Happy Forgings Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹16,503 Cr
- P/E
- 50.42
- ROE
- 15.03%
- PEG
- 3.95
- Price to sales
- 10.05
- Debt to equity
- 0.15
- 52W high / low
- ₹2,420 / ₹994
- Sales growth (5Y)
- 21.46%
- EBITDA margin
- 31.08%
- Net profit margin
- 19.34%
- Promoter holding
- 78.44%
- Sales (last year)
- ₹1,642 Cr
Incorporated in July 1979, Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components.[1]
Guidance scorecard · Q1 FY27 call
What Happy Forgings Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ1 FY27 call
20–40%- Strong volume growth expected, with high teen volume growth targeted for FY27.
- Industrial segment projected to double revenues in the next 3-4 years, driven by energy, data centres, mining, wind, and heavy equipment sectors.
- Passenger vehicle (PV) business currently around 8% of revenue, expected to grow to 12-15% within 3 years.
- Combined PV and industrial sectors expected to contribute 45-50% of revenues, indicating a diversification towards higher value-added products.
- Order book stands at Rs.950 crores, largely from industrial and PV programs, mostly export-oriented, supporting growth confidence.
- New capex in heavy forging and machining capacity (including 18,000-ton vertical upsetter line from FY27 Q4) will support scaling up heavy components production.
2 more points from Happy Forgings Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Happy Forgings Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Ongoing annual capex of Rs.350-400 crores focused on expanding forging and machining capacity.
- Large-scale investments in heavy forging capacity, including a unique 18,000-ton vertical upsetter line commissioning from Q4 FY27.
- Commissioned additional 4,000-ton forging press and added 7,200 metric tons of machining capacity in Q1 FY27.
- Rs.650 crores capex program targeting industrial segments with expected high realization and gross margins (~60-65%).
- Captive solar power project expected to be operational from January 2027, improving power cost by 1-1.5%.
- Plans to fund growth largely from strong internal accruals; limited short-term bridge funding for letter of credit opening.
2 more points from Happy Forgings Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Happy Forgings Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current order book stands at around Rs. 950 crores.
- The order book is dominated by passenger vehicles (PV) and industrial segments, with exports making up roughly 60% of orders.
- Industrial segment order book accounts for about 40%.
- Passenger vehicle orders contribute approximately 25-30% and commercial vehicles also contribute 25-30% to the order book.
- The company has strong order inflows in industrial sectors such as energy, data centers, mining, and wind, with several large projects underway.
2 more points from Happy Forgings Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Happy Forgings Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Happy Forgings Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 302 | 330 | 343 | 342 | 343 | 341 | 361 | 354 | 352 | 354 | 377 | 391 | 424 |
| Expenses + | 217 | 230 | 249 | 247 | 246 | 244 | 256 | 253 | 250 | 253 | 262 | 271 | 291 |
| Operating Profit | 86 | 100 | 94 | 95 | 97 | 98 | 105 | 101 | 102 | 101 | 116 | 120 | 133 |
| OPM % | 28% | 30% | 27% | 28% | 28% | 29% | 29% | 29% | 29% | 29% | 31% | 31% | 31% |
| Other Income + | 2 | 3 | 1 | 3 | 7 | 8 | 13 | 7 | 10 | 10 | 6 | 8 | 6 |
| Interest | 5 | 3 | 4 | 4 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 4 |
| Depreciation | 14 | 15 | 16 | 17 | 16 | 18 | 20 | 19 | 20 | 21 | 22 | 22 | 25 |
| Profit before tax | 68 | 85 | 74 | 78 | 87 | 86 | 97 | 87 | 90 | 89 | 99 | 104 | 111 |
| Tax % | 25% | 25% | 25% | 25% | 25% | 26% | 27% | 26% | 24% | 26% | 26% | 24% | 25% |
| Net Profit + | 51 | 64 | 55 | 58 | 66 | 64 | 71 | 65 | 68 | 66 | 73 | 79 | 84 |
| EPS in Rs | 5.67 | 7.16 | 6.17 | 6.15 | 6.98 | 6.78 | 7.58 | 6.85 | 7.19 | 6.97 | 7.79 | 8.37 | 8.86 |
Financials of Happy Forgings Ltd
Profit & Loss
Annual income statement trend
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 550 | 750 | 558 | 585 | 860 | 1,197 | 1,358 | 1,409 | 1,546 |
| Expenses + | 413 | 545 | 416 | 426 | 629 | 856 | 971 | 1,002 | 1,076 |
| Operating Profit | 137 | 205 | 142 | 159 | 231 | 341 | 388 | 407 | 471 |
| OPM % | 25% | 27% | 26% | 27% | 27% | 28% | 29% | 29% | 30% |
| Other Income + | 4 | 1 | 7 | 6 | 6 | 6 | 13 | 37 | 31 |
| Interest | 22 | 23 | 25 | 12 | 7 | 12 | 12 | 8 | 10 |
| Depreciation | 23 | 29 | 28 | 36 | 38 | 54 | 65 | 77 | 89 |
| Profit before tax | 96 | 155 | 96 | 117 | 192 | 280 | 324 | 360 | 402 |
| Tax % | 39% | 38% | 17% | 26% | 26% | 25% | 25% | 26% | 25% |
| Net Profit + | 58 | 95 | 80 | 86 | 142 | 209 | 243 | 268 | 302 |
| EPS in Rs | 738.38 | 1,066.26 | 893.18 | 965.92 | 15.90 | 23.32 | 25.79 | 28.39 | 31.97 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 6% | 16% | 11% | 13% |
Financials of Happy Forgings Ltd
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 9 | 9 | 9 | 18 | 18 | 19 | 19 | 19 |
| Reserves | 176 | 470 | 550 | 636 | 770 | 970 | 1,594 | 1,831 | 2,109 |
| Borrowings + | 301 | 156 | 105 | 150 | 240 | 219 | 143 | 227 | 330 |
| Other Liabilities + | 92 | 85 | 100 | 79 | 102 | 119 | 130 | 138 | 175 |
| Total Liabilities | 576 | 719 | 763 | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 |
| Fixed Assets + | 285 | 291 | 275 | 415 | 456 | 678 | 744 | 907 | 1,116 |
| CWIP | 9 | 46 | 109 | 40 | 212 | 75 | 127 | 123 | 229 |
| Investments | 0 | 30 | 0 | 0 | 0 | 0 | 0 | 80 | 238 |
| Other Assets + | 282 | 352 | 378 | 419 | 461 | 573 | 1,015 | 1,105 | 1,050 |
| Total Assets | 576 | 719 | 763 | 874 | 1,130 | 1,326 | 1,886 | 2,215 | 2,633 |
Financials of Happy Forgings Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 136 | 169 | 50 | 80 | 209 | 189 | 292 | 445 | |
| Cash from Investing Activity + | -162 | -119 | -59 | -166 | -172 | -470 | -319 | -498 | |
| Cash from Financing Activity + | 27 | -50 | 10 | 83 | -37 | 281 | 39 | 66 | |
| Net Cash Flow | 1 | -0 | 1 | -3 | -0 | 1 | 12 | 13 | |
| Free Cash Flow | 1 | 67 | -42 | -111 | 35 | -4 | 12 | -16 | |
| CFO/OP | 91% | 136% | 53% | 53% | 80% | 71% | 92% | 114% |
Financials of Happy Forgings Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 114 | 82 | 90 | 103 | 94 | 94 | 96 | 110 | 93 |
| Inventory Days | 111 | 106 | 111 | 176 | 173 | 112 | 137 | 143 | 134 |
| Days Payable | 48 | 30 | 53 | 55 | 42 | 32 | 34 | 28 | 34 |
| Cash Conversion Cycle | 177 | 158 | 148 | 225 | 226 | 175 | 199 | 226 | 193 |
| Working Capital Days | 123 | 106 | 60 | 82 | 76 | 71 | 102 | 98 | 133 |
| ROCE % | 32% | 19% | 18% | 22% | 26% | 23% | 19% | 18% |
Guidance history
How Happy Forgings Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
42 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +71.6% | 90% |
| Last 6 months | +29.7% | 81% |
| Last 3 months | +5.8% | 77% |
The price is 27.8% below its all-time high of ₹2,420.4 (1 Sept 2026). Stocks more than 20% below their peak have their score halved, so 84 became 42.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Happy Forgings Ltd: 0.4 × 90 + 0.4 × 81 + 0.2 × 77 = 84, halved to 42 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Happy Forgings Ltd's management said in earlier quarters
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