About HAPPY STEELS
HAPPY STEELS is a publicly listed company based in Ludhiana (India) founded in 1996. It manufactures automotive axle shafts and components for OEMs globally. It operates on a B2B model. The company has 295 employees. Its Indian entity Happy Steels Limited reported revenue of ₹80.99 Cr. HAPPY STEELS offers products and services including Axle Shafts, Spindles, and S-cam Shafts. Its focus areas include Manufacturing, Automotive, Components and Axle Shafts. Its competitors include Dana, Happy Forgings, Gates, Ricardo and Divgi TorqTransfer Systems and 4 more; 3 of its 9 listed competitors have raised funding.
Company details
Happy Steels Pvt. Ltd., established in 1996 and based in Ludhiana, Punjab, India, specializes in manufacturing rear and front axle shafts for automotive applications. The company serves leading OEMs and Tier 1 suppliers worldwide through high-precision processes and certified quality systems. It emphasizes stringent testing, traceability, and environmental management to ensure reliable components for the automotive industry.
- Headquarters Ludhiana, India
- Employees 295
- Stage Public
- SectorsTransportation, Automotive & Logistics
- Phone•••• ••••
- Website happysteels.com
- Social LinkedIn Facebook YouTube
- Legal Name Happy Steels Ltd.
- Market Cap₹98.29 Cr
HAPPY-SM · NSE
- Share Price₹65.80
-4.36% today
- Revenue₹94.64 Cr
FY 2025-26 · +15.2% YoY
- EBITDA₹13.33 Cr
Margin 14.1%
- Net Profit₹7.16 Cr
FY 2025-26 · +228.4% YoY
- P/E (TTM)14.1x
P/B 1.6x
- ROE19.5%
ROCE 15.7%
- Debt / Equity1.12
Interest cover 25.7x
- Employee Count295
Associated legal entities of HAPPY STEELS
HAPPY STEELS is associated with 2 registered companies on The Company Check; the primary company is Happy Steels Limited, a listed company. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Happy Steels Limited Listed CIN U35923PB1996PLC018348 | Active | 14 Jun 1996 | Ludhiana, Punjab | ₹81.0 Cr | 295 | 8 | View details |
| Happy Steels Private Limited CIN U35923PB1996PTC018348 | – | 14 Jun 1996 | Ludhiana, Punjab, India | – | – | – | View details |
Products & Services of HAPPY STEELS
HAPPY STEELS offers a comprehensive portfolio of products and services, including Axle Shafts, Spindles, and S-cam Shafts.
High-quality rear and front axle shafts for vehicles
Precision spindles used in automotive assemblies
Durable S-cam shafts for braking systems
Apps and channels of HAPPY STEELS
its YouTube channel Happy Group Of Companies has 8 subscribers and 1 videos.
Videos from HAPPY STEELS
The most watched videos on HAPPY STEELS's YouTube channel, Happy Group Of Companies (8 subscribers). Click a video to play it here.
More on Happy Group Of Companies.
Board of directors of Happy Steels Limited (HAPPY STEELS)
Happy Steels Limited is the primary company behind HAPPY STEELS. The board of Happy Steels Limited currently have 6 directors; the longest-serving is Parveen Kumar Garg, appointed in 1996. 5 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Parveen Kumar Garg DIN 00621836 | Whole-time director | 14 Jun 1996 | 30 yrs 4 mo | Happy Steels Limited |
| Abhishek Garg DIN 00621845 | Managing Director | 15 May 2006 | 20 yrs 5 mo | Happy Steels Limited |
| Deepak Garg DIN 08311407 | Whole-time director | 15 Feb 2023 | 3 yrs 8 mo | Happy Steels Limited |
| Vikas Giya DIN 01399764 | Director | 15 Feb 2025 | 1 yr 8 mo | Happy Steels Limited |
| Shashi Batta DIN 11377531 | Director | 01 Dec 2025 | 10 mo | Happy Steels Limited |
| Surinder Kumar DIN 11387215 | Director | 01 Dec 2025 | 10 mo | Happy Steels Limited |
IPO & Listings of HAPPY STEELS
HAPPY STEELS is a publicly listed company on the NSE with ticker symbol HAPPY in India, operating in the Producer manufacturing sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date16 Jul 2026
- Listed onNSE: HAPPY
- Listed entityHappy Steels Ltd.
