Happy Forgings Ltd: Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: February 22, 2025, 5:41 am

Market Cap	8,313 Cr.
Current Price	882
High / Low	1,300/813
Stock P/E	31.3
Book Value	182
Dividend Yield	0.45 %
ROCE	22.7 %
ROE	18.7 %
Face Value	2.00
PEG Ratio	-0.61

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Happy Forgings Ltd

Competitors of Happy Forgings Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Happy Forgings Ltd	8,313 Cr.	882	1,300/813	31.3	182	0.45 %	22.7 %	18.7 %	2.00
EL Forge Ltd	49.6 Cr.	24.4	44.4/9.24	20.2	11.6	0.00 %	%	%	10.0
CIE Automotive India Ltd	15,965 Cr.	421	628/401	19.5	173	1.19 %	16.6 %	13.1 %	10.0
Amforge Industries Ltd	12.5 Cr.	8.70	15.5/8.42		8.93	0.00 %	3.55 %	3.17 %	2.00
Tirupati Forge Ltd	407 Cr.	39.2	72.9/14.0	48.0	5.32	0.00 %	18.3 %	15.0 %	2.00
Industry Average	10,055.67 Cr	301.56		134.75	127.14	0.32%	11.36%	12.82%	5.86

All Competitor Stocks of Happy Forgings Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Sales	294	302	330	343	342	343	341	361
Expenses	221	217	230	249	247	246	244	256
Operating Profit	73	86	100	94	95	97	98	105
OPM %	25%	28%	30%	27%	28%	28%	29%	29%
Other Income	2	2	3	1	3	7	8	13
Interest	3	5	3	4	4	1	1	2
Depreciation	16	14	15	16	17	16	18	20
Profit before tax	56	68	85	74	78	87	86	97
Tax %	26%	25%	25%	25%	25%	25%	26%	27%
Net Profit	42	51	64	55	58	66	64	71
EPS in Rs	4.65	5.67	7.16	6.17	6.15	6.98	6.78	7.58

Last Updated: January 5, 2025, 7:58 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

Metric	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	550	750	558	585	860	1,197	1,358	1,370
Expenses	413	545	416	426	629	856	971	986
Operating Profit	137	205	142	159	231	341	388	384
OPM %	25%	27%	26%	27%	27%	28%	29%	28%
Other Income	4	1	7	6	6	6	13	19
Interest	22	23	25	12	7	12	12	10
Depreciation	23	29	28	36	38	54	65	67
Profit before tax	96	155	96	117	192	280	324	325
Tax %	39%	38%	17%	26%	26%	25%	25%
Net Profit	58	95	80	86	142	209	243	243
EPS in Rs	738.38	1,066.26	893.18	965.92	15.90	23.32	25.79	26.08
Dividend Payout %	0%	0%	0%	0%	0%	6%	5%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	63.79%	-15.79%	7.50%	65.12%	47.18%	16.27%
Change in YoY Net Profit Growth (%)	0.00%	-79.58%	23.29%	57.62%	-17.93%	-30.92%

Happy Forgings Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2018-2019 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	13%
3 Years:	32%
TTM:	6%

Compounded Profit Growth
10 Years:	%
5 Years:	21%
3 Years:	41%
TTM:	17%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	-8%

Return on Equity
10 Years:	%
5 Years:	19%
3 Years:	20%
Last Year:	19%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 2:35 pm

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	8	9	9	9	18	18	19	19
Reserves	176	470	550	636	770	970	1,594	1,692
Borrowings	301	156	105	150	240	219	143	148
Other Liabilities	92	85	100	79	102	119	130	160
Total Liabilities	576	719	763	874	1,130	1,326	1,886	2,019
Fixed Assets	285	291	275	415	456	678	744	894
CWIP	9	46	109	40	212	75	127	69
Investments	0	30	0	0	0	0	0	0
Other Assets	282	352	378	419	461	573	1,015	1,057
Total Assets	576	719	763	874	1,130	1,326	1,886	2,019

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	136	169	50	80	209	189
Cash from Investing Activity +	-162	-119	-59	-166	-172	-469
Cash from Financing Activity +	27	-50	10	83	-37	281
Net Cash Flow	1	-0	1	-3	-0	1

Free Cash Flow

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-164.00	49.00	37.00	9.00	-9.00	122.00	245.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	114	82	90	103	94	94	96
Inventory Days	111	106	111	176	173	112	137
Days Payable	48	30	53	55	42	32	34
Cash Conversion Cycle	177	158	148	225	226	175	199
Working Capital Days	123	106	94	157	146	120	141
ROCE %		32%	19%	18%	22%	26%	23%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	78.60%	78.60%	78.60%	78.60%	78.60%
FIIs	2.06%	1.12%	2.24%	2.27%	2.28%
DIIs	5.83%	16.92%	16.69%	17.13%	17.06%
Public	13.50%	3.35%	2.47%	1.99%	2.05%
No. of Shareholders	1,34,839	93,587	74,090	65,376	64,982

