Happy Forgings Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 11 Aug 2026 | Industrial Products | Market Cap: ₹17.1K Cr
Visibility of new and incremental peak annual business of approximately INR 800 crores starting FY '27, scaling over 2-3 years (Page 5). Visibility of new and incremental peak annual business of approx.
From Happy Forgings Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹2,212
Market Cap
₹17.1K Cr
P/E Ratio
52.4
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Compare Happy Forgings Ltd against every Industrial Products company this quarter on revenue, margins and earnings-call signals.
Happy Forgings Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹424 Cr, net profit ₹84 Cr.
Full financials →📊 Revenue & Sales Performance
📈 Profitability & Margins
- →Visibility of new and incremental peak annual business of approx. INR 800 crores expected from FY '27, scaling up over 2-3 years (Page 5).
- →Incremental order wins of INR 800 crores, with 80-85% expected to be executed by FY '28 (Page 12).
- →Export share and industrial, EV, and export-dependent segments expected to increase, positively impacting revenue diversification and profitability (Page 5).
- →EBITDA margins targeted within a sustained range of 29% to 31% over the medium term (Page 4).
- →Margins expected to be range bound between 28% to 32%, with improvements from export ramp-up, product mix, and solar power cost savings starting Q3 FY '28 (Pages 12-13).
- →Solar project to reduce power costs by INR 25-30 crores per annum, aiding margin expansion (Page 12).
- →Heavy component capacity augmentation and new plant operational in FY '28 and FY '29 expected to contribute to growth (Page 9, 14).
- →Profit after tax grew significantly by 22.3% YoY in Q3 FY '26, indicating strong current momentum (Page 6).
🏗️ Capital Expenditure Plans
- →INR 300 crores capex incurred in first 9 months FY '26; FY '27 capex expected close to INR 400 crores excluding solar, INR 480 crores including solar (Page 7).
- →Commissioning of new 10,000-ton forging press in Q4 FY '26 and a 4,000-ton press in H1 FY '27 to expand forging capacity (Pages 4, 10).
- →Machining capacity increased to 68,000 MT with an addition of 9,800 MT in Q3 FY '26; further machining capacity expansion planned of 5,000 tons each in FY '28 and FY '29 (Pages 4, 10, 14).
- →Heavy component related capex progressing as scheduled, with heavy engineering orders worth INR 180 crores; plant utilization to start partly FY '28 and ramp-up by FY '29 (Pages 4, 7, 10, 14).
- →Signed long-term lease for 80 acres to develop captive solar power plant; expected power cost savings INR 25-30 crores p.a. starting Q3 FY '28 (Pages 4, 11, 15).
- →Capex focused on expanding high-growth capabilities and long-term value (Page 6).
💰 Fundraising & Capital Structure
- →There is no explicit mention of any current or planned fundraising through debt or equity in the transcript.
- →The company highlights a strong treasury position with liquid assets exceeding INR 400 crores, providing significant financial flexibility.
- →Growth initiatives and ongoing capex, including a INR 480 crore plan for FY '27 (including solar project), are expected to be funded from internal accruals.
- →The company emphasizes robust cash flow conversions and internal funding to support its growth.
- →No disclosures of issuing new debt or equity to raise funds were made during the call.
📋 Order Book & Pipeline
- →Current order pipeline/ pending orders stand at approximately INR 800 crores.
- →Bifurcation of the INR 800 crores order book:
- → - 24% Passenger Vehicle
- → - 27% Commercial Vehicle (CV)
- → - 44% Industrial
- → - 4% Farm Equipment
- →Out of this, INR 180 crores pertains to heavy engineering/ large crankshaft segment with orders largely signed.
- →Approximately 80-85% of the INR 800 crores order book is expected to be executed within the next 2 years (by FY '28).
- →Ramp-up for heavy engineering orders is expected to begin around FY '28 with substantial utilization coming in FY '29.
- →Discussions are ongoing for further orders, especially in high horsepower crankshaft and other industrial programs.
Key Metrics
Frequently Asked Questions
What were Happy Forgings Ltd Q3 FY26 results?
Visibility of new and incremental peak annual business of approximately INR 800 crores starting FY '27, scaling over 2-3 years (Page 5). Visibility of new and incremental peak annual business of approx.
What is Happy Forgings Ltd share price analysis?
Happy Forgings Ltd currently shows a neutral. The stock trades at a P/E of 52.4 with a market cap of ₹17,149 Cr. Investors should review the full earnings analysis for detailed insights.
Is Happy Forgings Ltd planning capital expenditure?
INR 300 crores capex incurred in first 9 months FY '26; FY '27 capex expected close to INR 400 crores excluding solar, INR 480 crores including solar (Page 7). - Commissioning of new 10,000-ton forging press in Q4 FY '26 and a 4,000-ton press in H1 FY '27 to expand forging capacity (Pages 4, 10). - Machining capacity increased to 68,000 MT with an addition of 9,800 MT in Q3 FY '26; further machining capacity expansion planned of 5,000 tons each in FY '28 and FY '29 (Pages 4, 10, 14). - Heavy component related capex progressing as scheduled, with heavy engineering orders worth INR 180 crores; plant utilization to start partly FY '28 and ramp-up by FY '29 (Pages 4, 7, 10, 14). - Signed long-term lease for 80 acres to develop captive solar power plant; expected power cost savings INR 25-30 crores p.a.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.