Happy SteelsShare price, financial results, shareholding and management
- Market cap
- ₹94 cr
- Stock P/E
- 13.3peers 21.3
- Book value
- ₹28
- Price to book
- 2.36
- EV / operating profit
- -
- Market cap to sales
- 1.00
- ROCE · FY26
- 15.7%
- ROE · FY26
- 19.5%
- ROE, 3-year average
- 14.5%
- Operating margin · FY26
- 14.2%peers 17.4%
- Sales growth, 3 years
- 0.2%
- Profit growth, 3 years
- 154.6%
- Debt to equity
- 1.18peers 0.36
- Borrowings
- ₹47.2 cr
- Interest cover
- 4.6×
- Cash from business / op. profit
- 43%
- Debtor days
- 49
- Pledged
- 0.00%
- Promoter holding
- 72.99%
- Change in promoter holding
- -
- Shareholders
- 454
- High / low since listing
- ₹104 / ₹57
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Happy Steels share price chart
Close on 6 Nov 2026 · -1.49% on the day · Vol 4,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -20.5%
- 3 months
- +0.6%
- Since IPO
- +0.0%
- Traded a day, 20 days
- ₹0.15 cr
- Taken for delivery
- 75%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +15% | +203% |
| 3 years, a year | +0% | +155% |
About Happy Steels: business, products and customers
Happy Steels forges and machines heavy steel axle shafts and other drive parts for tractors, trucks and off-road machines, and sells them to vehicle makers in India and abroad. It is based in Ludhiana and its shares trade on NSE Emerge.
Happy Steels was started in Ludhiana in 1996 by Parveen Kumar Garg to make rear axle shafts for tractors, and is now run with Abhishek Garg as Managing Director and Deepak Garg running the plant. At one plant on Kanganwal Road it cuts steel bars, forges them on upsetters of up to 1,250 tons, heat-treats them and finishes them on CNC lathes and gear-cutting machines into axle shafts, spline shafts, spindles, stub axles and brake shafts. Buyers are vehicle makers and their first-tier suppliers, mostly in tractors and other off-road machines, with a growing share in trucks and other on-road vehicles.
The business model shapes the numbers. Steel bars are most of the cost and prices are set on raw material cost plus conversion cost, so revenue moves with steel prices and margins stay in a band unless the product mix improves. Offcuts are sold as scrap, a steady part of revenue. Forging and finishing in batches keeps a lot of work in progress and finished parts in stock, which, with new machines, is funded by bank debt and promoter loans.
Read more about the business
Export sales grew from almost nothing two years ago, led by Indonesia and the USA, and the company says they carry better margins than domestic sales. The offer document names EMM Force Autotech, Kross Limited and GNA Axles Limited as its listed peers. It also names four group companies in the same line of work, Happy Axle & Gear Manufacturing, Happy Autocomp, Northstar Autocomp and the listed Happy Forgings, and says the company supplies them forgings and takes machined parts from them when either side lacks capacity.
What is new: with the money raised at its July 2026 listing the company is buying forging presses, upsetters, furnaces and CNC machines to be installed during FY27, which it says will also let it make heavier and more complex parts, and it is repaying part of its term loans.
From the offer document (red herring prospectus, July 2026) and the shareholding pattern of July 2026.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 72.99%.
To watch
- Installation of the forging and machining machines bought with issue money during FY27 (Offer document, p.101 and p.107).
- Export share after Indonesia and the USA drove FY26 growth (Offer document, p.160).
- Purchases from and sales to group companies Happy Axle & Gear Manufacturing and Northstar Autocomp, and the pending land sale to Northstar Autocomp (Offer document, p.155 and p.253).
- Debt after the planned ₹5.0 cr repayment of term loans (Offer document, p.107).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Happy Steels revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Happy Steels profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 77.30 | 88.30 | 93.96 | 80.91 | 82.14 | 94.64 |
| Expenses | 72.79 | 85.52 | 88.78 | 71.17 | 74.03 | 81.21 |
| Operating profit | 4.51 | 2.78 | 5.18 | 9.74 | 8.11 | 13.43 |
| OPM | 5.8% | 3.1% | 5.5% | 12.0% | 9.9% | 14.2% |
| Other income | -1.18 | 0.44 | 0.20 | 1.33 | 0.38 | 1.84 |
| Interest | 1.34 | 1.36 | 2.63 | 2.54 | 2.86 | 2.62 |
| Depreciation | 1.92 | 1.83 | 2.20 | 2.17 | 2.43 | 3.13 |
| Profit before tax | 0.07 | 0.03 | 0.55 | 6.36 | 3.20 | 9.52 |
| Tax rate | 71.4% | 100.0% | 21.8% | 26.3% | 26.9% | 25.4% |
| Net profit | 0.03 | 0.01 | 0.43 | 4.69 | 2.34 | 7.10 |
| EPS ₹ | · | · | · | · | · | 6.76 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
A tax rate above 60% or below zero (FY21, FY22) comes from tax charged on a small or negative profit, as reported.
Happy Steels profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 5.8% | 3.1% | 5.5% | 12.0% | 9.9% | 14.2% |
| Tax rate | 71.4% | 100.0% | 21.8% | 26.3% | 26.9% | 25.4% |
| ROCE | · | 2.5% | 5.7% | 15.0% | 9.1% | 15.7% |
| ROE | · | 0.0% | 1.7% | 16.6% | 7.4% | 19.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Happy Steels debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Happy Steels balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 | 10.50 |
| Reserves | 24.04 | 23.95 | 24.33 | 29.04 | 31.38 | 29.48 |
| Net worth | 25.54 | 25.45 | 25.83 | 30.54 | 32.88 | 39.98 |
| Borrowings | 25.91 | 34.57 | 26.38 | 35.69 | 34.21 | 47.18 |
| Other liabilities | 14.42 | 12.13 | 17.29 | 12.15 | 11.53 | 12.50 |
| Total liabilities | 65.87 | 72.15 | 69.50 | 78.38 | 78.62 | 99.66 |
| Fixed assets | 14.47 | 20.03 | 22.15 | 24.26 | 25.13 | 31.75 |
| Capital work in progress | 4.68 | 3.09 | 0 | 0.22 | 2.66 | 8.46 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 46.72 | 49.03 | 47.35 | 53.90 | 50.83 | 59.45 |
Happy Steels cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0 | 0 | -3.67 | 10.18 | 5.81 |
| Cash from investing | 0 | 0 | 0 | -3.18 | -5.64 | -16.19 |
| Cash from financing | 0 | 0 | 0 | 6.77 | -4.34 | 10.34 |
| Net cash flow | 0 | 0 | 0 | -0.08 | 0.20 | -0.04 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 102 | 85 | 91 | 100 | 71 | 49 |
| Inventory days | 181 | 187 | 138 | 251 | 259 | 303 |
| Days payable | 48 | 30 | 67 | 49 | 51 | 41 |
| Cash conversion cycle | 235 | 242 | 161 | 303 | 280 | 312 |
| Working capital days | 70 | 53 | 55 | 84 | 76 | 62 |
Happy Steels peers and competitors
Listed SME companies in the same industryBy sales, Happy Steels is number 18 of the 26 listed SME companies in auto components.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Thaai Casting | 312 | 23.7 | 146 | 13.2 | 24.5% | 1.15 |
| Kheria Autocomp | - | - | 120 | 11 | 19.0% | 0.90 |
| Emmforce Autotech | 375 | 46.9 | 113 | 8 | 20.0% | 0.48 |
| Viaz Tyres | 147 | 27.8 | 108 | 5.3 | 8.8% | 0.35 |
| AVATAR Industries | 206 | 551.3 | 103 | 0.4 | -0.2% | 0.00 |
| Happy Steels | 94 | 13.3 | 94.6 | 7.1 | 14.2% | 1.18 |
| LAPL Automotive | 141 | 16.3 | 93.2 | 8.6 | 16.0% | 0.83 |
| Innovative Tyres & Tubes | 61 | - | 85.4 | -1.9 | 3.8% | - |
| Premium Plast | 89 | 12.9 | 75.4 | 6.9 | 18.8% | 0.10 |
| Gallard Steel | 163 | 18.0 | 68 | 9.1 | 22.4% | 0.36 |
| Ultra Wiring Connectivity System | 62 | 18.8 | 64.6 | 3.3 | 9.7% | 0.11 |
| Median of the 10 others | 147 | 21.3 | 98 | 7.4 | 17.4% | 0.36 |
Happy Steels shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share.
