Happy Steels SME IPO Details, Financials, Valuation & Peers
Explore Happy Steels SME IPO details, including IPO dates, financial statements, valuation, peer comparison and more.
Overview
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
Objects of the Issue
- Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit
- Repayment/ Prepayment of Term Loans to Banks
- General Corporate Purposes
- Total
IPO Details
Discover essential information crucial for understanding an IPO, including the Price Band, Fresh Issue, Offer For Sale, Total IPO Size and more. Explore these key details to gain insight into the company's public offering.
| Fields | Details |
|---|---|
| IPO Dates | 09 Jul - 13 Jul 2026 |
| IPO Price Band | ₹62 - ₹66 per share |
| Fresh Issue | ₹23.75 crore |
| Offer For Sale | NIL |
| Total IPO Size | ₹25.00 crore |
| Face Value | ₹10 |
| Listing On | NSE SME |
IPO Timeline
Explore important dates like IPO opening, closing, listing and others, outlining the journey of the Public Offering. This will help you grasp the entire IPO journey effortlessly.
| Event | Date |
|---|---|
| IPO Opening Date | 09 Jul 2026 |
| IPO Closing Date | 13 Jul 2026 |
| Basis Of Allotment | 14 Jul 2026 |
| Refunds | 15 Jul 2026 |
| Demat Transfer | 15 Jul 2026 |
| IPO Listing Date | 16 Jul 2026 |
Financial Statements
Explore a comprehensive financial data table showcasing key metrics including revenue, expenses, net income, and others. Gain valuable insights about the company's financial performance at a glance, facilitating informed decision-making and strategic planning for subscribing to the IPO.
| Period Ended | 31 Mar 2024 | 31 Mar 2025 | 31 Mar 2026 |
|---|---|---|---|
| Assets | 78.37 | 78.62 | 99.66 |
| Total Income | 82.24 | 82.52 | 96.57 |
| Profit After Tax | 4.69 | 2.34 | 7.10 |
| EBITDA | 11.08 | 8.49 | 15.27 |
| NET Worth | 30.54 | 32.88 | 39.98 |
| Reserves and Surplus | 29.04 | 31.38 | 29.48 |
| Total Borrowing | 35.69 | 34.21 | 47.18 |
* NPM represents the net profit margin, calculated as a percentage. All other figures are presented in crore (₹cr)
Peer Comparison
Compare key financial metrics with industry peers to gain valuable insights into the company's performance compared to its competitors.
| Name | P/E | EPS | RoNW | NAV |
|---|---|---|---|---|
| Happy Steels Ltd. | 9.75 | 6.77 | 17.76% | 38.09 |
| Gna Axles Limited | 13.61 | 27.24 | 11.65% | 223.89 |
| Kross Limited | 21.34 | 8.56 | 11.27% | 75.92 |
| EMM Force Autotech Limited | 19.39 | 5.88 | 9.04% | 44.52 |
* Revenue in (₹cr), RoNW in (%), EPS, NAV in (₹). P/E ratio is based on the highest price from the IPO price band.
IPO Reservation
| Investor Type | Shares Offered |
|---|---|
| Qualified Institutional Buyer (QIB) | 17,98,000 |
| Non-Institutional Investor (NII/HNI) | 5,40,000 |
| Retail Individual Investor (RII) | 12,60,000 |
Subscription Data from NSE and BSE
As the issue has not yet opened, subscription data is unavailable. However, you can view subscriptions for other ongoing issues here.
IPO Registrar
Bigshare Services Private Limited
Phone: +91 22-62638200
Email: ipo@bigshareonline.com
Website: www.bigshareonline.com
Lead Managers
- 1Share India Capital Services Pvt.Ltd.
- 2Master Capital Services Ltd.
Company Address
Happy Steels Ltd.Kanganwal Road
Jaspal
Banger
Ludhiana, Punjab – 141122
Website: https://happysteels.com/
Phone: +91 6239821029
Email: cs@happysteels.com
FAQs
- What is the issue size of the Happy Steels SME IPO?The Happy Steels SME IPO has an issue size of ₹25.00 crore. This includes a fresh issue of ₹23.75 crore and an offer for sale (OFS) of NIL.
- What is the price band of the Happy Steels IPO?The price band for the Happy Steels IPO is ₹62 - ₹66 per share.
- What are the bidding dates for the Happy Steels IPO?The Happy Steels IPO will open for bidding on 09 Jul 2026 and close on 13 Jul 2026.
- What is the allotment date for the Happy Steels IPO?The allotment date for the Happy Steels IPO is 14 Jul 2026.
- What is the minimum lot size and investment required for the Happy Steels IPO?The minimum lot size for the Happy Steels IPO is 2000 shares and the minimum investment required is ₹1,32,000.
- What is the listing date for the Happy Steels IPO?The listing date for the Happy Steels IPO is 16 Jul 2026.
- What is the Happy Steels IPO grey market premium?The grey market premium (GMP) for the Happy Steels IPO is currently at ₹0, with an expected listing gain of approximately 0%. Remember, the grey market premium is not an official indicator, but it reflects market perception and demand for the IPO shares.