Happy Steels SME IPO Review | APPLY or AVOID?

Happy Steel Limited started in 1996. It operates in the Engineering industry and provides transmission and driveline components to its customers across India and overseas markets. This business is based in Ludhiana, Punjab. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio. The company managed to increase its total revenue but net profit dropped significantly during fiscal year 2025

The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹82.52 crore increased from ₹82.24 in previous year. The net profit for the same period was ₹2.34 crore decreased from ₹4.69 in previous year. Assets increased by 0.31% compared to the previous year. Revenue levels remain flat over the past two annual terms. Net profits dropped by half during the latest full financial block. Higher finance costs reduced the net income. Operating expenses also went up significantly. This trend should be carefully studied prior to any investment.

The upper price band is ₹66. This price leads to a Price-to-Earnings (P/E) ratio of 9.76. The average P/E for the industry is -. Updated review will be available soon. The market pricing looks aggressive for this segment). Listed peers trade at different multiples. A direct comparison does not work well here.

Company will use Offer proceeds to meet stated objectives:

• Buying machinery additions for current manufacturing units.
• Repayment or prepayment of certain borrowings
• General corporate purposes

• Parveen Kumar Garg, Abhishek Garg, Deepak Garg and Parveen Kumar Garg (HUF) are the promoters.
• Share India Capital Services Pvt. Ltd. manages the issue.
• Master Capital Services Ltd. serves as lead manager.