Happy Steels Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components serving the on-highway, off-highway, electric vehicle (EV), and defence sectors. The company manufactures precision-engineered components that play a critical role in vehicle safety, performance, and durability.
The company operates an integrated manufacturing facility in Ludhiana, Punjab, spread across approximately 16,577 square yards. Its manufacturing capabilities cover the complete production process, including raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing.
This end-to-end manufacturing setup enables the company to maintain strict quality standards, dimensional accuracy, and consistent product performance while reducing dependence on third-party processes.
Happy Steels’ product portfolio comprises axles, long spline shafts, spindles, and other transmission and driveline components, which are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers across domestic and international markets.
As of FY2025, the company had an installed manufacturing capacity of 8,640 MT per annum for cutting operations, 7,776 MT per annum for forging, and 4,492.80 MT per annum for machining, enabling it to cater to diverse customer requirements across multiple product categories.
The company has developed strong in-house expertise in forging and precision machining, supported by advanced manufacturing technologies and a robust quality management system.
Its integrated production processes help ensure compliance with customer specifications, regulatory requirements, and quality standards required by the automotive, EV, and defence industries.
As of December 31, 2025, Happy Steels Limited had 429 employees across production, engineering, quality assurance, administration, and management functions.
Happy Steels IPO – Details
| IPO Opening Date | 09 July 2026 |
| IPO Closing Date | 13 July 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 37,88,000 Shares Worth ₹25.00 Crore Fresh Issue: 37,88,000 Shares Worth ₹25.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹62 – ₹66 per share |
| Market Lot | 2000 Shares |
| Min Order | 2000 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Bigshare Services Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Happy Steels IPO – Date Schedule
| IPO Open Date | 09 July 2026 |
| IPO Close Date | 13 July 2026 |
| Basis of Allotment | 14 July 2026 |
| Initiation of Refund | 15 July 2026 |
| Credit of Shares to Demat | 15 July 2026 |
| IPO Listing Date | 16 July 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 13, 2026 |
Happy Steels IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4000 | ₹2,64,000 |
| Retail (Max) | 2 | 4000 | ₹2,64,000 |
| S-HNI (Min) | 3 | 6000 | ₹3,96,000 |
| S-HNI (Max) | 7 | 14000 | ₹9,24,000 |
| B-HNI (Min) | 8 | 16000 | ₹10,56,000 |
Competitive Strength
- 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.
Company Promoters
- Mr Parveen Kumar Garg
- Mr Abhishek Garg
- Mr Deepak Garg
- Parveen Kumar Garg (HUF)
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹94.20 Cr | ₹93.67 Cr | ₹0.40 Cr | ₹26.38 Cr |
| 31 March 2024 | ₹82.24 Cr | ₹75.88 Cr | ₹4.69 Cr | ₹35.69 Cr |
| 31 March 2025 | ₹82.52 Cr | ₹79.32 Cr | ₹2.34 Cr | ₹34.22 Cr |
| 30 September 2025 | ₹47.93 Cr | ₹42.69 Cr | ₹3.93 Cr | ₹42.25 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 19.49% |
| ROCE | 20.89% |
| Debt/Equity | 1.18 |
| RoNW | 17.76% |
| PAT Margin | 7.50% |
| EBITDA Margin | 16.14% |
| Price to Book Value | 2.11 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.77 | – |
| P/E (x) | 9.76 | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital Expenditure towards the purchase of additional plant and machinery for the existing manufacturing unit. | ₹11.68 |
| Repayment/ Prepayment of Term Loans to Banks. | ₹5.46 |
| General Corporate Purpose. | – |
✅Strengths
- Integrated end-to-end manufacturing.
- Safety-critical products for Auto, EV & Defence.
- Strong OEM & Tier-I customer base.
- Advanced manufacturing with strict quality control.
- Nearly 30 years of industry experience.
⚠️Risks
- High dependence on key customers.
- Reliance on limited raw material suppliers.
- Business depends on promoters and key management.
- Pending civil litigation.
- Demand slowdown in the automotive sector may impact growth.
Happy Steels IPO Promoter Holding
| Pre-Issue Share Holding | 99.33% |
| Post Issue Share Holding | – |
Happy Steels IPO Prospectus
- Happy Steels IPO DRHP
- Happy Steels IPO RHP
Company Contact Information
| Happy Steels Limited Kanganwal Road, Jaspal Banger, Ludhiana, Punjab, 141122 Phone: +91 6239821029 Email: cs@happysteels.com Website: https://happysteels.com/ |
Happy Steels IPO Registrar
| Bigshare Services Pvt. Ltd. Phone: 022-62638200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Happy Steels IPO Lead Manager(s)
| 1. Master Capital Services Limited 2. Share India Capital Services Private Limited |
Happy Steels IPO FAQ
| What is the Happy Steels IPO? Happy Steels IPO is an SME IPO. The issue is priced at ₹62 – ₹66 per equity share. The IPO is to be listed on NSE SME. |
| When will Happy Steels IPO open? The IPO is to open on 09 July 2026 for QIB, NII, and Retail Investors. |
| What is Happy Steels IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Happy Steels IPO Size? Happy Steels IPO size is ₹25.00 Crore. |
| What are the Happy Steels IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 4000 Shares for ₹2,64,000, while the maximum bid is 4000 Shares for ₹2,64,000. |
| What is the Happy Steels IPO Allotment Date? Happy Steels IPO allotment date is 14 July 2026. |
| What is the Happy Steels IPO Listing Date? Happy Steels IPO listing date is 16 July 2026. The IPO is to be listed on the NSE SME. |
