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Prolonged CV and export weakness
View Risks →Happy Forgings Limited — Q1 FY26
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).
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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.
हैप्पी फोर्जिंग्स ने पहली तिमाही में 354 करोड़ रुपये की कमाई की, जो पिछले साल से 3.6% ज्यादा है। कंपनी ने 101 करोड़ रुपये का परिचालन लाभ (EBITDA) कमाया, जो बिक्री का 28.6% है। मुनाफा 66 करोड़ रुपये रहा, जो 3.2% बढ़ा। यह वृद्धि नए ऑर्डरों से हुई, खासकर औद्योगिक और कार सेगमेंट में, जबकि ट्रक और निर्यात बाजार कमजोर रहे। उत्पादन 3.8% बढ़कर 14,457 टन हुआ। कंपनी के पास 180 करोड़ रुपये का औद्योगिक ऑर्डर और यूरोप से 60 करोड़ रुपये का कृषि उपकरण ऑर्डर है। आने वाले समय में 15-18% सालाना वृद्धि का अनुमान है, लेकिन टैरिफ और ट्रक बाजार की कमजोरी से जोखिम है।
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Total Volume
14,457 MT
+3.8% YoY
Finished goods volume increased to 14,457 metric tons from 13,933 MT in Q1 FY25.
Realization per kg
₹245/kg
Flat YoY
Realizations remained steady at ₹245/kg despite a 3% correction in raw material prices.
Machining Share of Revenue
88%
Flat YoY
Machining share of revenue remained strong at 88%, supporting margin resilience.
Forging Capacity Utilization (tonnage)
59%
Flat YoY
Forging utilization at 59% on tonnage basis; 74% on unit basis, with room for improvement.
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Guidance and risk preview
Management expects 15-18% revenue growth from new business wins, contingent on market recovery.
Global CV and farm equipment markets continue to decline, with US/European OEMs forecasting 8-10% volume drops, impacting export revenues.
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