Happy Forgings Share Price Target 2027: Base and Bull Targets Built on FY26 Earnings

Investors weighing a Happy Forgings target price for 2027 should start with where the stock sits today. At Rs 1,933.00 on 9 October 2026, it is 21.7% below its 52-week high of Rs 2,470.00 and 117.5% above its 52-week low of Rs 888.75. That range spans 178% from low to high, so the entry point matters as much as the Happy Forgings price forecast itself.

This article builds the Happy Forgings share price target from reported numbers only: five years of annual results, the last five quarters, the latest shareholding pattern and current valuation ratios from company filings and exchange data. Each scenario shows its assumptions, so you can see exactly how the Rs 2,116 base case and the Rs 2,567 bull case were reached, along with a downside risk level of Rs 1,550.

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Happy Forgings Stock Analysis: Company Overview and Key Stats

Happy Forgings (NSE: HAPPYFORGE) has a market capitalisation of Rs 18,285 crore. In FY26 it reported revenue of Rs 1,577 crore and net profit of Rs 301.63 crore. The table collects the figures the Happy Forgings share price target is built on.

Metric	Value
Company	Happy Forgings
NSE Ticker	HAPPYFORGE
CMP (9 October 2026)	Rs 1,933.00
52-Week High	Rs 2,470.00
52-Week Low	Rs 888.75
Market Cap	Rs 18,285 crore
PE Ratio (TTM)	55.85
Industry PE	51.73
Price to Book	8.59
Return on Equity	14.17%
Debt to Equity	0.15
EPS (TTM)	Rs 34.68
Dividend Yield	0.21%
12-Month Base Target	Rs 2,116
Bull Case	Rs 2,567
Downside Risk Level (not a target)	Rs 1,550

Why Is Happy Forgings Share Price Target Set at Rs 2,116 for 2027?

The base-case Happy Forgings stock target of Rs 2,116 applies a PE multiple of 55.85 to a forward EPS estimate of Rs 37.88. That EPS assumes 9.2% yearly growth, the pace from FY24 to FY26, and puts the target 9.5% above the current price. The bull case adds faster earnings growth and a higher multiple, while the downside risk level assumes flat earnings and a lower multiple.

Earnings Growth Behind the Happy Forgings Target Price: Five Years of Results

Happy Forgings grew revenue from Rs 866.11 crore in FY22 to Rs 1,577 crore in FY26, a compound annual growth rate of 16.2%. Net profit grew faster, from Rs 142.29 crore to Rs 301.63 crore (20.7% a year), which shows margin gains did part of the work and not just higher sales.

Financial Year	Revenue (Rs Cr)	Net Profit (Rs Cr)	EPS (Rs)	Dividend per Share (Rs)
FY22	866.11	142.29	15.90	0.00
FY23	1,202.27	208.70	23.32	1.30
FY24	1,371.59	242.98	26.75	4.00
FY25	1,446.34	267.44	28.37	3.00
FY26	1,577.15	301.63	31.92	4.00

FY26 revenue growth was 9.0%, slower than the four-year average of 16.2%, and net profit moved up 12.8%. EPS rose from Rs 26.75 in FY24 to Rs 31.92 in FY26. The FY27 outlook depends on whether that EPS estimate keeps compounding.

Margins and the Latest Quarter

Happy Forgings converted 19.1% of FY26 revenue into net profit, against 18.5% in FY25, within a five-year range of 16.4% to 19.1%. EBITDA margin was 31.8% in FY26 versus 30.7% in FY25.

In the June 2026 quarter, revenue was Rs 460.50 crore, up 26.5% from the same quarter a year earlier, while net profit of Rs 91.46 crore was up 39.2%. EBITDA came in at Rs 151.94 crore, up 36.3% year on year. The next quarterly result is the first test of whether the earnings assumption holds.

Balance Sheet and Cash Flow

Debt to equity stands at 0.15, and shareholders' equity grew from Rs 787.62 crore in FY22 to Rs 2,128 crore in FY26. Operating cash flow in FY26 was Rs 444.67 crore against capital expenditure of Rs 461.26 crore, leaving negative free cash flow of Rs 16.59 crore. In FY25 free cash flow was Rs 11.48 crore, so cash generation has not been steady year to year.

