Market Cap ₹8919 Cr.
Stock P/E 87.7
P/B 4.5
Current Price ₹946.8
Book Value ₹ 211.8
Face Value 2
52W High ₹1087.9
Dividend Yield 0%
52W Low ₹ 813.6
Happy Forgings Ltd is an India-based manufacturer of complex, safety-critical and high precision machined components. It was established in 1979 as a single unit for producing bicycle crank arms. They cater to both domestic and global original equipment manufacturers. Their clients are from diverse sectors like automotive, power, oil and gas, railways, and wind turbines. The company has three manufacturing facilities equipped with state of the art technology which includes an in-house product design and process capabilities amongst a diversified product portfolio. They have installed multiple heavy-duty hammers and presses over the years. They had an IPO in December 2023 with a vision to continue focus on capacity expansion and foray into new segments.
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| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | TTM |
|---|---|---|---|
| Net Sales | 860 | 1197 | |
| Other Income | 6 | 6 | |
| Total Income | 866 | 1202 | |
| Total Expenditure | 629 | 856 | |
| Operating Profit | 237 | 347 | |
| Interest | 7 | 12 | |
| Depreciation | 38 | 54 | |
| Exceptional Income / Expenses | 0 | 0 | |
| Profit Before Tax | 192 | 280 | |
| Provision for Tax | 50 | 71 | |
| Profit After Tax | 142 | 209 | |
| Adjustments | 0 | 0 | |
| Profit After Adjustments | 142 | 209 | |
| Adjusted Earnings Per Share | 15.9 | 23.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 39% | 0% | 0% | 0% |
| Operating Profit CAGR | 46% | 0% | 0% | 0% |
| PAT CAGR | 47% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 24% | 21% | 21% | 21% |
| ROCE Average | 26% | 23% | 23% | 23% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 |
|---|---|---|
| Shareholder's Funds | 788 | 988 |
| Minority's Interest | 0 | 0 |
| Borrowings | 74 | 58 |
| Other Non-Current Liabilities | 23 | 23 |
| Total Current Liabilities | 245 | 257 |
| Total Liabilities | 1130 | 1326 |
| Fixed Assets | 456 | 678 |
| Other Non-Current Assets | 248 | 158 |
| Total Current Assets | 425 | 489 |
| Total Assets | 1130 | 1326 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 |
|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 0 |
| Cash Flow from Operating Activities | 80 | 209 |
| Cash Flow from Investing Activities | -166 | -172 |
| Cash Flow from Financing Activities | 83 | -37 |
| Net Cash Inflow / Outflow | -3 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 |
| # | Mar 2022 | Mar 2023 |
|---|---|---|
| Earnings Per Share (Rs) | 15.9 | 23.32 |
| CEPS(Rs) | 20.11 | 29.37 |
| DPS(Rs) | 0 | 0 |
| Book NAV/Share(Rs) | 88 | 110.43 |
| Core EBITDA Margin(%) | 26.85 | 28.49 |
| EBIT Margin(%) | 23.16 | 24.45 |
| Pre Tax Margin(%) | 22.33 | 23.4 |
| PAT Margin (%) | 16.54 | 17.44 |
| Cash Profit Margin (%) | 20.93 | 21.97 |
| ROA(%) | 12.59 | 16.99 |
| ROE(%) | 18.07 | 23.5 |
| ROCE(%) | 19.38 | 26.18 |
| Receivable days | 94.23 | 80.85 |
| Inventory Days | 78.08 | 53.93 |
| Payable days | 41.57 | 30.46 |
| PER(x) | 0 | 0 |
| Price/Book(x) | 0 | 0 |
| Dividend Yield(%) | 0 | 0 |
| EV/Net Sales(x) | 0.3 | 0.2 |
| EV/Core EBITDA(x) | 1.08 | 0.68 |
| Net Sales Growth(%) | 0 | 39.12 |
| EBIT Growth(%) | 0 | 46.83 |
| PAT Growth(%) | 0 | 46.67 |
| EPS Growth(%) | 0 | 46.67 |
| Debt/Equity(x) | 0.31 | 0.22 |
| Current Ratio(x) | 1.73 | 1.91 |
| Quick Ratio(x) | 0.98 | 1.25 |
| Interest Cover(x) | 27.83 | 23.45 |
| Total Debt/Mcap(x) | 0 | 0 |
| # | Dec 2023 | Mar 2024 |
|---|---|---|
| Promoter | 78.6 | 78.6 |
| FII | 2.06 | 1.12 |
| DII | 5.84 | 16.93 |
| Public | 13.5 | 3.35 |
| Others | 0 | 0 |
| Total | 100 | 100 |
| # | Dec 2023 | Mar 2024 |
|---|---|---|
| Promoter | 7.4 | 7.4 |
| FII | 0.19 | 0.11 |
| DII | 0.55 | 1.59 |
| Public | 1.27 | 0.32 |
| Others | 0 | 0 |
| Total | 9.42 | 9.42 |
Pros
Cons
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