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Entity-Specific Rating Rationales

21 Jul 2025

Happy Forgings Limited: Ratings reaffirmed

Happy Forgings Limited: Ratings reaffirmed

18 Jul 2024

Happy Forgings Limited: Ratings reaffirmed; rated amount enhanced

Happy Forgings Limited: Ratings reaffirmed; rated amount enhanced

15 Feb 2024

Happy Forgings Limited: Long-term rating upgraded to [ICRA]AA(Stable); short-term rating reaffirmed

Happy Forgings Limited: Long-term rating upgraded to [ICRA]AA(Stable); short-term rating reaffirmed

21 Dec 2022

Happy Forgings Limited: Ratings upgraded to [ICRA]AA-/ [ICRA]A1+; outlook revised to Stable

Happy Forgings Limited: Ratings upgraded to [ICRA]AA-/ [ICRA]A1+; outlook revised to Stable

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Entity-Specific Credit Perspective Reports

19 Aug 2025

Happy Forgings Limited

Happy Forgings Limited (Non-SF)

13 Aug 2024

Happy Forgings Limited

Happy Forgings Limited (Non-SF)

07 Mar 2024

Happy Forgings Limited

Happy Forgings Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Long-term/Short-term – Fund Based Limits [ICRA]A1+ -- [ICRA]AA(Stable) --
Unallocated Limit [ICRA]A1+ -- [ICRA]AA(Stable) --

Our Analysts

Analyst 1

Akshit Goel

Analyst 2

Rohan Kanwar Gupta

Sector Head

Jitin Makkar
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