Happy Forgings Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: August 15, 2025, 10:45 pm

Quick Insight

Happy Forgings Ltd, with a market cap of ₹9,110 Cr. and a P/E ratio of 33.8, reflects a robust valuation in the forgings industry. The company's healthy ROE of 15.5% and ROCE of 19.2% indicate efficient capital utilization. Operating at a 29% margin, Happy Forgings demonstrates strong profitability, with a net profit of ₹268 Cr. Its conservative leverage is evident through borrowings of ₹227 Cr. and a comfortable interest coverage ratio of 58.96x. Furthermore, the company's high P/BV of 4.00x suggests market confidence and potential for further growth. With a solid financial foundation and efficient operations, Happy Forgings appears well-positioned for sustained success in the industry.

Competitors of Happy Forgings Ltd

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Quarterly Result

Last Updated: May 31, 2025, 5:46 am

Below is a detailed analysis of the quarterly data for Happy Forgings Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

• For Sales, as of Mar 2025, the value is 352.00 Cr.. The value appears to be declining and may need further review. It has decreased from 354.00 Cr. (Dec 2024) to 352.00 Cr., marking a decrease of 2.00 Cr..
• For Expenses, as of Mar 2025, the value is 250.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 253.00 Cr. (Dec 2024) to 250.00 Cr., marking a decrease of 3.00 Cr..
• For Operating Profit, as of Mar 2025, the value is 102.00 Cr.. The value appears strong and on an upward trend. It has increased from 101.00 Cr. (Dec 2024) to 102.00 Cr., marking an increase of 1.00 Cr..
• For OPM %, as of Mar 2025, the value is 29.00%. The value remains steady. There is no change compared to the previous period (Dec 2024) which recorded 29.00%.
• For Other Income, as of Mar 2025, the value is 10.00 Cr.. The value appears strong and on an upward trend. It has increased from 7.00 Cr. (Dec 2024) to 10.00 Cr., marking an increase of 3.00 Cr..
• For Interest, as of Mar 2025, the value is 2.00 Cr.. The value remains steady. There is no change compared to the previous period (Dec 2024) which recorded 2.00 Cr..
• For Depreciation, as of Mar 2025, the value is 20.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 19.00 Cr. (Dec 2024) to 20.00 Cr., marking an increase of 1.00 Cr..
• For Profit before tax, as of Mar 2025, the value is 90.00 Cr.. The value appears strong and on an upward trend. It has increased from 87.00 Cr. (Dec 2024) to 90.00 Cr., marking an increase of 3.00 Cr..
• For Tax %, as of Mar 2025, the value is 24.00%. The value appears to be improving (decreasing) as expected. It has decreased from 26.00% (Dec 2024) to 24.00%, marking a decrease of 2.00%.
• For Net Profit, as of Mar 2025, the value is 68.00 Cr.. The value appears strong and on an upward trend. It has increased from 65.00 Cr. (Dec 2024) to 68.00 Cr., marking an increase of 3.00 Cr..
• For EPS in Rs, as of Mar 2025, the value is 7.19. The value appears strong and on an upward trend. It has increased from 6.85 (Dec 2024) to 7.19, marking an increase of 0.34.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Profit & Loss - Annual Report

Last Updated: July 19, 2025, 11:56 am

Growth

Last Updated: Unknown

Balance Sheet

Last Updated: July 25, 2025, 1:08 pm

Below is a detailed analysis of the balance sheet data for Happy Forgings Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