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Kotak Small Cap Fund - Regular Plan	1,594,891	1.08	189.8	450,000	2025-02-22	254.42%
DSP Small Cap Fund	708,095	0.51	84.27	450,000	2025-02-22	57.35%
SBI Flexi Cap Fund	543,000	0.28	64.62	450,000	2025-02-22	20.67%
SBI Infrastructure Fund	450,000	1.12	53.55	450,000	2025-02-22	0%
HSBC Small Cap Fund - Regular Plan	385,125	0.27	45.83	450,000	2025-02-22	-14.42%
Aditya Birla Sun Life Flexi Cap Fund	333,286	0.17	39.66	450,000	2025-02-22	-25.94%
Edelweiss Recently Listed IPO Fund	280,409	3.47	33.37	450,000	2025-02-22	-37.69%
Axis Small Cap Fund	275,287	0.14	32.76	450,000	2025-02-22	-38.83%
Aditya Birla Sun Life Business Cycle Fund	193,825	1.23	23.07	450,000	2025-02-22	-56.93%
Aditya Birla Sun Life Manufacturing Equity Fund	142,035	1.42	16.9	450,000	2025-02-22	-68.44%

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22
FaceValue	2.00	2.00	2.00
Basic EPS (Rs.)	26.78	23.32	15.90
Diluted EPS (Rs.)	26.75	23.32	15.90
Cash EPS (Rs.)	32.66	29.37	20.11
Book Value[Excl.RevalReserv]/Share (Rs.)	171.17	110.43	88.00
Book Value[Incl.RevalReserv]/Share (Rs.)	171.17	110.43	88.00
Revenue From Operations / Share (Rs.)	144.18	133.69	96.09
PBDIT / Share (Rs.)	42.56	38.74	26.47
PBIT / Share (Rs.)	35.68	32.68	22.26
PBT / Share (Rs.)	34.43	31.29	21.46
Net Profit / Share (Rs.)	25.79	23.32	15.90
NP After MI And SOA / Share (Rs.)	25.79	23.32	15.90
PBDIT Margin (%)	29.51	28.97	27.55
PBIT Margin (%)	24.75	24.44	23.16
PBT Margin (%)	23.88	23.40	22.32
Net Profit Margin (%)	17.88	17.44	16.54
NP After MI And SOA Margin (%)	17.88	17.44	16.54
Return on Networth / Equity (%)	15.06	21.11	18.06
Return on Capital Employeed (%)	20.44	27.34	22.51
Return On Assets (%)	12.88	15.73	12.59
Long Term Debt / Equity (X)	0.00	0.05	0.09
Total Debt / Equity (X)	0.08	0.22	0.30
Asset Turnover Ratio (%)	0.84	0.97	0.00
Current Ratio (X)	3.07	1.91	1.74
Quick Ratio (X)	2.14	1.25	0.98
Inventory Turnover Ratio (X)	3.20	3.10	0.00
Interest Coverage Ratio (X)	34.04	27.79	33.10
Interest Coverage Ratio (Post Tax) (X)	21.63	17.73	20.87
Enterprise Value (Cr.)	8392.35	0.00	0.00
EV / Net Operating Revenue (X)	6.18	0.00	0.00
EV / EBITDA (X)	20.93	0.00	0.00
MarketCap / Net Operating Revenue (X)	6.16	0.00	0.00
Price / BV (X)	5.19	0.00	0.00
Price / Net Operating Revenue (X)	6.16	0.00	0.00
EarningsYield	0.02	0.00	0.00

