Happy Steels
smelistedAbout the company
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.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 13 Jul | ₹8 | ₹74 | -6 |
| 12 Jul | ₹14 | ₹80 | 0 |
| 11 Jul | ₹14 | ₹80 | +7 |
| 10 Jul | ₹7 | ₹73 | -1 |
| 09 Jul | ₹8 | ₹74 | +8 |
| 08 Jul | ₹0 | ₹66 | 0 |
| 07 Jul | ₹0 | ₹66 | 0 |
| 06 Jul | ₹0 | ₹66 | 0 |
Strengths
- Integrated manufacturer of forged and machined transmission and driveline components.
- Diversified presence across on-highway, off-highway, EV and defence segments.
- Modern manufacturing facilities with value-added engineering capabilities.
- Long-standing relationships with OEMs and industrial customers.
- Revenue, EBITDA and profit have shown improvement in the latest financial period.
- IPO proceeds will be used for capacity expansion, purchase of additional plant and machinery, debt repayment and general corporate purposes.
Risks
- Operates in a highly cyclical automotive and engineering industry.
- Business depends on demand from a limited number of key customers.
- Revenue is exposed to fluctuations in steel and other raw material prices.
- Capital-intensive operations require continuous investment in machinery and technology.
- Competition from established domestic and global component manufacturers may pressure margins.
- SME-listed stocks generally have lower liquidity and higher price volatility than mainboard companies.
- The company's debt levels and working capital requirements remain important factors for investors to monitor.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed09 Jul 2026Bidding starts for all investor categories
IPO Closes
Completed13 Jul 2026Last day to place your bid
Basis of Allotment
Completed14 Jul 2026Share allotment finalised
Refund Initiation
Completed15 Jul 2026Refunds credited for non-allottees
Credit to Demat
Completed15 Jul 2026Allotted shares credited to demat account
Listing on Exchange
Completed16 Jul 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 2000 | ₹132,000 | 1 | ₹132,000 | 1 lot only |
| HNI | 2 | 4000 | ₹264,000 | 2 | ₹264,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,953,125 | 12.5 | 410,156 | 0.21x | 100% |
| NII | 15% | 585,938 | 3.75 | 2,302,736 | 3.93x | 25.4% |
| Retail | 35% | 1,367,188 | 8.75 | 683,594 | 0.50x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
