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Happy Steels Ltd IPO
Happy Steels Ltd
₹2,48,000 /4000 sharesMinimum investment
IPO listing details
Listed on
16 Jul '26
Issue price
₹66.00
Listing price
₹68.00
Listing gains
₹2.00 (3.03%)
Exchange
--
IPO details
Minimum investment
₹2,48,000
Price range
₹62 - ₹66
Lot size
2,000
Issue size
25 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers59.01x
Non-Institutional Investor84.26x
Retail Individual Investor72.40x
Total72.03x
As of 13 Jul'26, 05:00 PM
Schedule
9 Jul 2026
IPO open date
13 Jul 2026
IPO close date
14 Jul 2026
Allotment date
14 Jul 2026
Funds unblock or debit
16 Jul 2026
Tentative listing date
About
Founded in
1996
MD/CEO
Mr Abhishek Garg
Parent organisation
Happy Steels Ltd
Happy Steels Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have an integrated manufacturing process covering multiple stages of production in-house. Its operations include raw material procurement, forging, heat treatment, precision machining, surface hardening, inspection, and packing, allowing it to manufacture transmission and driveline components across different specifications while reducing dependence on third-party vendors.
The company specialises in manufacturing safety-critical and load-bearing components used across automotive, EV, defence, and off-highway applications. These products are designed to operate under high mechanical stress and are subject to stringent customer qualification and validation processes, which can create higher entry barriers for new manufacturers.
Happy Steels has been operating since 1996, and its promoters collectively have over six decades of experience in the automotive industry. The company claims that this experience has helped it develop expertise in forging, heat treatment, precision machining, quality control, and production planning across a diverse product mix.
The company claims to have an in-house quality assurance framework supported by a dedicated team of 44 personnel. It carries out multiple inspection and testing procedures during manufacturing using equipment such as spectrometers, ultrasonic testing systems, coordinate measuring machines (CMM), hardness testers, and magnetic particle testing equipment. The company is also ISO 14001:2015 certified for environmental management systems and ISO 45001:2018 certified for occupational health and safety management systems.
The company has a diversified customer base across domestic and international markets. During the past few years, it has supplied products to customers in approximately 23 Indian states and 12 countries, with exports contributing an increasing share of its revenue.
The company claims to have established long-term relationships with OEMs and Tier-I suppliers. According to the prospectus, it has been supplying components to some customers for five to 10 years, with repeat orders contributing to business stability and demand.
The company claims to have advanced manufacturing infrastructure for both high-volume and application-specific production. Its facilities include CNC-based machining systems, automated and semi-automated forging and heat treatment processes, induction hardening, and integrated in-line and end-of-line inspection systems to support precision manufacturing.
The company’s top 10 customers contributed Rs 32.30 crore (69.46%), Rs 59.28 crore (72.17%), Rs 65.65 crore (81.14%), and Rs 74.70 crore (79.50%) of its revenue from operations during the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Any failure to retain these key customers, secure repeat orders, or any reduction in purchases from them could adversely affect the company’s revenue, cash flow, and overall financial performance.
The company’s top 10 suppliers accounted for Rs 25.44 crore (97.02%), Rs 46.77 crore (96.04%), Rs 46.47 crore (92.08%), and Rs 48.42 crore (92.77%) of its total purchases during the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Disruption in supplies, deterioration in relationships with these suppliers, or inability to procure raw materials on commercially acceptable terms could adversely affect the company’s production schedules, operating margins, and overall business operations.
The company derives a significant portion of its revenue from Punjab, Haryana, and Tamil Nadu. These three states contributed Rs 27.32 crore (58.74%), Rs 54.05 crore (65.80%), Rs 54.97 crore (67.94%), and Rs 62.97 crore (67.01%) of its revenue from operations during the six months ended September 30, 2025, FY25, FY24, and FY23, respectively. Disruption in the economic, political, regulatory, or industrial ecosystem in these states, or the company’s inability to diversify its customer base across other regions, could negatively impact its business and financial performance.
