# Happy Forgings share price today (Happy Forgings Ltd, NSE: HAPPYFORGE)

> Happy Forgings share price today: ₹1,766.80 at the NSE close on 3 November 2026, up 73.0% in a year. Happy Forgings (NSE: HAPPYFORGE) is worth ₹16,680 crore, trades at a P/E of 50.9 and has closed between ₹1,013.70 and ₹2,307.00 over the past 52 weeks. > Happy Forgings Ltd's share price has risen faster than its earnings: +73.0% in a year, against +12.6% for earnings per share. HAPPYFORGE · Castings, Forgings & Fastners · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/happy-forgings-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹1,766.80 (+73.0% in a year)
- P/E: 50.9× (higher than 88% of the last 2.8 years)
- Revenue (Jun 2026): ₹449 Cr (+26.8% on a year ago)
- Profit (Jun 2026): ₹91.0 Cr (+37.9% on a year ago)
- Operating margin: 31.0% (+2.0 points on a year ago)
- ROCE: 18%, FY26
- ROIC: 15.2%, against a 12.0% cost of capital: +3.2 points

The main question: the share price moved +73.0% in a year while yearly earnings per share moved +12.6%. The difference came from the market paying a higher multiple. ## What is the Happy Forgings share price today? Happy Forgings Ltd's share price was ₹1,766.80 at the close on 3 November 2026. It has been rising for 51 weeks. That is 8.1% 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 58% of the way up from that low. 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 +72% 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. ## What changed at Happy Forgings this quarter? 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. ## What are Happy Forgings' latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹449 crore | ₹354 crore | +26.8% |
| Profit | ₹91.0 crore | ₹66.0 crore | +37.9% |
| Earnings per share | ₹9.69 | ₹6.97 | +39.0% |
| Operating margin | 31.0% | 29.0% | +2.0 points |

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.)

## What is the Happy Forgings share price history? Happy Forgings closed at ₹1,766.80 on 3 November 2026, up 73.0% from ₹1,021.10 a year earlier (31 October 2025). Its highest weekly close since December 2023 was ₹2,307.00 on 28 August 2026. ### Happy Forgings share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,762.00 | +0.3% |
| 1 month ago · 1 Oct 2026 | ₹2,003.70 | −11.8% |
| 6 months ago · 30 Apr 2026 | ₹1,348.00 | +31.1% |
| 1 year ago · 31 Oct 2025 | ₹1,021.10 | +73.0% |
| Earliest weekly close in our records · 29 Dec 2023 | ₹1,029.25 | +71.7% |
| Highest weekly close since December 2023, also the 52-week high · 28 Aug 2026 | ₹2,307.00 | −23.4% |
| Lowest weekly close since December 2023 · 2 May 2025 | ₹771.75 | +128.9% |
| 52-week low (weekly close) · 7 Nov 2025 | ₹1,013.70 | +74.3% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (157 weekly closes from 29 December 2023 to 3 November 2026.)

## What is the latest news on Happy Forgings? 3 Nov 2026: Happy Forgings closed at ₹1,766.80, up 0.3% on the week and down 11.8% 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. ## What dividend does Happy Forgings pay? Happy Forgings paid ₹4 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.23% at the ₹1,766.80 close on 3 November 2026. The last was a dividend of ₹4 a share, ex-date 20 July 2026. ### Happy Forgings dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 20 Jul 2026 | ₹4 | Dividend |
| 22 Jul 2025 | ₹3 | Dividend |
| 22 Jul 2024 | ₹4 | Dividend |

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. 2 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Happy Forgings management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/56970/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 5 August 2026.)

## What is Happy Forgings' order book? 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.)

## What could change the Happy Forgings story? What are the risks? 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.)

