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.