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| IPO Listing At | NSE SME |
| SME IPO Issue Type | Book Build Issue |
| Total Issue Size | ₹25.00 Cr |
| Reserved for Market Maker | ₹1.25 Cr |
| Net Issue Size | ₹25.00 Cr |
| Fresh Issue | ₹23.75 Cr |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹62.00-66.00 per share |
| Registrar | Bigshare Services Pvt.Ltd. |
| Lead Managers |
Disclaimer: GMP is sourced from grey market dealers and is indicative only. Always conduct your own due diligence.
* Allotment, Refund, Demat Credit & Listing dates are tentative and subject to change.
Minimum bid: 4,000 shares · Multiples of 2,000 shares
Happy Steels IPO comprises a total issue size of 37,88,000 shares. The net offer to the public is 35,98,000 shares, after excluding 1,90,000 shares allotted on a firm basis. Of the Net offer 17,98,000 (49.97%) are allocated to QIB, 5,40,000 (15.01%) allocated to NII 12,60,000 (35.02%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 17,98,000 | 49.97% | 47.47% |
| − Anchor Investor Shares Offered | 10,76,000 | 28.41% | |
| − QIB (Ex. Anchor) Shares Offered | 7,22,000 | 19.06% | |
| NII (HNI) Shares Offered | 5,40,000 | 15.01% | 14.26% |
| − bNII > ₹10L | 3,60,000 | 9.50% | |
| − sNII < ₹10L | 1,80,000 | 4.75% | |
| Retail Shares Offered | 12,60,000 | 35.02% | 33.26% |
| Firm Reservations | |||
| Market Maker Shares Offered | 1,90,000 | 5.02% | |
| Total Shares Offered | 37,88,000 | 100.00% | 100.00% |
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
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit | 13.16 |
| 2 | Repayment/ Prepayment of Term Loans to Banks | 4.98 |
| 3 | General Corporate Purposes | |
| Total | 18.14 |
Happy Steels Ltd.'s revenue increased by 17% and profit after tax (PAT) rose by 203% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 99.66 | 78.62 | 78.37 |
| Total Income | 96.57 | 82.52 | 82.24 |
| Profit After Tax | 7.10 | 2.34 | 4.69 |
| EBITDA | 15.27 | 8.49 | 11.08 |
| NET Worth | 39.98 | 32.88 | 30.54 |
| Reserves and Surplus | 29.48 | 31.38 | 29.04 |
| Total Borrowing | 47.18 | 34.21 | 35.69 |
| Amount in ₹ Crore | |||
| KPI | 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 | 1.73 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 6.77 | 4.97 |
| P/E (x) | 9.76 | 13.28 |
| Promoter Holding | 99.33% | 72.99% |
| Market Cap | ₹94.29 Cr. | |
