Happy Forgings Ltd — earnings calls

Happy Forgings reported Q1 FY27 revenue of Rs.449 crores and PAT of Rs.91 crores, up 27.0% and 39.2% year-on-year respectively, marking the highest ever quarterly revenue and profitability. EBITDA margin expanded 275 basis points to 31.3%, the fourth consecutive quarter above 30%, while finished goods volumes grew 23% and realizations rose 3.2% to Rs.253 per kilogram. Management said price revisions with OEMs have been negotiated and their full benefit is expected to reflect from Q2 onwards, while capacity additions during the quarter included a new 4,000-ton forging press line and 7,200 metric tons of additional machining capacity.

Happy Forgings reported FY26 revenue of Rs.1,546 crores with EBITDA margins at 30.4% and PAT margins at 19.5%, both improving year-on-year, while Q4 FY26 saw sales growth of around 20% and EBITDA and PAT growth of approximately 30% and 24% respectively. Management attributed the performance to volume growth, a higher machining mix, and operational leverage, while noting export weakness in North America and Europe across CV, farm and off-highway segments. The company outlined new order wins of roughly Rs.950 crores executable over the next 2 to 3 years, alongside ongoing capacity expansion in forging and machining and a planned captive solar power plant.