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    Happy Forgings Limited

    Ludhiana forger of heavy, precision-machined crankshafts, axles & housings for auto and industrial OEMs.

    Capital Goods
    Industrials
    View HAPPYFORGE earnings calls
    ₹1,595.3
    +10.02% from avg

    Overview

    Price

    ₹1,595.3

    Market Cap

    ₹15.6k Cr

    Sector

    Capital Goods

    Industrials

    Rank

    3

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital99181819191919
    Reserves5506367709701.6k1.8k1.9k2.1k
    Borrowings105150240219143227193330
    Other Liabilities10079102119130138149175
    Total Liabilities7638741.1k1.3k1.9k2.2k2.3k2.6k
    AssetsFixed Assets2754154566787449079511.1k
    CWIP1094021275127123226237
    Investments000008086238
    Other Assets3784194615731.0k1.1k1.0k1.1k
    Total Assets7638741.1k1.3k1.9k2.2k2.3k2.6k

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY19FY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating1361695080209189292445
    Cash from Investing-162-119-59-166-172-470-319-498
    Cash from Financing27-501083-372813966
    SummaryCapital Expenditure
    Free Cash Flow167-42-11135-412-16
    FCF Margin

    Valuation

    Assumptions

    Current — HAPPYFORGE
    Price
    ₹1,595
    EPS (TTM)
    ₹31.99
    PE (TTM)
    49.9
    Profit growth
    11.5%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (35.8×) and current (49.9×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹1,595
    vs
    Fair value · 15% return
    ₹860
    46%Overvalued

    At 11.5% growth and a 36× exit, ₹1595 only delivers your return if you pay ₹860. The price is currently baking in 25% growth.

    EPS grows 11.5%/yr for 5 years, then fades to 6% over 2, exits at 36×.

    YearGrowthEPS (₹)
    FY2711.5%35.67
    FY2811.5%39.77
    FY2911.5%44.34
    FY3011.5%49.44
    FY3111.5%55.13
    FY328.8% ·fade59.95
    FY336.0% ·fade63.55

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse Happy Forgings Limited

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