Happy Forging Limited (IN:HAPPYFORGE)
:HAPPYFORGE
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Happy Forging Limited
(HAPPYFORGE)
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Rating:71Outperform
Price Target:
₹1,279.00
▲(9.29% Upside)
Action:UpgradedDate:02/14/26
The score is primarily supported by strong financial performance (high margins, low leverage, and improving cash generation). Technicals are positive but overbought, which tempers the outlook. Valuation is the main drag due to a high P/E and minimal dividend yield.
Positive Factors
High Profitability / Margins
Sustained high gross (58%) and net (19%) margins indicate durable cost control and pricing power in the metal fabrication business. These margins create a persistent earnings buffer, fund reinvestment and support returns across business cycles over the next several months.
Negative Factors
Low Free Cash Flow Conversion
Free cash flow to net income at 0.08 signals limited free cash relative to reported earnings even after improvement. That constrains sustainable dividend policy, buybacks and organic investment without increasing leverage or seeking external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability / Margins
Sustained high gross (58%) and net (19%) margins indicate durable cost control and pricing power in the metal fabrication business. These margins create a persistent earnings buffer, fund reinvestment and support returns across business cycles over the next several months.
Read all positive factors
Happy Forging Limited (HAPPYFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹121.93B
Dividend Yield0.28%
Average Volume (3M)1.78K
Price to Earnings (P/E)34.3
Beta (1Y)0.98
Revenue Growth3.57%
EPS Growth4.74%
CountryIN
Employees3,017
SectorServices
Sector StrengthN/A
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)8.40
Shares Outstanding94,350,464
10 Day Avg. Volume1,850
30 Day Avg. Volume1,780
Financial Highlights & Ratios
PEG Ratio2.77
Price to Book (P/B)4.03
Price to Sales (P/S)5.75
P/FCF Ratio351.72
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)36.02
Revenue Forecast (FY)₹17.88B
Happy Forging Limited Business Overview & Revenue Model
Company Description
Happy Forgings Limited engages in the manufacture of forgings and related components in India. It offers heavy forged and machined products, including bicycle pedals, brake flanges, bushes, bull gears, camshafts, crankshafts, connecting rods, crow...
How the Company Makes Money
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Happy Forging Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
80
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.25B | 12.96B | 12.43B | 10.74B | 7.94B | 5.49B |
| Gross Profit | 5.84B | 6.12B | 5.65B | 4.56B | 3.54B | 2.59B |
| EBITDA | 4.54B | 4.44B | 4.00B | 3.46B | 2.36B | 1.64B |
| Net Income | 2.71B | 2.67B | 2.43B | 2.09B | 1.42B | 864.48M |
Balance Sheet | ||||||
| Total Assets | 23.01B | 22.15B | 18.86B | 13.26B | 11.30B | 8.76B |
| Cash, Cash Equivalents and Short-Term Investments | 1.85B | 2.16B | 1.22B | 3.41M | 14.60M | 277.83M |
| Total Debt | 1.93B | 2.28B | 1.43B | 2.19B | 2.40B | 1.53B |
| Total Liabilities | 3.41B | 3.66B | 2.73B | 3.38B | 3.42B | 2.31B |
| Stockholders Equity | 19.59B | 18.50B | 16.12B | 9.88B | 7.88B | 6.45B |
Cash Flow | ||||||
| Free Cash Flow | 80.53M | 212.01M | -50.96M | 348.70M | -1.11B | -418.11M |
| Operating Cash Flow | 2.17B | 2.92B | 1.89B | 2.09B | 802.94M | 498.53M |
| Investing Cash Flow | -1.49B | -3.20B | -4.69B | -1.72B | -1.66B | -586.85M |
| Financing Cash Flow | -666.78M | 401.73M | 2.81B | -370.10M | 825.20M | 96.72M |
Happy Forging Limited Technical Analysis
Positive
1170.30
Price Trends
1224.24
Positive
1147.62
Positive
1050.52
Positive
Market Momentum
3.32
Negative
57.88
Neutral
79.42
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 1170.3 is below the 20-day moving average (MA) of 1237.07, below the 50-day MA of 1224.24, and above the 200-day MA of 1050.52, indicating a bullish trend. The MACD of 3.32 indicates Negative momentum. The RSI at 57.88 is Neutral, neither overbought nor oversold. The STOCH value of 79.42 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹35.91B | 1.84 | ― | ― | -7.82% | 5.33% | |
72 Outperform | ₹20.92B | 24.91 | ― | 1.07% | -4.47% | -17.62% | |
71 Outperform | ₹121.93B | 34.32 | ― | 0.28% | 3.57% | 4.74% | |
70 Outperform | ₹145.66B | 37.94 | ― | 0.19% | 4.56% | 14.68% | |
63 Neutral | ₹5.41B | 52.14 | ― | ― | -0.94% | -48.46% | |
56 Neutral | ₹1.13B | 13.74 | ― | ― | 27.13% | 63.22% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% |
* Services Sector Average
IN:HAPPYFORGE
Happy Forging Limited
1,292.35
503.80
63.89%
IN:HILTON
Hilton Metal Forging Limited
21.88
-33.65
-60.60%
IN:MMFL
MM Forgings Limited
433.25
83.23
23.78%
IN:ROLEXRINGS
Rolex Rings Limited
131.85
-2.87
-2.13%
IN:SANSERA
Sansera Engineering Limited
2,336.90
1,212.63
107.86%
IN:TIRUPATIFL
Tirupati Forge Ltd.
43.13
12.76
42.02%
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.