## What to watch in Happy Forgings' next results? 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. - What to check (from the call)
- OEM price pass-through landing in Q2 - check whether the remaining negotiated benefit appears in realizations and operating profit. - Commercial-vehicle export conversion - check whether inventory-in-transit delays ease and sales normalize after geopolitical route disruption. - Industrial and passenger-vehicle order-book ramp - check conversion into revenue and mix progression as new programs scale. - Capacity execution - check vertical upsetter hot trials and solar right-of-way completion against the stated commissioning schedules. ## Which stock lists is Happy Forgings on? Happy Forgings is on 2 of our India lists: Small & mid cap stocks and AI & data centre stocks. - [Small & mid cap stocks Size rank in India: 397](https://www.sectoralpha.in/small-cap-stocks-india)
- [AI & data centre stocks Group on the list: Data centre suppliers](https://www.sectoralpha.in/ai-stocks-india)

## Is Happy Forgings profitable? 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. 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. ## How much revenue does Happy Forgings make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Happy Forgings keep? 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. 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. ## Is Happy Forgings' profit turning into cash? 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. 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. ## Where does Happy Forgings' cash go? 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. 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. ## What is Happy Forgings' P/E ratio, and how does it compare with its own history? Happy Forgings Ltd's P/E is 50.9×, near the high end of its own history: higher than 88% 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. Why the multiple is where it is: over the past year earnings per share moved +12.6% while the price moved +73.0%. 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. ## Is the Happy Forgings business getting better or worse? 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. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Happy Forgings story, and has it been checked? 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

