Happy Steels SME IPO Details, Financials, Valuation & Peers

Established in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications.

The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This integrated process framework enables the company to deliver components with defined mechanical properties, high dimensional accuracy, and consistent quality in line with stringent customer specifications.

Happy Steel Limited’s product portfolio includes a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a crucial role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas markets.

The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,577 square yards. As of Financial Year 2025, the facility has an installed capacity of 8,640.00 MT per annum for cutting operations, 7,776.00 MT per annum for forging, and 4,492.80 MT per annum for machining, enabling scalable production across multiple product categories.

The company has developed strong in-house expertise in manufacturing high-strength, safety-critical components through advanced forging techniques, precision machining, and stringent quality control systems. Its quality management framework is designed to ensure consistent compliance with customer requirements, applicable regulatory norms, and global automotive industry standards.

As of December 31, 2025, Happy Steel Limited employed 429 personnel across various departments, supporting operations, quality assurance, engineering, and management functions.

Competitive Strengths:

• Integrated manufacturing capabilities enabling diversified product offerings with enhanced value addition

• Strong focus on safety-critical and load-bearing components

• In-house expertise across forging, heat treatment, precision machining, and quality control

• Robust quality management systems aligned with automotive industry standards

• Diversified domestic and international customer base

• Scalable manufacturing infrastructure supporting future growth