Press release dated 21st May 2026

Revenue Growth 20pctPat Growth 25pctEbitda Margin ExpansionResults View source PDF

HAPPYFORGE · price

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Price reaction · full curve 14 horizons · vs prior close

-5.0%1-day move

₹1452.00

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₹1478.90

base price

After-mkt

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-2.2-1.7-3.2-5.7-5.0-4.3-2.2-4.9-2.2-3.2-7.1+7.1+9.8—

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AI summary

Happy Forgings reported strong Q4FY26 results with revenue up 20.4% YoY to ₹424 crore, driven by 20.6% volume growth. EBITDA jumped 30.4% to ₹133 crore with margin expanding 240 bps to 31.5%, while PAT grew 23.6% to ₹84 crore. For FY26 full year, revenue was ₹1,546 crore (up 9.8%), EBITDA ₹471 crore (up 15.7%), and PAT ₹302 crore (up 14.8%). The company highlighted margin expansion across all levels, improved working capital efficiency, and growth across commercial vehicles, passenger vehicles, farm equipment, and industrial segments. Management noted healthy cash generation with cash reserves of ~₹430 crore and stated the company is well-positioned for growth ahead of historical trajectory.

Likely market impact

Strong operational performance with margin expansion signals operational efficiency and pricing power. The 30%+ EBITDA growth and 240 bps margin expansion are positive signals for shareholders, indicating the company is successfully executing its high-precision engineering transition. The fortress balance sheet with ~₹430 crore cash provides flexibility for future growth.