About Happy Forgings Limited

Happy Forgings Limited is a public limited company incorporated in 1979 and domiciled in India, with its registered and corporate office in Ludhiana, Punjab. The Company is listed on BSE and NSE and is recognised as one of India’s leading manufacturers of complex, safety-critical, heavy-duty forged and precision-machined components. Over four decades of engineering excellence, the Company has developed deep in-house capabilities across forging, machining, die design, and metallurgical testing, catering to a wide range of industrial and automotive applications.

The Company operates three vertically integrated manufacturing facilities in Ludhiana—two located at Kanganwal and one at Dugri—bringing together forging, die design, heat treatment, precision machining, quality assurance, and metallurgical laboratories under one roof for tighter control on cost, quality, and delivery. As of March 31, 2025, the Company’s installed capacities stood at 1,27,000 MT for forging and 57,000 MT for machining, with the ability to produce components weighing up to 250 kg.

Happy Forgings’ product range includes crankshafts, front and rear axle components, differential cases, suspension systems, pinion shafts, crown wheels, planetary carriers, housings, bucket links, cap end covers, and select rail components. The Company supplies to marquee OEMs across commercial vehicles, passenger vehicles, farm equipment, off-highway machinery, oil & gas, power generation, wind energy, and railway sectors. It serves customers across India and exports to 10 countries. In FY 2024–25, exports contributed 18% of total revenue and domestic sales 82%.

Happy Forgings has one subsidiary as on March 31, 2025, reflecting a lean and focused corporate structure built for operational efficiency and disciplined execution.

Happy Forgings Limited Key Milestones

Key milestones achieved over the years include:

• 1979: Establishment of the Company (bicycle pedal manufacturing).
• 2005: Installation of heavy-duty forging hammers.
• 2008: Commissioning of the first 8,000-tonne press.
• 2010–2015: Expansion of machining operations and entry into off-highway and commercial vehicle segments.
• 2017: Commissioning of a second 8,000-tonne press.
• 2018: Crossed Rs 500 crore in revenue and attracted institutional investors.
• 2021: Commissioning of the Dugri facility with an additional 8,000-tonne press.
• 2022: Launch of the first 14,000-tonne press line and eight dedicated crankshaft machining lines.
• 2023: Successful IPO and public market listing.
• 2024: Commencement of SUV crankshaft supplies.
• 2025: Commissioning of a 6,300-tonne press with expanded machining capacity to 57,000 MT.

Happy Forgings Limited Key Management

• Paritosh Kumar – Chairman & Managing Director
• Ashish Garg – Managing Director
• Megha Garg – Whole-time Director
• Ravindra Pisharody – Independent Director
• Rajeswari Karthigeyan – Independent Director
• Atul B. Lall – Independent Director
• Satish Sekhri – Independent Director (as on March 31, 2025)
• Pankaj Kumar Goyal – Chief Financial Officer
• Bindu Garg – Company Secretary & Compliance Officer

Latest Updates on Happy Forgings Limited

• Capacity expansion: Commissioned a new 6,300-tonne press and expanded machining capacity to 57,000 MT in FY 2024–25, enabling production of heavier and more complex components.
• Heavyweight components project: Announced a Rs 650-crore capex plan for one of the world’s most advanced forging and machining facilities for 250–3,000 kg components, targeting power generation, marine, oil & gas, defence and nuclear industries; commissioning is planned for FY 2026–27.
• New product development: Commenced SUV crankshaft supplies in 2024, expanding presence in passenger vehicle components alongside traditional strengths in commercial and off-highway segments.
• Credit ratings: Maintained CRISIL and ICRA ratings of AA/Stable, highlighting financial prudence, conservative leverage and strong liquidity profile.
• Awards and recognitions: Received performance awards from Mahindra & Mahindra, Escorts Kubota, Ashok Leyland, American Axle & Manufacturing and Generac, acknowledging quality and delivery excellence.
• Export momentum: Exports accounted for 18% of total revenue, doubling since FY 2020–21, underscoring the Company’s growing integration into global supply chains.
• IPO proceeds utilisation: Net proceeds from the IPO were deployed towards debt repayment and capital expenditure, with the unutilised balance temporarily invested in scheduled bank deposits as of March 31, 2025.

Note: All information above has been drawn exclusively from Happy Forgings Limited’s Annual Report 2024–25 for the year ended March 31, 2025.