Key Metrics of Happy Forgings
About Happy Forgings
Sectors
Company details
- Website
- happyforgingsltd.com
- Registered office
- Bxxix, 2254/1, Kanganwal Road, P.o. Jugiana, Ludhiana, Sanehwal,, Ludhiana, In-pb, 141120
- Listed
- NSE: HAPPYFORGE · ₹1,849.70
Operational Areas of Happy Forgings
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 14 Sep 2026 | ICRA | Other | — | — | — | — | View |
| 07 Jul 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹485 Cr | View |
| 17 Mar 2026 | ICRA | Other | AA | — | Stable | ₹485 Cr | View |
| 21 Nov 2017 | CARE | Other | — | — | — | — | View |
| 10 Apr 2017 | CARE | Non-cooperating | BB+ | A4+ | — | ₹241 Cr | View |
| 05 Oct 2015 | CARE | Assigned (from BB) | BB+ | A4+ | — | ₹251 Cr | View |
| 13 Feb 2015 | CARE | Assigned | BB | — | — | ₹252 Cr | View |
Credit strengths (ICRA, Jul 2026)
+ Established relationships with tier-I component manufacturers and OEMs
HFL is a Ludhiana-based manufacturer of forged and machined components, which are primarily supplied to the CV and tractor segments of the automotive industry.
+ Strong operating profitability and return indicators
HFL’s operating margin remained strong at 30.4% in FY2026, aided by healthy product mix with higher share of machined components, cost efficiency measures and a timely ramp-up in capacity utilisation of the press lines and machining facilities.
+ Healthy financial risk profile
The company’s strong operating profitability metrics, coupled with moderate debt levels (no term debt as on March 31, 2026) helped it report robust debt coverage indicators, with Total Debt/OPBDITA of 0.7 times in FY2026.
Credit challenges
− Key end-user segments of agri-machinery and CVs remain exposed to cyclicality
HFL is primarily a supplier of forged and machined components to the CV and tractor segments of the automotive industry.
− Substantial capacity expansion plans
HFL has recently concluded a phase of its capex programme, wherein it has scaled up its forging and machining capacities to around 1,47,000 MT and 68,000–69,000 MT, respectively, in FY2026, from about www.icra.in Sensitivity Label : Public Page |2 1,27,000 MT and 57,000 MT, respectively, as on March 31, 2025.
Could lead to an upgrade
A material diversification of HFL’s business profile, supported by a sustained scale-up in supplies to the export market/industrial segment, coupled with a substantial improvement in the scale of operations, while maintaining healthy credit metrics, would be favourably considered for ratings upgrade.
Could lead to a downgrade
ICRA could downgrade HFL’s ratings if there is material weakness in demand across its addressable segments and a consequent inability to achieve healthy capacity utilisation after the capacity expansion materially impacts its return and debt coverage indicators. A specific credit metric that could trigger ratings downgrade includes Total debt/OPBDIT A of more than 1.0 times, on a sustained basis, alongside a material depletion of cash and cash equivalents.
Agency-reported financials (ICRA, 07 Jul 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹1,409 Cr | ₹1,546 Cr |
| PAT | ₹268 Cr | ₹302 Cr |
| OPBDIT/OI | 28.9% | 30.4% |
| PAT/OI | 19.0% | 19.5% |
| Total outside liabilities/Tangible net worth (times) | 0.20× | 0.20× |
| Total debt/OPBDIT (times) | 0.60× | 0.70× |
| Interest coverage (times) | 54.00× | 44.90× |
| Revenue growth (YoY) | — | 9.8% |
| EBITDA (margin × income) | ₹407 Cr | ₹470 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹244 Cr | ₹329 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹7.54 Cr | ₹10.47 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term – Fund-based /[ICRA] A1+ | Working capital & bank lines | ₹260 Cr | ₹260 Cr | 0.0% | AA (Stable) | Reaffirmed | ICRA |
| Short-term – Fund-based – Bill Discounting | Working capital & bank lines | ₹150 Cr | ₹150 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Long-term Short-term – Unallocated Limits /[ICRA] A1+ | Working capital & bank lines | ₹75.0 Cr | ₹75.0 Cr | 0.0% | AA (Stable) | Reaffirmed | ICRA |
Credit assessment · Auto components
Rating Methodology – Auto Components and Equipment (Oct 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 41% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 34% chance the next rating action is stable or better
Rated limits by facility
Timeline
From the report
Liquidity position: Strong The liquidity position is expected to remain strong, supported by healthy total cash and liquid investments (Rs. 430 crore as on March 31, 2026), moderate utilisation of working capital facilities (average buffer of Rs. 210 crore over the last 12 months) and expectation of strong cash flows.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Happy Forgings
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Bharat Forge |
Part of Bharat Forge. | bharatforge.com | 1961 | Pune, India |
| Sona BLW Precision Forgings Limited | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Gurgaon, Haryana, India |
 MM Forgings |
Forging · Auto Components, Forging & Casting | mmforgings.com | — | Guindy, India |
| Super Auto Forge Private Limited | Forging · Auto Components, Forging & Casting | — | — | Chennai, Tamil Nadu, India |
| Balu Forge Industries Limited | · Manufacturing (Machinery and Equipments) | — | — | Mumbai, Maharashtra, India |
| Sunstar Precision Forge Limited | Forging · Auto Components, Forging & Casting | — | — | New Delhi, Uttar Pradesh, India |
| Kalyani Forge Limited | Forging · Auto Components, Forging & Casting | — | — | Pune, Maharashtra, India |
| Fitwel Tools And Forgings Private Limited | Forging · Auto Components, Forging & Casting | — | — | Karnataka, India |
| Unique Forgings (India) Private Limited | Forging · Auto Components, Forging & Casting | — | — | Gujarat, India |
| Tirupati Forge Limited | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Rajkot, Gujarat, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Heavy forgings and machined crankshafts
Filings
No filings on record yet.