MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-PB-12-0003258
Market Cap
₹94.00 Cr
HAPPY-SM · NSE
Share Price
₹64.95
-1.29% 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)
13.7x
P/B 1.5x
ROE
19.5%
ROCE 15.7%
Debt / Equity
1.12
Interest cover 25.7x
About Happy Steels Limited
Data last updated:
Happy Steels Limited is a public limited company based in Ludhiana, Punjab, India. It operates in the auto parts and components segment of the automotive sector. It was incorporated on 14 June 1996 and has been in existence for over 30 years.
The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN U35923PB1996PLC018348. Its GSTIN is 03AAACH6019D1Z8 (Punjab). The company holds 2 GST registrations, all of them active. Its shares are listed on NSE: HAPPY.
The company has an authorised share capital of ₹16 Cr and a paid-up capital of ₹10.5 Cr. It was formerly known as Happy Steels Private Limited. It is led by directors including Abhishek Garg (Managing Director) and Parveen Kumar Garg (Whole-Time Director).
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Kanganwal Road, Ludhiana, Punjab, India – 141122.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹94.64 Cr, a growth of 15.2% compared to the previous year. For the same year it recorded a net profit of ₹7.16 Cr (net margin 7.6%) and EBITDA of ₹13.33 Cr (EBITDA margin 14.1%). The net worth stands at ₹39.98 Cr (up 21.6% YoY). Total assets are valued at ₹87.5 Cr (up 30% YoY).
The company has about 295 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Happy Steels. As per MCA filings, the company has open charges of ₹28.19 Cr and satisfied charges of ₹16.92 Cr on record. Court records list 13 cases involving the company, including 9 filed by the company and 4 filed against it; 1 case is pending. The company has 7 deals on record (6 secondary share transfers, 1 ipo); the latest was in July 2026. The company has 3 MSME Form 1 returns on record for the period ending Sep 2019, listing 14 overdue payments to 12 micro and small suppliers.
Happy Steels Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-PB-12-0003258). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website happysteels.com.
Company details
CIN U35923PB1996PLC018348
Registration Number 018348
Incorporation Date 14 June 1996
ROC Chandigarh
Listing Status Listed (NSE: HAPPY)
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-PB-12-0003258
CIN history
Happy Steels has one previous CIN (Corporate Identification Number): U35923PB1996PTC018348. The current CIN is U35923PB1996PLC018348, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U35923PB1996PLC018348 | Current |
| U35923PB1996PTC018348 | Previous |
Key People
Abhishek Garg Managing Director Parveen Kumar Garg Whole-Time Director Deepak Garg Whole-Time Director Recognitions & Rankings of Happy Steels
Contact details
Happy Steels Limited's registered office is in Ludhiana, Punjab. Its website is happysteels.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressKanganwal Road, Ludhiana, Punjab, India – 141122
- IndustryAutomotive, Auto Parts & Components
To see the full contact details of Happy Steels Limited, buy the company report.
Comprehensive company report
Happy Steels Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Brands
Happy Steels operates one associated brand: HAPPY STEELS. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufactures automotive axle shafts and components for OEMs globally. | happysteels.com |
Business activity
The main business activity of Happy Steels is manufacturing. In detail, this covers manufacture of machinery and equipment n.e.c..
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | 28 | Manufacture of machinery and equipment n.e.c. |
To see the full business activity and turnover split of Happy Steels Limited, buy the company report.
Financials of Happy Steels Limited
FY 2025-26 filings availableHappy Steels Limited reported revenue of ₹94.64 Cr (up 15.2% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue
₹94.64 Cr
+15.2% YoY
EBITDA
₹13.33 Cr
+64.6% YoY
Profit After Tax
₹7.16 Cr
+228.4% YoY
Net Worth
₹39.98 Cr
+21.6% YoY
Total Assets
₹87.50 Cr
+30.0% YoY
Total Debt
₹47.18 Cr
+37.9% YoY
Revenue 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
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| 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 |
To see the full year-wise statements and ratios of Happy Steels Limited, buy the company report.
Board of directors of Happy Steels Limited
Happy Steels has 6 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Parveen Kumar Garg | Whole-Time Director | 14 Jun 1996 | 30 Years 4 Months | Current |
| Abhishek Garg | Managing Director | 15 May 2006 | 20 Years 5 Months | Current |
| Deepak Garg | Whole-Time Director | 15 Feb 2023 | 3 Years 8 Months | Current |
| Vikas Giya Also directs: Viksun Consultants Private Limited | Director | 15 Feb 2025 | 1 Years 8 Months | Current |
| Shashi Batta | Director | 01 Dec 2025 | 0 Years 10 Months | Current |
| Surinder Kumar | Director | 01 Dec 2025 | 0 Years 10 Months | Current |
Auditor
Happy Steels Limited is audited by Gupta Sharma & Associates for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Gupta Sharma & Associates | FY 2023 | 001466N |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 73.00%, foreign institutional investors hold 0.00%, domestic institutional investors hold 7.60% and retail and other public shareholders hold 19.40%.
Sep 2026
QUARTER
73.00% Promoters
7.60% DII (Domestic Institutional)
19.40% Retail & Others
Shareholding trend - last 6 quarters
| Sep 2026 | |
|---|---|
| Promoters | 73.00% |
| Public | 27.00% |
Charges & borrowings
Open charges
₹28.19 Cr
Satisfied charges
₹16.92 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 04 Nov 2025 | 101193934 | Others | ₹16.79 Lakh | Open | |
| 14 Aug 2025 | 101141267 | Sidbi | ₹2.65 Cr | Open | |
| 20 Jul 2023 | 100780983 | Hdfc Bank Limited | ₹28.83 Lakh | Open | |
| 18 Jul 2023 | 100760171 | Hdfc Bank Limited | ₹9 Lakh | Open | |
| 17 Apr 2023 | 100760439 | Hdfc Bank Limited | ₹19 Cr | Open |
To see the full charge records of Happy Steels Limited, buy the company report.