- Exchange sectorProducer manufacturing
- ISININE1GFG01011
- Share price₹78.50 (+1.95% on the day) · 2026-10-14
- Market capitalisation₹108 Cr
- Volume (last session)10,000
Financials of HAPPY STEELS
Exchange-reported figures of Happy Steels Limited, the listed company behind HAPPY STEELS (NSE: HAPPY-SM).
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | 94.64 | 82.14 | 80.91 | 93.96 | 88.30 | 77.31 |
| Revenue growth | +15.2% | +1.5% | -13.9% | +6.4% | +14.2% | - |
| EBITDA | 13.33 | 8.10 | 9.75 | 5.17 | 3.53 | 3.21 |
| EBITDA margin | +14.1% | +9.9% | +12.1% | +5.5% | +4.0% | +4.2% |
| Profit before tax | 9.51 | 3.19 | 6.37 | 0.54 | 0.91 | 0.10 |
| Net profit | 7.16 | 2.18 | 3.12 | 0.38 | 0.59 | 1.38 |
| Net profit margin | +7.6% | +2.7% | +3.9% | +0.4% | +0.7% | +1.8% |
| EPS (₹) | 6.77 | 15.62 | 31.27 | 2.88 | 0.04 | 0.17 |
| Balance sheet | ||||||
| Total assets | 87.50 | 67.31 | 66.26 | 52.21 | 60.02 | 51.45 |
| Net worth | 39.98 | 32.88 | 30.54 | 25.83 | 25.45 | 25.54 |
| Total debt | 47.18 | 34.21 | 35.69 | 26.38 | 34.57 | 25.91 |
| Cash & bank | 1.02 | 0.44 | 0.22 | 0.29 | 0.33 | 0.15 |
| Net working capital | 47.73 | 40.44 | 42.65 | 30.68 | 36.84 | 32.25 |
| Cash flow | ||||||
| Cash from operations | 5.81 | 10.18 | (3.67) | 0.00 | 0.00 | 0.00 |
| Cash from investing | (16.19) | (5.64) | (3.18) | 0.00 | 0.00 | 0.00 |
| Cash from financing | 10.34 | (4.34) | 6.77 | 0.00 | 0.00 | 0.00 |
Financial Statements
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Revenue | 94.64 | 82.14 | 80.91 | 93.96 | 88.30 | 77.31 |
| Revenue growth | +15.2% | +1.5% | -13.9% | +6.4% | +14.2% | - |
| Other income | 1.93 | 0.38 | 1.33 | 0.20 | 0.57 | 0.15 |
| Total expenses | 81.31 | 74.04 | 71.16 | 88.79 | 84.77 | 74.10 |
| Employee cost | 8.48 | 7.24 | 9.31 | 12.73 | 14.22 | 13.90 |
| EBITDA | 13.33 | 8.10 | 9.75 | 5.17 | 3.53 | 3.21 |
| EBITDA margin | +14.1% | +9.9% | +12.1% | +5.5% | +4.0% | +4.2% |
| Depreciation | 3.13 | 2.43 | 2.17 | 2.20 | 1.83 | 1.92 |
| Interest | 2.62 | 2.86 | 2.54 | 2.63 | 1.36 | 1.34 |
| Profit before tax | 9.51 | 3.19 | 6.37 | 0.54 | 0.91 | 0.10 |
| Tax | 2.42 | 0.86 | 1.68 | 0.12 | 0.03 | 0.05 |
| Net profit | 7.16 | 2.18 | 3.12 | 0.38 | 0.59 | 1.38 |
| Net profit margin | +7.6% | +2.7% | +3.9% | +0.4% | +0.7% | +1.8% |
| EPS (₹) | 6.77 | 15.62 | 31.27 | 2.88 | 0.04 | 0.17 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Equity & liabilities | ||||||
| Share capital | 10.50 | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 |
| Reserves & surplus | 29.48 | 31.38 | 29.04 | 24.33 | 23.95 | 24.04 |
| Shareholders' funds (net worth) | 39.98 | 32.88 | 30.54 | 25.83 | 25.45 | 25.54 |
| Secured loans | 39.22 | 26.37 | 27.96 | 17.35 | 26.27 | 18.15 |
| Unsecured loans | 7.96 | 7.84 | 7.73 | 9.03 | 8.30 | 7.76 |
| Total debt | 47.18 | 34.21 | 35.69 | 26.38 | 34.57 | 25.91 |
| Total liabilities | 87.50 | 67.31 | 66.26 | 52.21 | 60.02 | 51.45 |
| Assets | ||||||
| Gross block | 59.81 | 50.79 | 47.74 | 22.15 | 41.03 | 34.08 |
| Net block | 31.75 | 25.13 | 24.26 | 22.15 | 20.03 | 14.47 |
| Capital work in progress | 8.46 | 2.66 | 0.22 | 0.00 | 3.09 | 4.68 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 38.98 | 32.29 | 29.10 | 20.88 | 23.99 | 18.62 |
