The call ran from 11:01 AM to 12:02 PM IST (1 h 1 min).
Key takeaways
Q2 revenue ~₹502 Cr (+32.7%) and PAT ₹98 Cr (+32.8%), volume-led. H1 operating cash flow only ₹124 Cr. Margin guidance is qualitative, implying FY26-level margins.
| Revenue growth | Q2 revenue ~₹502 Cr, +32.7% YoY; volume-led, recurring. |
|---|---|
| Margins | Q2 EBITDA 30.6%; H1 up 127bps; FY27 guided roughly FY26 levels. |
| Order book | ~50% of order book is exports; ~₹300 Cr secured data-centre orders. |
| Demand visibility | Strong CV, farm, industrial demand; ~₹300 Cr data-centre orders secured. |
| Management confidence | Over-optimistic; repeated 'strong' claims, vague on margin numbers. |
Growth
Volume-led: volume +24.8%, realisation +6.3%. EBITDA ₹153 Cr (+32.2%), margin 30.6%.
Outlook
₹500 Cr capex phased FY28–FY29. ~₹500 Cr orders targeted by FY27-end. Margins similar to FY26.
Risks
Margin answers lacked numbers. H1 OCF just ₹124 Cr. ₹300 Cr new debt. Exports ~50% of order book.
Last quarter's promises, checked
Delivered
- Guided high-teen volume growth → Q2 volume +24.8% (= BEAT)
- Guided margin 'upwards of 30%' → Q2 EBITDA 30.6% (= BEAT)
Partly delivered
- Guided Q2 price-hike benefit → realisation +6.3% vs Q1 +3.2% (= PARTIAL)
- Guided margins ~FY26 levels → Q1 31.3%, Q2 30.6%; FY26 base not disclosed (= PARTIAL)
Missed
- Guided self-funded, bridge loan only → ₹300 Cr new bank debt (= MISS)
- Guided 'very strong' cash flow → H1 OCF ₹124 Cr vs H1 PAT ₹189 Cr (= MISS)
- Guided capex ₹350–400 Cr/yr → H1 capex ₹378 Cr (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Happy Forgings Q2 FY27 Results: Net Profit ₹97.5 Cr, Up 32.8% YoY
Happy Forgings Ltd reported revenue from operations of ₹500.7 Cr (+32.7% YoY) and net profit of ₹97.5 Cr (+32.8% YoY) for Q2 FY27.
- Key figure
- Net profit ₹97.5 Cr · +32.8% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Order book stands at 950 Cr incremental annual revenue potential over the next 2-3 years.
Growth they described
Revenue grew 27% YoY to 449 Cr, with finished goods volumes increasing 23.1% and realizations per kg up 3.2%.
Call details
| Company | Happy Forgings Ltd |
|---|---|
| NSE symbol | HAPPYFORGE |
| ISIN | INE330T01021 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 6 November 2026 |
| Time | 11:00 AM IST |
| Length | 1 h 1 min |
| Audio | Our stream on YouTube ↗ |
Happy Forgings Ltd: key numbers
- Share price
- ₹1,694.50
- Market cap
- ₹15,996 Cr
- Revenue (annual)
- ₹1,546 Cr
- Net profit (annual)
- ₹301.6 Cr
- P/E (TTM)
- 45.5×Sector 50.0×
- Promoter holding
- 78.44%-0.02% QoQ
- FII holding
- 2.37%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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