Happy Steels IPO Details

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 entire manufacturing value chain, with capabilities spanning raw material procurement, forging, heat treatment, precision machining, gear cutting, drilling, surface hardening, grinding, inspection, and packaging. This integrated process framework enables the production of components with defined mechanical properties, high dimensional accuracy, and consistent quality in accordance with stringent customer specifications.

Happy Steel Limited’s product portfolio includes axles, long spline shafts, spindles, and other safety-critical and load-bearing components that play a vital role in vehicle performance and safety. These products are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India as well as overseas markets.

The company operates a manufacturing facility in Ludhiana, Punjab, covering approximately 16,577 square yards. As of Financial Year 2025, the facility had 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, supporting scalable production across multiple product categories.

The company has developed strong in-house expertise in manufacturing high-strength, safety-critical components through advanced forging processes, precision machining, and rigorous 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 operations, quality assurance, engineering, and management functions.