Incorporated in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications.
The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This integrated process framework enables the company to deliver components with defined mechanical properties, high dimensional accuracy, and consistent quality in line with stringent customer specifications.
ts product portfolio includes a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a crucial role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas markets.
The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,427 square yards with an installed capacity of 8,640.00 MT per annum for cutting operations, 7,776.00 MT per annum for forging, and 5,861.21 MT per annum for machining, enabling scalable production across multiple product categories.
As of May 31, 2026, Happy Steel Ltd. employed 403 personnel across various departments, supporting operations, quality assurance, engineering, and management functions.
Competitive Strengths:
Happy Steels Ltd.’s revenue increased by 17% and profit after tax (PAT) rose by 203% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 99.66 | 78.62 | 78.37 |
| Total Income | 96.57 | 82.52 | 82.24 |
| Profit After Tax | 7.10 | 2.34 | 4.69 |
| EBITDA | 15.27 | 8.49 | 11.08 |
| NET Worth | 39.98 | 32.88 | 30.54 |
| Reserves and Surplus | 29.48 | 31.38 | 29.04 |
| Total Borrowing | 47.18 | 34.21 | 35.69 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Anubhav Plast Ltd. | SME | ₹24.00 Cr | ₹80 | 10.67 | ₹76.00 | -5.00% | ₹53.10 (-4.99%) |
| Kasturi Metal Composite Ltd. | SME | ₹17.61 Cr | ₹64 | 23.59 | ₹63.16 | -1.31% | ₹48.60 (-4.71%) |
| Shri Kanha Stainless Ltd. | SME | ₹46.28 Cr | ₹90 | 16.23 | ₹83.60 | -7.11% | ₹24.50 (+0.00%) |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit | 13.16 |
| 2 | Repayment/ Prepayment of Term Loans to Banks | 4.98 |
| 3 | General Corporate Purposes | |
| Total | 18.14 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 19.49% |
| ROCE | 20.89% |
| Debt/Equity | 1.18 |
| RoNW | 17.76% |
| PAT Margin | 7.50% |
| EBITDA Margin | 16.14% |
| Price to Book Value | 1.73 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.77 | 4.97 |
| P/E (x) | 9.76 | 13.28 |
| IPO Date | 9 to 13 Jul, 2026 |
| Listing Date | Thu, Jul 16, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹62 to ₹66 |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 37,88,000 shares (agg. up to ₹25 Cr) |
| Reserved for Market Maker | 1,90,000 shares (agg. up to ₹1 Cr) |
| Fresh Issue (Ex Market Maker) | 35,98,000 shares (agg. up to ₹24 Cr) |
| Net Offered to Public | 35,98,000 shares (agg. up to ₹24 Cr) |
| Share Holding Pre Issue | 1,04,98,180 shares |
| Share Holding Post Issue | 1,42,86,180 shares |
Parveen Kumar Garg, Abhishek Garg, Deepak Garg and Parveen Kumar Garg (HUF)
| Share Holding Pre Issue | 99.33% |
| Share Holding Post Issue | 77.99% |
As per our analysis and Based on the information we have, this is the output.
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