| Sundry debtors | 12.76 | 16.03 | 22.11 | 23.32 | 20.54 | 21.64 |
| Cash & bank balances | 1.02 | 0.44 | 0.22 | 0.29 | 0.33 | 0.15 |
| Loans & advances | 4.81 | 0.80 | 1.28 | 1.67 | 2.42 | 4.60 |
| Total current assets | 57.57 | 49.56 | 52.71 | 46.16 | 47.28 | 45.01 |
| Total current liabilities | 9.84 | 9.12 | 10.06 | 15.48 | 10.44 | 12.76 |
| Net working capital | 47.73 | 40.44 | 42.65 | 30.68 | 36.84 | 32.25 |
| Total assets | 87.50 | 67.31 | 66.26 | 52.21 | 60.02 | 51.45 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Opening cash | 0.26 | 0.06 | 0.14 | 0.00 | 0.00 | 0.00 |
| Net cash from operating activities | 5.81 | 10.18 | (3.67) | 0.00 | 0.00 | 0.00 |
| Net cash from investing activities | (16.19) | (5.64) | (3.18) | 0.00 | 0.00 | 0.00 |
| Net cash from financing activities | 10.34 | (4.34) | 6.77 | 0.00 | 0.00 | 0.00 |
| Net change in cash | (0.04) | 0.20 | (0.08) | 0.00 | 0.00 | 0.00 |
| Closing cash | 1.02 | 0.44 | 0.22 | 0.29 | 0.33 | 0.15 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|---|
| Growth | ||||||
| Sales growth | +15.2% | +1.5% | -13.9% | +6.4% | +14.2% | - |
| EBITDA growth | +64.6% | -16.9% | +88.6% | +46.5% | +10.0% | - |
| PBT growth | +198.1% | -49.9% | +1079.6% | -40.7% | +810.0% | +9997.0% |
| Net income growth | +228.4% | -30.1% | +721.1% | -35.6% | -57.3% | - |
| Revenue CAGR (3Y) | +0.2% | -2.4% | +1.5% | - | - | - |
| EBITDA CAGR (3Y) | +37.1% | +31.9% | +44.8% | - | - | - |
| Profitability & leverage | ||||||
| Net income margin | +7.5% | +2.8% | +5.8% | +0.5% | +1.0% | +0.1% |
| Return on capital employed | +15.7% | +9.1% | +12.9% | +5.7% | +2.8% | +5.3% |
| Return on net worth | +19.5% | +7.4% | +11.1% | +1.7% | +0.2% | -1.7% |
| Debt / equity | 1.12 | 1.10 | 1.10 | 1.19 | 1.19 | 1.01 |
| Long-term debt / equity | 0.38 | 0.36 | 0.39 | 0.41 | 0.38 | -0.02 |
| Interest cover | 25.69 | 50.44 | 33.51 | 88.55 | 80.00 | 103.88 |
| Efficiency & per share | ||||||
| Fixed asset turnover | 1.71 | 1.67 | 2.32 | 2.97 | 2.35 | 2.27 |
| Inventory turnover | 2.66 | 2.68 | 3.24 | 4.19 | 4.14 | 4.15 |
| Debtors turnover | 6.57 | 4.31 | 3.56 | 4.28 | 4.19 | 3.57 |
| EPS (₹) | 6.77 | 15.62 | 31.27 | 2.88 | 0.04 | 0.17 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 38.09 | 219.25 | 203.63 | 172.20 | 169.66 | 170.27 |
Competitors of HAPPY STEELS
HAPPY STEELS has 9 listed competitors in our database, 3 of them funded. They include Dana, Happy Forgings, Gates, Ricardo and Divgi TorqTransfer Systems, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| dana.com | 1904 | Maumee, United States | – | – | Driveline technologies and components for electrified light vehicles are supplied. | |
| happyforgingsltd.com | 1973 | Ludhiana, India | $27.12M | 19 | Drive transmission components are manufactured and supplied. | |
| gates.com | 1911 | Denver, United States | – | 14,700 | Transmission components are manufactured and supplied to the aftermarket. | |
| ricardo.com | 1915 | – | – | 50 | Drive transmission components are manufactured and supplied to OEMs. | |
| divgi-tts.com | 1995 | Pune, India | $19.43M | 444 | Automotive transmission systems are manufactured and supplied to OEMs. | |
| cloyes.com | 1921 | Fort Smith, United States | – | – | Timing drive systems and gear parts for automobile manufacturers | |
