NSE: HAPPYFORGE | BSE: 544057

Strong Performer, Getting Expensive

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1072.10 0.70 (0.07%)

Near 52W High of ₹1102.00

42,916 NSE+BSE Volume

NSE 12 Dec, 2025 3:31 PM (IST)

10,112.9

Market Cap

High in industry

Beta 1Year

Very Low volatility

Happy Forgings Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for HAPPYFORGE, BSE:544057 Happy Forgings Ltd.

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Happy Forgings Ltd.

18 Nov 2025

Growth to revive led by pick-up in demand and new wins

Buy: Happy Forgings Ltd.

Motilal Oswal

One of the key investor concerns for Happy Forgings (HFL) has been its subdued revenue growth over the past few quarters, despite a strong order backlog, which is also reflected in the stock’s underperformance over the past 12M relative to the broader index.

Happy Forgings Ltd. has an average target of 1228.00 from 3 brokers.

Happy Forgings Ltd.

10 Nov 2025

Showing strength in trying times

Buy: Happy Forgings Ltd.

Target

ICICI Securities Limited

Happy Forgings (HFL)’s Q2FY26 performance exceeded our estimate on all fronts. While domestic farm/PV/industrials continue to do well, HFL’s domestic CV biz. may likely gain strength ahead. Weak macro scenario continues to weigh on HFL’s exports.

Happy Forgings Ltd. has an average target of 1228.00 from 3 brokers.

Happy Forgings Ltd.

09 Nov 2025

Record high margins despite weak export demand

Buy: Happy Forgings Ltd.

Target

Motilal Oswal

Happy Forgings’ (HFL) 2QFY26 PAT at INR734m was largely in line with our estimate. The key highlight of 2Q was its record high margins at 30.7% (+150bp YoY) in a weak demand environment, especially in exports.

Happy Forgings Ltd. has an average target of 1228.00 from 3 brokers.

Happy Forgings Ltd.

11 Aug 2025

Resilient performance amidst challenging environment

Buy: Happy Forgings Ltd.

ICICI Securities Limited

Happy Forgings’ (HFL)’s Q1FY26 performance was broadly in line with our estimates. HFL continued to outperform peers in Q1. While PV / industrial / domestic farm segment continues to do well, domestic CV may likely pick up going ahead.

Happy Forgings Ltd. has an average target of 1228.00 from 3 brokers.

Happy Forgings Ltd.

17 Jun 2025

Forging ahead: A precision play in a heavyweight market

Buy: Happy Forgings Ltd.

ICICI Securities Limited

Happy Forgings (HFL) is a leading manufacturer of complex, heavy-forged and precision-machined components. HFL’s focus on enhancing its capabilities has helped expand the company’s product portfolio and customer base across diverse segments (CV, PV, farm, OHV, industrials) and geographies.

Happy Forgings Ltd. has an average target of 1228.00 from 3 brokers.

Happy Forgings Ltd.

24 Jan 2025

HAPPY FORGINGS LIMITED

Buy: Happy Forgings Ltd.

FundsIndia

Happy Forgings Ltd. has an average target of 1228.00 from 3 brokers.

Happy Forgings Ltd.

08 Nov 2024

Margin beats estimate, led by better product mix

Buy: Happy Forgings Ltd.

Target

Motilal Oswal

Happy Forgings (HFL)’s 2QFY25 result was encouraging as it reported a healthy EBITDA margin of 29.2% (+190bp YoY, est. 28%) led by a higher mix of machining and industrial segment.

Happy Forgings Ltd. has an average target of 1228.00 from 3 brokers.

Happy Forgings Ltd.

27 May 2024

Healthy performance despite weakness in core segments Order book stands at INR6.5b, of which 60% is attributable to exports

Buy: Happy Forgings Ltd.

Motilal Oswal

4QFY24 results were operationally in line with our expectations, while
higher ‘other income’ and lower tax led to PAT beat at INR658m (est.
INR607m), up by 30% YoY. Happy Forgings (HFL) maintains its focus on
diversifying into industrials and exports, which contributed ~12%/20% of
FY24 revenue, compared to 4%/12% in FY23.

Happy Forgings Ltd. has an average target of 1228.00 from 3 brokers.

Happy Forgings Ltd.

10 Apr 2024

Happy Forgings Ltd. - Machining Miracle

Buy: Happy Forgings Ltd.

Monarch Networth Capital Limited

Happy Forgings Ltd. has an average target of 1228.00 from 3 brokers.

Happy Forgings Ltd.

18 Dec 2023

IPO Note - Happy Forgings Limited 18122023

IPO Note: Happy Forgings Ltd.

HDFC Securities

Issue Snapshot: Issue Open: December 19 December 21, 2023 Price Band: Rs. 808 850 *Issue Size: Up to Rs.,1008.59 (Fresh Issue of up to Rs 400 cr + Offer for sale of upto 7,159,920 eq sh ) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 2 Book value: Rs 123.28 (September 30, 2023) Bid size: - 17 equity shares and in multiples thereof 100% Book built Issue IPO Note Happy Forgings Limited