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Latest filing: 2026-08-04 17:04
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Happy Forgings Q1 FY27 PAT Rises 39% YoY to ₹91.46 Cr; Revenue Up 27%
Happy Forgings reported a strong start to FY27 with consolidated revenue growing 27% YoY to ₹449.42 Cr. Net profit increased by 39% YoY to ₹91.46 Cr, significantly outpacing revenue growth and reflecting strong operational leverage. The company maintained its high-margin profile with a basic EPS of ₹9.70 for the quarter, compared to ₹6.97 in the year-ago period. This performance represents approximately 29% of the total TTM revenue, indicating a robust growth trajectory.
Confidence: HIGH
What changedHappy Forgings has reported its Q1 FY27 financial results, showing substantial YoY growth in both top-line and bottom-line figures.
Why it mattersThe strong growth in profitability (39% YoY) despite cyclical concerns in the CV and Tractor segments (70% of revenue) suggests strong pricing power and a successful shift toward higher value-added machined components.
Q1 Revenue vs TTM Revenue: 29.1%Q1 PAT vs TTM PAT: 30.3%Revenue from Operations (Q1): ₹449.42 CrNet Profit (Q1): ₹91.46 CrBasic EPS (Q1): ₹9.70
📅 Short termThe stock is likely to react positively in the short term as the earnings growth (39% PAT) exceeded revenue growth (27%), indicating margin expansion.
📈 Long termThe company's structural shift toward 88% value-added machining and its ₹850-1,000 Cr total capex plan through FY28 provide a strong foundation for long-term growth.
⚠ Risk flags
- High client concentration in CV and Tractor segments (~70%)
- Cyclicality of the domestic automotive industry
- Raw material price pass-through lag
Key Highlights
Revenue from operations increased 27% YoY to ₹449.42 Cr from ₹353.80 Cr in Q1 FY26
Net profit for the quarter stood at ₹91.46 Cr, a 39.2% increase over the previous year's ₹65.69 Cr
Basic EPS improved to ₹9.70 for the quarter, up from ₹6.97 in the same period last year
Total expenses rose to ₹337.87 Cr, with raw material costs at ₹187.80 Cr (41.8% of revenue)
Employee stock options (ESOP) totaling 28,273 were exercised during the quarter
👀 What to Watch
Monitor the execution of the ongoing ₹650 Cr capex program and the revenue contribution from the new industrial segment (power generation) to see if high margins are sustained.
39% PAT Growth: Happy Forgings Reports Record Q1 FY27 Revenue of ₹449 Cr
Happy Forgings delivered a robust Q1 FY27 with revenue growing 27% YoY to ₹449 Cr, supported by a 23.1% increase in finished goods volumes. Profitability outperformed revenue growth as PAT surged 39.2% YoY to ₹91 Cr, with PAT margins crossing the 20% threshold for the first time. The company is successfully diversifying its sector mix, reducing Commercial Vehicle (CV) exposure from 39% to 33% while increasing Industrials and Passenger Vehicle shares. Management highlighted an incremental order book of ~₹950 Cr to be executed over the next 2-3 years, providing strong revenue visibility.
Confidence: HIGH
What changedThe company achieved record quarterly revenue and its highest-ever PAT margin while successfully increasing the share of non-CV segments like Industrials and Passenger Vehicles.
Why it mattersThe shift toward a 90% machined product mix and diversification into non-cyclical segments structurally improves the company's margin profile and reduces its historical dependence on the CV and Tractor industries.
Q1 FY27 Revenue: ₹449 CrPAT Growth (YoY): 39.2%Incremental Order Book: ₹950 CrOrder Book vs TTM Revenue: ~61.4%EBITDA Margin: 31.3%Machined Product Mix: 90%
📅 Short termThe stock may react positively to the margin expansion and the strong volume growth which indicates robust demand across domestic and export markets.
📈 Long termThe company is transitioning into a more diversified engineering player with high-margin machining capabilities; the ₹950 Cr order book and upcoming ultra-heavy capacity provide a clear growth trajectory for FY28 and beyond.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Continued reliance on CV and Farm segments (65% combined)
- Execution risk on the large incremental order book
- Cyclicality in global automotive demand
Key Highlights
Revenue from operations grew 27.0% YoY to ₹449 Cr, driven by a 23.1% volume increase to 17,793 MT.
EBITDA margin expanded by 275 bps YoY to 31.3%, marking the fourth consecutive quarter above 30%.
PAT margin reached a record high of 20.4%, up from 18.6% in the previous year.
Value-added machined products now contribute 90% of total revenue, up from 88% YoY.
Incremental order book of approximately ₹950 Cr secured, primarily led by exports and new segments.
👀 What to Watch
Watch for the execution of the ₹950 Cr incremental order book and the completion of the ultra-heavy component manufacturing facility by the end of FY27, which is expected to contribute to revenue from FY28.
27% Revenue Growth and 39% PAT Surge in Q1 FY27; Incremental Order Book at Rs 950 Cr
Happy Forgings reported a record quarterly revenue of Rs 449 Cr for Q1 FY27, a 27% YoY increase driven by a 23.1% rise in sales volumes. Profitability showed significant expansion with PAT growing 39.2% YoY to Rs 91 Cr, marking the first time PAT margins exceeded 20%. The company is diversifying its revenue mix, with exports now contributing 28% and the industrial segment growing to 16%. An incremental order book of Rs 950 Cr provides strong revenue visibility for the next 2-3 years.
Confidence: HIGH
What changedThe company achieved record quarterly revenue and hit a milestone 20%+ PAT margin while securing a substantial incremental order book primarily led by exports and industrials.
Why it mattersThe results demonstrate a successful shift toward high-margin machined components (90% of mix) and non-automotive sectors, which helps insulate the company from domestic CV and tractor cyclicality.
Q1 FY27 Revenue: Rs 449 CrQ1 FY27 PAT: Rs 91 CrIncremental Order Book: Rs 950 CrOrder Book vs TTM Revenue: 61.4%EBITDA Margin: 31.3%Forged & Machined Mix: 90%
📅 Short termPositive sentiment is expected as the company maintained EBITDA margins above 30% for the fourth consecutive quarter and showed strong volume growth.
📈 Long termStructural growth is supported by the diversification into ultra-heavy components and a growing export footprint, with the Rs 950 Cr order book providing a clear growth trajectory through FY29.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Concentration risk as CV and Tractor segments still account for ~65% of revenue
- Execution risk for the upcoming ultra-heavy component manufacturing facility
Key Highlights
Revenue reached a record high of Rs 449 Cr, up 27.0% YoY and 6.0% sequentially
PAT margin crossed the 20% threshold for the first time, reaching 20.4% in Q1 FY27
Incremental order book stands at approximately Rs 950 Cr, to be realized over the next 2-3 years
Export revenue grew by over 30% YoY, now accounting for 28% of total sales
Finished goods sales volume increased by 23.1% YoY to 17,793 MT
👀 What to Watch
Monitor the execution timeline of the Rs 950 Cr incremental order book and the completion of the ultra-heavy component facility by the end of FY27, which is slated for commercial production in FY28.
Happy Forgings Q1 FY27 PAT Rises 39% YoY to ₹91.46 Cr; Revenue Up 27%
Happy Forgings Limited reported a strong performance for Q1 FY27, with standalone revenue from operations growing 27% YoY to ₹449.42 Cr. Net profit (PAT) surged 39% YoY to ₹91.46 Cr, compared to ₹65.69 Cr in the same quarter last year. The company maintained robust profitability with a Profit Before Tax (PBT) of ₹122.64 Cr, representing a 27.3% margin on total income. Basic EPS for the quarter improved significantly to ₹9.70 from ₹6.97 YoY.
Confidence: HIGH
What changedThe company released its unaudited financial results for the first quarter of FY27, showing significant growth in both top-line and bottom-line figures.
