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Happy Steels IPO
Price Band
₹62.0–66.0
Issue Size
₹25.0 Cr
Lot Size
2,000 shares
Min Investment
₹264,000
2 LOTS MIN
GMP
+₹10.0 (15.15%)
Issue Price
₹66.0
Subject to Sauda
₹15200
Paid only if allotted
Happy Steels IPO AI Summary
- Happy Steels IPO is listed on NSE SME in the Iron & Steel Products sector.
- Price band: ₹62.0–₹66.0 per share, lot size 2,000 shares (min. investment ₹264,000, 2 lots minimum).
- Subscription window: 09 Jul–13 Jul 2026, listing on 16 Jul 2026.
- Current GMP is +₹10.0 (15.15%), an estimated listing price of ₹76 — unofficial and can change daily.
Happy Steel Limited is an established manufacturer in the iron and steel sector, focusing on safety-critical components. With a strong growth trajectory in revenue and profit, a diversified customer base, and a robust manufacturing infrastructure, the company is positioned for future growth. The IPO has garnered significant interest from various investor categories, reflecting positive market sentiment.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Overall Subscription
77.81x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
59.01x
|
59x ✓ |
| NII (HNI) |
113.60x
|
114x 🔥 |
| ↳ bNII (>₹10L) |
128.77x
|
129x 🔥 |
| ↳ sNII (<₹10L) |
83.26x
|
83x ✓ |
| Retail (RII) |
73.25x
|
73x ✓ |
| Total | 77.81x | 77.81x |
Auto-updated every 5 min · As of 13th Jul 2026 18:56
Happy Steels IPO Grey Market Premium (GMP) Today
GMP
+₹10.0
GMP %
+15.15%
Est. Listing
₹76.0
Updated: 16 Jul 2026 09:30
GMP Trend (Last 6 Days)
About the Company
Established in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications. The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This integrated process framework enables the company to deliver components with defined mechanical properties, high dimensional accuracy, and consistent quality in line with stringent customer specifications. Happy Steel Limited’s product portfolio includes a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a crucial role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas markets. The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,577 square yards. As of Financial Year 2025, the facility has an installed capacity of 8,640.00 MT per annum for cutting operations, 7,776.00 MT per annum for forging, and 4,492.80 MT per annum for machining, enabling scalable production across multiple product categories. The company has developed strong in-house expertise in manufacturing high-strength, safety-critical components through advanced forging techniques, precision machining, and stringent quality control systems. Its quality management framework is designed to ensure consistent compliance with customer requirements, applicable regulatory norms, and global automotive industry standards. As of December 31, 2025, Happy Steel Limited employed 429 personnel across various departments, supporting operations, quality assurance, engineering, and management functions. Competitive Strengths: Integrated manufacturing capabilities enabling diversified product offerings with enhanced value addition Strong focus on safety-critical and load-bearing components In-house expertise across forging, heat treatment, precision machining, and quality control Robust quality management systems aligned with automotive industry standards Diversified domestic and international customer base Scalable manufacturing infrastructure supporting future growth
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 99.66 | 78.62 | 78.37 |
| Total Income | 96.57 | 82.52 | 82.24 |
| Profit After Tax | 7.10 | 2.34 | 4.69 |
| EBITDA | 15.27 | 8.49 | 11.08 |
| NET Worth | 39.98 | 32.88 | 30.54 |
| Reserves and Surplus | 29.48 | 31.38 | 29.04 |
| Total Borrowing | 47.18 | 34.21 | 35.69 |
Key Ratios
EPS
₹6.77
NAV
₹38.09
ROE
19.49%
ROCE
20.89%
RoNW
17.76%
P/B Value
1.73
P/E Ratio
9.76
Market Cap
₹94.29 Cr
PAT Margin
7.50%
Debt/Equity
1.18
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| Gna Axles Limited | 223.89 | 11.65% | 13.61 | 27.24 |
| Kross Limited | 75.92 | 11.27% | 21.34 | 8.56 |
| EMM Force Autotech Limited | 44.52 | 9.04% | 19.39 | 5.88 |
| Happy Steels Ltd. This IPO | 38.09 | 17.76% | — | 6.77 |
Promoters
Parveen Kumar Garg, Abhishek Garg, Deepak Garg and Parveen Kumar Garg (HUF)
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit 13.16 2 Repayment/ Prepayment of Term Loans to Banks 4.98 3 General Corporate Purposes 3.62 4 Issue Expenses 3.24 Total 25.00
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹82.24 Cr in the year ending 31 Mar 2024, increasing to ₹82.52 Cr by 31 Mar 2025, and further rising to ₹96.57 Cr by 31 Mar 2026. This indicates a consistent upward trend in revenue over the periods.
Profit Trend
Profit After Tax was ₹4.69 Cr for the year ending 31 Mar 2024, which increased to ₹2.34 Cr in the following year, and then rose to ₹7.10 Cr by 31 Mar 2026. This shows a positive growth trajectory in profitability, particularly in the most recent period.
Valuation
Happy Steel's implied P/E at the issue price is approximately 9.76, compared to peers trading at a P/E range of 13.61 to 21.34.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is the price at which shares of an IPO are traded in the unofficial market before they are listed on the stock exchange. A positive GMP indicates that the market expects the stock to list at a higher price than the issue price, while a negative GMP suggests the opposite. GMP can provide insights into investor sentiment but is not a guarantee of future performance.
Subscription Demand
As of 13th July 2026, the IPO has received a total subscription of 77.81 times, with significant interest from various categories: QIBs subscribed 59.01 times, NIIs 113.6 times, bNIIs over ₹10L 128.77 times, sNIIs under ₹10L 83.26 times, and Retail investors 73.25 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, industry position, and overall market conditions.
Who May Want to Wait
Investors with a low risk tolerance or those seeking guaranteed short-term returns may want to avoid this IPO, as market conditions can be unpredictable and involve significant risks.
IPO Timeline, Explained
The IPO opens for subscription on 9th July 2026 and closes on 13th July 2026. Allotment of shares is expected to occur on 14th July 2026, with the listing date set for 16th July 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are listed on the stock exchange at a price higher than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock on the listing day.
This evaluation is generated from Happy Steels's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Happy Steels IPO GMP today?
Happy Steels IPO GMP today is +₹10.0 (15.15%), indicating an estimated listing price of ₹76. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Happy Steels IPO?
The price band of Happy Steels IPO is ₹62.0–₹66.0 per share.
When does Happy Steels IPO open and close?
Happy Steels IPO opens on 09 July 2026 and closes on 13 July 2026.
When does Happy Steels IPO list on the stock exchange?
Happy Steels IPO listed on 16 July 2026 at ₹76.0.
What is the lot size for Happy Steels IPO?
The lot size for Happy Steels IPO is 2000 shares, requiring a minimum investment of ₹264,000 (2 lots).
What is the lot size for this IPO?
The lot size for Happy Steels IPO is 2000 shares.
What is the minimum investment required?
The minimum investment required is ₹264,000.
What is the price band for the IPO?
The price band for the Happy Steels IPO is ₹62.0 to ₹66.0.
When does the IPO open and close?
The IPO opens on 9th July 2026 and closes on 13th July 2026.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected listing price of the shares in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
09 Jul 2026
Close
13 Jul 2026
Allotment
14 Jul 2026
Listing
16 Jul 2026
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