B | 3.02B | 2.67B | 2.43B | 2.09B | 1.42B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 26.33B | 22.15B | 18.86B | 13.26B | 11.30B |
| Cash, Cash Equivalents and Short-Term Investments | 4.06B | 2.90B | 2.16B | 1.22B | 3.41M | 14.60M |
| Total Debt | 0.00 | 3.30B | 2.28B | 1.43B | 2.19B | 2.40B |
| Total Liabilities | -21.28B | 5.05B | 3.66B | 2.73B | 3.38B | 3.42B |
| Stockholders Equity | 21.28B | 21.28B | 18.50B | 16.12B | 9.88B | 7.88B |
Cash Flow | ||||||
| Free Cash Flow | 80.53M | 10.90M | 212.01M | -50.96M | 348.70M | -1.11B |
| Operating Cash Flow | 2.17B | 4.55B | 2.92B | 1.89B | 2.09B | 802.94M |
| Investing Cash Flow | -1.49B | -5.18B | -3.20B | -4.69B | -1.72B | -1.66B |
| Financing Cash Flow | -666.78M | 754.06M | 401.73M | 2.81B | -370.10M | 825.20M |
Happy Forging Limited Technical Analysis
Positive
1614.10
Price Trends
1768.85
Positive
1562.65
Positive
1348.86
Positive
Market Momentum
156.04
Negative
74.42
Negative
67.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HAPPYFORGE, the sentiment is Positive. The current price of 1614.1 is below the 20-day moving average (MA) of 2067.55, below the 50-day MA of 1768.85, and above the 200-day MA of 1348.86, indicating a bullish trend. The MACD of 156.04 indicates Negative momentum. The RSI at 74.42 is Negative, neither overbought nor oversold. The STOCH value of 67.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:HAPPYFORGE.
Happy Forging Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ₹47.35B | 4.38 | ― | ― | 1.82% | 548.22% | |
68 Neutral | ₹75.20B | 26.31 | ― | 0.03% | 30.79% | 27.41% | |
65 Neutral | ₹217.58B | 66.45 | ― | 0.25% | 15.53% | 21.46% | |
62 Neutral | ₹331.61B | 263.91 | ― | ― | 94.62% | 103.34% | |
57 Neutral | ₹31.04B | 27.40 | ― | 0.72% | 9.58% | 2.00% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹136.85B | 127.55 | ― | 0.38% | 8.55% | -74.66% |
* General Sector Average
IN:HAPPYFORGE
Happy Forging Limited
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IN:RKFORGE
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IN:ROLEXRINGS
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Happy Forging Limited Corporate Events
Happy Forgings Schedules Q1 FY27 Earnings Call with Investors
Jul 28, 2026
Happy Forgings Limited has scheduled an earnings conference call with analysts and investors on August 5, 2026, to discuss its financial and operational performance for the quarter ended June 30, 2026. The company emphasized that no price-sensitiv...
Happy Forgings Publishes Notices for Virtual AGM and Email Update Facilities
Jun 24, 2026
Happy Forgings Limited has notified the stock exchanges that it has published newspaper advertisements in English and Punjabi regarding arrangements for its 47th Annual General Meeting, which will be conducted through video conferencing and other ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.