Happy Forgings Limited | Globe Capital Market LTD.
Happy Forgings Limited
Price Band
₹808 to ₹850
IPO Issue Period
Dec 19, 2023 to Dec 21, 2023
Issue Size
₹1008.59 Cr
Face value
₹2 per share
Fresh issue
₹400.00 Cr
Offer for sale
₹608.59 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Dec 27, 2023

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Motilal Oswal Investment Advisors Limited

Incorporated in July 1979, Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components.

The company manufactures, designs and tests various products such as crankshafts, front axle carriers, steering knuckles, differential housings, transmission parts, pinion shafts, suspension products and valve bodies for different industries and customers.

The company’s customer base includes AAM India Manufacturing Corporation Private Limited, Ashok Leyland Limited, Bonfiglioli Transmissions Private Limited, Dana India, IBCC Industries (India) Private Limited, International Tractors Limited, JCB India Limited, Liebherr CMCtec India Private Limited, Mahindra & Mahindra Limited, Meritor HVS AB, Meritor Heavy Vehicle Systems Cameri SPA, SML ISUZU Limited, Swaraj Engines Limited and others.

The company has served customers in various regions including Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the United Kingdom and the United States of America.

Happy Forging Limited has three manufacturing facilities, two in Kanganwal and one in Dugri, all located in Ludhiana, Punjab. As of FY 2023, the operational revenue of the company has increased by 43.02%.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 1,202.27 866.11 590.81
Profit After Tax 208.70 142.29 86.45
EPS 23.32 15.90 9.66
OPM (%) 23.29% 22.17% 19.81%
PATM (%) 17% 16% 15%


  • It is fourth largest engineering led manufacturer of complex and safety critical, heavy forged and high precision machined components in India
  • It has an Integrated manufacturing operations coupled with in-house product and process design capabilities resulting in a diverse product portfolio with continuous value addition
  • It has diversified business model, well placed to take advantage of potential alternative engine technologies
  • The Company has long-standing relationship with customers across industries
  • Its track record of consistently building capabilities and infrastructure, with focus on capital efficiency
  • It has experienced Promoters and senior management team
  • Purchase of equipment, plant and machinery.
  • Prepayment of all or a portion of certain outstanding borrowings availed by the Company and
  • General corporate purposes.

The Company is a leading and largest critical, complex and precision machined components for various industries. Based on FY24 annualized earnings the issue appears reasonably priced. Hence, investor may subscribe for medium to long term.

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