Happy Forgings Ltd
Happy Forgings Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
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.
Revenue & Sales Performance
- Visibility of new and incremental peak annual business of approximately INR 800 crores starting FY '27, scaling over 2-3 years (Page 5).
- Expectation of continued domestic demand momentum, supported by stable farm incomes and infrastructure-led growth (Page 6).
- Incremental orders: 80-85% of INR 8 billion order wins expected to be executed by FY '28 (Page 12).
- Domestic CV and farm business growing ~22% year-on-year in value (Page 11).
- Export volumes expected to improve meaningfully from Q2 FY '27, particularly in industrial, EV, and PV segments (Page 10).
- Capacity expansions planned: forging capacity up from 150,000 to 180,000 tons by FY '28; machining capacity to increase by 10,000 tons over FY '28 and '29 (Page 14).
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Profitability & Margins
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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).
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Top-ranked in Industrial Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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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).
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Happy Forgings Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹424 Cr, net profit ₹84 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Happy Forgings Ltd's management said in earlier quarters
Others in Industrial Products this season
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Two concrete investments in manufacturing infrastructure totaling ₹139 Crores: . Key investor presentation takeaways from Rappid Valves India Ltd's Q3 FY26 inve
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- Shubhshree Bio. (Q3 FY26)
Revenue in H1 FY26: ₹9,604.6 Lakhs, a 24.1% year-on-year (YoY) increase from ₹7,736.4 Lakhs. Key investor presentation takeaways from Shubhshree Biofuels Energy
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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.