Brokers usually take bids until: Zerodha 4:45 PM, Groww 4:50 PM, Angel One and Upstox 5:00 PM (HNI 4:00 PM). Check the exact time with your broker or bank.
Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Purchase of plant, equipment and machinery
-
Prepayment or repayment of borrowings
-
General corporate purposes
-
No lots distribution added yet.
No documents added yet.
(₹ in Crore)
Tap a bar to highlight a metric across periods and show its values.
Happy Forgings Limited is an Indian manufacturer of heavy forged and high precision machined components, incorporated in 1979 and headquartered in Ludhiana, Punjab. The company describes itself as the fourth largest engineering led manufacturer of complex and safety critical forged and machined components in India, producing crankshafts, front axle beams, steering knuckles, differential cases, transmission parts, pinion shafts, suspension products, and valve bodies. The company runs three manufacturing facilities, two at Kanganwal and one at Dugri, both near Ludhiana, and serves customers in the commercial vehicle, farm equipment, and off highway vehicle segments, with a meaningful share of revenue coming from export markets. Its promoter group includes Paritosh Kumar, Ashish Garg, and Megha Garg along with associated family trusts and HUFs. Happy Forgings has positioned its growth around deep machining capability and vertical integration, which it credits for delivering a comparatively high EBITDA margin against listed forging peers. The business has grown revenue and profitability steadily over recent fiscal years, supported by long standing relationships with commercial vehicle and industrial OEM customers.
No anchor investors added yet.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Strengths are not available
Customer concentration
A significant share of revenue is derived from the top customers, so any loss of business from key accounts could materially affect operations.
Raw material supplier dependence
The company sources steel from a limited set of suppliers without long term fixed agreements, exposing it to supply and pricing risk.
Leverage and repayment risk
The company carries meaningful debt with defined repayment schedules, which could strain cash flows in a downturn.
End market cyclicality
Revenue is closely tied to the commercial vehicle, farm equipment, and off highway vehicle industries, all of which are cyclical.
Export and currency exposure
A notable portion of revenue comes from overseas customers, exposing results to exchange rate movements.
Reliance on government incentives
Certain operational benefits depend on continued government scheme support, which is not guaranteed.
MUFG Intime India Private Limited
No financial information whatsoever published anywhere, within this website, should be considered as an advice to buy or sell securities or invest in IPOs, or as a guide to doing so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions.
We are not a SEBI Registered analyst. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this website. The information on this website is based on information available as on date coupled with market perceptions.
You agree with the terms and conditions to use this website.
Grey-market disclaimer. GMP shown here is grey-market news only. We do not trade or deal in the grey market or subject-to rates, nor do we recommend trading in the grey market.
Not investment advice. IPO Nex is an information tool, not investment advice. We do not recommend buying or selling any securities. Always do your own research before applying to any IPO.
IPO Nex does not guarantee any listing gain or return. IPO investments are subject to market risks.
All times are IST.
© 2026 IPO Nex by Niota. All rights reserved.