| ₹ crore | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
| Revenue | 449 | 354 | +27.0% |
| EBITDA | 141 | 101 | +39.3% |
| EBITDA margin | 31.3% | 28.6% | +2.8 pts |
| Profit before tax | 123 | 88.6 | +38.3% |
| Net profit | 91.5 | 65.7 | +39.2% |
| EPS | ₹9.70 | ₹6.97 | +39.2% |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 |
|---|
| 16,700 | — | — | — | |
| 263 | 263 | 92.5 | 0.6 | |
| 330 | 330 | 228 | 143 | |
| 16,767 | — | — | — | |
| 1,642 | 1,546 | 1,409 | 1,358 | |
| — | +9.8% | +3.7% | — | |
| 510 | 471 | 407 | 388 | |
| 31.1% | 30.4% | 28.9% | 28.5% | |
| 416 | 382 | 330 | 323 | |
| 327 | 302 | 267 | 243 | |
| 19.9% | 19.5% | 19.0% | 17.9% | |
| ₹34.70 | ₹31.97 | ₹28.34 | ₹25.75 | |
| — | +12.8% | +10.1% | — | |
| — | 445 | 292 | 189 | |
| — | −461 | −281 | −194 | |
| −16.6 | −16.6 | 11.5 | −5.1 | |
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|
| Market Capitalization | — | — | — | 16,700.0 | |
| - Cash, Equiv & ST Investments | 0.6 | 92.5 | 262.7 | 262.7 | |
| + Total Debt | 143.0 | 228.0 | 329.6 | 329.6 | |
| Enterprise Value | — | — | — | 16,766.9 | |
| Revenue | 1,358.2 | 1,408.9 | 1,546.3 | 1,642.0 | |
| Growth %, YoY | — | +3.7 | +9.8 | — | |
| EBITDA | 387.5 | 406.7 | 470.7 | 510.4 | |
| Margin % | 28.53 | 28.87 | 30.44 | 31.08 | |
| EBIT | 322.8 | 329.6 | 381.6 | 415.7 | |
| Net Income | 243.0 | 267.4 | 301.6 | 327.4 | |
| Margin % | 17.89 | 18.98 | 19.51 | 19.94 | |
| EPS, Adj (current shares) | 25.75 | 28.34 | 31.97 | 34.70 | |
| Growth %, YoY | — | +10.1 | +12.8 | — | |
| Cash from Operations | 189.0 | 292.3 | 444.7 | — | |
| Capital Expenditures | -194.1 | -280.9 | -461.3 | — | |
| Free Cash Flow | -5.1 | 11.5 | -16.6 | -16.6 | |
Prices at the 30 October 2026 close · figures from the company's filings with NSE
Happy Forgings (NSE: HAPPYFORGE) had a market capitalisation of ₹16,499 crore at the 30 October 2026 close (₹1,748.20 a share), a PE ratio of 50.4 on the last four quarters' profit and a price-to-book ratio of 7.75. In FY26 its consolidated net profit was ₹302 crore on revenue of ₹1,546 crore; in Q1 FY27 (April–June 2026) it was ₹91.5 crore, up 39.2% year on year. Its debt-to-equity ratio was 0.15 on 31 March 2026. Promoters held 78.44% of the shares on 30 September 2026.
Happy Forgings' PE ratio is 50.4 at the 30 October 2026 close (₹1,748.20 a share): a market capitalisation of ₹16,499 crore divided by consolidated net profit of ₹327 crore over the last four quarters (Q2 FY26 to Q1 FY27). On FY26 net profit (₹302 crore) it is 54.7.
Happy Forgings' debt-to-equity ratio was 0.15 on 31 March 2026: borrowings of ₹330 crore against total equity of ₹2,128 crore. A year earlier, on 31 March 2025, it was 0.12.
Happy Forgings' net worth — shareholders' equity in its consolidated balance sheet — was ₹2,128 crore on 31 March 2026, up 15.1% from ₹1,850 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹16,499 crore at the 30 October 2026 close.
Happy Forgings' price-to-book (PB) ratio is 7.75 at the 30 October 2026 close: a market capitalisation of ₹16,499 crore divided by shareholders' equity (book value) of ₹2,128 crore on 31 March 2026. That is a book value of ₹225.49 per share against a share price of ₹1,748.20.
