HAPPYFORGE

Happy Forgings share price & financials

Price
₹1,595.3
Market cap
₹18.0k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 05 Aug 2026

Happy Forgings Limited Q1 FY27

Revenue ₹449 cr +27%EBITDA ₹141 cr +39%EBITDA Margin 31.3% PAT ₹91 cr +39%

What went well

  • Revenue of ₹449 crores, up 27.0% YoY, marking highest ever quarterly revenue.
  • PAT of ₹91 crores, up 39.2% YoY, marking highest ever quarterly profitability.
  • EBITDA margin expanded 275 basis points year-on-year to 31.3%, marking the 4th consecutive quarter above 30%.

What to watch

  • Export growth in Commercial Vehicles and Farm Equipment segments was impacted by geopolitical conditions and challenging demand environments in the US and Europe.
  • Container shipping costs increased from USD2,000 to USD6,000, with approximately 75% pass-through to customers.
Read the full call →

What Happy Forgings Limited does

Happy Forgings Limited designs and manufactures heavy forged and high-precision machined components — crankshafts, front axle carriers, steering knuckles, differential housings, transmission parts, pinion shafts, suspension products, connecting rods and valve bodies — sold to domestic and global OEMs. It runs a vertically integrated process spanning die design, forging, machining, heat treatment, metallurgical testing and quality inspection, and earns by supplying safety-critical, tightly-toleranced components into automotive (commercial vehicles, passenger vehicles) and non-automotive (farm equipment, off-highway vehicles, power generation, railways, wind, oil & gas) supply chains under long-validated OEM relationships.

Segments

  • Automotive – Commercial Vehicles
  • Automotive – Passenger Vehicles
  • Non-Automotive – Farm Equipment
  • Non-Automotive – Off-Highway Vehicles
  • Non-Automotive – Industrials
Manufacturing facilities
3 (Kanganwal I, Kanganwal II and Dugri, all in Ludhiana, Punjab)
Installed forging capacity
1,48,000 MT per annum
Installed machining capacity
68,000 MT per annum
Market position – crankshafts
2nd-largest producer of commercial vehicle and high-horsepower industrial crankshafts in India
Market position – forging & machining
3rd-largest engineering-led manufacturer of complex, safety-critical heavy forged and high-precision machined components in India by forging capacity
OEM customer relationships
60+ long-standing domestic and global OEM customers
Founded 1979Headquarters Ludhiana, Punjab, India Company website

Guidance record · Q1 FY27

what the last two calls moved 21 tracked 1 delivered 3 missed 17 open
  • EBITDA Margin Maintenance delivered said Q3 FY26 Promised: maintaining EBITDA margins within a sustained range between 29% to 31% over the medium term. Q1 FY27: EBITDA margin was 31.3%, continuing to meet the target range.
  • Organic CAGR Revenue Growth missed said Q4 FY25 Promised: 15% kind of organic CAGR revenue growth in medium to long term Q1 FY27: No update on this specific long-term CAGR target. The promise remains missed based on FY26 performance.
  • M&A / Inorganic Growth at risk said Q4 FY25 Promised: scouting for some inorganic opportunities... INR50 crores to INR100 crores size of EBITDA Q1 FY27: Management addressed the topic, stating they are open to M&A in energy/aerospace but cautious on other areas due to high valuations. No deal imminent.

All 21 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 26.8%, net profit up 37.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue361 354 352 354 377 +4%391 +10%424 +20%449 +27%
EBITDA105 101 102 101 116 +10%120 +19%133 +30%141 +40%
Net profit71 65 68 66 73 +3%79 +22%84 +24%91 +38%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +138.1% 1Y

₹1.0k₹1.5k₹2.0k₹2.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 5 Aug 2026

1Y: ₹911.05 on 10 Sept 2025 → ₹2,169. High ₹2,420.4 (1 Sept 2026), low ₹901.6 (14 Oct 2025).

How the price took the results

close before → close after

Q1 FY27
+6.7%
5 Aug
Q4 FY26
−4.9%
22 May
Q3 FY26
+1.8%
10 Feb
Q2 FY26
+1.9%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.7% a year over 2 years, FY24 to FY26. Operating margin widened to 30.4%.