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

For FaceValue, the latest value as of Mar 22 is 2 which is within the healthy range. Compared to Mar 23, there was no change.
For Basic EPS (Rs.), the latest value as of Mar 22 is 15.9 which is within the healthy range. Compared to Mar 23, there was a decrease of 7.42.
For Diluted EPS (Rs.), the latest value as of Mar 22 is 15.9 which is within the healthy range. Compared to Mar 23, there was a decrease of 7.42.
For Cash EPS (Rs.), the latest value as of Mar 22 is 20.11 which is within the healthy range. Compared to Mar 23, there was a decrease of 9.26.
For Book Value[Excl.RevalReserv]/Share (Rs.), the latest value as of Mar 22 is 88 Compared to Mar 23, there was a decrease of 22.43.
For Book Value[Incl.RevalReserv]/Share (Rs.), the latest value as of Mar 22 is 88 Compared to Mar 23, there was a decrease of 22.43.
For Revenue From Operations / Share (Rs.), the latest value as of Mar 22 is 96.09 Compared to Mar 23, there was a decrease of 37.6.
For PBDIT / Share (Rs.), the latest value as of Mar 22 is 26.47 which is within the healthy range. Compared to Mar 23, there was a decrease of 12.27.
For PBIT / Share (Rs.), the latest value as of Mar 22 is 22.26 which is within the healthy range. Compared to Mar 23, there was a decrease of 10.42.
For PBT / Share (Rs.), the latest value as of Mar 22 is 21.46 which is within the healthy range. Compared to Mar 23, there was a decrease of 9.83.
For Net Profit / Share (Rs.), the latest value as of Mar 22 is 15.9 which is within the healthy range. Compared to Mar 23, there was a decrease of 7.42.
For NP After MI And SOA / Share (Rs.), the latest value as of Mar 22 is 15.9 which is within the healthy range. Compared to Mar 23, there was a decrease of 7.42.
For PBDIT Margin (%), the latest value as of Mar 22 is 27.55 which is within the healthy range. Compared to Mar 23, there was a decrease of 1.42.
For PBIT Margin (%), the latest value as of Mar 22 is 23.16 which exceeds the healthy maximum of 20. Compared to Mar 23, there was a decrease of 1.28.
For PBT Margin (%), the latest value as of Mar 22 is 22.32 which is within the healthy range. Compared to Mar 23, there was a decrease of 1.08.
For Net Profit Margin (%), the latest value as of Mar 22 is 16.54 which exceeds the healthy maximum of 10. Compared to Mar 23, there was a decrease of 0.9.
For NP After MI And SOA Margin (%), the latest value as of Mar 22 is 16.54 which is within the healthy range. Compared to Mar 23, there was a decrease of 0.9.
For Return on Networth / Equity (%), the latest value as of Mar 22 is 18.06 which is within the healthy range. Compared to Mar 23, there was a decrease of 3.05.
For Return on Capital Employeed (%), the latest value as of Mar 22 is 22.51 which is within the healthy range. Compared to Mar 23, there was a decrease of 4.83.
For Return On Assets (%), the latest value as of Mar 22 is 12.59 which is within the healthy range. Compared to Mar 23, there was a decrease of 3.14.
For Long Term Debt / Equity (X), the latest value as of Mar 22 is 0.09 which is below the healthy minimum of 0.2. Compared to Mar 23, there was an increase of 0.04.
For Total Debt / Equity (X), the latest value as of Mar 22 is 0.3 which is within the healthy range. Compared to Mar 23, there was an increase of 0.08.
For Asset Turnover Ratio (%), the latest value as of Mar 22 is 0 Compared to Mar 23, there was a decrease of 0.97.
For Current Ratio (X), the latest value as of Mar 22 is 1.74 which is within the healthy range. Compared to Mar 23, there was a decrease of 0.17.
For Quick Ratio (X), the latest value as of Mar 22 is 0.98 which is below the healthy minimum of 1. Compared to Mar 23, there was a decrease of 0.27.
For Inventory Turnover Ratio (X), the latest value as of Mar 22 is 0 which is below the healthy minimum of 4. Compared to Mar 23, there was a decrease of 3.1.
For Interest Coverage Ratio (X), the latest value as of Mar 22 is 33.1 which is within the healthy range. Compared to Mar 23, there was an increase of 5.31.
For Interest Coverage Ratio (Post Tax) (X), the latest value as of Mar 22 is 20.87 which is within the healthy range. Compared to Mar 23, there was an increase of 3.14.
For Enterprise Value (Cr.), the latest value as of Mar 22 is 0 Compared to Mar 23, there was no change.
For EV / Net Operating Revenue (X), the latest value as of Mar 22 is 0 which is below the healthy minimum of 1. Compared to Mar 23, there was no change.
For EV / EBITDA (X), the latest value as of Mar 22 is 0 which is below the healthy minimum of 5. Compared to Mar 23, there was no change.
For MarketCap / Net Operating Revenue (X), the latest value as of Mar 22 is 0 which is below the healthy minimum of 1. Compared to Mar 23, there was no change.
For Price / BV (X), the latest value as of Mar 22 is 0 which is below the healthy minimum of 1. Compared to Mar 23, there was no change.
For Price / Net Operating Revenue (X), the latest value as of Mar 22 is 0 which is below the healthy minimum of 1. Compared to Mar 23, there was no change.
For EarningsYield, the latest value as of Mar 22 is 0 which is below the healthy minimum of 5. Compared to Mar 23, there was no change.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation. If you have any questions or need more detailed insights, please feel free to reach out.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Happy Forgings Ltd as of February 24, 2025 is: ₹856.05

