| 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)
Earnings Call Transcript filed with NSE, NSE: HAPPYFORGE. Summary written with AI assistance from the document.
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.
More from Happy Forgings Ltd
All →Happy Forgings Capacity Expansion: ₹500 Cr Investment
Happy Forgings plans to add about 24,000 MT forging and 14,000 MT machining capacity by FY29. The ₹500 Crore investment is funded through internal accruals and debt.
- Value
- ₹500.0 Cr
- Execution
- FY28 and FY29, phased
- forging capacity
- 24000.0 MTPA
Happy Forgings Results Update
Happy Forgings reported Q2 FY27 revenue of ₹501 Crore, up 33% YoY, with PAT of ₹98 Crore. It also approved about ₹500 Crore of additional capex.
Happy Forgings Investor Presentation: Key Takeaways
Q2FY27 revenue ₹501 Cr (+32.7%), PAT ₹98 Cr (+32.8%), EBITDA margin 30.6%. H1FY27 revenue ₹950 Cr (+29.9%), with volume-led growth and improved realisation.
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
Happy Forgings Board Meeting Date
Happy Forgings Ltd intimated a board meeting on November 5, 2026 to consider unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. Trading window remains closed until 48 hours after results upload.
Happy Forgings Other Announcement
Happy Forgings Ltd has submitted its quarterly shareholding pattern for the period ended September 30, 2026, as required under SEBI regulations.