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Happy Forgings share price & results

Happy Forgings Limited· Capital Goods· Industrials

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Ludhiana forger of heavy, precision-machined crankshafts, axles & housings for auto and industrial OEMs.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue449 ₹ crore+26.8% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin31.0 %+2.0 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit91.0 ₹ crore+37.9% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity16.44 %−0.4 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin-1.03 %−1.8 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)15.48 %+6.0 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

1 of 4 judged targets kept · 17 open · verdicts reflect calls analysed to Q1 FY27.

Happy Forgings Limited management guidance track record on Inve: 21 targets tracked across analysed earnings calls (1 achieved, 3 missed, 17 open).

TargetOriginal wordingSaidLatest callVerdict
EBITDA Margin Maintenancemaintaining EBITDA margins within a sustained range between 29% to 31% over the medium term.
Call transcript, Q3 FY26 · 10 Feb 2026		Q3 FY26Q1 FY27:EBITDA margin was 31.3%, continuing to meet the target range.
Call transcript, Q1 FY27 · 5 Aug 2026		Achieved
Organic CAGR Revenue Growth15% kind of organic CAGR revenue growth in medium to long term
Call transcript, Q4 FY25 · 19 May 2025		Q4 FY25Q1 FY27:No update on this specific long-term CAGR target. The promise remains missed based on FY26 performance.
Call transcript, Q1 FY27 · 5 Aug 2026		Missed
M&A / Inorganic Growthscouting for some inorganic opportunities... INR50 crores to INR100 crores size of EBITDA
Call transcript, Q4 FY25 · 19 May 2025		Q4 FY25Q1 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.
Call transcript, Q1 FY27 · 5 Aug 2026		At Risk

Source: Inve Guidance Tracker for Happy Forgings Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

3 of Happy Forgings Limited's 21 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 18 more targets are in the full ledger.

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Price

₹1,758.4 −0.20% · −₹3.6

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance +75.8% 1Y

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

1Y: ₹1,000.1 on 24 Oct 2025 → ₹1,758.4. High ₹2,420.4 (1 Sept 2026), low ₹994.4 (6 Nov 2025).

Previous close
₹1,762
Market cap
₹16.6k Cr
52-week range
₹994.4 – ₹2,420.4
One year
+75.92%
Price to earnings (TTM to Jun 2026)
50.76×
Return on equity (TTM to Jun 2026)
16.44%

Overview

Symbol
NSE:HAPPYFORGE
Industry
Industrials
Exchange
NSE
Currency
INR

What Happy Forgings Limited does

Based on the company's own presentations, annual report and earnings calls.

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

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.

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