Happy Forgings Limited (HAPPYFORGE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-91.7%

₹145.56

vs ₹1,760.00 price

Levered DCF

₹795.16

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	36.14×	27.86×	35.73×	46.54×	68.26×	116.34×	115.43×
P/B	5.12×	4.03×	5.19×	9.83×	12.33×	15.05×	16.52×
P/S	7.05×	5.75×	6.73×	9.05×	12.23×	17.7×	16.53×
EV / EBITDA	22.29×	17.29×	21.25×	28.69×	42.14×	60.13×	65.6×
Gross margin	44.6%	47.2%	45.5%	42.4%	44.6%	47.3%	53.2%
Operating margin	24.7%	25.5%	26.0%	27.1%	24.3%	22.6%	44.3%
Net margin	19.5%	20.6%	19.5%	19.4%	17.9%	15.8%	14.3%
Current ratio	2.35×	2.81×	3.07×	1.91×	1.74×	1.86×	2.15×
Debt / equity	0.15×	0.12×	0.09×	0.22×	0.31×	0.24×	0.21×
Interest coverage	36.44×	43.8×	27.44×	23.32×	26.98×	10.53×	0×
Dividend yield	0.3%	0.5%	0.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	9.4%	14.1%	4.8%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	14.2%	14.5%	15.1%	21.1%	18.1%	13.4%	14.3%
Return on invested capital	11.4%	11.6%	13.5%	17.6%	13.6%	11.2%	29.6%
Return on assets	11.5%	12.1%	12.9%	15.7%	12.6%	9.9%	10.5%
Free cash flow yield	0.0%	0.3%	-0.1%	0.4%	-1.1%	-0.4%	0.7%
Earnings yield	2.8%	3.6%	2.9%	2.1%	1.5%	0.9%	0.9%
Enterprise value	₹111.8B	₹76.7B	₹85B	₹99.3B	₹99.5B	₹98.6B	₹93.4B
Net debt / EBITDA	0.55×	0.48×	0.36×	0.63×	1.02×	0.92×	0.82×
Cash conversion cycle (days)	167	220	200	177	220	214	146