Bookbuilding IPO | ₹[.] Cr | Listing at NSE SME |
Happy Steels Ltd. has filed a Draft Red Herring Prospectus (DRHP) with the exchange on February 12, 2026 to raise funds through Initial Public Offer (IPO).
Happy Steels Ltd. IPO is a Book Build Issue consisting solely of fresh issue of upto 0.39 crore equity shares.
The equity shares are proposed to be listed on the NSE SME. Share India Capital Services Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Happy Steels IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 38,50,000 shares (agg. up to ₹[.] Cr) |
| Fresh Issue | 38,50,000 shares (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 1,04,98,180 shares |
| Share Holding Post Issue | 1,43,48,180 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Thu, Feb 12, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII Shares Offered | Not less than 15 % of the Net Issue |
Established in 1996, Happy Steel Limited is an integrated manufacturer of safety-critical, forged, and machined transmission and driveline components catering to on-highway, off-highway, electric vehicle (EV), and defence applications.
The company operates across the complete manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packing. This integrated process framework enables the company to deliver components with defined mechanical properties, high dimensional accuracy, and consistent quality in line with stringent customer specifications.
Happy Steel Limited’s product portfolio includes a wide range of axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a crucial role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas markets.
The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,577 square yards. As of Financial Year 2025, the facility has an installed capacity of 8,640.00 MT per annum for cutting operations, 7,776.00 MT per annum for forging, and 4,492.80 MT per annum for machining, enabling scalable production across multiple product categories.
The company has developed strong in-house expertise in manufacturing high-strength, safety-critical components through advanced forging techniques, precision machining, and stringent quality control systems. Its quality management framework is designed to ensure consistent compliance with customer requirements, applicable regulatory norms, and global automotive industry standards.
As of December 31, 2025, Happy Steel Limited employed 429 personnel across various departments, supporting operations, quality assurance, engineering, and management functions.
Competitive Strengths:
Integrated manufacturing capabilities enabling diversified product offerings with enhanced value addition
Strong focus on safety-critical and load-bearing components
In-house expertise across forging, heat treatment, precision machining, and quality control
Robust quality management systems aligned with automotive industry standards
Diversified domestic and international customer base
Scalable manufacturing infrastructure supporting future growth
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 93.95 | 78.62 | 78.37 | 69.53 |
| Total Income | 47.93 | 82.52 | 82.24 | 94.20 |
| Profit After Tax | 3.93 | 2.34 | 4.69 | 0.40 |
| EBITDA | 7.83 | 8.49 | 11.08 | 5.36 |
| NET Worth | 36.81 | 32.88 | 30.54 | 25.85 |
| Reserves and Surplus | 35.31 | 31.38 | 29.04 | 24.35 |
| Total Borrowing | 42.25 | 34.22 | 35.69 | 26.38 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit | 11.68 |
| 2 | Repayment/ Prepayment of Term Loans to Banks | 5.46 |
| 3 | General corporate purposes | |
| Total | 17.14 |
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 11.28% | 7.39% |
| ROCE | 12.44% | 13.07% |
| Debt/Equity | 0.41 | 0.42 |
| RoNW | 10.68% | 7.12% |
| PAT Margin | 8.45% | 2.85% |
| EBITDA Margin | 16.84% | 10.34% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 99.33% |
Lead Manager Reports
Happy Steels IPO is a SME IPO of 38,50,000 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Happy Steels IPO open and close dates are not available as of now.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Happy Steels IPO using UPI as a payment gateway. Zerodha customers can apply in Happy Steels IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Happy Steels IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Happy Steels IPO dates are not announced. Please check back again after some time.
Happy Steels IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Happy Steels IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Happy Steels IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Happy Steels IPO allotment status.
The Happy Steels IPO listing date is not yet announced. The tentative date of listing is .