Why it mattersThe results demonstrate strong operational efficiency and the ability to maintain high margins (PBT margin ~27%) despite potential cyclical headwinds in its core segments. The growth confirms the company's successful scale-up strategy.
Revenue (Q1 FY27): ₹449.42 CrPAT (Q1 FY27): ₹91.46 CrYoY Revenue Growth: 27%YoY PAT Growth: 39.2%Q1 Revenue vs TTM Revenue: 29.1%
📅 Short termThe stock is likely to react positively in the short term due to the strong YoY and QoQ earnings growth and margin stability.
📈 Long termThe long-term outlook remains tied to the successful commissioning of new capacities and the shift towards high-value machined components, which currently account for 88% of the mix.
⚠ Risk flags
- High client concentration in CV and Tractor segments (~70% of revenue)
- Cyclicality of the domestic automotive industry
Key Highlights
Revenue from operations increased 27% YoY to ₹449.42 Cr from ₹353.80 Cr.
Net Profit (PAT) grew 39.2% YoY to ₹91.46 Cr.
Profit Before Tax (PBT) stood at ₹122.64 Cr, up from ₹88.65 Cr in Q1 FY26.
Basic EPS for the quarter rose to ₹9.70 compared to ₹6.97 in the previous year's corresponding quarter.
Total expenses for the quarter were ₹337.87 Cr, with raw material costs accounting for ₹187.80 Cr.
👀 What to Watch
Investors should monitor the execution of the ongoing ₹650 Cr capex program and the company's progress in diversifying into non-automotive segments like power generation to reduce reliance on the cyclical CV and tractor industries.
39% PAT Growth in Q1 FY27; Revenue up 27% YoY to 449.42 Cr
Happy Forgings reported a strong start to FY27 with consolidated revenue growing 27% YoY to 449.42 Cr. Net profit surged 39.2% YoY to 91.46 Cr, significantly outpacing revenue growth and indicating margin expansion. The company achieved an EPS of 9.70 for the quarter, compared to 6.97 in the same period last year. This performance reflects the company's successful shift toward high-value machined components and diversification into industrial segments.
Confidence: HIGH
What changedThe company has reported a significant acceleration in both top-line and bottom-line growth for the first quarter of FY27 compared to the previous year.
Why it mattersThe strong profit growth relative to revenue suggests improving operational leverage and a better product mix, validating the company's strategy of focusing on high-margin precision components.
Revenue (Q1 FY27): 449.42 CrPAT (Q1 FY27): 91.46 CrYoY Revenue Growth: 27.0%YoY PAT Growth: 39.2%EPS (Basic): 9.70
📅 Short termThe stock is likely to react positively in the short term due to the strong double-digit growth in both revenue and profit that exceeded the previous year's quarterly run rate.
📈 Long termThe company's focus on high-value machining (88% of mix) and its 850-1,000 Cr capex plan through FY28 provide a structural growth runway, provided the CV and Tractor cycles remain supportive.
⚠ Risk flags
- High segment concentration (CV and Tractors account for ~70% of revenue)
- Cyclicality of the domestic automotive industry
- Raw material price pass-through lags
Key Highlights
Revenue from operations increased 27% YoY to 449.42 Cr from 353.80 Cr.
Net profit grew 39.2% YoY to 91.46 Cr, up from 65.69 Cr in Q1 FY26.
Basic EPS rose to 9.70 from 6.97 in the year-ago quarter.
Total expenses as a percentage of revenue decreased slightly, supporting a PBT of 122.64 Cr.
Employee stock options (ESOPs) for 28,273 shares were exercised during the quarter.
👀 What to Watch
Investors should monitor the execution of the 650 Cr capex program and the revenue contribution from the new industrial (power generation) segment to see if this growth rate is sustainable.
Happy Forgings Q1 PAT Jumps 39% YoY to ₹91.46 Cr; Revenue Grows 27%
Happy Forgings Limited reported a robust start to FY27, with consolidated revenue from operations increasing 27% YoY to ₹449.42 Cr. Net profit grew even faster, rising 39.2% YoY to ₹91.46 Cr, supported by operational leverage as total expenses grew at a slower rate (22.6%) than revenue. The company's basic EPS improved to ₹9.70 from ₹6.97 in the year-ago quarter. This performance reflects the company's continued focus on high-margin machined components and diversification into non-automotive segments.
Confidence: HIGH
What changedThe company has reported its Q1 FY27 financial results, demonstrating strong double-digit growth in both top-line and bottom-line figures compared to the previous year.
Why it mattersThe strong earnings growth validates the company's strategy of increasing its value-added machining mix (currently 88%) and diversifying into industrial segments like power generation to mitigate cyclicality in the automotive sector.
Revenue Growth (YoY): 27.0%PAT Growth (YoY): 39.2%Q1 Revenue: ₹449.42 CrQ1 PAT: ₹91.46 CrQ1 Revenue vs TTM Revenue: 29.1%
📅 Short termThe stock is likely to react positively in the short term due to the strong YoY earnings growth and margin improvement.
📈 Long termThe long-term outlook remains tied to the successful deployment of the ₹850-1,000 Cr total capex plan through FY28 and the company's ability to maintain high margins through precision engineering.
⚠ Risk flags
- High client concentration in CV and Tractor segments (~70%)
- Cyclicality of the domestic automotive industry
- Raw material price pass-through lags
Key Highlights
Consolidated Revenue from operations increased to ₹449.42 Cr in Q1 FY27 from ₹353.80 Cr in Q1 FY26.
Net Profit for the quarter rose to ₹91.46 Cr, a 39.2% increase compared to ₹65.69 Cr in the previous year's corresponding quarter.
Profit Before Tax (PBT) stood at ₹122.64 Cr, representing a 38.3% YoY growth from ₹88.64 Cr.
Basic Earnings Per Share (EPS) for the quarter reached ₹9.70, up from ₹6.97 in Q1 FY26.
Total expenses as a percentage of revenue improved to 75.2% in Q1 FY27 from 77.9% in Q1 FY26.
👀 What to Watch
Investors should monitor the execution of the ongoing ₹650 Cr capex program and the revenue contribution from new European OEM orders. Watch for management commentary regarding the demand outlook in the CV and Tractor segments, which historically contribute ~70% of revenue.
Happy Forgings Reports Record FY26 Profitability with 30.4% EBITDA Margin
Happy Forgings Limited delivered its highest-ever annual profitability in FY26, with revenue reaching ₹1,546 crores and PAT at ₹302 crores. The company achieved a robust EBITDA margin of 30.4%, driven by an increased machining mix of 89% and operational efficiencies. Despite global headwinds in export markets, the company saw a 20.4% revenue growth in Q4 FY26 and expects late-teen volume growth in FY27. Management is also investing ₹450-500 crores in FY27 to expand capacity and develop a 35 MW captive solar plant.
Key Highlights
Annual revenue grew 9.8% to ₹1,546 crores, while Q4 revenue surged 20.4% YoY to ₹424 crores.
EBITDA margins expanded by 160 bps to 30.4% for FY26, with Q4 margins reaching 31.5%.
Machining contribution increased to 89% in FY26, supporting stable realizations of ₹245 per kg.
Planned capex of ₹450-500 crores for FY27, including a ₹170 crore investment in a 35 MW solar plant.
Management guides for late-teen volume growth in FY27 while maintaining current margin levels.
👀 What to Watch
Investors should focus on the company's ability to maintain industry-leading margins through value-added machining; the stock remains a strong play on domestic infrastructure and CV recovery. Monitor the commissioning of the 4,000-ton press in H1 FY27 for further volume triggers.
Happy Forgings Q4FY26: PAT up 24% to ₹84 Cr, EBITDA Margins expand to 31.5%
Happy Forgings reported a robust Q4FY26 with revenue growing 20.4% YoY to ₹424 crore, driven by a 21% surge in volumes. Profitability significantly outpaced revenue growth as EBITDA rose 30.4% to ₹133 crore, benefiting from an improved product mix with machined components now contributing 91% of quarterly revenue. For the full year FY26, the company achieved its highest-ever annual profit of ₹302 crore. Despite stable realizations at ₹245/kg, margins expanded across the board due to operating leverage and a strategic shift toward value-added engineering components.
Key Highlights
Q4FY26 Revenue grew 20.4% YoY to ₹424 crore, supported by 21% volume growth reaching 17,298 MT.
EBITDA margins expanded by 240 bps YoY to 31.5% in Q4, while PAT rose 23.6% to ₹84 crore.
Full-year FY26 PAT increased 12.8% to ₹302 crore, marking the company's highest-ever annual profitability.
Machined products contribution rose to 91% of revenue in Q4FY26, up from 89% for the full year.
Maintained a strong balance sheet with liquidity of approximately ₹430 crore and reduced working capital intensity.
👀 What to Watch
The company's successful transition into a high-precision engineering firm is evident in its industry-leading 31.5% EBITDA margins. Investors should maintain a positive outlook given the strong volume growth and increasing contribution from high-margin machined products, while monitoring potential raw material cost inflation.
Happy Forgings Q4 FY26 PAT Jumps 23.6% YoY; EBITDA Margins Expand to 31.5%
Happy Forgings Limited reported a robust Q4 FY26 with revenue growing 20.4% YoY to ₹424 crore and PAT rising 23.6% to ₹84 crore. The company achieved its highest-ever annual profitability in FY26, with full-year EBITDA margins expanding by 157 bps to 30.4%. Operational efficiency is driven by a strategic shift towards high-value products, with forged and machined components now contributing 89% of the revenue mix. The company maintains a net-cash balance sheet with liquidity of ~₹430 crore to fund its ₹650 crore heavy forging capacity expansion.
Key Highlights
Q4 FY26 EBITDA grew 30.4% YoY to ₹133 crore, with margins expanding 240 bps to 31.5%.
Finished goods volume increased by 20.6% YoY in Q4 to 17,298 MT, reflecting strong demand in CV and industrial segments.
Full-year FY26 revenue stood at ₹1,546 crore with a PAT margin of 19.5%.
Net Debt/EBITDA improved to -0.19x, indicating a strong net cash position and high financial flexibility.
Forged and machined components now account for 89% of revenue, up from 87% in FY25, enhancing overall realizations.
👀 What to Watch
Investors should take note of the significant margin expansion and the company's successful transition into a high-precision engineering firm. The strong cash accruals and upcoming heavy forging capacity suggest a positive growth trajectory, making this a strong candidate for long-term portfolios.
Happy Forgings Announces Rs 4 Final Dividend; Sets Record Date for July 20, 2026
Happy Forgings Limited has announced a final dividend of Rs 4 per equity share for the financial year ended March 31, 2026, which represents a 200% payout on the face value of Rs 2. The company has fixed July 20, 2026, as the record date to determine shareholder eligibility for the payout. The dividend is subject to shareholder approval at the 47th Annual General Meeting scheduled for July 27, 2026. Once approved, the dividend will be paid to eligible members within 30 days of the AGM.
Key Highlights
Final dividend of Rs 4 per equity share for FY 2025-26 on a face value of Rs 2
Record date for dividend eligibility and e-voting fixed as July 20, 2026
47th Annual General Meeting (AGM) scheduled for July 27, 2026
Dividend payment to be completed within 30 days of the AGM approval
Book closure period from July 21, 2026, to July 27, 2026, for AGM purposes
👀 What to Watch
Investors interested in the dividend should ensure they hold the shares before the ex-dividend date, which typically precedes the July 20 record date. The Rs 4 payout offers a steady return for long-term shareholders based on the face value.
Happy Forgings Announces Rs 4 Final Dividend; Sets July 20 as Record Date
Happy Forgings Limited has announced a final dividend of Rs 4 per equity share for the financial year 2025-26, representing a 200% payout on the face value of Rs 2. The company has fixed July 20, 2026, as the record date to identify eligible shareholders. The dividend is subject to approval at the 47th Annual General Meeting (AGM) scheduled for July 27, 2026. Once approved, the payout will be completed within 30 days of the AGM date.
Key Highlights
Final dividend of Rs 4 per equity share on a face value of Rs 2 for FY 2025-26
Record date for dividend eligibility fixed as Monday, July 20, 2026
47th Annual General Meeting scheduled for July 27, 2026, via video conferencing
Dividend payout to be completed within 30 days of the AGM declaration
Remote e-voting period set from July 24, 2026, to July 26, 2026
👀 What to Watch
Investors seeking the dividend should ensure they hold the stock before the ex-dividend date, which typically precedes the July 20 record date. The payout reflects the company's commitment to sharing profits with shareholders.
Happy Forgings Sets July 20 as Record Date for Rs 4 Final Dividend
Happy Forgings Limited has announced a final dividend of Rs 4 per equity share of face value Rs 2 for the financial year 2025-26. The company has fixed July 20, 2026, as the record date to determine shareholder eligibility for this payout. The dividend is subject to approval at the 47th Annual General Meeting scheduled for July 27, 2026. Once approved, the dividend will be paid to eligible shareholders within 30 days of the AGM date.
Key Highlights
Final dividend of Rs 4 per equity share (200% of face value) for FY 2025-26
Record date for dividend entitlement and AGM voting fixed as July 20, 2026
47th Annual General Meeting (AGM) to be held on July 27, 2026
Dividend payment to be completed within 30 days of shareholder approval
Book closure period set from July 21, 2026, to July 27, 2026
👀 What to Watch
Investors interested in the dividend should ensure they hold the stock prior to the ex-dividend date, which is typically one working day before the July 20 record date. Monitor the AGM for management commentary on future growth and capital allocation.
Happy Forgings FY26 Results: ₹4 Dividend and Solar Project Expansion to 35 MW
Happy Forgings Limited has announced its FY26 financial results along with a final dividend of ₹4 per share. A key highlight is the board's approval to enhance the captive solar power project capacity from 25 MW to 35 MW, involving a total investment of ₹170 crore. This move is expected to provide significant cost benefits through captive power consumption. The company also confirmed no deviation in fund utilization and appointed KPMG as internal auditors for the upcoming fiscal year.
Key Highlights
Recommended a final dividend of ₹4 per equity share (200% of face value) for FY 2025-26.
Increased captive solar power project capacity from 25 MW AC to 35 MW AC.
Revised total investment for the solar project to ₹170 crore, up from the earlier ₹120 crore.
Appointed KPMG Assurance and Consulting Services LLP as Internal Auditors for FY 2026-27.
Set July 20, 2026, as the record date for dividend eligibility and AGM voting.
👀 What to Watch
The expansion into renewable energy for captive use suggests a focus on long-term margin improvement through power cost savings. Investors should maintain their positions to benefit from the dividend and monitor the execution of the solar project.
Happy Forgings Approves ₹4 Dividend and Increases Solar Capex to ₹170 Crores
Happy Forgings Limited has announced a final dividend of ₹4 per share for FY 2025-26, representing a 200% payout on face value. The company is significantly scaling its captive solar power project from 25 MW to 35 MW, with the total investment increasing by ₹50 crores to ₹170 crores to drive long-term cost benefits. Additionally, the board has appointed KPMG as the internal auditor for FY 2026-27 and re-appointed key directors. The financial results for the year ended March 31, 2026, received an unmodified audit opinion, signaling healthy financial reporting.
Key Highlights
Recommended a final dividend of ₹4 per equity share (face value ₹2) for FY 2025-26.
Enhanced captive solar power project capacity from 25 MW to 35 MW.
Increased total investment for the solar project from ₹120 crores to ₹170 crores.
Appointed KPMG Assurance and Consulting Services LLP as Internal Auditors for FY 2026-27.
Set July 20, 2026, as the record date for dividend eligibility and AGM voting.
👀 What to Watch
Investors should track the record date of July 20, 2026, to qualify for the ₹4 dividend. The increased investment in captive solar energy is a positive move for long-term margin improvement through power cost savings.
Happy Forgings FY26: ₹4 Dividend & Solar Capex Increase to ₹170 Crores
Happy Forgings has announced a final dividend of ₹4 per share for FY26, alongside its audited financial results. A key highlight is the expansion of its captive solar power project from 25 MW to 35 MW, with the investment budget raised by ₹50 crores to a total of ₹170 crores. The board also approved the re-appointment of key directors and the induction of KPMG as internal auditors. These moves indicate a focus on operational cost reduction and strong corporate governance.
Key Highlights
Recommended a final dividend of ₹4 per equity share (200% of face value of ₹2)
Enhanced captive solar power project capacity from 25 MW AC to 35 MW AC
Increased total investment for the solar project to ₹170 crores from the earlier ₹120 crores
Re-appointed Ms. Megha Garg as Whole-time Director for a five-year term starting September 2026
Appointed KPMG Assurance and Consulting Services LLP as Internal Auditors for FY 2026-27
👀 What to Watch
The increase in solar capacity suggests a long-term strategy to reduce power costs and improve margins. Investors should note the dividend record date of July 20, 2026, and monitor the execution of the expanded solar project.
Happy Forgings Recommends ₹4 Final Dividend and Boosts Solar Investment to ₹170 Crores
Happy Forgings Limited has recommended a final dividend of ₹4 per equity share for FY 2025-26, representing a 200% payout on the ₹2 face value. The company is significantly expanding its captive solar power project from 25 MW to 35 MW, with the total investment revised upward to ₹170 crores to enhance cost benefits. The board has set July 20, 2026, as the record date for dividend eligibility. Additionally, the company has appointed KPMG as its internal auditor and re-appointed key directors to ensure leadership continuity.
Key Highlights
Recommended a final dividend of ₹4 per equity share for the financial year 2025-26.
Increased captive solar power project capacity by 40%, from 25 MW to 35 MW.
Revised the total investment for the solar project from ₹120 crores to ₹170 crores.
Fixed July 20, 2026, as the record date for dividend and AGM voting eligibility.
Appointed KPMG Assurance and Consulting Services LLP as Internal Auditors for FY 2026-27.
👀 What to Watch
Investors should ensure they hold shares by the record date of July 20, 2026, to qualify for the ₹4 dividend. The increased capex in renewable energy is a positive long-term indicator for margin expansion through power cost savings.
Happy Forgings FY26 Net Profit Rises 11% to ₹270 Crore; Revenue Up 9% YoY
Happy Forgings Limited reported a steady financial performance for the year ended March 31, 2026, with consolidated revenue growing 8.9% YoY to ₹1,476.97 crore. Net profit for the full year increased by 11% to ₹269.70 crore, up from ₹242.92 crore in the previous fiscal. The company maintained healthy margins with a Basic EPS of ₹28.63. The Board also confirmed that there were no deviations in the utilization of funds raised through its IPO.
Key Highlights
Annual Revenue from Operations increased by 8.9% YoY to ₹1,476.97 crore in FY26.
Net Profit for FY26 rose to ₹269.70 crore compared to ₹242.92 crore in FY25.
Q4 FY26 revenue stood at ₹380.38 crore with a quarterly net profit of ₹69.56 crore.
Basic Earnings Per Share (EPS) improved to ₹28.63 for the full year from ₹25.79 in the prior year.
Statutory auditors S.R. Batliboi & Co. LLP issued an unmodified audit opinion on the results.
👀 What to Watch
The company continues to demonstrate stable double-digit profit growth and efficient fund management. Investors should hold for long-term value while monitoring the forging industry's demand cycle and the company's capacity expansion plans.
Happy Forgings Q4 Results: ₹4 Dividend Declared; Solar Project Capex Raised to ₹170 Crores
Happy Forgings Limited has approved its audited financial results for FY 2025-26 and recommended a final dividend of ₹4 per equity share (200% of face value). The company announced a significant expansion of its captive solar power project, increasing capacity from 25 MW to 35 MW with a revised investment of ₹170 crores (up from ₹120 crores). Additionally, the board approved the re-appointment of Ms. Megha Garg as Whole-time Director for five years and appointed KPMG as the internal auditor for FY 2026-27. The record date for the dividend and AGM voting is set for July 20, 2026.
Key Highlights
Recommended a final dividend of ₹4 per equity share of face value ₹2 for FY 2025-26.
Increased captive solar power plant capacity from 25 MW AC to 35 MW AC to drive cost benefits.
Revised total investment for the solar project upwards by ₹50 crores to a total of ₹170 crores.
Re-appointed Ms. Megha Garg as Whole-time Director for a five-year term effective September 29, 2026.
Appointed KPMG Assurance and Consulting Services LLP as Internal Auditors for FY 2026-27.
👀 What to Watch
Investors should track the July 20, 2026 record date to be eligible for the ₹4 dividend. The increased investment in captive solar power is a positive long-term move for margin expansion through energy cost savings.
Happy Forgings Q3 FY26 PAT Jumps 22.3% YoY with Record 30.8% EBITDA Margin
Happy Forgings Limited reported a strong Q3 FY26 with revenue growing 10.4% YoY to ₹391 crores and PAT increasing 22.3% to ₹79 crores. The company achieved its highest-ever EBITDA margin of 30.8% during the quarter, driven by a 13.8% volume growth and operational efficiencies. Management highlighted a robust pipeline with visibility for ₹800 crores in incremental peak annual business starting FY27. The balance sheet remains strong with ₹315 crores in 9M operating cash flow and liquid assets exceeding ₹400 crores to fund future expansions.
Key Highlights
Q3 FY26 PAT grew 22.3% YoY to ₹79 crores, while 9M FY26 revenue reached ₹1,122 crores.
EBITDA margins hit an all-time high of 30.8% in Q3, with 9M margins crossing the 30% mark.
Secured visibility for ₹800 crores of incremental peak annual business expected to commence from FY27.
Machining capacity increased to 68,000 MT, with a new 10,000-ton forging press commissioning in Q4 FY26.
Strong cash generation with ₹315 crores from operations in 9M FY26, supporting a debt-free growth strategy.
👀 What to Watch
Investors should take note of the record-high margins and the significant ₹800 crore order pipeline which provides strong revenue visibility for FY27 and beyond. The stock remains a solid play on the domestic CV and industrial recovery, backed by efficient capital allocation.
Happy Forgings Q3 PAT Jumps 22.3% to ₹79 Cr; EBITDA Margins Hit Record 30.8%
Happy Forgings reported a strong Q3FY26 with revenue growing 10.4% YoY to ₹391 crore, driven by a 13.8% increase in finished goods volume. Profitability reached record levels with EBITDA margins expanding 213 bps to 30.8% and PAT rising 22.3% to ₹79 crore. The company has strong visibility with an incremental business pipeline of ₹800 crore and is actively expanding capacity with a new 10,000-tonne press. Cash reserves remain robust at over ₹400 crore, supporting future growth and a planned captive solar plant.
Key Highlights
Q3 Revenue grew 10.4% YoY to ₹391 Cr with finished goods volume up 13.8% to 16,323 MT
EBITDA margins expanded significantly by 213 bps YoY to reach a peak of 30.8%
PAT increased 22.3% YoY to ₹79 Cr, while 9M PAT reached ₹218 Cr
Incremental business visibility of ~₹800 Cr at peak annual rate across Industrials and PV
Capacity expansion on track with 10,000-tonne press commissioning and machining capacity at 68,000 MT
👀 What to Watch
Investors should monitor the execution of the ₹800 crore order pipeline and the impact of the new 10,000-tonne press on FY27 volumes. The record margin profile suggests strong pricing power and operational efficiency.