| imperialauto.in | 1969 | Faridabad, India | – | 1,497 | Manufacturer and assembler of fluid transmission products and high & low pressure hose assemblies | |
| newmotionlabs.com | 2019 | London, United Kingdom | $3.31M | 10 | Automotive transmission systems are manufactured by New Motion Labs. | |
| ringplusaqua.com | 1984 | Thane, India | – | 291 | Gears and automotive components are manufactured and supplied. |
Detailed competitors of HAPPY STEELS
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Top companies in Automotive Manufacturing & Components
10 companies that operate in the same segment as HAPPY STEELS (Automotive Manufacturing & Components), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Provider of infotainment and audio solutions for multiple sectors | 1980 | Stamford, Connecticut, United States | – | – | – | |
Manufacturer of gas-powered construction equipment | 1919 | United States | – | USD 1.21 B | 5,230 | |
Electrical and electronic parts for automobiles are provided by SEDEMAC. | 2007 | Pune, Maharashtra, India | USD 26.22 M | USD 32.69 M | 415 | |
Manufacturer of forklifts, warehouse equipment and other industrial trucks | 2006 | Germany | USD 587.14 M | USD 13.28 B | 42,720 | |
Automobiles and related products are manufactured by Volvo Cars. | 1927 | Goteborg, Vastra Gotaland, Sweden | USD 1.07 B | USD 38.79 B | 42,600 | |
Motor vehicles and parts are manufactured, imported, distributed, and sold. | 1994 | Irvine, California, United States | – | USD 79.03 B | 35,750 | |
Automotive manufacturing company | 1916 | Munchen, Bayern, Germany | – | USD 156.8 B | – | |
Rechargeable batteries are distributed globally by BYD. | 1994 | Los Angeles, California, United States | – | – | 269 | |
Automotive vehicles including cars, trucks, and SUVs are manufactured. | 1957 | Plano, Texas, United States | – | – | – | |
Motorcycles are manufactured, along with parts, apparel, and financial services. | 1903 | Milwaukee, Wisconsin, United States | – | USD 4.47 B | 5,900 |
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Frequently Asked Questions about HAPPY STEELS
HAPPY STEELS was founded in 1996.
HAPPY STEELS is headquartered in Ludhiana, India. It is registered at Ludhiana, Punjab, India.
HAPPY STEELS has 295 employees.
The primary company behind HAPPY STEELS, Happy Steels Limited, reported revenue of ₹80.99 Cr for FY 2024, down 14% year on year.
Happy Steels Pvt. Ltd., established in 1996 and based in Ludhiana, Punjab, India, specializes in manufacturing rear and front axle shafts for automotive applications. The company serves leading OEMs and Tier 1 suppliers worldwide through high-precision processes and certified quality systems. It emphasizes stringent testing, traceability, and environmental management to ensure reliable components for the automotive industry.
HAPPY STEELS's top competitors include Happy Forgings, Gates and Dana.
HAPPY STEELS offers Axle Shafts, Spindles, and S-cam Shafts.
Yes, HAPPY STEELS is publicly traded on NSE under the ticker symbol HAPPY.
HAPPY STEELS operates through Happy Steels Limited.
The legal entities of HAPPY STEELS currently have 8 directors, including Parveen Kumar Garg, Abhishek Garg, Deepak Garg and others.