Valuation Check for the Happy Forgings Stock Target: PE, Price to Book and ROE

At a PE of 55.85 against an industry PE of 51.73, Happy Forgings trades in line with its industry. Price to book is 8.59 on a book value of Rs 225.44 per share, and return on equity is 14.17%. A PE of 55.85 equals an earnings yield of 1.8%, and the FY26 dividend of Rs 4.00 per share gives a yield of 0.21%.

Shareholding Pattern and Institutional Holding

Promoters held 78.46% of Happy Forgings in June 2026, and promoter holding has stayed near 78.46% since June 2025. Foreign institutional investors (FII) held 1.88% and domestic institutions (DII) held 15.54%, which puts total institutional holding at 17.42%. FII holding fell from 2.17% in June 2025 to 1.88% in June 2026. Public shareholders own the remaining 4.13%. A meaningful institutional holding adds a layer of research coverage and trading depth.

Happy Forgings Share Price Targets for the Short Term and 12 Months

Short Term Happy Forgings Stock Target Levels: Technical Setup

At Rs 1,933.00 on 9 October 2026, Happy Forgings trades below its 50-day simple moving average of Rs 2,089.11 and above its 200-day exponential moving average of Rs 1,603.51. The 14-day RSI reads 23.3, which is oversold territory, and the MACD line sits below its signal line. The nearest resistance level is Rs 2,089.11 (50-day simple moving average) and the nearest support is Rs 1,603.51 (200-day exponential moving average). A sustained move above Rs 2,089.11 would improve the short-term setup, while a close below Rs 1,603.51 would shift attention to the next support.

12 Month Happy Forgings Target Price for 2027

The 12-month target for Happy Forgings is Rs 2,116: forward EPS of Rs 37.88 at a PE of 55.85. That is 9.5% above Rs 1,933.00. It would still leave the stock 14.3% below its 52-week high of Rs 2,470.00.

How EPS Growth and PE Multiple Change the Happy Forgings Target Price

EPS Growth	PE 44.68	PE 55.85	PE 64.23
0.0% (EPS Rs 34.68)	Rs 1,550	Rs 1,937	Rs 2,227
9.2% (EPS Rs 37.88)	Rs 1,692	Rs 2,116	Rs 2,433
15.2% (EPS Rs 39.96)	Rs 1,785	Rs 2,232	Rs 2,567

Each cell multiplies the forward EPS estimate by the PE shown. Reading across a row shows what a de-rating or re-rating does to the Happy Forgings price forecast, and reading down a column shows what earnings growth is worth at a fixed multiple.

Bull Case and Downside Risk for Happy Forgings Stock Target in 2027

Bull Case Rs 2,567

The bull case Happy Forgings price target needs EPS growth of 15.2%, which lifts forward EPS to Rs 39.96, and a PE multiple that rises 15% to 64.23. That gives Rs 2,567, 32.8% above the current price and above the 52-week high of Rs 2,470.00, so the stock would have to set a fresh 52-week high.

Downside Risk Level Rs 1,550

The downside risk level is not a target. It assumes EPS stays flat at Rs 34.68 and the PE falls 20% to 44.68. That gives Rs 1,550, 19.8% below the current price and above the 52-week low of Rs 888.75.

Scenario	EPS Growth	PE Multiple	Price (Rs)	Change vs CMP
Bull Case	15.2%	64.23	Rs 2,567	+32.8%
Base Case	9.2%	55.85	Rs 2,116	+9.5%
Downside Risk	0.0%	44.68	Rs 1,550	-19.8%

Key Risks to the Happy Forgings Target Price for 2027

Growth Slowdown Risk for the Happy Forgings Price Target

Revenue in the June 2026 quarter was up 26.5% year on year, and FY26 revenue growth was 9.0%. If growth slows from here, the EPS estimate behind the Happy Forgings stock target will need revising.

Liquidity and Size Risk

Happy Forgings has a market capitalisation of Rs 18,285 crore. Institutional holding is 17.42%, and promoters hold 78.46%. Stocks of this size are usually liquid, though exits can take longer than entries when the market is falling.

