Happy Forgings share price today

Happy Forgings Ltd's share price was ₹1,849.70 at the close on 4 November 2026. It has been rising for 51 weeks. That is 13.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,014 and ₹2,307, and at that close it sat 65% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Happy Forgings Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 2 weeks running.

Over the last 2.8 years the share price moved +80% while the NIFTY 500 moved +13%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 23 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), promoters cut their stake for 7 quarters in a row and profit up on a year earlier for 8 quarters in a row.

1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹449 crore, +26.8% on a year earlier.

   Why: Revenue rose because the company sold more parts and got a little more money for each, helped by passenger vehicle exports more than doubling as orders already won started shipping.

   Next results: check whether new industrial and passenger vehicle orders turn into sales.

   From the earnings call on 5 Aug 2026.

2. Promoters cut their stake for 7 quarters in a row

   From 78.6% to 78.4% of the company by the September 2026 quarter.

3. Profit up on a year earlier for 8 quarters in a row

   In the June 2026 quarter profit was ₹91 crore, +37.9% on a year earlier.

   Why: Profit rose because the company sold more complex industrial and passenger vehicle parts, which carry better prices, and did more of the work in house.

   Next results: check whether the rest of the agreed price increases show up in what customers pay and in profit.

   From the earnings call on 5 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), Happy Forgings reported revenue of ₹449 crore, up 26.8% from ₹354 crore a year earlier, and a profit of ₹91.0 crore, up 37.9% from ₹66.0 crore.

Happy Forgings results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Happy Forgings' management discussed these results on a call held on 5 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Happy Forgings closed at ₹1,849.70 on 4 November 2026, up 82.5% from ₹1,013.70 a year earlier (7 November 2025). Its highest weekly close since December 2023 was ₹2,307.00 on 28 August 2026.

Happy Forgings share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

157 weekly closes from 29 December 2023 to 4 November 2026.

4 Nov 2026: Happy Forgings closed at ₹1,849.70, up 5.8% on the week and down 7.7% on the month. 5 Aug 2026: Happy Forgings held its results call for April to June 2026. Management guided: FY27 volume growth in the high teens; operating margin broadly in line with FY26, with potential improvement.

Earlier

• 20 Jul 2026: ex-date for a dividend of ₹4 a share.
• Results for April to June 2026: Revenue up 26.8% and profit up 37.9% on a year earlier.

Happy Forgings paid ₹4 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.22% at the ₹1,849.70 close on 4 November 2026. The last was a dividend of ₹4 a share, ex-date 20 July 2026.

Happy Forgings dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Happy Forgings Ltd paid out 13% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 9 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 5 August 2026, Happy Forgings' management guided: FY27 volume growth in the high teens; operating margin broadly in line with FY26, with potential improvement.

“So right now for the guidance perspective, you know, I have given this, but we should be performing better than that.”Ashish Garg, on the call for April to June 2026

What management guided

• Performance should exceed the stated volume guide and operating margin should remain above 30%.
• Domestic OEM pricing: roughly 2% recognized in Q1 and roughly 4.5-5% total from Q2 onwards; increase described as permanent.
• Container freight recovery expected at roughly $4,500 from customers, with full recovery for some accounts.
• Captive solar on stream from January, with some generation in Q4 and a 1-1.5% operating profit benefit from power.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 5 August 2026.

Order book for new businesses stands at ₹950 crore, executed over 2.5-3 years at ₹340-350 per kg realization.

• ₹140 crore of new order book executed in last 4 months of FY26. ⚠ estimate
• ₹620 crore non-heavy order book expected delivery over 18-20 months. ⚠ estimate

Our read after the latest results, written 31 May 2026.

October to December 2026 to October to December 2027 slip already documented; further delay would defer ₹250 crore+ peak-revenue contribution.

The main risks

• Heavy Capital spending Revenue Timeline Slippage: October to December 2026 to October to December 2027 slip already documented; further delay would defer ₹250 crore+ peak-revenue contribution. ⚠ estimate
• US Tariff and Export Market Weakness: 50% US tariffs make non-PV categories uneconomical; Europe CV exports -10-12%; ~40% of revenue has export exposure. ⚠ estimate

Our read after the latest results, written 31 May 2026.

When Happy Forgings reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: OEM price pass-through landing in Q2 - check whether the remaining negotiated benefit appears in realizations and operating profit.