Total charge records: 10 View all charges
Deals & funding
Happy Steels Limited has 7 deals on record (6 secondary share transfers, 1 ipo); the latest was in July 2026.
Total deals
7
Secondary share transfers
6
IPO
1
Deals on record (5 of 7)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jul 2026 | IPO | ₹25 Cr | Investors: Shine Star Build-Cap Private Limited , PESB Alpha Fund, Securocrop Bharat Amritkaal Fund |
| Jun 2024 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: Sanjeev Garg Huf, an individual |
| Jun 2024 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: Sanjeev Garg Huf |
| Apr 2024 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: 2 individuals |
| Jan 2024 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: 2 individuals |
To see the full deal history of Happy Steels Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Happy Steels Limited has 13 court cases on record: 9 filed by Happy Steels, 4 filed against it. 1 case is pending and 12 are disposed.
Total cases
13
Filed by the company
9
Filed against the company
4
Pending
1
Disposed
12
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 9 | 2 | 1 |
| High courts | 4 | 2 | 0 |
Cases on record (5 of 13)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Ludhiana, Punjab | Civil suit | Filed against the company by an individual | Pending |
| High Court, PUNJAB | Criminal miscellaneous application | Filed by the company against M/S Indo Asian Auto and Anr and 1 other | Disposed |
| District court, Ludhiana, Punjab | Civil suit | Filed by the company against individuals | Disposed |
| High Court, PUNJAB | Revision petition | Filed against the company by M/S Indo Asian Auto and Anr | Disposed |
| High Court, PUNJAB | Revision petition | Filed against the company by M/S Indo Asian Auto and Anr. | Disposed |
To see the full case history of Happy Steels Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Happy Steels Limited has 3 MSME Form 1 returns on record for the period ending Sep 2019, listing 14 overdue payments to 12 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 12)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| Vishal Engineers | |||
| an individual supplier |
To see the full MSME payment records of Happy Steels Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Happy Steels Limited has a workforce of 295 employees on its EPFO records as of Apr 07, 2024, across 2 active EPFO establishments.
Employee count
295
Active EPFO establishments
2
Employee growth
-21.75%
GST
Happy Steels has 2 GST registrations: 2 active.
Total GSTINs
2
Active
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AAACH6019D1Z8 | Punjab | Active | 01 Jul 2017 |
| 03AAACH6019D1DH | Punjab | Active | 13 Feb 2025 |
To see the full GST registrations and return filing status of Happy Steels Limited, buy the company report.
Recent activity
Happy Steels Limited has 11 board changes on record since 1996: 6 appointments and 5 cessations. The latest: Shashi Batta was appointed as Director on 01 Dec 2025.
Appointed
Shashi Batta was appointed as Director.
Appointed
Surinder Kumar was appointed as Director.
Charges
A charge with Hdfc Bank Limited of Rs. 6.00 Cr registered on 28 Dec 2010 with Charge ID 10261524 was modified on 15 Nov 2025.
Charges
A charge with Others amounted to Rs. 0.17 Cr with Charge ID 101193934 was registered on 04 Nov 2025.
Ceased
Parveen Kumar Garg ceased to be Director.
Charges
A charge with Sidbi amounted to Rs. 2.65 Cr with Charge ID 101141267 was registered on 14 Aug 2025.
Appointed
Vikas Giya was appointed as Director.
Ceased
Abhishek Garg ceased to be Director.
Ceased
Sanjeev Garg ceased to be Managing Director.
AGM
Happy Steels Limited last Annual general meeting of members was held on 30 Sep 2024 as per latest MCA records.
Ceased
Neeraj Garg ceased to be Director.
Filing
Happy Steels Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Chandigarh.
19 earlier events are in the company report.
Frequently asked questions
Happy Steels is an active public limited company based in Ludhiana, Punjab, India. The company works in auto parts and components, within the automotive industry. It was incorporated on 14 June 1996 (30+ years old) and is registered under CIN U35923PB1996PLC018348. Listed on NSE: HAPPY.
Happy Steels reported revenue of ₹94.64 Cr for FY 2025-26 (up 15.2% YoY) based on standalone financials.
Happy Steels has 6 current directors:
- Abhishek Garg - Managing Director
- Parveen Kumar Garg - Whole-Time Director
- Deepak Garg - Whole-Time Director
- Vikas Giya - Director
- Shashi Batta - Director
- Surinder Kumar - Director
The latest financial statements of Happy Steels on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of Happy Steels is 03AAACH6019D1Z8, registered in Punjab. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 03AAACH6019D1DH (Punjab).
The CIN (Corporate Identification Number) of Happy Steels is U35923PB1996PLC018348. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Happy Steels is listed on NSE with symbol HAPPY.
Happy Steels has 13 court cases on record: 9 filed by the company and 4 filed against it. 1 is pending. Most are in the district courts.
Happy Steels was incorporated on 14 June 1996, making it 30+ years old. It is registered with the Registrar of Companies, Chandigarh.
Happy Steels has 7 deals on record (6 secondary share transfers, 1 ipo); the latest was in July 2026.
Shashi Batta was appointed as Director on 01 Dec 2025. Surinder Kumar was appointed as Director on 01 Dec 2025. Parveen Kumar Garg ceased to be Director on 30 Sep 2025. Happy Steels has 11 board changes on record in total.