• For Equity Capital, as of Mar 2025, the value is 19.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 19.00 Cr..
• For Reserves, as of Mar 2025, the value is 1,831.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,594.00 Cr. (Mar 2024) to 1,831.00 Cr., marking an increase of 237.00 Cr..
• For Borrowings, as of Mar 2025, the value is 227.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 143.00 Cr. (Mar 2024) to 227.00 Cr., marking an increase of 84.00 Cr..
• For Other Liabilities, as of Mar 2025, the value is 138.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 130.00 Cr. (Mar 2024) to 138.00 Cr., marking an increase of 8.00 Cr..
• For Total Liabilities, as of Mar 2025, the value is 2,215.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 1,886.00 Cr. (Mar 2024) to 2,215.00 Cr., marking an increase of 329.00 Cr..
• For Fixed Assets, as of Mar 2025, the value is 907.00 Cr.. The value appears strong and on an upward trend. It has increased from 744.00 Cr. (Mar 2024) to 907.00 Cr., marking an increase of 163.00 Cr..
• For CWIP, as of Mar 2025, the value is 123.00 Cr.. The value appears to be declining and may need further review. It has decreased from 127.00 Cr. (Mar 2024) to 123.00 Cr., marking a decrease of 4.00 Cr..
• For Investments, as of Mar 2025, the value is 80.00 Cr.. The value appears strong and on an upward trend. It has increased from 0.00 Cr. (Mar 2024) to 80.00 Cr., marking an increase of 80.00 Cr..
• For Other Assets, as of Mar 2025, the value is 1,105.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,015.00 Cr. (Mar 2024) to 1,105.00 Cr., marking an increase of 90.00 Cr..
• For Total Assets, as of Mar 2025, the value is 2,215.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,886.00 Cr. (Mar 2024) to 2,215.00 Cr., marking an increase of 329.00 Cr..

Notably, the Reserves (1,831.00 Cr.) exceed the Borrowings (227.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Cash Flow

Free Cash Flow

Financial Efficiency Indicators

Share Holding Pattern

Mutual Fund Holdings

Key Financial Ratios

After reviewing the key financial ratios for Happy Forgings Ltd, here is a detailed analysis based on the latest available data and recent trends:

• For FaceValue, as of Mar 25, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 2.00.
• For Basic EPS (Rs.), as of Mar 25, the value is 28.39. This value is within the healthy range. It has increased from 26.78 (Mar 24) to 28.39, marking an increase of 1.61.
• For Diluted EPS (Rs.), as of Mar 25, the value is 28.37. This value is within the healthy range. It has increased from 26.75 (Mar 24) to 28.37, marking an increase of 1.62.
• For Cash EPS (Rs.), as of Mar 25, the value is 36.56. This value is within the healthy range. It has increased from 32.66 (Mar 24) to 36.56, marking an increase of 3.90.
• For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 196.25. It has increased from 171.17 (Mar 24) to 196.25, marking an increase of 25.08.
• For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 196.25. It has increased from 171.17 (Mar 24) to 196.25, marking an increase of 25.08.
• For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 149.50. It has increased from 144.18 (Mar 24) to 149.50, marking an increase of 5.32.
• For PBDIT / Share (Rs.), as of Mar 25, the value is 47.13. This value is within the healthy range. It has increased from 42.56 (Mar 24) to 47.13, marking an increase of 4.57.
• For PBIT / Share (Rs.), as of Mar 25, the value is 38.95. This value is within the healthy range. It has increased from 35.68 (Mar 24) to 38.95, marking an increase of 3.27.
• For PBT / Share (Rs.), as of Mar 25, the value is 38.15. This value is within the healthy range. It has increased from 34.43 (Mar 24) to 38.15, marking an increase of 3.72.
• For Net Profit / Share (Rs.), as of Mar 25, the value is 28.38. This value is within the healthy range. It has increased from 25.79 (Mar 24) to 28.38, marking an increase of 2.59.
• For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 28.38. This value is within the healthy range. It has increased from 25.79 (Mar 24) to 28.38, marking an increase of 2.59.
• For PBDIT Margin (%), as of Mar 25, the value is 31.52. This value is within the healthy range. It has increased from 29.51 (Mar 24) to 31.52, marking an increase of 2.01.
• For PBIT Margin (%), as of Mar 25, the value is 26.05. This value exceeds the healthy maximum of 20. It has increased from 24.75 (Mar 24) to 26.05, marking an increase of 1.30.
• For PBT Margin (%), as of Mar 25, the value is 25.52. This value is within the healthy range. It has increased from 23.88 (Mar 24) to 25.52, marking an increase of 1.64.
• For Net Profit Margin (%), as of Mar 25, the value is 18.98. This value exceeds the healthy maximum of 10. It has increased from 17.88 (Mar 24) to 18.98, marking an increase of 1.10.
• For NP After MI And SOA Margin (%), as of Mar 25, the value is 18.98. This value is within the healthy range. It has increased from 17.88 (Mar 24) to 18.98, marking an increase of 1.10.
• For Return on Networth / Equity (%), as of Mar 25, the value is 14.46. This value is below the healthy minimum of 15. It has decreased from 15.06 (Mar 24) to 14.46, marking a decrease of 0.60.
• For Return on Capital Employeed (%), as of Mar 25, the value is 19.43. This value is within the healthy range. It has decreased from 20.44 (Mar 24) to 19.43, marking a decrease of 1.01.
• For Return On Assets (%), as of Mar 25, the value is 12.07. This value is within the healthy range. It has decreased from 12.88 (Mar 24) to 12.07, marking a decrease of 0.81.
• For Long Term Debt / Equity (X), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 0.2. There is no change compared to the previous period (Mar 24) which recorded 0.00.
• For Total Debt / Equity (X), as of Mar 25, the value is 0.12. This value is within the healthy range. It has increased from 0.08 (Mar 24) to 0.12, marking an increase of 0.04.
• For Asset Turnover Ratio (%), as of Mar 25, the value is 0.68. It has decreased from 0.84 (Mar 24) to 0.68, marking a decrease of 0.16.
• For Current Ratio (X), as of Mar 25, the value is 2.81. This value is within the healthy range. It has decreased from 3.07 (Mar 24) to 2.81, marking a decrease of 0.26.
• For Quick Ratio (X), as of Mar 25, the value is 2.10. This value exceeds the healthy maximum of 2. It has decreased from 2.14 (Mar 24) to 2.10, marking a decrease of 0.04.
• For Inventory Turnover Ratio (X), as of Mar 25, the value is 2.64. This value is below the healthy minimum of 4. It has decreased from 3.20 (Mar 24) to 2.64, marking a decrease of 0.56.
• For Interest Coverage Ratio (X), as of Mar 25, the value is 58.96. This value is within the healthy range. It has increased from 34.04 (Mar 24) to 58.96, marking an increase of 24.92.
• For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 36.50. This value is within the healthy range. It has increased from 21.63 (Mar 24) to 36.50, marking an increase of 14.87.
• For Enterprise Value (Cr.), as of Mar 25, the value is 7,495.55. It has decreased from 8,392.35 (Mar 24) to 7,495.55, marking a decrease of 896.80.
• For EV / Net Operating Revenue (X), as of Mar 25, the value is 5.32. This value exceeds the healthy maximum of 3. It has decreased from 6.18 (Mar 24) to 5.32, marking a decrease of 0.86.
• For EV / EBITDA (X), as of Mar 25, the value is 16.88. This value exceeds the healthy maximum of 15. It has decreased from 20.93 (Mar 24) to 16.88, marking a decrease of 4.05.
• For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 5.26. This value exceeds the healthy maximum of 3. It has decreased from 6.16 (Mar 24) to 5.26, marking a decrease of 0.90.
• For Price / BV (X), as of Mar 25, the value is 4.00. This value exceeds the healthy maximum of 3. It has decreased from 5.19 (Mar 24) to 4.00, marking a decrease of 1.19.
• For Price / Net Operating Revenue (X), as of Mar 25, the value is 5.26. This value exceeds the healthy maximum of 3. It has decreased from 6.16 (Mar 24) to 5.26, marking a decrease of 0.90.
• For EarningsYield, as of Mar 25, the value is 0.03. This value is below the healthy minimum of 5. It has increased from 0.02 (Mar 24) to 0.03, marking an increase of 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Fair Value

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Strength and Weakness