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Home
InvestmentsIPOHappy Steels IPO

Happy Steels IPO

SME

Open Date

9 Jul 2026

Close Date

13 Jul 2026

Min Investment

₹ 2,64,000

Lot Size

2,000

Issue Size

₹ 25.00 Cr

Price Range

₹ 62 - ₹ 66

Subscribed

74.38 x
status

This IPO is now Live.

Click here for live price
IPO Timeline
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IPO Offer Start
9 Jul 2026
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IPO Offer Ends
13 Jul 2026
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Allotment Finalisation
14 Jul 2026
check
Refund Initialisation
15 Jul 2026
check
Non-Institutional Buyers (sHNI)
15 Jul 2026
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Listing of Shares
16 Jul 2026
IPO Subscription Details as on 26 Jul 2026, 04:19 AM
Qualified Instituational Buyers (QiB)
53.12 x
Retail
70.12 x
Total
74.38 x
Non-Institutional Buyer (bHNI)
128.17 x
Non-Institutional Buyer (sHNI)
81.92 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Happy Steels Limited is an integrated manufacturer of safety-critical, forged and machined transmission and driveline components for on-highway vehicles, off-highway vehicles, EV and defence applications. The company's product portfolio consists of a wide range of axles, long spline shafts, spindle and other related components that are critical for vehicle performance and safety. The company has developed strong capabilities in manufacturing safety-critical, high strength and load-bearing components through a combination of forging, precision machining, and stringent quality control processes that are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas.
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Founded In

1996

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CEO

Mr. Parveen Kumar Garg

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DRHP

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Financials of Happy Steels IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2024Mar 2025Mar 2026
Operating Revenue80.9182.1494.64
Other Income1.330.381.93
Total Income
82.2482.5296.57
Total Expenses
75.8879.3287.05
Profit Before Tax6.363.209.52
Total Profit
4.692.347.10

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company proposes to undertake capital expenditure towards procurement, installation and commissioning of plant and machinery to expand manufacturing capacity and strengthen production processes through increased efficiency in manufacturing.13
The company proposes to utilize funds for full or partial repayment or pre-payment of certain borrowings availed from lenders to reduce overall indebtedness, related interest costs and support a more favorable debt-to-equity ratio.5
The company proposes to deploy the balance net proceeds towards general corporate purposes including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, and meeting exigencies.-
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  • Integrated manufacturing enabling diversified product offerings with enhanced value addition: The company's integrated manufacturing framework encompasses raw material procurement, forging, heat treatment, precision machining, surface hardening, inspection and packing, enabling control over critical manufacturing parameters and supporting product complexity, reliability and scalability across multiple vehicle segments.
  • Safety-Critical and Load-Bearing Products: The company manufactures components vital to vehicle performance and safety, serving automotive, defence, EV and off-highway applications with products designed to operate under high mechanical stresses and demanding service conditions, creating entry barriers due to technical expertise required.
  • Scale and Experience: The company has approximately three decades of operations with promoters having over six decades of collective experience in the automotive industry, enabling institutional knowledge relating to material behaviour, process optimisation and component performance across multiple vehicle platforms.
  • Quality Assurance and Standards: The company maintains robust quality management systems with comprehensive inspection and testing procedures throughout manufacturing, supported by a dedicated in-house team of 42 members and quality certifications including ISO 14001:2015 and ISO 45001:2018.
  • Diversified Domestic and International Geographical Presence: The company supplies products across multiple regions in India and overseas markets, with export revenue increasing from Rs. 829.33 lakhs (10.10%) in FY 2025 to Rs. 1,756.38 lakhs (18.56%) in FY 2026, reducing reliance on any single region or market.
  • Long-Term Customer Relationships reflecting Consistent Delivery Performance: The company has been supplying components to OEMs and Tier-I suppliers for more than two decades, with long-term relationships spanning five to ten years and top 10 customers contributing 67.47% of revenue from operations in FY 2026.
  • Integrated Manufacturing Technology: The company's manufacturing infrastructure involves integrated production setup comprising cutting, forging and machining processes with CNC-based machining systems, automated forging upsetters, induction hardening and in-line inspection systems, reducing process variability and improving repeatability.

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