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Revenue
₹354 Cr
verified against source
Revenue YoY
3.6%
reported change
EBITDA
₹101 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Happy Forgings reported Q1 FY26 revenue of ₹354 crore (+3.6% YoY) and EBITDA of ₹101 crore (28.6% margin), with PAT at ₹66 crore (+3.2% YoY). Growth was driven by new business wins in industrial and passenger vehicle segments, offsetting weakness in CV and export markets. Volume rose 3.8% to 14,457 metric tons, while realizations held at ₹245/kg despite raw material price correction. Management highlighted a strong order pipeline including a ₹180 crore annual industrial order and a ₹60 crore farm equipment order from Europe. Guidance for medium-term revenue growth of 15-18% remains intact, contingent on market recovery. Key risk: prolonged tariff uncertainty and CV/export weakness could temper near-term growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 15-18% revenue growth from new business wins, contingent on market recovery.
- Capital expenditure plan of ₹300 crore for the year, with ₹120 crore already spent in Q1.
- Passenger vehicle segment expected to grow from 6% to 8-10% of total revenues over next two years.
- Front axle beam business expected to generate ₹30-40 crore revenue this year, ramping to ₹50-60 crore next year.
Risks flagged
- Global CV and farm equipment markets continue to decline, with US/European OEMs forecasting 8-10% volume drops, impacting export revenues.
- US tariff measures could indirectly impact European markets and temper revenue growth; direct US exposure is modest but new PV orders face volume risk.
- Heavy forging capex of ₹650 crore may take time to achieve full utilization; order conversion depends on infrastructure readiness.
Key quotes
- Despite a raw material price correction of 3%, driven by our foray into new business segments and onboarding of new business, which helped counter the slowdown in some of our old businesses.
- We are generating 15 to 18% kind of a growth from the new businesses. It is just that the markets have to be stable or markets have to start performing well.
- Our direct exposure to US remains modest. However, there is a possibility of indirect impacts on European market arising from recent tariff measures by the US.
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