Happy Forgings delivered a strong Q3 FY26 with revenue of ₹391 crore (+10.4% YoY), EBITDA of ₹120 crore (+18.7% YoY), and PAT of ₹79 crore (+22.3% YoY).
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Alloy steel prices are expected to rise by ₹3-4/kg, and while 85% of business has pass-through, there is a lag of 1 month (domestic) to 1 quarter (export), which could temporarily compress margins.
medium · management_commentaryDirect exports remained subdued due to weak global demand and tariff uncertainties. Management noted only early signs of stabilization, and a meaningful turnaround is not guaranteed.
medium · management_commentaryManagement could not provide a clear view on the effective duty rate under Section 232 for exports to the US, stating it depends on customer import classification and remains uncertain.
medium · analyst_questionThe heavy component capex (large crankshafts) will only start contributing meaningfully from FY28-FY29, with real marketing beginning around June-July 2026, posing execution risk.
low · management_commentary