Happy Steels shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jul 26 | |
|---|---|
| Promoters | 72.99% |
| Foreign investors (FIIs) | 0.29% |
| Indian institutions (DIIs) | 12.00% |
| HNIs (over ₹2 lakh each) | 0.49% |
| Small holders (up to ₹2 lakh) | 10.86% |
| Companies and others | 3.37% |
| Number of shareholders | 454 |
The named holders are at 15 July 2026, each under the group the pattern files them in.
Happy Steels study: the business from its own documents
Read from 2 of the company's own documentsHappy Steels so far
From the company's own record
- 16 July 2026Listed on NSE Emerge at ₹66
- 24 Aug 2026An order announced
- 27 Aug 2026An order announced
- 31 July 2026Promoters at 72.99%
- 24 Aug 2026Highest close since listing, ₹101.60
Happy Steels key facts from the filings
Each figure with the document it comes from
- Axles
- 66.83%
- Share of FY26 revenue from axle shafts; shafts gave 9.51%, scrap 6.89% and spindles 5.18%.Offer document, p.168
- Exports
- 18.56%
- Share of FY26 revenue sold abroad, up from 0.49% in FY24; Indonesia alone gave 9.74%.Offer document, p.160
- Export customers
- 34
- Overseas customers in FY26 across 11 countries, up from 2 customers in 2 countries in FY24.Offer document, p.162 and p.163
- Off-road vehicles
- 59.04%
- Share of FY26 revenue from tractors and other off-road machines; on-road vehicles gave 31.77%, up from 16.18%.Offer document, p.169
- Forging use
- About 81%
- Forging output of 6,268 tonnes in FY26 against capacity of 7,776 tonnes a year.Offer document, p.154; our arithmetic
Show 5 more facts
- Forging after expansion
- 13,608 tonnes
- Forging capacity a year once the machines bought with issue money are added, with machining rising to 8,798 tonnes.Offer document, p.107
- Top ten customers
- 67.47%
- Share of FY26 revenue, down from 81.14% in FY24; the largest customer gave 12.81%.Offer document, p.161
- Inventory
- ₹39.0 cr
- Stock at March 2026, mostly work in progress and finished parts, up from ₹29.1 cr two years earlier.Offer document, p.243
- Borrowings
- ₹47.3 cr
- Total debt at May 2026, more than the company's net worth; directors guarantee all term loans.Offer document, p.237 and p.282
- Group company trade
- ₹8.1 cr
- Goods bought in FY26 from group company Happy Axle & Gear Manufacturing, which also bought ₹6.8 cr of goods from the company.Offer document, p.253
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has not given guidance on sales or profit and does not disclose an order book. Its dated plan is to use the whole of the issue money in FY27: about ₹13.2 cr on forging presses, upsetters, furnaces and CNC machines that lift forging capacity to 13,608 tonnes and machining to 8,798 tonnes a year, and ₹5.0 cr to repay term loans. It says the new machines will let it make heavier and more complex parts and that it plans to bring in a patented forging technology. A part of its land is being sold to group company Northstar Autocomp, to be completed once government approvals arrive.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns a conversion margin on turning steel bars into finished axle shafts for tractor and truck makers, and has recently added export buyers.
Its weak spots are debt and stock that tie up a lot of money, dependence on the tractor and truck cycle, and trade with group companies in the same business.
AverageCan it set its own prices?Prices follow steel and conversion costs agreed with each buyer, so steel changes are passed on but margins have little room to rise except through exports and better parts.
AverageHow strong is it against rivals?Safety-critical parts take long to qualify and the company forges and machines under one roof, but larger listed axle makers compete for the same programmes.
AverageWho are its customers?Vehicle makers and their suppliers, less concentrated than before, with exports adding new names; but one export market lapsed once before.
WatchDoes it need a lot of money?Yes: forging machines, a lot of stock and an expansion are funded largely with borrowed money.
