Happy Steels IPO

ListedSMEConsumer DiscretionaryNSE Emerge

Price band: ₹62 – ₹66
Issue size: ₹25.00 Cr
Lot size: 2000 sh
Bidding: 9 – 13 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Happy Steels was incorporated in 1996 and listed on NSE Emerge; the record describes it as a maker of forged and machined transmission and driveline components for vehicle OEMs and Tier-I suppliers, produced entirely at a single Ludhiana plant, with 403 employees as of 31 May 2026. Revenue from operations was Rs 80.91 Cr in FY24, Rs 82.14 Cr in FY25 and Rs 94.64 Cr in FY26; profit after tax over the same three years was Rs 4.69 Cr, Rs 2.34 Cr and Rs 7.10 Cr. The Rs 25 Cr issue was entirely fresh, with nil offer for sale, priced at Rs 62-66 in lots of 2,000 shares, and was subscribed 77.81 times overall on day three. It listed at Rs 68 against a band top of Rs 66, closed day one at Rs 68.50, and last traded at Rs 62.10 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

62Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Happy Steels, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1996 · Ludhiana, Punjab, India · 403 employees

Happy Steels makes forged and machined metal parts for vehicle drivetrains — axles, long spline shafts, spindles and related load-bearing components, including wheel-bearing spindles and S-cam brake shafts. It sells them to vehicle OEMs and Tier-I suppliers covering on-highway, off-highway, electric-vehicle and defence applications, in India and overseas. Everything is made at a single plant on Kanganwal Road, Jaspal Banger, Ludhiana, Punjab, spread over roughly 16,427 square yards, where the company runs the whole sequence in-house: bar cutting, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection and packing. It had 403 employees as of 31 May 2026. Exports, led by Indonesia, rose from 0.49% of revenue in FY24 to 10.10% in FY25 and 18.56% in FY26.

The company earns from per-part sales of forged and machined components to OEMs and Tier-I suppliers. In FY26 it booked ₹94.64 crore of revenue from operations against ₹54.52 crore of raw material consumed — steel and alloy steel — leaving EBITDA of ₹15.27 crore and PAT of ₹7.10 crore, against PAT of ₹2.34 crore in FY25. The structural constraint is tonnage through one plant: in FY26 it ran at 81.28% utilisation in cutting, 80.61% in forging and 78.43% in machining, up from 60.74%, 58.45% and 73.93% in FY25, so added volume needs added machines. About ₹13.16 crore of net proceeds was earmarked for plant and machinery. Its top ten customers were 67.47% of FY26 revenue.

The company on paper

Legal name: Happy Steels Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 14 Jun 1996
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U35923PB1996PLC018348
Sector: Consumer Discretionary · Forged and machined transmission and driveline components for vehicle OEMs
Employees: 403
Registered office: Ludhiana, Punjab, India
Promoters: Parveen Kumar Garg, Abhishek Garg, Deepak Garg, Parveen Garg HUF
Promoter holding, pre-issue: 99.3%
Promoter holding, post-issue: 73.0%
Website: happysteels.com

The numbers

Financial performance

Revenue has compounded at 8.2% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹25.00 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹25.00 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,90,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.3% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription77.81×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹66.00
Listed at: ₹68.00
Listing gain: up 3.0%
Since listing: down 6.7%
Against the issue price: down 3.9%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹66.00
Amount blocked: ₹2,64,000

One lot is 2000 shares at ₹1,32,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,64,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~1%

chance of one lot, per application

Retail subscription: 73.25×
Applicants per share available: 73.3× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹68.00

listed at, 3.0% against the issue price

Issue price: ₹66.00
Premium said: —
If allotted 2000 shares: ₹4,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Every headline FY26 figure was above FY25: revenue Rs 94.64 Cr against Rs 82.14 Cr, a rise of 15.22%; EBITDA Rs 15.27 Cr against Rs 8.49 Cr, a rise of 79.86%; and profit after tax Rs 7.10 Cr against Rs 2.34 Cr, a rise of 203.42%.
FY26 was the strongest of the three years on record for both margins. EBITDA margin was 16.13% (Rs 15.27 Cr on Rs 94.64 Cr), against 10.34% in FY25 (Rs 8.49 Cr on Rs 82.14 Cr) and 13.69% in FY24 (Rs 11.08 Cr on Rs 80.91 Cr). Net margin was 7.50% (Rs 7.10 Cr on Rs 94.64 Cr), against 2.85% in FY25 and 5.80% in FY24.
Net worth rose in each year the record covers: Rs 30.54 Cr in FY24, Rs 32.88 Cr in FY25 (up 7.66%) and Rs 39.98 Cr in FY26 (up 21.59%).
The record states that exports, led by Indonesia, rose from 0.49% of revenue in FY24 to 10.10% in FY25 and 18.56% in FY26.

What to weigh against it

The three-year path is not one-directional. In FY25 EBITDA fell from Rs 11.08 Cr to Rs 8.49 Cr, down 23.38%, and profit after tax fell from Rs 4.69 Cr to Rs 2.34 Cr, down 50.11%, on revenue that rose 1.52% from Rs 80.91 Cr to Rs 82.14 Cr. FY26 then reversed both.
Borrowings were Rs 35.69 Cr in FY24, Rs 34.21 Cr in FY25 and Rs 47.18 Cr in FY26, a fall of 4.15% followed by a rise of 37.91%. The FY26 figure of Rs 47.18 Cr exceeds that year's net worth of Rs 39.98 Cr. Measured as borrowings over net worth, the ratio was 1.17x in FY24, 1.04x in FY25 and 1.18x in FY26 — the FY26 reading is the highest of the three, though the series does not move in one direction.
The record states that the top ten customers accounted for 67.47% of FY26 revenue, and that everything is made at a single plant on Kanganwal Road, Jaspal Banger, Ludhiana, of roughly 16,427 square yards. The record lists no named key customers, segments or facilities.
Raw material consumed in FY26 was Rs 54.52 Cr against Rs 94.64 Cr of revenue from operations, or 57.61% of the top line. The record carries no comparable raw-material figure for FY24 or FY25, so this level cannot be placed against either earlier year.

Easy to miss in the prospectus

The record is sparse on balance-sheet and valuation detail: total assets, total expenses and operating cash flow are absent for all three years (FY24, FY25 and FY26), and there is no valuation block, no allocation split and no peer set. Coverage ratios, cash conversion and any earnings multiple cannot be computed from this record.
Capacity utilisation reported for FY26 was 81.28% in cutting, 80.61% in forging and 78.43% in machining, against 60.74%, 58.45% and 73.93% in FY25. The record also states that about Rs 13.16 Cr of net proceeds was earmarked for plant and machinery, out of the Rs 25 Cr fresh issue.
The share last traded at Rs 62.10 on 23 October 2026. That is 5.91% below the Rs 66 issue price and 9.34% below the Rs 68.50 day-one close, and sits just above the Rs 62 floor of the price band.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Draft Red Herring Prospectus dated 12 February 2026The first draft, filed for review. No price band and no dates.Opens on nsearchives.nseindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Share India Capital Services Private Limited, Master Capital Services Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Happy Steels's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 9 Jul 2026
Closes: 13 Jul 2026
Allotment: 14 Jul 2026
Lists: 16 Jul 2026
Revenue (FY26): ₹94.64 Cr
Profit (FY26): ₹7.10 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.