1. IPO
Happy Steels

3.71x

subscribed

Happy Steels

Steel & Iron Products
open
₹2.48LMin. investment
  1. Pre-apply
    8 Jul
  2. Bid start
    9 Jul
  3. Bid end
    13 Jul
  4. Allotment
    14 Jul
  5. Release of funds
    15 Jul
  6. Demat transfer
    15 Jul
  7. Listing
    16 Jul

Happy Steels IPO Details

SectorSteel & Iron Products
Price range₹62.00 – ₹66.00
IPO type
SME
Lot size2000 shares
Issue size₹25Cr
Red Herring Prospectus
Read
Market Cap
₹94.29CrLower than sector avg
RevenueApr 20NaN - Mar 20FY
₹94.64CrLower than sector avg
Growth rate3Y CAGR
8.15%

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹94.64Cr
This sector
₹3,652.65Cr
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹7.1Cr
This sector
₹112.07Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹94.29Cr
This sector
₹6,638.34Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
9.75
This sector
114.91
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
1.18
This sector
0.53
Compare with companies

Objectives

Capital expenditure
52.60%
General corporate purposes
27.40%
Repayment of debt
19.90%

About Happy Steels

Happy Steels is a Ludhiana-based manufacturer of forged, machined transmission and driveline components used in commercial vehicles, tractors, off-highway equipment, electric vehicles (EVs), and defence applications.
The company was incorporated in 1996 and has nearly three decades of experience in manufacturing safety-critical and load-bearing components that play an important role in vehicle performance, power transmission, and operational safety.
It manufactures a wide range of products including axle shafts, long spline shafts, spindle assemblies, stub axles, steering shafts, rock shafts, s-cam shafts, steering arms and other forged engineering components. These products are supplied primarily to OEMs and Tier-I suppliers across the automotive and off-highway vehicle segments. Happy Steels has developed long-standing relationships with OEMs and Tier-I suppliers through consistent product quality and delivery performance.
The company operates an integrated manufacturing facility spread across 16,427 square yards at Ludhiana, Punjab. In FY26, the company had installed capacities of 8,640 MT per annum in cutting, 7,776 MT per annum in forging and 5,861 MT per annum in machining.
Axle products remain the largest contributor to revenue, accounting for 66.8% of FY26 revenue. In FY26, the non-automotive off-highway vehicle segment which comprises tractors and industrial applications, contributed 59.0% of the company's revenue, while the on-highway vehicles (automotive segment) accounted for 31.8%.
Within India, Punjab remained the largest market, contributing ₹27.2 crore or 28.8% of FY26 revenue, followed by Haryana at ₹16.0 crore (16.9%) and Tamil Nadu at ₹14.0 crore (14.8%). FY26 export revenue increased significantly from ₹8.29 crore in FY25 to ₹17.5 crore in FY26 taking the export contribution to 18.6% of total revenue from 10.1% in FY25. Indonesia and the USA were the key export destinations during FY26. ROE and ROCE stood at 19.5% and 20.9% respectively in FY26. In FY26, the largest customer contributed ₹12.1 crore, representing 12.8% of total revenue and top 10 customers contributed ₹63.9 crore for 67.5% of total revenue.

Happy Steels Subscription Status

Date
QIB
NII
Retail
Total
09-Jul-26
0.21 times (X)
3.93 times (X)
0.5 times (X)
0.69 times (X)
10-Jul-26
0.63X
17.22X
3.55X
3.71X

Frequently asked questions

How to invest in the Happy Steels ?

Investors can apply for the Happy Steels through their Demat account via the stock exchange or through their broker.

What is the issue size of Happy Steels ?

The issue size of the Happy Steels is 25 Cr.

What is 'pre-apply' for Happy Steels ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Happy Steels shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Bidding closes on 13 Jul 2026, 5:00 PM