AverageCan it keep finding new work?It has won many export customers quickly and its forging lines are busy, but domestic sales grew little and there is no order book.
WatchDo good and bad years swing a lot?Profit has swung widely from year to year with tractor and truck demand and costs.
Who runs Happy Steels?
Promoters, directors and officers; tap a name for the background
PKParveen Kumar GargPromoter and Whole-Time Director · holds 56.68%
First-generation entrepreneur who started the company in 1996 to make automotive rear axle shafts, with three decades in differential and drivetrain parts; on the board since incorporation. The offer document records Parveen Kumar Garg as the father of Abhishek Garg and Deepak Garg.
Offer document, p.195, p.198 and p.199AGAbhishek GargPromoter and Managing Director · holds 3.40%
BBA from DeVry University, Columbus, Ohio (2006), with over 20 years in making axles, shafts and related products; a director since 2006, responsible for overall management and strategy and leading sales and marketing.
Offer document, p.195, p.197 and p.177DGDeepak GargPromoter and Whole-Time Director · holds 3.41%
Bachelor of Applied Science from the University of Windsor (2010); joined as Chief Operating Officer in FY2015 and oversees manufacturing, production and quality, with over 11 years in the automotive industry.
Offer document, p.196 and p.198PGParveen Garg HUFPromoter · holds 4.54%
A Hindu undivided family of which Parveen Kumar Garg is the karta, named among the promoters.
Offer document, p.212 and p.252VGVikas GiyaNon-Executive Director
Chartered accountant in practice since 2003 with over 23 years in tax, finance and audit; an independent director of Happy Forgings from 2015 to 2025.
Offer document, p.196 and p.198SBShashi BattaIndependent Director
Enrolled advocate with about 16 years of experience in a family-owned business.
Offer document, p.196 and p.199SKSurinder KumarIndependent Director
Advocate practising since 2008 with more than 17 years in law.
Offer document, p.197 and p.199VSVarun SharmaChief Financial Officer
MBA; joined as accounts head in May 2016 and became Chief Financial Officer in April 2025, with about 10 years in the industry.
Offer document, p.208IGIsha GhaiCompany Secretary and Compliance Officer
Commerce graduate and company secretary with the company since December 2024.
Offer document, p.208Happy Steels latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- 27 Aug 2026: an order announced.
- 24 Aug 2026: an order announced.
Happy Steels announcements
9 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Updates'NOTICE OF CUT OFF DATE AND E-VOTING'PDF ↗
- Outcome of Board MeetingHeld on September 03, 2026PDF ↗
- Outcome of Board MeetingHeld on September 03, 2026PDF ↗
- Price movementSignificant movement in price has been observed in Happy Steels Limited. The Exchange, in order to ensure that investors have latest relevant information about PDF ↗
- Price movementSignificant movement in price has been observed in Happy Steels Limited. The Exchange, in order to ensure that investors have latest relevant information about PDF ↗
Happy Steels annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- FY26 ↗read
Happy Steels share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Happy Steels' data · 6
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,42,86,180 shares).
- !The FY26 results imply 1,05,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Happy Steels
What does Happy Steels do?
Happy Steels forges and machines heavy steel axle shafts and other drive parts for tractors, trucks and off-road machines, and sells them to vehicle makers in India and abroad. It is based in Ludhiana and its shares trade on NSE Emerge.
What is the share price of Happy Steels?
₹66 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Happy Steels?
₹94 cr at the close on 6 Nov 2026, on 1,42,86,180 shares.
What is the P/E of Happy Steels?
13.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Happy Steels' revenue and profit?
Revenue ₹95 cr and profit after tax ₹7 cr in FY26.
Who are the promoters of Happy Steels?
Parveen Kumar Garg, Abhishek Garg, Deepak Garg, Parveen Garg HUF; promoters held 72.99% at 31 July 2026.
What was the IPO price of Happy Steels?
₹66 a share; it listed on 16 July 2026.
What is Happy Steels' website?
happysteels.com
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Every listed SME company in Auto Components → · SME companies listed in 2026 →
Built from 1 offer document, 1 annual report, 9 exchange announcements, 1 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.