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Change
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Day Open
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Day High
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Day Low
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NSE Close — 25 Sep 2026
₹2,063.5
Change
-21.3 (-1.02%)
Open
₹2,084.8
Prev. Close
₹2,084.8
Day High
₹2,115.9
Day Low
₹2,051.0
Volume Analysis
Traded
37,247
Delivered
21,738
Delivery %
58.36%
End-of-day NSE price via the official Bhavcopy — updated once daily after market close, not a live tick.
Strengths, Weaknesses, Opportunities & Threats
Strengths (1)
- •Strong operating margin (31.0%)
Weaknesses (0)
No signal for this stock
Opportunities (0)
No signal for this stock
Threats (0)
No signal for this stock
Rule-based signals from the fundamentals below — not investment advice.
Pivot Levels
| Type | R3 | R2 | R1 | Pivot | S1 | S2 | S3 |
|---|---|---|---|---|---|---|---|
| Classic | ₹2,167.5 | ₹2,141.7 | ₹2,102.6 | ₹2,076.8 | ₹2,037.7 | ₹2,011.9 | ₹1,972.8 |
| Fibonacci | ₹2,141.7 | ₹2,116.91 | ₹2,101.59 | ₹2,076.8 | ₹2,052.01 | ₹2,036.69 | ₹2,011.9 |
| Camarilla | ₹2,081.35 | ₹2,075.4 | ₹2,069.45 | ₹2,076.8 | ₹2,057.55 | ₹2,051.6 | ₹2,045.65 |
Support/resistance levels for today, calculated from the previous trading day's high/low/close.
Absolute Returns
YTD
+78.52%
1 Week
-2.16%
1 Month
-10.55%
3 Months
+34.19%
6 Months
+74.12%
1 Year
+114.5%
2Y/3Y/5Y not shown yet — price history tracking only goes back to mid-2025 so far.
Stock Vitals
Computed from the latest available annual financials.
Graham Number
₹403.2
Current price is above the Graham Number — Benjamin Graham's estimate of fair value based on earnings and book value.
DuPont ROE Breakdown
14.57%
Net margin 19.91% × asset turnover 0.59x × equity multiplier 1.24x
Company Overview
Sector
Capital Goods
Market Cap
₹19,887 Cr
P/E (TTM)
60.7
ROE
15.0%
Book Value
₹226.0
Face Value
₹2.0
Source: Screener.in (Consolidated figures) — data as of 24 Sep 2026. Not investment advice.
TopFund Analysis
Happy Forgings Limited lands in the middle of the pack on TopFund's composite fundamentals check within the Capital Goods sector, at 63/100. The strongest factor is Financial Strength (100/100), while Valuation (0/100) is the weakest area to weigh before deciding. Notably: Strong operating margin (31.0%).
TopFund Score — Fundamentals Quality
63/100 — AverageData confidence: 79/100 (Moderate Confidence) — based on how complete and how fresh the underlying data is.
As of 27 Sep 2026 · How we calculate this →
Financial Strength
Growth
Valuation
Cash Flow
Corporate Governance
Momentum
Institutional Ownership
Business Quality
Risk & Volatility
Liquidity
From Screener.in
- −Stock is trading at 9.33 times its book value
- −Dividend payout has been low at 12.9% of profits over last 3 years
Not investment advice — an automated read of public fundamentals data, for research context only.
Corporate Actions
Trading window closed from 1 October 2026 until 48 hours after Q2 FY27 results board meeting.
Source: BSE regulatory filings, via Screener.in.