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. ## Did Happy Forgings management deliver what it promised? 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. ## How much does Happy Forgings earn on its capital? 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). 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. ## Does Happy Forgings have too much debt? 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. ## What is the Happy Forgings shareholding pattern? 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. 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. ## How far is Happy Forgings from balance-sheet trouble? 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. ## How does Happy Forgings rank in its industry? 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. ## Which companies is Happy Forgings compared with? Happy Forgings ranks 8 of 20 Castings, Forgings & Fastners companies on the 4-Factor Sector Score, with 55.8 out of 100. 1. [Kennametal India Ltd](https://www.sectoralpha.in/stocks/kennametal-india-ltd) KENNAMET · leader · Sector-leading setup · 96% evidence 83.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.7/35 · Revenue 29.1% · Profit 91.2% · Operating margin change 12 points · 88% evidence Capital efficiency 21.5/25 · ROCE 33.2% · Operating margin 27% · 100% evidence Valuation 12.4/20 · P/E 41.4× · PEG 1.34 · 100% evidence Relative strength 18.9/20 · Lead over its industry 16% · Lead over NIFTY 500 34.5% · 1 year 76.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 30.7 + 21.5 + 12.4 + 18.9 = 83.5 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Uniparts India Ltd](https://www.sectoralpha.in/stocks/uniparts-india-ltd) UNIPARTS · losing its lead · Most evidence points up · 96% evidence 76.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.2/35 · Revenue 27.5% · Profit 85.6% · Operating margin change 5 points · 88% evidence Capital efficiency 19.1/25 · ROCE 21.6% · Operating margin 24% · 100% evidence Valuation 16.9/20 · P/E 17.3× · PEG 0.38 · 100% evidence Relative strength 11.3/20 · Lead over its industry 5.1% · Lead over NIFTY 500 22.5% · 1 year 40.7% · 100% evidence · 11 of 12 weeks ahead Exact sum: 29.2 + 19.1 + 16.9 + 11.3 = 76.5 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Sona BLW Precision Forgings Ltd](https://www.sectoralpha.in/stocks/sona-blw-precision-forgings-ltd) SONACOMS · leader · Most evidence points up · 100% evidence 65.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/35 · Revenue 42.1% · Profit 21.8% · Operating margin change -2 points · 100% evidence Capital efficiency 15.8/25 · ROCE 14.2% · Operating margin 23% · 100% evidence Valuation 6.5/20 · P/E 71.7× · PEG 3.52 · 100% evidence Relative strength 19.3/20 · Lead over its industry 29.5% · Lead over NIFTY 500 51.4% · 1 year 88.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.7 + 15.8 + 6.5 + 19.3 = 65.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Gala Precision Engineering Ltd](https://www.sectoralpha.in/stocks/gala-precision-engineering-ltd) GALAPREC · turning · Evidence leans up · 89% evidence 60.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.3/35 · Revenue 31.8% · Profit 37.2% · Operating margin change 1 points · 88% evidence Capital efficiency 13.5/25 · ROCE 15.6% · Operating margin 16.3% · 100% evidence Valuation 12.5/20 · P/E 35× · PEG 1.14 · 65% evidence Relative strength 11.8/20 · Lead over its industry 3.1% · Lead over NIFTY 500 21.3% · 1 year 35.6% · 100% evidence · 6 of 12 weeks ahead Exact sum: 22.3 + 13.5 + 12.5 + 11.8 = 60.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Steelcast Ltd](https://www.sectoralpha.in/stocks/steelcast-ltd) STEELCAS · leader · Evidence leans up · 96% evidence 59.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.8/35 · Revenue 9.2% · Profit 15.2% · Operating margin change 0 points · 88% evidence Capital efficiency 19.3/25 · ROCE 32.3% · Operating margin 26% · 100% evidence Valuation 8.0/20 · P/E 38.8× · PEG 1.7 · 100% evidence Relative strength 17.4/20 · Lead over its industry 12.9% · Lead over NIFTY 500 32.1% · 1 year 53.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 14.8 + 19.3 + 8 + 17.4 = 59.5 · What this means: Relative strength against the index is 32.1%, and revenue and profit growth are weak. 6. [Amic Forging Ltd](https://www.sectoralpha.in/stocks/amic-forging-ltd) leader · Too little evidence to rank firmly · 53% evidence 59.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.7/35 · Revenue n/a · Profit n/a · Operating margin change 5 points · 15% evidence Capital efficiency 17.1/25 · ROCE 25.2% · Operating margin 33% · 71% evidence Valuation 6.8/20 · P/E 77.5× · PEG n/a · 50% evidence Relative strength 17.4/20 · Lead over its industry 8.4% · Lead over NIFTY 500 27.2% · 1 year 34.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 17.7 + 17.1 + 6.8 + 17.4 = 59 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 7. [Balu Forge Industries Ltd](https://www.sectoralpha.in/stocks/balu-forge-industries-ltd) BALUFORGE · breaking out · Evidence leans up · 81% evidence 56.