āagmanLoginNot investment advice. Data and computed figures, for information only.
Happy Forgings Ltd
₹1,873.20
−₹44.50 (−2.32%)
NSE · 15 Oct 2026, close
Market Cap
₹18,150 Cr
CMP
₹1,873.20
52-wk High / Low
₹2,470 / 891
P/E
55.4
P/B
8.5
Book Value
₹226.0
Div Yield
0.21%
ROCE
18.0%
ROE
15.0%
Face Value
₹2
D/E
0.16
Price+101.8% over 1Y
āagman read
Computed by āagmanPiotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹403
√(22.5 × EPS × book value per share)
ROIC
11.7%
vs 12.3% sector median
Cash flow to profit
1.47
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+287
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
13.3%
ROE × earnings retention ratio
ROE stability
2.7
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.04FII +0.64DII −1.55
Latest quarter vs the previous one
Cash-accrual divergence
−5.9%
of assets
Low = accruals track cash flow
Strengths
+Price trades above its 200-day moving average (1.2x)
Watch-outs
−Latest ROCE of 18% trails the sector median of 19%
Peer comparison
| Name | P/E | Mar Cap ₹ Cr | ROCE % | ROE % |
|---|
Quarterly results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 330 | 343 | 342 | 343 | 341 | 361 | 354 | 352 | 354 | 377 | 391 | 424 | 449 |
| Expenses | 230 | 249 | 247 | 246 | 244 | 256 | 253 | 250 | 253 | 262 | 271 | 291 | 309 |
| Operating Profit | 100 | 94 | 95 | 97 | 98 | 105 | 101 | 102 | 101 | 116 | 120 | 133 | 141 |
| OPM % | 30.3% | 27.4% | 27.8% | 28.3% | 28.7% | 29.1% | 28.5% | 29.0% | 28.5% | 30.8% | 30.7% | 31.4% | 31.4% |
| Other Income | 3 | 1 | 3 | 7 | 8 | 13 | 7 | 10 | 10 | 6 | 8 | 6 | 11 |
| Interest | 3 | 4 | 4 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 3 |
| Depreciation | 15 | 16 | 17 | 16 | 18 | 20 | 19 | 20 | 21 | 22 | 22 | 25 | 26 |
| Profit before tax | 85 | 74 | 78 | 87 | 86 | 97 | 87 | 90 | 89 | 99 | 104 | 111 | 123 |
| Net Profit | 64 | 55 | 58 | 66 | 64 | 71 | 65 | 68 | 66 | 73 | 79 | 84 | 91 |
| EPS (₹) | 7.16 | 6.17 | 6.15 | 6.98 | 6.77 | 7.58 | 6.85 | 7.18 | 6.97 | 7.79 | 8.37 | 8.86 | 9.69 |
Profit & Loss
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales | 585 | 860 | 1,197 | 1,358 | 1,409 | 1,546 | 1,642 |
| Expenses | 426 | 629 | 856 | 971 | 1,002 | 1,076 | 1,132 |
| Operating Profit | 159 | 231 | 341 | 388 | 407 | 471 | 510 |
| OPM % | 27.2% | 26.9% | 28.5% | 28.6% | 28.9% | 30.5% | 31.1% |
| Other Income | 6 | 6 | 6 | 13 | 37 | 31 | 32 |
| Interest | 12 | 7 | 12 | 12 | 8 | 10 | 11 |
| Depreciation | 36 | 38 | 54 | 65 | 77 | 89 | 95 |
| Profit before tax | 117 | 192 | 280 | 324 | 360 | 402 | 436 |
| Net Profit | 86 | 142 | 209 | 243 | 267 | 302 | 327 |
| EPS (₹) | 965.92 | 15.90 | 23.32 | 25.79 | 28.38 | 31.97 | 34.71 |
Balance Sheet
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 18 | 18 | 19 | 19 | 19 | — |
| Reserves | 636 | 770 | 970 | 1,594 | 1,831 | 2,109 | — |
| Borrowings | 153 | 240 | 219 | 143 | 228 | 330 | — |
| Other Liabilities | 76 | 102 | 119 | 130 | 138 | 175 | — |
| Total Liabilities | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 | — |
| Fixed Assets | 415 | 456 | 678 | 744 | 908 | 1,108 | — |
| CWIP | 40 | 212 | 75 | 127 | 123 | 237 | — |
| Investments | 0 | 0 | 0 | 0 | 80 | 237 | — |
| Other Assets | 419 | 461 | 573 | 1,016 | 1,105 | 1,050 | — |
| Total Assets | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 | — |
Cash Flows
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | 60 | 80 | 209 | 189 | 292 | 445 |
| Cash from Investing Activity | −59 | −166 | −172 | −470 | −320 | −497 |
| Cash from Financing Activity | 0 | 83 | −37 | 281 | 40 | 65 |
| Net Cash Flow | 1 | −3 | 0 | 1 | 12 | 13 |
Ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| ROCE % | — | 22.0 | 26.0 | 23.0 | 19.0 | 18.0 |
| ROE % | — | — | — | — | — | 15.0 |
| EPS (₹) | 965.92 | 15.90 | 23.32 | 25.79 | 28.38 | 31.97 |
| Book Value (₹) | — | — | — | — | — | 226.0 |
| Face Value (₹) | — | — | — | — | — | 2 |
| P/E | — | — | — | — | — | 55.4 |
| Div Yield % | — | — | — | — | — | 0.21 |
| NPM % | 14.6 | 16.4 | 17.4 | 17.7 | 18.5 | 19.2 |
| OPM % | 27.0 | 27.0 | 28.0 | 29.0 | 29.0 | 30.0 |
| D/E | 0.24 | 0.30 | 0.22 | 0.09 | 0.12 | 0.16 |
| P/B | — | — | — | — | — | 8.5 |
Growth
Compounded sales growth
5 years+21.0%
3 years+9.0%
TTM+16.0%
Compounded profit growth
5 years+28.0%
3 years+13.0%
TTM+22.0%
Stock price CAGR
Last year+107.0%
Return on equity
5 years18.0%
3 years16.0%
Last year15.0%
Documents
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Closure of Trading WindowAnnouncement under Regulation 30 (LODR)-Allotment of ESOP / ESPSAnnouncement under Regulation 30 (LODR)-Earnings Call TranscriptAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationCorporate actions
20 Jul 2026DIVIDENDDividend - Rs 4 Per Share—
22 Jul 2025DIVIDENDDividend - Rs 3 Per Share—
22 Jul 2024DIVIDENDDividend - Rs 4 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman