Depends on the load. Most commercial 32 H&R Mag rounds are limited in power - and so in recoil - to the strength of the original H&R guns, which were stronger than the original S&W 32 Long top break revolvers from the 19th century, but not much if any stronger than the contemporary 32 Hand Ejectors. These rounds are considerably lower recoil than most 38 Special rounds from a similar size gun.
For future reference, among "ordinary" 32 H&R rounds from a 2" M432 the Hornady 80g JHP round recorded 978fps/170 ft lbs of energy, the Federal 85g JHP recorded 893fps/151 ft lbs, the Black Hills 85g JHP recorded 915fps/158 ft lbs, and the Federal 95g LSWC recorded 892fps/168 ft lbs.
The Buffalo Bore 32 H&R 100g +P, though, is a different animal. These rounds are marked on the box as NOT for use in H&R revolvers, but are safe in any other "modern" guns chambered for 32 H&R. I also have a 30-1 and a 31-1 which have been reamed from 32 Long to take 32 H&R, and Buffalo Bore has advised that their 100g +P round is safe "for unlimited use" in those guns, too. (I don't know about their 130g +P hard cast flat nose - I didn't ask about that one.)
For the Buffalo Bore +P 100g I recorded 1100fps/269 ft lbs of energy from a 2" M432, and 1234fps/338 ft lbs from a 3" 31-1 (on a different day). For comparison, Remington's 38 Special 158g LSWCHP +P load recorded 820fps/236 ft lbs of energy from a 2" M49 (on a still different day).
From a 2" J frame, the 32 Mag 100g +P Buffalo Bore round is just as unpleasant to shoot as the slightly less powerful Remington's 38 Special 158g +P, even when shot from a steel frame 30-1 instead of the airweight 432. The Buffalo Bore round was extremely accurate out of the 432, but is too uncomfortable and too expensive (~$1.50/round) for me to shoot very often.
