Happy Forgings cash flow

Latest FY26

Cash from operations: ₹445cr+52.1% on FY25
Capital spending: ₹461cr+64.2% on FY25
Free cash flow: −₹16.6cr₹11.5 cr in FY25
Cash from financing: ₹64.9cr+61.6% on FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Jun 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024

Adjustments to reconcile profit — non-cash items
	—	89.0	77.1	64.7
	—	10.5	7.5	11.8
	—	−16.0	−23.7	−7.7
	—	−4.6	−0.0	−2.5
	—	2.5	5.1	5.7
	—	−3.7	−1.9	−1.3
	—	1.5	0.6	0.5
	—	0.0	0.0	0.3
	—	−1.5	0.0	0.0
Changes in working capital
	—	−0.3	−8.3	−54.6
	—	34.6	−67.0	−48.0
	—	0.0	−8.7	−5.3
	—	0.0	22.0	−12.4
	—	4.4	16.8	−20.5
	—	0.0	0.3	−0.3
	—	14.1	−10.2	7.8
	—	0.5	−4.3	0.0
	—	0.0	0.0	7.9
	—	6.3	10.2	1.4
	—	−1.4	0.7	0.9
Cash from operating activities
	436	402	360	324
	—	136	16.0	−51.5
	—	538	376	273
	—	93.2	83.2	83.9
	—	445	292	189
Cash from investing activities
	—	454	271	194
	—	6.9	9.7	0.0
	—	0.2	0.3	0.0
	—	0.0	345	322
	—	0.0	365	45.0
	—	0.0	79.0	0.0
	—	21.2	19.5	1.3
	—	−57.0	0.0	0.0
	—	−497	−320	−469
Cash from financing activities
	—	2.1	0.7	381
	—	102	84.6	8.7
	—	0.7	0.0	84.2
	—	10.5	7.4	13.0
	—	28.3	37.7	11.6
	—	64.9	40.2	281
	—	12.8	12.3	0.6
	—	12.8	12.3	0.6
	—	—	—	0.6
Reference items
	510	471	407	388
	31.1%	30.4%	28.9%	28.5%
	−16.6	−16.6	11.5	−5.1
	—	74.6	89.1	—
	−₹1.76	−₹1.76	₹1.22	−₹0.54
	—	1.47×	1.09×	0.78×
	—	93.2	83.2	83.9
	—	10.5	7.4	13.0

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

HAPPYFORGE₹1,800.10

Happy Forgings Limited

· Capital Goods & Defence

₹ CrorePeersSTEELCAS NELCAST SGIL KALYANIFRG HILTONMcap ₹16,984 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/06/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	64.7	77.1	89.0	—
+ Finance Costs	11.8	7.5	10.5	—
+ Interest Income	-7.7	-23.7	-16.0	—
+ Fair Value (Gains) / Losses	-2.5	-0.0	-4.6	—
+ Share-based Payments	5.7	5.1	2.5	—
+ Unrealised FX (Gain) / Loss	-1.3	-1.9	-3.7	—
+ Other Non-cash Items	0.5	0.6	1.5	—
+ Other — Cash Effects are Investing / Financing	0.3	0.0	0.0	—
+ Other Reconciling Items	0.0	0.0	-1.5	—
Changes in Working Capital
+ Inventories	-54.6	-8.3	-0.3	—
+ Trade Receivables — Current	-48.0	-67.0	34.6	—
+ Other Financial Assets — Current	-5.3	-8.7	0.0	—
+ Other Financial Assets — Non-current	-12.4	22.0	0.0	—
+ Other Current Assets	-20.5	16.8	4.4	—
+ Other Non-current Assets	-0.3	0.3	0.0	—
+ Trade Payables — Current	7.8	-10.2	14.1	—
+ Other Financial Liabilities — Current	0.0	-4.3	0.5	—
+ Other Financial Liabilities — Non-current	7.9	0.0	0.0	—
+ Other Current Liabilities	1.4	10.2	6.3	—
+ Provisions — Current	0.9	0.7	-1.4	—
Cash from Operating Activities
Profit Before Tax (per I/S)	324.4	359.6	402.0	436.0
+ Total Adjustments (incl. Working Capital)	-51.5	16.0	135.9	—
Cash from Operations (pre-tax)	272.9	375.6	537.9	—
+ Income Taxes Paid	83.9	83.2	93.2	—
Cash from Operating Activities	189.0	292.3	444.7	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	194.1	271.1	454.3	—
+ Acq of Intangible Assets	0.0	9.7	6.9	—
+ Disp of Fixed Assets	0.0	0.3	0.2	—
+ Acq of Other Long-term Assets	321.5	344.7	0.0	—
+ Disp of Other Long-term Assets	45.0	364.5	0.0	—
+ Purchase of Investments (Equity / Debt)	0.0	79.0	0.0	—
+ Interest Received — Investing	1.3	19.5	21.2	—
+ Other Inflows / (Outflows) — Investing	0.0	0.0	-57.0	—
Cash from Investing Activities	-469.3	-320.2	-496.8	—
Cash from Financing Activities
+ Proceeds from Issue of Shares	381.0	0.7	2.1	—
+ Proceeds from Borrowings	8.7	84.6	102.3	—
+ Repayment of Borrowings	84.2	0.0	0.7	—
+ Interest Paid	13.0	7.4	10.5	—
+ Dividends Paid	11.6	37.7	28.3	—
Cash from Financing Activities	280.9	40.2	64.9	—
Net Changes in Cash (pre-FX)	0.6	12.3	12.8	—
Net Changes in Cash	0.6	12.3	12.8	—
Closing Cash	0.6	—	—	—
Reference Items
EBITDA	387.5	406.7	470.7	510.4
EBITDA Margin %	28.53	28.87	30.44	31.08
Free Cash Flow (CFO − Capex)	-5.1	11.5	-16.6	-16.6
Free Cash Flow to Equity	—	89.1	74.6	—
Free Cash Flow per Basic Share	-0.54	1.22	-1.76	-1.76
Cash Flow to Net Income	0.78	1.09	1.47	—
Cash Paid for Taxes	83.9	83.2	93.2	—
Cash Paid for Interest	13.0	7.4	10.5	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

« ‹ › »Latest: FY26 · ConsolidatedFA Financial Analysis · alphave

Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.