HAPPY FORGINGS LIMITED

Makes steel forgings and crankshafts supplied to commercial vehicle, passenger vehicle, industrial, and farm equipment OEMs, with machined components making up 89% of FY26 sales. Commercial vehicles contributed 37% of FY26 revenue, with the mix targeted to fall to around 27% by FY28; industrials stood at 11%, with management guiding to 30-31% by FY28 on orders in power, renewables, rail, and data centres. A new order book of Rs.950 crore was secured at a realisation of Rs.340-350/kg against a current average of Rs.245/kg, executable over 2.5-3 years. The footprint includes a 10,000-ton forging line commissioned in Q4 FY26, total machining capacity of 68,000 MT, and a 4,000-ton press to be commissioned in H1 FY27. Passenger vehicle share with a flagship OEM rose from 32% to 47%, while MHCV market share is targeted at 42% from 32%. Materials — primarily steel — are the largest operating cost at 39.2% of revenue, with other opex at 19.9% and capex absorption of 29.4% reflecting heavy ongoing investment.