The company is increasingly dependent on export markets, particularly Indonesia, for a part of its revenue. Export sales contributed Rs. 8.71 crore (18.74%) and Rs. 8.29 crore (10.10%) of revenue from operations during the six months ended September 30, 2025 and FY25, respectively, while Indonesia alone contributed Rs. 4.55 crore (9.79%) and Rs. 3.98 crore (4.84%) during the same periods. Any adverse changes in international trade policies, import regulations, geopolitical developments, or the company’s inability to expand its overseas presence could adversely affect its business and financial performance.
The company’s operations are capital intensive and require significant investments in capital expenditure and working capital. It incurred capital expenditure of Rs 6.81 crore, Rs 6.19 crore, Rs 4.99 crore, and Rs 3.72 crore during the six months ended September 30, 2025, FY25, FY24, and FY23, respectively, while its working capital stood at Rs 18.52 crore, Rs 17.50 crore, Rs 18.75 crore, and Rs 14.50 crore over the same periods. Any inability to secure additional funding for future capital expenditure or working capital requirements could hurt the company’s expansion plans, operations, cash flows, and financial condition.
The company has a significant amount of funds tied up in trade receivables due to the credit extended to its customers. Its trade receivables stood at Rs 20.18 crore, Rs 16.03 crore, Rs 22.11 crore, and Rs 23.32 crore as of September 30, 2025, FY25, FY24, and FY23, respectively. Delay or failure by customers to make payments on time could increase the company’s working capital requirements, affect cash flows, and adversely impact its financial performance.
The company maintains high inventory levels, resulting in a significant portion of its working capital being tied up in inventory. Its inventory days increased from 118 days in FY23 to 165 days in FY24, 189 days in FY25, and 196 days during the six months ended September 30, 2025. Any inability to effectively manage inventory levels or any slowdown in customer demand could increase storage costs, lengthen the working capital cycle, and adversely affect the company’s liquidity and financial performance.
The company, its directors, promoters, key managerial personnel (KMPs), senior management personnel (SMPs), and group companies are involved in certain outstanding legal proceedings. Any adverse judgment in these matters could hurt the company’s business, financial condition, and reputation.
The company has reported negative cash flows from operating, investing, and financing activities in the past. It recorded negative operating cash flow of Rs 3.67 crore in FY24, negative investing cash flows of Rs 7.24 crore, Rs 5.64 crore, Rs 3.18 crore, and Rs 3.01 crore during the six months ended September 30, 2025, FY25, FY24, and FY23, respectively, and negative financing cash flow of Rs 4.34 crore in FY25. The negative operating cash flow in FY24 was primarily due to higher inventory levels and payments to trade payables, while the investing cash outflows were largely on the purchase of property, plant and equipment and development of intangible assets. If such negative cash flows continue, they could adversely affect the company’s liquidity, operations, and financial condition.
As of December 31, 2025, the company had total outstanding financial indebtedness of Rs. 41.98 crore. Any failure to service or repay these borrowings, or to comply with the associated financing terms, could adversely affect the company’s cash flows, operations, and financial condition.
Application details
For Happy Steels IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹62 - ₹66 | ₹2 - ₹5 Lakhs | 2000 |
About
Objective of Happy Steels IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding the capital expenditure requirements towards purchase of additional plant and machinery for the existing manufacturing unit |
13.16 |
|
Repayment or prepayment of term loans to banks |
4.98 |
|
General Corporate Purposes |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of Happy Steels IPO
|
Book Running Lead Managers |
Share India Capital Services Private Limited, Master Capital Services Limited |
|
Registrar to the Issue |
Bigshare Services Private Limited |
|
Market Maker to the Issue |
Share India securities Limited |
Key Performance Indicators (KPIs) of Happy Steels Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
19.49 |
|
ROCE (%) |
20.89 |
|
EBITDA Margin (%) |
16.14 |
|
Debt/Equity Ratio |
1.18 |
|
PAT Margin (%) |
7.50 |
|
EPS (Basic) (Pre IPO) (₹) |
6.77 |
|
Return on Net Worth (RoNW) (%) |
17.76 |
Happy Steels IPO Contact Details
|
Company Name |
Happy Steels Limited |
|
Registered Office |
Kanganwal Road, Jaspal Banger, Ludhiana – 141122, Punjab, India |
|
Phone |
+91 6239821029 |
|
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|
Website |
Happy Steels IPO Registrar Contact Details
|
Company Name |
Bigshare Services Private Limited |
|
Phone |
022-62638200 |
|
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Website |