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.5/35 · Revenue 19.8% · Profit 18.1% · Operating margin change -3 points · 88% evidence Capital efficiency 18.3/25 · ROCE 22.7% · Operating margin 28% · 100% evidence Valuation 15.3/20 · P/E 20× · PEG 1.16 · 100% evidence Relative strength 8.0/20 · Lead over its industry n/a · Lead over NIFTY 500 -7.2% · 1 year -31.4% · 25% evidence · 11 of 12 weeks ahead Exact sum: 14.5 + 18.3 + 15.3 + 8 = 56.1 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 8. Happy Forgings Ltd this page HAPPYFORGE · leader · Evidence leans up · 96% evidence 55.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.8/35 · Revenue 15.5% · Profit 21.1% · Operating margin change 2 points · 88% evidence Capital efficiency 17.7/25 · ROCE 18% · Operating margin 31% · 100% evidence Valuation 2.8/20 · P/E 50.4× · PEG 3.72 · 100% evidence Relative strength 12.5/20 · Lead over its industry 7.7% · Lead over NIFTY 500 25.2% · 1 year 71.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.8 + 17.7 + 2.8 + 12.5 = 55.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 9. [Uni Abex Alloy Products Ltd](https://www.sectoralpha.in/stocks/uni-abex-alloy-products-ltd) quiet · Evidence leans up · 83% evidence 50.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.3/35 · Revenue 17.2% · Profit 100% · Operating margin change -7 points · 83% evidence Capital efficiency 15.6/25 · ROCE 18.8% · Operating margin 10.5% · 95% evidence Valuation 10.0/20 · P/E 18.2× · PEG n/a · 50% evidence Relative strength 8.6/20 · Lead over its industry 0.2% · Lead over NIFTY 500 17.5% · 1 year 30.6% · 100% evidence · 5 of 12 weeks ahead Exact sum: 16.3 + 15.6 + 10 + 8.6 = 50.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [CIE Automotive India Ltd](https://www.sectoralpha.in/stocks/cie-automotive-india-ltd) CIEINDIA · basing · Evidence leans down · 100% evidence 49.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.6/35 · Revenue 12.4% · Profit 15.3% · Operating margin change -1 points · 100% evidence Capital efficiency 13.9/25 · ROCE 14.7% · Operating margin 14% · 100% evidence Valuation 16.7/20 · P/E 14.4× · PEG 1.14 · 100% evidence Relative strength 2.4/20 · Lead over its industry -28.5% · Lead over NIFTY 500 -13.5% · 1 year -18.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.6 + 13.9 + 16.7 + 2.4 = 49.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Ramkrishna Forgings Ltd](https://www.sectoralpha.in/stocks/ramkrishna-forgings-ltd) RKFORGE · leader · Evidence leans down · 67% evidence 48.4 out of 100 Growth Capital Valuation Relative
12. [Nelcast Ltd](https://www.sectoralpha.in/stocks/nelcast-ltd) NELCAST · turning · Evidence leans down · 96% evidence 47.7 out of 100 Growth Capital Valuation Relative
13. [Alicon Castalloy Ltd](https://www.sectoralpha.in/stocks/alicon-castalloy-ltd) ALICON · breaking out · Evidence leans down · 81% evidence 43.6 out of 100 Growth Capital Valuation Relative
14. [M M Forgings Ltd](https://www.sectoralpha.in/stocks/m-m-forgings-ltd) MMFL · losing its lead · Evidence leans down · 96% evidence 41.7 out of 100 Growth Capital Valuation Relative
15. [Tirupati Forge Ltd](https://www.sectoralpha.in/stocks/tirupati-forge-ltd) TIRUPATIFL · turning · Evidence leans down · 96% evidence 40.6 out of 100 Growth Capital Valuation Relative
16. [Bharat Forge Ltd](https://www.sectoralpha.in/stocks/bharat-forge-ltd) BHARATFORG · quiet · Evidence leans down · 71% evidence 37.4 out of 100 Growth Capital Valuation Relative
17. [Sundaram Clayton Ltd](https://www.sectoralpha.in/stocks/sundaram-clayton-ltd) SUNCLAY · quiet · Most evidence points down · 71% evidence 30.1 out of 100 Growth Capital Valuation Relative
18. [Sterling Tools Ltd](https://www.sectoralpha.in/stocks/sterling-tools-ltd) STERTOOLS · quiet · Most evidence points down · 100% evidence 25.4 out of 100 Growth Capital Valuation Relative
19. [Synergy Green Industries Ltd](https://www.sectoralpha.in/stocks/synergy-green-industries-ltd) SGIL · losing its lead · Most evidence points down · 76% evidence 24.4 out of 100 Growth Capital Valuation Relative
20. [Captain Technocast Ltd](https://www.sectoralpha.in/stocks/captain-technocast-ltd) quiet · Too little evidence to rank firmly · 42% evidence 55.9 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/castings-forgings-fastners), all 20 compared on one page. ## Which companies are close to Happy Forgings in size? 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](https://www.sectoralpha.in/stocks/bharat-forge-ltd) ₹84,051 crore
2. [Sona BLW Precision Forgings Ltd](https://www.sectoralpha.in/stocks/sona-blw-precision-forgings-ltd) ₹55,672 crore
3. Happy Forgings Ltd ₹16,503 crore
4. [CIE Automotive India Ltd](https://www.sectoralpha.in/stocks/cie-automotive-india-ltd) ₹13,384 crore
5. [Ramkrishna Forgings Ltd](https://www.sectoralpha.in/stocks/ramkrishna-forgings-ltd) ₹12,005 crore
6. [Kennametal India Ltd](https://www.sectoralpha.in/stocks/kennametal-india-ltd) ₹8,105 crore
7. [Balu Forge Industries Ltd](https://www.sectoralpha.in/stocks/balu-forge-industries-ltd) ₹5,371 crore