Valuation and Margin Risk

Net margin was 19.1% in FY26, and a squeeze from higher costs or weaker pricing would hit earnings first. At a PE of 55.85 versus an industry PE of 51.73, a de-rating toward the downside-risk PE of 44.68 would cut the price even if earnings hold.

Market and Technical Risk

The stock trades 21.7% below its 52-week high, with an RSI of 23.3 and a MACD reading below its signal line. Broader market weakness can override company fundamentals in the short term.

How to Invest in Happy Forgings

Start with the live price and volume. Any Happy Forgings share price target is only as current as the data behind it, and the data here is as of 9 October 2026, so refresh the Rs 1,933.00 price before acting on any level.

Next, review the fundamentals yourself. The Univest Screener lets you check Happy Forgings' PE, ROE, debt and shareholding in one place.

Check Happy Forgings fundamentals on the Univest Screener

Then compare the three Happy Forgings target price scenarios with your own view. If you expect EPS growth below 9.2%, the base case is too optimistic for you; if you expect more, the bull case deserves weight.

Decide your position size and exit levels before you buy. The support and resistance levels above can serve as reference points, but they are not recommendations.

Finally, place the order through a SEBI-registered broker or the Univest app, and review the position after each quarterly result. Consult a SEBI-registered advisor if you are unsure.

Download the Univest iOS App or Univest Android App to track Happy Forgings live price and get daily stock recommendations.

Conclusion

The Happy Forgings share price target for 2027 is Rs 2,116 in the base case, with Rs 2,567 as the bull case. The support for that view is arithmetic you can check: EPS grew 9.2% a year over FY24 to FY26, and the stock trades at a PE of 55.85. The risks are equally concrete, including a stock that sits 21.7% below its 52-week high and a downside scenario that cuts the price 20% if earnings stall. Use these numbers as a framework, check them against the latest filings, and size any position to your own risk appetite.

FAQs on Happy Forgings Share Price Target 2027

What is the Happy Forgings share price target for 2027?

Ans. The base-case Happy Forgings share price target for 2027 is Rs 2,116, with Rs 2,567 as the bull case. The downside risk level, which is not a target, is Rs 1,550. These are model estimates from reported earnings and the current PE, not guaranteed outcomes.

What is the Happy Forgings share price today?

Ans. As of 9 October 2026, 1:18 PM IST, Happy Forgings trades at Rs 1,933.00, down 0.41% on the day. The 52-week range is Rs 888.75 to Rs 2,470.00.

Is Happy Forgings a buy or sell at the current price?

Ans. The data is mixed rather than one-sided: EPS has grown 9.2% a year over FY24 to FY26, but the stock is 21.7% below its 52-week high. Whether Happy Forgings fits your portfolio depends on your time horizon and risk appetite, so consult a SEBI-registered advisor before investing. This article is not investment advice.

What are the bull case target and downside risk level for Happy Forgings shares?

Ans. The bull case target is Rs 2,567, which assumes 15.2% EPS growth and a PE of 64.23. The downside risk level is Rs 1,550, which assumes flat EPS and a PE of 44.68. It marks a risk, not a target.

What are the main risks to the Happy Forgings price target?

Ans. The main risks are slower revenue growth, a small market capitalisation of Rs 18,285 crore, a PE de-rating and short-term weakness in the broader market. Each is covered in the risk section above.

What is the PE ratio of Happy Forgings and how does it compare with the industry?

Ans. The PE ratio of Happy Forgings is 55.85 against an industry PE of 51.73. Price to book is 8.59 and return on equity is 14.17%. The base case in the Happy Forgings price target holds this PE constant.

Who owns Happy Forgings, and what is the promoter holding?

Ans. Promoters held 78.46% of Happy Forgings in June 2026. FII held 1.88%, DII held 15.54% and the public held 4.13%.

What were Happy Forgings' latest quarterly results?

Ans. In the June 2026 quarter, Happy Forgings reported revenue of Rs 460.50 crore (up 26.5% year on year) and net profit of Rs 91.46 crore (up 39.2%).