Happy Steels IPO- Company Analysis
Happy Steels IPO under the SME IPO category is a book-build issue of Rs. 25 Cr by Happy Steels Limited and is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components for on-highway, off-road, electric vehicle (EV), and defense applications.
With skills in raw material acquisition, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing, the company operates throughout the whole production value chain.
The organization can supply components with defined mechanical qualities, high dimensional precision, and consistent quality in accordance with strict customer standards thanks to this integrated process architecture.
Happy Steels IPO Details
The Happy Steels IPO date of opening is 09 Jul 2026, its initial public offering will end on 13 Jul, IPO allotment on Jul 14 and refund initiation on Jul 15, 2026.
The Rs. 25 crore new SME IPO comprises a wholly fresh issue of 0.38 crore shares.
The Happy Steels IPO listing date (expected) might be Thursday, Jul 16, 2026, and listing at the NSE and SME.
The Happy Steels IPO price band is Rs. 62 to Rs. 66.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Jul 09, 2026 |
|
IPO Closing Date |
Jul 13, 2026 |
|
IPO Allotment Date |
Jul 14, 2026 |
|
Refund Initiation |
Jul 15, 2026 |
|
IPO Listing Date |
Jul 16, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
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 |
Cash Flows
(Amount in lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
581.04 |
1,017.58 |
(366.52) |
|
Net Cash Flow Investing Activities |
(1,618.64) |
(563.65) |
(317.69) |
|
Net Cash Flow Financing Activities |
1,034.03 |
(433.95) |
676.68 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The company desires to use the Net Proceeds from the Issue to fulfill its following goals:
- Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit. ~ Rs. 13.16 Cr.
- Repayment/ Prepayment of Term Loans to Banks. ~ Rs. 4.98 Cr.
- General Corporate Purposes.
Listed Peers of Happy Steels Ltd.
|
Name of Company |
Face Value (Rs. ) |
Basic EPS (₹) |
PE Ratio (x) |
|
EMM Force Autotech Limited |
10 |
5.88 |
19.39 |
|
Kross Limited |
5 |
8.56 |
21.34 |
|
GNA Axles Limited |
10 |
27.24 |
13.61 |
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
RoE |
19.49% |
|
ROCE |
20.89% |
|
Debt/Equity |
1.18 |
|
RoNW |
17.76% |
|
PAT Margin |
7.50% |
|
EBITDA Margin |
16.14% |
|
P.B Value |
1.73 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 6.77 from the last year, the resulting P/E ratio is 9.16x.
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IPO's Strengths
- Enhanced Manufacturing Capabilities.
- Strong emphasis on load-bearing and safety-critical components.
- Internal proficiency in quality control, precision machining, heat treatment, and forging.
- Strong quality control systems in line with the requirements of the automotive sector.
IPO's Weaknesses
- Supplier Dependency.
- High Capital Requirement.
- Raw Material & Energy Cost Risk.
Happy Steels IPO GMP (Grey Market Premium)
Happy Steels IPO GMP today is Rs. 0 as of 06 July 2026, while writing this information.
Happy Steels IPO Summary
|
IPO Opening & Closing Date |
09 Jul, 2026 to 13 Jul, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 62 to Rs. 66 per Share. |
|
Lot Size |
2000 Shares |
|
Issue Size |
37,88,000 Shares (Rs. 25 Cr) |
|
Offer for Sale |
- |
|
Fresh Issue |
35,98,000 Shares (Rs. 24 Cr) |
|
Listing at |
NSE, SME |
|
Issue Type |
Bookbuilding Issue |
|
Registrar |
Bigshare Services Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (4000 Shares) for Rs. 2,64,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (6000 Shares) for Rs. 3,96,000.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Happy Steels IPO Allotment Status
To check the Happy Steels IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Happy Steels Ltd.
- Parveen Kumar Garg
- Abhishek Garg
- Deepak Garg
- Parveen Kumar Garg (HUF)
|
Pre-Issue Promoter Shareholding |
99.33% |
|
Post-Issue Promoter Shareholding |
72.99% |
IPO Lead Managers
- Share India Capital Services Pvt. Ltd.
Dividend Policy
The company has not declared a dividend during the last three years.
Conclusion
Happy Steels IPO offers exposure to a manufacturer of forged and machined components with integrated production capabilities and steady FY2026 profitability. The IPO proceeds will mainly support plant and machinery expansion, loan repayment, and general corporate needs, which may strengthen future growth.
Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to provide all the required details about the company you should know before applying for the IPO.
You must consult your financial advisor before making any financial decisions.
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