Happy Forgings is on 2 of our India lists: Small & mid cap stocks and AI & data centre stocks.

Happy Forgings Ltd earned ₹91.0 Cr of net profit in the Jun 2026 quarter, +37.9% on the same quarter a year earlier. That is the 8th quarter in a row of profit growth. Full-year FY26 profit was ₹302 Cr. Over 8 years profit has grown 22.9% a year on average. That is 20.3% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹66.0 Cr.

For the full year, FY26 profit was ₹302 Cr (+13.1% on the year before).

Why profit moved: revenue changed +26.8% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +21.4% and revenue +15.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY26-Q4. revenue ₹424 Cr and profit ₹84 Cr as reported.

FY27-Q1. revenue ₹449 Cr and profit ₹91 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Happy Forgings Ltd reported ₹449 Cr of revenue in the Jun 2026 quarter, +26.8% on the same quarter a year earlier. That is the 11th quarter in a row with growth on the year before. Over 8 years it has grown 13.8% a year on average. The last full year, FY26, came in at ₹1,546 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Order book Rs 950 Cr secured at Rs 340-350 per kg versus current Rs 245 per kg; Rs 140 Cr executed in last 4 months as of May 2026; 2.5-3 year execution window; mix-shift drives gross margin accretion as higher-realization products scale

The last four reported quarters add to ₹1,641 Cr.

FY26 revenue was ₹1,546 Cr, +9.7% on the year before.

Recent pace: the last four quarters grew +15.6% on average, against 13.8% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +15.5%, against +9.5% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +21.1%, against +16.0% a year (accelerating).

FY26-Q4. revenue ₹424 Cr and profit ₹84 Cr as reported.

FY27-Q1. revenue ₹449 Cr and profit ₹91 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Happy Forgings Ltd's operating margin was 31.0% in the Jun 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 9 years it has been between 25.0% and 30.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. 3.5-4% realised prices increase guided from April 1, 2026; input cost headwinds: fuel 1%, freight/carbide/packaging up 2-2.5%; steel pass-through on 85% of business; 70-80% OEM confirmation expected within 10-15 days

Why the margin moved: operating margin changed +2.8 percentage points on the year while gross margin changed +2.8 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

FY26-Q4. revenue ₹424 Cr and profit ₹84 Cr as reported.

FY27-Q1. revenue ₹449 Cr and profit ₹91 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Over the last 3 years, 114% of Happy Forgings Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹445 Cr of operating cash against ₹302 Cr of profit. After ₹403 Cr of spending on assets, ₹42.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 114% of profit came in as cash: the cash cycle got 32 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 3.6× depreciation over three years. The next section checks what that spending is building.

Happy Forgings Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 193 days in FY26, down from 225 days in FY21. It spent ₹823 Cr on assets over the last 3 years. Customers take 93 days to pay, and stock sits for 134 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. FY26 domestic CV growth 22% YoY in volume; FY27 CV segment growth guided 35-40%; M&HCV market share goal 32% to 42%; Q4 FY26 domestic CV growth 27% YoY

At FY26 sales of ₹1,546 Cr, each day of that cycle ties up about ₹4.2 Cr, so roughly ₹817 Cr is tied up in the business at any time.

FY26: customers took 93 days to pay and stock sat for 134 days, about 4.4 months of sales sitting as stock, for a full cycle of 193 days, shorter than FY21's 225.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 134 days. Customers pay about 93 days after that. Suppliers are paid at 34 days. Together that makes the 193-day cycle.

Spending on assets: ₹823 Cr over the last 3 years, against ₹231 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹237 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Happy Forgings Ltd's P/E is 53.3×, near the high end of its own history: higher than 90% of past readings. Its usual P/E (the middle reading) is 41.8×, over 2.8 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +12.6% while the price moved +82.5%. The price did better than earnings, which pushed the multiple up within its own range.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Happy Forgings Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 22.0%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: steady growth with healthy returns is how a business compounds over time.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Happy Forgings Ltd's story is not scored yet against the checks our research set on 31 May 2026. Where it sits in its own cycle: Not stated in the research file. Still open: Q3 FY27 to Q3 FY28 slip already documented; further delay would defer Rs 250 Cr+ peak-revenue contribution

NOT YET CHECKED

What is proven. See the research file

What is not proven yet. Q3 FY27 to Q3 FY28 slip already documented; further delay would defer Rs 250 Cr+ peak-revenue contribution

Sources: our stock research file (31 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

What Happy Forgings Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Capex Guidance Reduced Without Reconciliation · 5 August 2026. In May 2026, management guided to total FY27 capex of Rs.450-500 crores.