In FY26, Happy Forgings' return on equity (ROE) was 15.2% and its return on capital employed (ROCE) was 18.8%. ROE is net profit divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 15.5% and ROCE 18.7%.
Happy Forgings' book value per share was ₹225.49 on 31 March 2026: shareholders' equity of ₹2,128 crore divided by the 9.44 crore shares in issue, up 14.9% from ₹196.25 a year earlier. The share price at the 30 October 2026 close was ₹1,748.20.
Happy Forgings' market capitalisation was ₹16,499 crore at the 30 October 2026 close: 9.44 crore shares at ₹1,748.20 each.
Happy Forgings' basic earnings per share (EPS) were ₹31.99 in FY26, against ₹28.39 in FY25. Over the last four quarters (Q2 FY26 to Q1 FY27) they add up to ₹34.72.
In 2026, Happy Forgings has declared one dividend: ₹4 with record date 20 July 2026.
No. Happy Forgings had borrowings of ₹330 crore on 31 March 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.15. Its cash and current investments were ₹290 crore, so its net debt was ₹39.7 crore.
Happy Forgings' dividend yield is 0.23% at the 30 October 2026 close: dividends of ₹4 a share that went ex-dividend in the 12 months before that day, divided by the share price of ₹1,748.20. They were ₹4 on 20 July 2026.
Promoters held 78.44% of Happy Forgings on 30 September 2026, down 0.02 percentage points from 78.46% the previous quarter and down 0.08 percentage points from 78.52% a year earlier, according to the shareholding pattern filed with NSE.
On 30 September 2026, Happy Forgings' shares were held by promoters 78.44%, foreign portfolio investors (FII/FPI) 2.37%, domestic institutions (DII) 14.93% (including mutual funds at 13.37%) and retail and other non-institutional investors 4.26%. Over the year, FII holding was up 0.35 percentage points from 2.02% and DII holding was down 2.08 percentage points from 17.01%.
On FY26 consolidated figures, against Steelcast, Nelcast and Synergy Green Industries: Happy Forgings' operating margin of 24.7% is the highest of the four (Steelcast 23.9%, Nelcast 6.3%, Synergy Green Industries 5.2%; peer average 11.8%); its return on equity of 15.2% is the second highest of the four (Steelcast 24.1%, Nelcast 8.4%, Synergy Green Industries 4.2%; peer average 12.2%).
At the 30 October 2026 closing prices, on FY26 net profit, Happy Forgings' PE ratio is 54.7, the second highest of the four: Steelcast 40.6, Nelcast 23.8 and Synergy Green Industries 185.8, a peer average of 83.4. Each is the company's market capitalisation at that price divided by its FY26 net profit.
In FY26, Happy Forgings generated ₹445 crore of cash from operations and spent ₹461 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of −₹16.6 crore. In FY25 it was ₹11.5 crore.
Happy Forgings' latest results are for Q1 FY27 (April–June 2026), filed on 4 August 2026: consolidated net profit ₹91.5 crore, up 39.2% from ₹65.7 crore in Q1 FY26; revenue from operations ₹449 crore, up 27.0% year on year.
In FY26 (April 2025–March 2026), Happy Forgings' consolidated net profit was ₹302 crore, up 12.8% from ₹267 crore in FY25, on revenue from operations of ₹1,546 crore (up 9.8%).
Happy Forgings will announce its Q2 FY27 results (July–September 2026) on Thursday, 5 November 2026, the date of the board meeting it has notified to the exchanges.
In FY26, Happy Forgings earned net profit of ₹302 crore on revenue of ₹1,546 crore, against ₹86.9 crore on ₹423 crore for Steelcast. Happy Forgings' operating margin was 24.7% (Steelcast 23.9%) and its return on equity 15.2% (Steelcast 24.1%). At the 30 October 2026 close, Happy Forgings' market capitalisation was ₹16,499 crore against ₹3,527 crore for Steelcast, and its PE ratio on FY26 profit 54.7 against 40.6.
From Happy Forgings' own consolidated results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 30 October 2026 close). Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.