Year endingFY24FY25FY26
Revenue₹1.4k Cr₹1.4k Cr₹1.5k Cr
Operating profit₹386 Cr₹406 Cr₹470 Cr
Operating margin28.4%28.8%30.4%
Interest₹12 Cr₹7 Cr₹10 Cr
Depreciation₹64 Cr₹77 Cr₹90 Cr
Net profit₹243 Cr₹268 Cr₹302 Cr
Net margin17.9%19.0%19.5%
Cash from operations₹189 Cr₹292 Cr₹445 Cr
Free cash flow₹-4 Cr₹12 Cr₹-16 Cr
ROCE23.0%19.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹9 Cr₹18 Cr₹18 Cr₹19 Cr₹19 Cr₹19 Cr
Reserves₹636 Cr₹770 Cr₹970 Cr₹1.6k Cr₹1.9k Cr₹2.1k Cr
Borrowings₹150 Cr₹240 Cr₹219 Cr₹143 Cr₹193 Cr₹330 Cr
Other liabilities₹79 Cr₹102 Cr₹119 Cr₹130 Cr₹149 Cr₹175 Cr
Total liabilities₹874 Cr₹1.1k Cr₹1.3k Cr₹1.9k Cr₹2.3k Cr₹2.6k Cr
Fixed assets₹415 Cr₹456 Cr₹678 Cr₹744 Cr₹951 Cr₹1.1k Cr
Capital work in progress₹40 Cr₹212 Cr₹75 Cr₹127 Cr₹226 Cr₹237 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹86 Cr₹238 Cr
Other assets₹419 Cr₹461 Cr₹573 Cr₹1.0k Cr₹1.0k Cr₹1.1k Cr
Total assets₹874 Cr₹1.1k Cr₹1.3k Cr₹1.9k Cr₹2.3k Cr₹2.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +1.81 pp while DIIs trimmed −1.44 pp.

Promoters
78.5%
FIIs
1.9%
DIIs
15.5%
Public
4.1%

Since Jun 2025

  • Public +1.81 pp
  • DIIs −1.44 pp
  • FIIs −0.29 pp

How it drifted, 11 quarters

Over this window DIIs went from 5.8% to 15.5% — +9.7 pp.

Dec '23Mar '25Jun '26

Ownership split by quarter, oldest first. Dec '23: Promoters 78.6%, FIIs 2.1%, DIIs 5.8%, Public 13.5%.Mar '24: Promoters 78.6%, FIIs 1.1%, DIIs 16.9%, Public 3.4%.Jun '24: Promoters 78.6%, FIIs 2.2%, DIIs 16.7%, Public 2.5%.Sep '24: Promoters 78.6%, FIIs 2.3%, DIIs 17.1%, Public 2.0%.Dec '24: Promoters 78.6%, FIIs 2.3%, DIIs 17.1%, Public 2.0%.Mar '25: Promoters 78.6%, FIIs 2.2%, DIIs 17.1%, Public 2.2%.Jun '25: Promoters 78.5%, FIIs 2.2%, DIIs 17.0%, Public 2.3%.Sep '25: Promoters 78.5%, FIIs 2.0%, DIIs 17.0%, Public 2.5%.Dec '25: Promoters 78.5%, FIIs 1.8%, DIIs 16.7%, Public 2.9%.Mar '26: Promoters 78.5%, FIIs 1.7%, DIIs 16.5%, Public 3.3%.Jun '26: Promoters 78.5%, FIIs 1.9%, DIIs 15.5%, Public 4.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Happy Forgings Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Paritosh Kumar 40.31%unchanged
Ashish Garg 13.72%unchanged
Ayush Capital & Financial Services Private Limited 11.39%unchanged
SBI Small Cap Fund Mutual fund4.98%−0.47 pp
Megha Garg 2.56%unchanged
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund2.38%+1.22 pp
Kotak Small Cap Fund Mutual fund2.26%newly disclosed
Axis Mutual Fund Trustee LimitedA/C Mutual Fund A/C Axis Small Cap Fund Mutual fund1.43%newly disclosed
Ikigai Emerging Equity Fund AIF1.20%unchanged
Paritosh Kumar Garg Huf 0.73%unchanged
Ashish Garg & Sons Huf 0.27%unchanged
Sudesh Kumari Agarwal 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in HAPPYFORGE

Filings to Aug 2026

0 new, 0 added, 2 trimmed, 0 sold out — net −0.65 L shares (−1.3%).

Held by funds
₹1.2k Cr
3 schemes
Biggest holder
SBI Smallcap Fund
₹892 Cr · 2.1% of that fund
SchemeHoldingLast month
SBI Smallcap Fund SBI Mutual Fund₹892 Crheld
SBI Automotive Opportunities Fund SBI Mutual Fund₹226 Cr−0.65 L
Nippon India Flexi Cap Fund Nippon India Mutual Fund₹96 Cr−0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 2 trimmed — net −64,986 shares (−1.3%)

Funds are sitting on
+52%
vs est. average cost
Held by funds
₹1.2k Cr
3 schemes · ≈ 4.5% of the company
Biggest holder
SBI Smallcap Fund
₹892 Cr · 2.1% of that fund
Longest holder
SBI Automotive Opportunities Fund
2y 3m · since Jun '24

Shares held by these funds +415%

Dec '23 50.97 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹2169, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹588 — downside of 73%.

Growth the price implies
35.7% a year
for 7 years, fading to 4%
It has actually compounded at
11.5% a year
net profit, FY24–FY26 · EPS 10.0%
The gap
0.3 pp
-73% downside if it only repeats history
Price today ₹2,169 Value at the reference growth ₹588.02

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Happy Forgings Limited

Guides on how to read this kind of business and the numbers that matter.