Heavy Component Capex and Execution Delay · 22 May 2026. During the Nov 2025 call, management projected that the INR 650 crore heavy programs capex would begin generating business by the third quarter of the following year (FY27). However, by the May 2026 call, this timeline was materially pushed back by a full year, with management stating that trials will only begin in early FY28 and business execution is delayed until Q2 or Q3 of FY28 due to external infrastructure readiness.

North American Commercial Vehicle Business Narrative · 22 May 2026. In the Feb 2026 call, management explicitly blamed the U.S. market for a significant portion of their commercial vehicle (CV) export weakness, indicating an established revenue presence. During the May 2026 call, management sharply contradicted this by downplaying their North American exposure and framing it instead as an untapped frontier where they are only just beginning to submit RFQs.

Material Delay in Solar Power Plant · 10 February 2026. Management previously guided for the solar power project to commence by Q1 FY27 (April-June 2026) to generate cost savings. In the latest call, this timeline has slipped significantly, with benefits now anticipated to start partially only in FY28 (April 2027 onwards). Earlier call (Aug 2025): “We expect the project to commence by first quarter of next financial year. to be on a safe side, we expect it by first quarter of next financial year.” Later call (Feb 2026): “We anticipate the benefit of this investment to start coming in partially in FY28 and fully thereafter.”

Every quote above is taken word for word from the company’s own earnings calls.

Happy Forgings Ltd earned a ROCE of 18% in FY26. Its return on capital used (ROIC) is 3.2 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 19.5% net margin and 0.59× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 19.5% net margin × 0.59× asset turnover × 1.24× leverage (assets divided by equity) ≈ 14.3% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 15.2% − 12.0% = +3.2 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

Happy Forgings Ltd has total debt of ₹330 Cr against shareholder equity of ₹2,128 Cr as of Jun 2026, so its debt is 0.16× its equity, which is very little. Year by year, that ratio went from 0.22 in FY23 to 0.16 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions cut their stake in Happy Forgings Ltd by 2.2 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 14.9% of the company. Promoters moved −0.2 points over the same period, to 78.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: −2.2 points over 8 quarters, to 14.9%; Promoters: −0.2 points over 8 quarters, to 78.4%; Foreign institutions: +0.1 points over 8 quarters, to 2.4%.

Why the owners changed: domestic institutions drove it (−2.2 points). They reduced their stake.

For Happy Forgings Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

55.8 out of 100, rank 8 of 20 in Castings, Forgings & Fastners, with 96% of the evidence available.

Happy Forgings Ltd scores 55.8 out of 100 against the 20 companies it is compared with in Castings, Forgings & Fastners, ranking 8. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks.

The four parts add up to the total exactly: 22.8 + 17.7 + 2.8 + 12.5 = 55.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Happy Forgings ranks 8 of 20 Castings, Forgings & Fastners companies on the 4-Factor Sector Score, with 55.8 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Castings, Forgings & Fastners, all 20 compared on one page.

Happy Forgings is the 3rd largest of 20 Castings, Forgings & Fastners companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Bharat Forge and Sona BLW Precision Forgings. Just below it: CIE Automotive India, Ramkrishna Forgings, Kennametal India and Balu Forge Industries.

Castings, Forgings & Fastners companies close in size

1. Bharat Forge Ltd ₹84,051 crore
2. Sona BLW Precision Forgings Ltd ₹55,672 crore
3. Happy Forgings Ltd ₹16,503 crore
4. CIE Automotive India Ltd ₹13,384 crore
5. Ramkrishna Forgings Ltd ₹12,005 crore
6. Kennametal India Ltd ₹8,105 crore
7. Balu Forge Industries Ltd ₹5,371 crore

All 20 Castings, Forgings & Fastners companies, largest first

Companies close in size in other industries

405. BEML Ltd ₹16,563 crore · Aerospace & Defence - Equipments
406. CESC Ltd ₹16,521 crore · Power - Generation/Distribution
407. Happy Forgings Ltd ₹16,503 crore
408. CreditAccess Grameen Ltd ₹16,434 crore · Finance & Investments - Microfinance
409. Nazara Technologies Ltd ₹16,294 crore · Entertainment & Media

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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