[All 20 Castings, Forgings & Fastners companies, largest first](https://www.sectoralpha.in/sectors/castings-forgings-fastners#all-companies)

### Companies close in size in other industries

1. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) ₹16,563 crore · Aerospace & Defence - Equipments
2. [CESC Ltd](https://www.sectoralpha.in/stocks/cesc-ltd) ₹16,521 crore · Power - Generation/Distribution
3. Happy Forgings Ltd ₹16,503 crore
4. [CreditAccess Grameen Ltd](https://www.sectoralpha.in/stocks/creditaccess-grameen-ltd) ₹16,434 crore · Finance & Investments - Microfinance
5. [Nazara Technologies Ltd](https://www.sectoralpha.in/stocks/nazara-technologies-ltd) ₹16,294 crore · Entertainment & Media

## What else do people ask about Happy Forgings? ### What is Happy Forgings's share price today? Happy Forgings Ltd's share price is ₹1,766.80, +73.0% over the past year. The whole company is worth ₹16,680 Cr on the market. In the last 52 weeks it traded between ₹1,014 to ₹2,307; today it is 58% of the way up from the low, 8.1% above its 200-day average (as of 3 November 2026). ### What were Happy Forgings's latest quarterly results? Happy Forgings Ltd reported revenue of ₹449 Cr and net profit of ₹91.0 Cr for the Jun 2026 quarter. Revenue rose 26.8% and profit rose 37.9% compared with a year earlier. Earnings per share were ₹9.69. The operating margin was 31.0%, 2.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Happy Forgings's market cap? Happy Forgings Ltd's market capitalisation is ₹16,680 Cr at a share price of ₹1,766.80. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Happy Forgings performing? Happy Forgings Ltd's share price has been rising for 51 weeks. In its latest quarter, revenue rose 26.8% and profit rose 37.9% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 2 weeks running (as of 3 November 2026). ### Will Happy Forgings's share price go up? This page does not forecast Happy Forgings Ltd's share price. What it shows instead: the share price is ₹1,766.80, and it has been rising for 51 weeks. Its P/E of 50.9× is higher than 88% of its own last 3 years (as of 3 November 2026). ### Who owns Happy Forgings? Promoters own 78.4% of Happy Forgings Ltd, foreign institutions 2.4%, domestic institutions 14.9% and the public 4.3% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 2.2 percentage points over 8 quarters (as of 3 November 2026). ### Does Happy Forgings have too much debt? No, Happy Forgings Ltd has little debt: its debt is 0.16× its equity, and its operating profit is 47 times its interest bill. FY26 borrowings were ₹330 Cr against equity of ₹2,128 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Happy Forgings in its business cycle? Happy Forgings Ltd's FY26 operating margin was 30.0%, against a 9-year range of 25.0% to 30.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 31.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Happy Forgings story? The main question: the share price moved +73.0% in a year while yearly earnings per share moved +12.6%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Happy Forgings a stock worth studying right now? What the numbers show: Happy Forgings Ltd's share price has risen faster than its earnings: +73.0% in a year, against +12.6% for earnings per share. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Happy Forgings share price forecast for 2026? What management itself guided: FY27 volume growth in the high teens; operating margin broadly in line with FY26, with potential improvement. What would change the story: October to December 2026 to October to December 2027 slip already documented; further delay would defer ₹250 crore+ peak-revenue contribution. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- AI & data centre stocks: https://www.sectoralpha.in/ai-stocks-india

This is research, not advice. We’re not SEBI-registered.