Happy Forging Limited (IN:HAPPYFORGE)
:HAPPYFORGE
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Happy Forging Limited
(HAPPYFORGE)
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Rating:70Outperform
Price Target:
₹1,516.00
▲(9.38% Upside)
Action:Reiterated
Date:05/23/26
The score is driven primarily by strong financial performance (growth and profitability with manageable leverage), tempered by inconsistent free-cash-flow conversion and some recent margin compression. Technicals are supportive with a clear uptrend and positive momentum, while valuation is a headwind due to a high P/E and low dividend yield.
Positive Factors
Revenue Scaling & Profitability
Sustained multi-year revenue growth combined with consistently healthy operating and net margins indicates durable demand, improving unit economics and room for scale-driven operating leverage. This strengthens long-term cash generation potential and reduces execution risk across business cycles.
Negative Factors
Volatile Free Cash Flow Conversion
Inconsistent FCF over multiple years limits the firm’s ability to fund dividends, buybacks, or meaningful debt reduction without issuing equity or taking on leverage. Persistent volatility suggests heavy reinvestment cycles or working-capital swings that constrain shareholder-return optionality and planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scaling & Profitability
Sustained multi-year revenue growth combined with consistently healthy operating and net margins indicates durable demand, improving unit economics and room for scale-driven operating leverage. This strengthens long-term cash generation potential and reduces execution risk across business cycles.
Read all positive factors
Happy Forging Limited (HAPPYFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹137.03B
Dividend Yield0.28%
Average Volume (3M)1.78K
Price to Earnings (P/E)36.1
Beta (1Y)0.96
Revenue Growth9.76%
EPS Growth12.72%
CountryIN
Employees3,017
SectorIndustrials
Sector Strength72
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)28.79
Shares Outstanding94,350,464
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)36.12
Revenue Forecast (FY)₹17.91B
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
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 | 13.25B | 15.46B | 12.96B | 12.43B | 10.74B | 7.94B |
| Gross Profit | 5.84B | 6.89B | 6.12B | 5.65B | 4.56B | 3.54B |
| EBITDA | 4.54B | 4.71B | 4.44B | 4.00B | 3.46B | 2.36B |
| Net Income | 2.71B | 3.02B | 2.67B | 2.43B | 2.09B | 1.42B |
Balance Sheet | ||||||
| Total Assets | 23.01B | 26.33B | 22.15B | 18.86B | 13.26B | 11.30B |
| Cash, Cash Equivalents and Short-Term Investments | 1.85B | 2.90B | 2.16B | 1.22B | 3.41M | 14.60M |
| Total Debt | 1.93B | 3.30B | 2.28B | 1.43B | 2.19B | 2.40B |
| Total Liabilities | 3.41B | 5.05B | 3.66B | 2.73B | 3.38B | 3.42B |
| Stockholders Equity | 19.59B | 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
1386.00
Price Trends
1303.70
Positive
1232.44
Positive
1105.30
Positive
Market Momentum
30.75
Positive
66.14
Neutral
53.14
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 1386 is above the 20-day moving average (MA) of 1374.17, above the 50-day MA of 1303.70, and above the 200-day MA of 1105.30, indicating a bullish trend. The MACD of 30.75 indicates Positive momentum. The RSI at 66.14 is Neutral, neither overbought nor oversold. The STOCH value of 53.14 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 (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹39.28B | 21.43 | ― | ― | -0.98% | 228.03% | |
72 Outperform | ₹22.20B | 24.91 | ― | 1.07% | -1.36% | -30.57% | |
70 Outperform | ₹137.03B | 36.14 | ― | 0.28% | 9.76% | 12.72% | |
70 Outperform | ₹177.75B | 39.83 | ― | 0.19% | 15.95% | 44.88% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | ₹1.10B | 13.74 | ― | ― | 47.79% | 247.18% | |
54 Neutral | ₹5.12B | 79.37 | ― | ― | 41.31% | -30.95% |
* Industrials Sector Average
IN:HAPPYFORGE
Happy Forging Limited
1,378.00
532.28
62.94%
IN:HILTON
Hilton Metal Forging Limited
21.56
-45.81
-68.00%
IN:MMFL
MM Forgings Limited
454.65
85.60
23.19%
IN:ROLEXRINGS
Rolex Rings Limited
143.20
-3.50
-2.39%
IN:SANSERA
Sansera Engineering Limited
2,853.25
1,626.21
132.53%
IN:TIRUPATIFL
Tirupati Forge Ltd.
40.22
1.83
4.77%
Happy Forging Limited Corporate Events
Happy Forgings Sets AGM Date and Record Date for Final Dividend
May 21, 2026
Happy Forgings Limited has scheduled its 47th Annual General Meeting for July 27, 2026, to be held via video conferencing, and set July 20, 2026, as the record date to determine shareholders eligible for the final dividend and for participating in...
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.