Quarterly Results
Last several quarters
| 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 % | 30.0% | 27.0% | 28.0% | 28.0% | 29.0% | 29.0% | 29.0% | 29.0% | 29.0% | 31.0% | 31.0% | 31.0% | 31.0% |
| 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 |
| Tax % | 25.0% | 25.0% | 25.0% | 25.0% | 26.0% | 27.0% | 26.0% | 24.0% | 26.0% | 26.0% | 24.0% | 25.0% | 25.0% |
| Net Profit + | 64 | 55 | 58 | 66 | 64 | 71 | 65 | 68 | 66 | 73 | 79 | 84 | 91 |
| EPS in Rs | 7 | 6 | 6 | 7 | 7 | 8 | 7 | 7 | 7 | 8 | 8 | 9 | 10 |
| Raw PDF | — | — | — | — | — | — | — | — | — | — | — | — | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Profit & Loss (Yearly)
| 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 % | 27.0% | 27.0% | 28.0% | 29.0% | 29.0% | 30.0% | 31.0% |
| 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 |
| Tax % | 26.0% | 26.0% | 25.0% | 25.0% | 26.0% | 25.0% | — |
| Net Profit + | 86 | 142 | 209 | 243 | 267 | 302 | 327 |
| EPS in Rs | 966 | 16 | 23 | 26 | 28 | 32 | 35 |
| Dividend Payout % | 0.0% | 0.0% | 6.0% | 16.0% | 11.0% | 13.0% | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Balance Sheet
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 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 |
| Equity Capital | 9 | 18 | 18 | 19 | 19 | 19 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Cash Flow
| 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 |
| CFO/OP | 59 | 53 | 80 | 71 | 92 | 114 |
| Free Cash Flow | -32 | -111 | 35 | -5 | 12 | -16 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Shareholding Pattern
Quarter-by-quarter — Promoters, FII, DII & public holding trend
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Public | 13.5% | 3.35% | 2.47% | 1.98% | 2.05% | 2.18% | 2.31% | 2.45% | 2.94% | 3.3% | 4.12% |
| Promoters | 78.6% | 78.6% | 78.6% | 78.6% | 78.6% | 78.57% | 78.54% | 78.52% | 78.5% | 78.48% | 78.46% |
| FII | 2.06% | 1.12% | 2.24% | 2.27% | 2.28% | 2.19% | 2.17% | 2.03% | 1.84% | 1.73% | 1.88% |
| DII | 5.83% | 16.92% | 16.69% | 17.14% | 17.06% | 17.07% | 16.98% | 17.02% | 16.73% | 16.48% | 15.54% |
Source: Screener.in — quarterly shareholding disclosures.
Peers Comparison
Capital Goods — ranked by market cap
| Company | Market Cap (Cr) | P/E | P/B | ROE |
|---|---|---|---|---|
| Happy Forgings Limited (this stock) | 19,887 | 60.7 | 9.32 | 15.0% |
| Elgi Equipments Ltd | 19,480 | 42.0 | 8.74 | 19.0% |
| Ratnamani Met & Tub Ltd. | 19,474 | 44.4 | 4.74 | 12.6% |
| Inox India Limited | 18,742 | 72.9 | 16.79 | 26.1% |
| Mtar Technologies Limited | 21,224 | 156.0 | 25.84 | 12.4% |
| Hbl Engineering Ltd | 21,376 | 26.7 | 9.65 | 45.3% |
| Lmw Limited | 18,303 | 100.0 | 6.39 | 4.05% |
Which Mutual Funds Hold Happy Forgings Limited?
Frequently Asked Questions about Happy Forgings Limited
Happy Forgings Limited (HAPPYFORGE) closed at ₹2,063.5 on NSE on 25 September 2026, down 21.3 (1.02%) from the previous close.
Happy Forgings Limited trades on the NSE (National Stock Exchange of India) under the symbol HAPPYFORGE.
Happy Forgings Limited has a trailing twelve-month P/E (price-to-earnings) ratio of 60.7.
Happy Forgings Limited has a dividend yield of 0.19%.
Happy Forgings Limited's 52-week high is ₹2,484.0 and its 52-week low is ₹889.0.
Happy Forgings Limited has a market capitalisation of ₹19,887 crore.
Happy Forgings Limited has a TopFund Quality Score of 63/100 (Average), a composite of profitability, balance-sheet health, growth and valuation. This is an analytical score based on public data, not personalized investment advice — see the full breakdown below before deciding.
Community Sentiment
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