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of February 24, 2025, Happy Forgings Ltd is Overvalued by 2.94% compared to the current share price ₹882.00

Intrinsic Value of Happy Forgings Ltd as of February 24, 2025 is: 415.69

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of February 24, 2025, Happy Forgings Ltd is Overvalued by 52.87% compared to the current share price ₹882.00

Last 5 Year EPS CAGR: -51.44%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 20.00%, which is a positive sign. The company has higher reserves (857.25 cr) compared to borrowings (182.75 cr), indicating strong financial stability. The company has shown consistent growth in sales (413.25 cr) and profit (198.13 cr) over the years.	The stock has a high average Working Capital Days of 126.71, which may not be favorable. The stock has a high average Cash Conversion Cycle of 186.86, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Happy Forgings Ltd:
1. Net Profit Margin: 17.88%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 20.44% (Industry Average ROCE: 11.36%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 15.06% (Industry Average ROE: 12.82%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 21.63
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 2.14
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 31.3 (Industry average Stock P/E: 134.75)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.08
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Happy Forgings Ltd. is a Public Limited Listed company incorporated on 02/07/1979 and has its registered office in the State of Punjab, India. Company's Corporate Identification Number(CIN) is L28910PB1979PLC004008 and registration number is 004008. Currently Company is involved in the business activities of Forging, pressing, stamping and roll-forming of metal; powder metallurgy. Company's Total Operating Revenue is Rs. 1358.24 Cr. and Equity Capital is Rs. 18.84 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Forgings	B-XXIX, 2254/1, Kanganwal Road, Ludhiana Punjab 141120	complianceofficer@happyforgingsltd.co.in http://www.happyforgingsltd.com

Management
Name	Position Held
Mr. Paritosh Kumar	Chairman & Managing Director
Mr. Ashish Garg	Managing Director
Mr. Narinder Singh Juneja	WholeTime Director & CEO
Ms. Megha Garg	Whole Time Director
Mr. Satish Sekhri	Independent Director
Mr. Vikas Giya	Independent Director
Mr. Atul Behari Lall	Independent Director
Ms. Rajeswari Karthigeyan	Independent Director
Mr. Ravindra Pisharody	Independent Director

FAQ

What is the latest intrinsic value of Happy Forgings Ltd?

Let's break down Happy Forgings Ltd's intrinsic value simply:

We calculate intrinsic value using the PE Ratio Method - comparing the company's current price-to-earnings ratio with its historical average and industry peers. Think of it like checking if a stock is "on sale" compared to its typical pricing.

As of 23 February 2025:

Calculated Fair Value: ₹856.05
Current Market Price: ₹882.00
Variance: 2.94% lower

This suggests Happy Forgings Ltd is currently overvalued by 2.94%. For context:

Market Cap: 8,313 Cr.
52-Week Range: 1,300/813
Reserves (Sep 2024): ₹1,692 Cr
Liabilities: 2,019 Cr

Remember: The PE method gives a snapshot based on earnings multiples. While useful for quick comparisons, investors should also consider growth prospects, industry trends, and economic conditions. This calculation assumes historical PE ratios remain relevant - always verify with current market dynamics.

What is the Market Cap of Happy Forgings Ltd?

The Market Cap of Happy Forgings Ltd is 8,313 Cr..

What is the current Stock Price of Happy Forgings Ltd as on 23 February 2025?

The current stock price of Happy Forgings Ltd as on 23 February 2025 is ₹882.

What is the High / Low of Happy Forgings Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of Happy Forgings Ltd stocks is 1,300/813.

What is the Stock P/E of Happy Forgings Ltd?

The Stock P/E of Happy Forgings Ltd is 31.3.

What is the Book Value of Happy Forgings Ltd?

The Book Value of Happy Forgings Ltd is 182.

What is the Dividend Yield of Happy Forgings Ltd?

The Dividend Yield of Happy Forgings Ltd is 0.45 %.

What is the ROCE of Happy Forgings Ltd?

The ROCE of Happy Forgings Ltd is 22.7 %.

What is the ROE of Happy Forgings Ltd?

The ROE of Happy Forgings Ltd is 18.7 %.

What is the Face Value of Happy Forgings Ltd?

The Face Value of Happy Forgings Ltd is 2.00.