Happy Steels Ipo
Happy Steels IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
Share India Capital Services Pvt. Ltd.
Master Capital Services Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | July 9, 2026 |
| IPO Close Date | July 13, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹62 to ₹66 Per Share |
| Issue Size | Approx ₹25 Crores |
| Fresh Issue | Approx ₹25 Crores |
| Issue Type | Book-build Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 4,000 | ₹2,64,000 |
| Retail Maximum | 2 | 4,000 | ₹2,64,000 |
| S-HNI Minimum | 3 | 6,000 | ₹3,96,000 |
| S-HNI Maximum | 7 | 14,000 | ₹9,24,000 |
| B-HNI Minimum | 8 | 16,000 | ₹10,56,000 |
| Investor Category | Share Offered | Shares (%) |
| Anchor Investor | 10,76,000 Shares | 28.41% |
| QIB (Ex. Anchor) | 7,22,000 Shares | 19.06% |
| NII Shares Offered | 5,40,000 Shares | 14.26% |
| Retail Shares Offered | 12,60,000 Shares | 33.26% |
| Anchor Bidding Date | July 8, 2026 |
| Anchor Investors List | |
| Shares Offered | 10,76,000 Shares |
| Anchor Size | 7.10 Cr. |
| lock-in period end date 50% shares (30 Days) | Aug 13, 2026 |
| lock-in period end date 50% shares (90 Days) | Oct 12, 2026 |
| IPO Open Date: | July 9, 2026 |
| IPO Close Date: | July 13, 2026 |
| Basis of Allotment: | July 14, 2026 |
| Refunds: | July 15, 2026 |
| Credit to Demat Account: | July 15, 2026 |
| IPO Listing Date: | July 16, 2026 |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,04,98,180 | 99.33% |
| Promoter Holding Post Issue | 1,42,86,180 | 72.99% |
| Purpose | Crores |
| Capital Expenditure towards purchase of additional plant and machinery for the existing manufacturing unit | ₹13.16 |
| Repayment/ Prepayment of Term Loans to Banks | ₹4.98 |
| General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹94.20 | ₹93.67 | ₹0.40 | ₹69.53 |
| 2024 | ₹82.24 | ₹75.88 | ₹4.69 | ₹78.37 |
| 2025 | ₹82.52 | ₹79.32 | ₹2.34 | ₹78.62 |
| 2026 | ₹96.57 | ₹87.05 | ₹7.10 | ₹99.66 |
| KPI | Values |
| ROE: | 19.49% |
| ROCE: | 20.89% |
| EBITDA Margin: | 16.14% |
| PAT Margin: | 7.50% |
| Debt to equity ratio: | 1.18 |
| Earning Per Share (EPS): | ₹6.77 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 17.76% |
| Net Asset Value (NAV): | ₹38.09 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| EMM Force Autotech Limited | 5.88 | 19.39 | 9.04% | 44.52 | 112.65 Cr. |
| Kross Limited | 8.56 | 21.34 | 11.27% | 75.92 | 673.20 Cr. |
| GNA Axles Limited | 27.24 | 13.61 | 11.65% | 223.89 | 1,444.45 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |