Happy Forgings Limited (HAPPYFORGE)
₹1,866.00 -0.38% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Happy Forgings' revenue was ₹449 Cr (+27.0% year on year, +6.0% on the previous quarter), and net profit ₹91.5 Cr (+39.2% year on year); the operating margin was 31.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹449 | +27.0% | +6.0% |
| Operating profit | ₹141 | +39.3% | +5.9% |
| Net profit | ₹91.5 | +39.2% | +8.9% |
| EPS (₹) | 9.70 | +39.2% | +9.5% |
| Operating margin | 31.3% | — | — |
HAPPYFORGE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.34% of the HAPPYFORGE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.05%. That is close to its usual level. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 42.8% · 50.6% · 54.7% · 52.8% · 55.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Happy Forgings Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited. The RTA confirmed that no requests for dematerialization or rematerialization of shares were received during the quarter. This is a recurring regulatory disclosure with zero financial impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 6, 2026
- Zero requests received for dematerialization or rematerialization during the quarter
Happy Forgings Limited has announced the closure of its insider trading window starting Thursday, October 1, 2026. This closure complies with SEBI (Prohibition of Insider Trading) Regulations for reviewing unaudited standalone and consolidated financial results for the quarter ending September 30, 2026. The window will reopen 48 hours after the conclusion of the upcoming board meeting. The exact date of the board meeting will be communicated separately.
- Trading window closure begins on Thursday, October 1, 2026
- Applies ahead of unaudited financial results for the quarter ended September 30, 2026
- Window remains closed until 48 hours after board meeting conclusion
- Applicable to all Directors, Officers, Designated Persons, and immediate relatives
Happy Forgings Limited has allotted 22,412 equity shares of face value Rs. 2 each to eligible employees upon the exercise of options under its Employees Stock Options Scheme. As a result, the company's paid-up equity share capital increases marginally from Rs. 18,87,57,468 (9,43,78,734 shares) to Rs. 18,88,02,292 (9,44,01,146 shares). The equity dilution resulting from this allotment is negligible at approximately 0.02%. This is a routine corporate action with no material impact on the company's financials.
- Allotted 22,412 equity shares of face value Rs. 2 each under the ESOP scheme
- Paid-up share capital increased from Rs. 18,87,57,468 to Rs. 18,88,02,292
- Total outstanding equity shares rose from 9,43,78,734 to 9,44,01,146
- Dilution to the existing share base is minor at roughly 0.02%
Happy Forgings Limited has scheduled an analyst and institutional investor meeting for August 14, 2026, in Mumbai. The event, organized by Equirus Securities, will consist of 1x1 and group meetings. The company has stated that discussions will be limited to publicly available information, ensuring no unpublished price-sensitive information is shared. This is a standard procedural update for a company with a market capitalization of ₹18,014 Cr.
- Meeting scheduled for August 14, 2026, starting at 10:00 am IST
- Interaction organized by Equirus Securities in Mumbai
- Company is currently executing a ₹650 Cr capex program for the heavy segment
- Value-added machining share reached 88% of the product mix as per recent filings
- Promoter holding remains high at 78.48% as of March 2026
Happy Forgings Limited has scheduled an analyst and institutional investor meet for August 14, 2026, in Mumbai. The event, organized by Equirus Securities, will feature 1x1 and group meetings starting from 10:00 am. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be discussed. This interaction comes as the company maintains a strong TTM operating margin of 30.4% and continues its significant capex program.
- Investor conference scheduled for August 14, 2026, starting at 10:00 am
- Organized by Equirus Securities in Mumbai for 1x1 and group interactions
- Company is currently executing a ₹650 Cr capex program for the heavy forging segment
- Total planned capex outlay of ₹850-1,000 Cr through FY28
- Value-added machining share has reached 88% of the product mix as of recent filings
Happy Forgings Limited has released the audio recording of its earnings conference call held on August 05, 2026, for the quarter ended June 30, 2026. This disclosure provides investors with management's detailed commentary on the company's performance, including its high operating margin of 30.4% and the status of its Rs 650 Cr capex program. The company continues to focus on diversifying its revenue base, which is currently 70% concentrated in the CV and Tractor segments. With a low debt-to-equity ratio of 0.16, the call likely addresses the execution of the Rs 850-1,000 Cr total outlay planned through FY28.
- Audio recording of the earnings call held on August 05, 2026, is now publicly available.
- Management discussed performance for the quarter ended June 30, 2026 (Q1 FY27).
- Company is currently executing a Rs 650 Cr capex program for the heavy forging segment.
- Value-added machining share has reached 88% of the product mix as per latest operational data.
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.
- 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
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.
- 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.
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.
- 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
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.
- 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.
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.
- 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.
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.
- 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.
Shareholders of Happy Forgings Limited approved all resolutions at the 47th Annual General Meeting held on July 27, 2026. Key approvals include a final dividend of ₹4 per equity share for FY26 and the re-appointment of Managing Director Ashish Garg and Whole-Time Director Megha Garg. The voting results showed high institutional participation, with approximately 87.86% of institutional shares polled on major resolutions. A special resolution was also passed to re-appoint Independent Director Ravindra Pisharody for a second term starting June 2027.
- Final dividend of ₹4 per equity share approved for the financial year ended March 31, 2026.
- Total of 88,512,009 votes polled for the dividend resolution, representing 93.78% of total shares.
- Managing Director Ashish Garg re-appointed with 99.66% of polled votes in favor.
- Special resolution passed for re-appointment of Independent Director Ravindra Pisharody until November 2030.
- 77 shareholders attended the meeting through video conferencing.
Happy Forgings Limited has scheduled its Q1 FY27 earnings conference call for August 5, 2026, at 10:00 AM IST. The call will feature Managing Director Mr. Ashish Garg and CFO Mr. Pankaj Kumar Goyal discussing the company's performance for the quarter ended June 30, 2026. Investors will be looking for updates on the company's ongoing Rs 650 Cr capex program and its diversification into non-automotive segments. The company enters this period with a strong TTM OPM of 30.4% and a low debt-to-equity ratio of 0.16.
- Earnings conference call scheduled for August 5, 2026, at 10:00 AM IST
- Management to discuss financial results for the quarter ended June 30, 2026
- Company is currently executing a strategic capex of Rs 650 Cr for heavy segment forging
- Total capacity expansion outlay projected at Rs 850-1,000 Cr through FY28
- Value-added machining share reached 88% of the product mix in recent quarters
Happy Forgings Limited concluded its 47th Annual General Meeting on July 27, 2026, where shareholders approved a final dividend of Rs 4 per equity share for FY26. The management reiterated its long-term growth strategy focused on a total capex outlay of Rs 850-1,000 Cr through FY28 to expand heavy segment forging capacity. Key leadership re-appointments were ratified, including Mr. Ashish Garg as Managing Director and Ms. Megha Garg as Whole-Time Director for a five-year term. The company continues to focus on high-margin precision engineering, with value-added machining now comprising 88% of the product mix.
- Final dividend of Rs 4 per equity share approved for the financial year ended March 31, 2026
- Total capacity expansion outlay confirmed at Rs 850-1,000 Cr through FY28
- Ms. Megha Garg re-appointed as Whole-Time Director for a fresh 5-year term
- Value-added machining share maintained at 88% of the total product mix
- Statutory and Secretarial Audit reports received with no major qualifications or adverse remarks
Financial Performance
Revenue Growth by Segment
Domestic business (82% of total) grew 6.2% YoY in FY25. CV and Tractor segments contribute ~70% of total revenue. Q2 FY26 revenue of INR 377 Cr grew 4.5% YoY, while H1 FY26 revenue of INR 731 Cr grew 4.1% YoY.
Geographic Revenue Split
Domestic market accounts for 82% of total revenues (INR 1,155 Cr), while Exports account for the remaining 18% (INR 254 Cr) as of FY25.
Profitability Margins
Gross Margin improved from 56.1% in FY24 to 58.0% in FY25, reaching a record 60% in Q2 FY26. PAT Margin rose from 17.9% in FY24 to 19.0% in FY25 (INR 267.44 Cr).
EBITDA Margin
EBITDA Margin was 28.9% in FY25 (INR 406.70 Cr), up from 28.5% YoY. Q2 FY26 EBITDA margin expanded to 30.7% (INR 116 Cr), a YoY increase of 10%.
Capital Expenditure
Planned total capex of INR 850-1,000 Cr over FY26-FY28. Currently executing a strategic capex program of INR 650 Cr for heavy segment forging infrastructure. INR 129 Cr of unutilized IPO proceeds remained as of March 2025.
Credit Rating & Borrowing
Ratings reaffirmed at [ICRA]AA(Stable)/[ICRA]A1+. Finance costs decreased 36% YoY to INR 7.53 Cr in FY25. Gearing remains low at 0.1x.
Operational Drivers
Raw Materials
Steel is the primary raw material. Softening steel prices impacted topline growth but supported margin expansion as realizations were maintained.
Capacity Expansion
Strategic capex of INR 650 Cr is creating state-of-the-art forging infrastructure for heavy segment and precision components. Total capacity expansion outlay is INR 850-1,000 Cr through FY28.
Raw Material Costs
Raw material costs are a major component of the 42% direct cost base (implied by 58% gross margin). Realizations improved to INR 248/kg in FY25 and INR 251/kg in Q2 FY26 despite falling input costs.
Manufacturing Efficiency
Value-added machining share reached 88% of the product mix. Q2 FY26 saw operational volume growth of 5.2%.
Strategic Growth
Growth Strategy
Achieving growth through a INR 650 Cr capex program for heavy segment forging, diversifying into non-automotive industrial applications (power generation), and securing orders from new European OEMs. The company is also expanding its presence in the passenger vehicle segment.
Products & Services
Forged and machined components, heavy forged components, and precision engineering products for commercial vehicles, tractors, and industrial gensets.
Brand Portfolio
Happy Forgings
New Products/Services
Foray into industrial segments (power generation applications) and passenger vehicles to diversify the business profile.
Market Expansion
Expanding geographic footprint and export business to insulate against domestic cyclicality. Securing a solid roster of orders from new larger European OEMs.
Strategic Alliances
Expanding partnerships with leading domestic OEMs and building new relationships with European OEMs.
External Factors
Industry Trends
Growing demand for backup power solutions in data centers, healthcare, and 5G infrastructure is driving the industrial vertical. The industry is shifting toward higher value-add machined components (88% of company mix).
Competitive Moat
Durable advantage through a high 88% value-added machining mix, 45+ years of engineering expertise, and a conservative capital structure (0.1x debt/equity) that allows for massive self-funded capex.
Macro Economic Sensitivity
Topline growth is sensitive to steel price fluctuations and macroeconomic health of user industries like agriculture and infrastructure.
Consumer Behavior
Increased demand for high-capacity gensets (>300 kW) due to 5G and edge computing infrastructure needs.
Geopolitical Risks
Global demand environment and macroeconomic headwinds weighed on user industries in FY25.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental regulations and stringent quality benchmarks for automotive and industrial components.
Environmental Compliance
ESG risks identified include non-compliance with environmental regulations and emissions reduction progress; costs are not quantified.
Taxation Policy Impact
Effective tax rate was approximately 25.6% in FY25 (INR 92.11 Cr total tax on INR 359.55 Cr PBT).
Risk Analysis
Key Uncertainties
Cyclicality of the CV and Tractor segments (70% revenue) and potential margin compression from rising input costs.
Geographic Concentration Risk
82% of revenue is concentrated in the domestic Indian market.
Third Party Dependencies
High dependency on key customers and specific product segments for order volumes and contract renewals.
Technology Obsolescence Risk
Mitigated by investing in sophisticated, future-facing forging infrastructure and advanced genset technology (remote monitoring).
Credit & Counterparty Risk
Prudent debtor management maintained; trade receivables turnover at 3.6x.
