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Indian manufacturer of forged and machined components for commercial vehicles, farm equipment and industrial applications.
Indian manufacturer of forged and machined components for commercial vehicles, farm equipment and industrial applications.
Sells forged and machined parts to vehicle and tractor makers on long-running supply relationships, so volume follows those makers' production cycles. Machining in-house lets it sell finished parts, not just rough forgings.
Moat: narrow (process know-how, customer qualification). Vertically integrated forging-to-machining capability qualified with major CV and tractor OEMs.
Headquarters: Ludhiana, India · Founded: 1979 · Employees: 3,512
Size Happy Forging (HAPPYFORGE.NS) is an India Industrials company (Metal Fabrication) with a market value of $1.70B, the 415th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,694 on 6 Nov 2026.
Performance Over six months the shares gained 20.0%, against -20.6% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 15.5% over the last twelve months (peer median +13.5%); the operating margin is 25.3% (peer median 7.7%).
Valuation It trades at 40.5× forward earnings against a peer median of 22.8× (7th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.5 points below its cost of capital (15.2% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹16.4B | ₹15.2B | ₹13.9B | ₹13.4B | ₹11.6B |
| Revenue growth | — | +9% | +4% | +16% | — |
| Gross profit | ₹7.44B | ₹4.07B | ₹3.69B | ₹3.60B | ₹2.96B |
| EBITDA | ₹5.10B | ₹4.55B | ₹3.98B | ₹3.78B | ₹3.13B |
| Net income | ₹3.27B | ₹3.02B | ₹2.67B | ₹2.43B | ₹2.09B |
| Free cash flow | n/a | ₹10.9M | ₹333M | -₹168M | ₹235M |
| Capital expenditure | n/a | ₹4.61B | ₹2.81B | ₹1.94B | ₹1.75B |
| Total debt | n/a | ₹3.30B | ₹2.28B | ₹1.43B | ₹2.19B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Happy Forging HAPPYFORGE.NS | $1.70B | +20% | +16% | 25% | 40.5× | 42.7% |
| Ramkrishna Forgings RKFORGE.NS | $1.34B | +12% | +25% | 9% | 46.9× | n/a |
| Bharat Forge BHARATFORG.NS | $9.01B | -13% | +18% | 11% | 51.4× | 46.3% |
| Sona BLW Precision Forgings SONACOMS.NS | $5.94B | +56% | +42% | 17% | 63.7× | 48.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HAPPYFORGE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.4% | -11.9% | 11th highest of 21 |
| 6-month return | +20.0% | -20.6% | 3rd highest of 21 |
| Distance from 52-week high | -31.4% | -49.5% | 7th highest of 21 |
| Revenue growth (TTM) | +15.5% | +13.5% | 11th highest of 21 |
| Operating margin | 25.3% | 7.7% | 2nd highest of 21 |
| Forward P/E | 40.5× | 22.8× | 7th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 42.7% | 12.5% | 2nd most demanding of 9 |
| Growth delivered (Del g) | +21.2% | +12.5% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | +21.5 pp | +0.8 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | -0.5 pp | -0.6 pp | 11th highest of 21 |
| EV / EBITDA | 31.4× | 11.8× | 2nd most expensive of 7 |
| Net debt / EBITDA | -0.2× | 1.2× | 3rd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Happy Forging HAPPYFORGE.NS | India | $1.70B | +20% | +16% | 25% | 40.5× | 42.7% | +21.2% |
| Gaona Aero Material 300034.SZ | China | $1.71B | -29% | +5% | 5% | 49.0× | 21.3% | +18.5% |
| Nanshan Aluminium International 2610.HK | Hong Kong | $1.67B | -45% | -19% | 21% | 7.8× | n/a | n/a |
| Azad Engineering AZAD.NS | India | $1.66B | +8% | +29% | 28% | 91.6× | n/a | n/a |
| Changzhou Nrb 002708.SZ | China | $1.63B | +50% | +29% | 1% | 74.0× | n/a | n/a |
| SF Diamond 300179.SZ | China | $1.81B | -12% | +34% | 11% | 79.8× | 49.2% | +12.2% |
| Baoding Technology 002552.SZ | China | $1.84B | +44% | +64% | 15% | n/a | 11.3% | +54.0% |
| Beijer Alma BEIA-B.ST | Sweden | $1.86B | 0% | +6% | 15% | 20.7× | 9.9% | +12.8% |
| Suzhou UIGreen Micro&Nano Technologies 688661.SS | China | $1.55B | -44% | -7% | -3% | 44.2× | n/a | n/a |
| Essence Fastening Systems (Shanghai) 301005.SZ | China | $1.54B | -55% | +17% | 0% | n/a | n/a | n/a |
| Luoyang Xinqianglian Slewing Bearing 300850.SZ | China | $1.54B | -42% | +10% | 21% | 11.1× | n/a | n/a |
| Usha Martin USHAMART.NS | India | $1.54B | 0% | +9% | 17% | 22.8× | 23.1% | +12.0% |
| Shenzhen Vital New Material 301319.SZ | China | $1.53B | +15% | +34% | 5% | 82.0× | n/a | n/a |
| HENGHUI Technology 301678.SZ | China | $1.53B | -28% | +10% | 8% | n/a | n/a | n/a |
| Hebei Huatong Wires and Cables 605196.SS | China | $1.94B | -41% | +49% | 10% | 13.4× | n/a | n/a |
| Richelieu Hardware RCH.TO | Canada | $1.48B | -2% | +7% | 7% | 20.5× | 5.7% | +11.7% |
| Freewon China 688678.SS | China | $1.41B | -13% | +33% | 6% | 19.6× | n/a | n/a |
| Riyue Heavy Industry 603218.SS | China | $1.41B | -28% | -17% | 5% | 24.6× | 5.0% | +4.1% |
| NBTM New Materials 600114.SS | China | $2.14B | -40% | +6% | 9% | 22.8× | 13.8% | +13.0% |
| Lizhong Sitong Light Alloys 300428.SZ | China | $2.14B | -3% | +24% | 4% | 11.8× | n/a | n/a |
| Wuxi Paike New Materials and Technology 605123.SS | China | $1.34B | -31% | +23% | 8% | 22.0× | n/a | n/a |