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Swing Capital

Happy Forgings Ltd

NSE: HAPPYFORGE BSE: 544057

Incorporated in July 1979, Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components.[1]

₹1,376
52W: ₹802 — ₹1470
PE 45.5 · Book ₹208 · +562% vs book
Market Cap₹12,982 Cr
Stock P/E45.5Price to Earnings
ROCE19.2%Return on Capital
ROE15.5%Return on Equity
Div. Yield0.22%Face Value ₹2

Strengths

  • +Company has delivered good profit growth of 27.4% CAGR over last 5 years

Shareholding Pattern

Promoters78.48%
FIIs1.73%
DIIs16.48%
Public3.3%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters78.6%78.6%78.6%78.57%▼0.078.54%▼0.078.52%▼0.078.5%▼0.078.48%▼0.0
FIIs2.24%2.27%▲0.02.28%▲0.02.19%▼0.12.17%▼0.02.03%▼0.11.84%▼0.21.73%▼0.1
DIIs16.69%17.14%▲0.417.06%▼0.117.07%▲0.016.98%▼0.117.02%▲0.016.73%▼0.316.48%▼0.3
Public2.47%1.98%▼0.52.05%▲0.12.18%▲0.12.31%▲0.12.45%▲0.12.94%▲0.53.3%▲0.4

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales343342343341361354352354377391
Expenses249247246244256253250253262271
Operating Profit94959798105101102101116120
OPM %27%28%28%29%29%29%29%29%31%31%
Net Profit55586664716568667379
EPS ₹6.176.156.986.787.586.857.196.977.798.37

AI Insights

Revenue Trend

TTM revenue at ₹1,474Cr, up 4.6% YoY. OPM at 30%.

Debt Position

Borrowings at ₹193Cr. Debt-to-equity ratio: 0.10x. Healthy balance sheet.

Capex Cycle

CWIP at ₹226Cr (24% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 16.48% (+10.65pp change). FIIs: 1.73% (-0.33pp change). Promoters hold 78.48%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 19% (Mar 2025). Working capital days: 98.

Valuation

PE 45.5x with 19.2% ROCE. Price is 562% above book value of ₹208. Dividend yield: 0.22%.

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