Happy Steels IPO
Market Sentiment
IPO Details
IPO Reservation
Market Lot Size
Return Estimator (GMP*)
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 94.20 | 82.24 | 82.52 | 47.93 |
| Expense | 93.67 | 75.88 | 79.32 | 42.69 |
| Profit (PAT) | 0.40 | 4.69 | 2.34 | 3.93 |
| Total Assets | 69.53 | 78.37 | 78.62 | 93.95 |
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| EMM Force Autotech Limited | 3.93 | 33.33 | 4.71 | 41.92 | 53.57 Cr |
| Kross Limited | 7.74 | 26.84 | 4.14 | 41.89 | 270.28 Cr |
| GNA Axles Limited | 25.99 | 17.34 | 5.75 | 161.22 | 692.15 Cr |
Promoters: Mr Parveen Kumar Garg, Mr Abhishek Garg, Mr Deepak Garg and Parveen Kumar Garg (HUF)
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,04,98,180 | 99.33% |
Strengths & Risks
No standout strengths in the available data.
- Thin profit margin — 2.8%.
- Modest return on equity — 7%.
Auto-generated from live GMP, subscription, valuation and financial data. Informational only — not investment advice. Always read the RHP before applying.
Company Information
Happy Steels, founded in 1996, is one of the leading manufacturers of forged and machined metal components used in vehicle transmission and driveline systems. These components are used in various industries, including automotive, electric vehicles (EVs), off-highway equipment, and defence. Happy Steels manages the entire manufacturing process, from raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. Its product portfolio consists of a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components. Its manufacturing facility is located in Punjab, covering 16,577 square yards with a capacity of 8,640 MT for cutting, 7,776 MT for forging, and 4,492.8 MT for machining annually.
| Purpose | Amount (Cr) |
|---|---|
| Capital Expenditure towards 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 | - |
Resources & Documents
Happy Steels Ltd., Kanganwal Road, Jaspal, Banger, Ludhiana, Punjab, 141122
Happy Steels has set a price band of Rs 62–Rs 66 per share for an issue size of Rs 25 crore. The SME issue is scheduled to open for subscription on July 09, 2026 — 6 days from now.
Happy Steels, founded in 1996, is one of the leading manufacturers of forged and machined metal components used in vehicle transmission and driveline systems. These components are used in various industries, including automotive, electric vehicles (EVs), off-highway equipment, and defence.
The issue is promoted by Mr Parveen Kumar Garg, Mr Abhishek Garg, Mr Deepak Garg and Parveen Kumar Garg (HUF) with Share India Capital Services Pvt. Ltd., Master Capital Services Ltd. acting as lead manager. Net proceeds will primarily be used towards Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit (Rs 12 crore) and Repayment/ Prepayment of Term Loans to Banks (Rs 5 crore).
On fundamentals, the company is posting revenue growth of 0.3%, a profit margin of 2.8%, return on equity of 7.4% in its most recent reported period. Listed peers in this segment include EMM Force Autotech Limited (P/E 33.33x) and Kross Limited (P/E 26.84x) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
All figures below — GMP history, subscription tiers, financials and peers — are aggregated from public disclosures. Always apply through your own broker after reading the RHP.
Happy Steels IPO GMP — What It Means
No active grey market premium has been recorded for Happy Steels IPO yet. GMP is an unofficial, dealer-quoted indicator of expected listing-day demand — not a guaranteed listing price — and it can change quickly once bidding opens.
See the full Happy Steels GMP history and trend, or learn how grey market premium works and how reliable it is.
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