Capital Goods · NSE: HAPPYFORGE
Happy Forgings
Q2 FY27 · From the investor presentation
- M.Cap
- ₹17,758Cr
- P/E
- 50.5×
- 1Y return
- +81.61%
- From 52W high
- −23.8%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 501 | 377 | +32.7% | 449 | +11.4% |
| EBITDA | 153 | 116 | +32.2% | 141 | +8.7% |
| EBITDA margin | 30.6% | 30.7% | -10 bps | 31.3% | -76 bps |
| PBTProfit before tax | 131 | 99 | +32.5% | 123 | +6.5% |
| Net profit | 98 | 73 | +32.8% | 91 | +6.6% |
| EPS (₹) | 10.31 | 7.78 | +32.5% | 9.68 | +6.5% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures. In Q2 FY27 the filing tags the owners' profit as ₹0 Cr against its own period profit; the period profit less minority interest is shown.
Guidance
Company expects to meet or exceed its volume growth guidance
Slides · p. 6
Company expects to meet or exceed its volume growth guidance
“business provide confidence in strengthening production and sales volumes, keeping us well positioned to meet or exceed our”
More figures from the presentation
“PLANNED ADDITIONS (34,000 MT)”
“14,000 MT machining capacity addition to support growing business volumes”
“Machining OPERATIONAL (82,000 MT) 82,000 MT”
“Utilisation Rate (H1FY27) 60% 77%”
“Lower LTIFR by 50% by 2030”
In short
- 01Q2 FY27 revenue crossed Rs 500 crore for the first time; H1 FY27 revenue grew about 30% to Rs 950 crore.
- 02The Board approved about Rs 500 crore of additional capex for machining and forging capacity.
- 03The ultra-heavy component facility and captive solar project are on track and expected to contribute from FY28.
- 04Management expects to meet or exceed its volume growth guidance for FY27.
- 05Higher raw material prices and shipment costs may put temporary pressure on margins.
- 06Borrowings and lease liabilities rose to Rs 543 crore at September 30, 2026 from Rs 330 crore.
Capex
Ultra-heavy component facility and captive solar project on track
Slides · p. 6
Ultra-heavy component facility and captive solar project on track
“Our strategic investments remain on track, with the ultra-heavy component manufacturing facility and captive solar power”
Projects expected to be completed and contribute from FY28
Slides · p. 6
Projects expected to be completed and contribute from FY28
“project expected to be completed and contribute from FY28. We are also engaging with several OEMs for heavy components”
Heavy components operations to start in FY2028; expansion in phases in FY28 and FY29
Slides · p. 11
Heavy components operations to start in FY2028; expansion in phases in FY28 and FY29
“Operations To commence in FY 2028 In phases in FY28 and FY29”
Capacity
Ultra-heavy additions operational by FY28; other additions phased in FY28 and FY29
Slides · p. 10
Ultra-heavy additions operational by FY28; other additions phased in FY28 and FY29
“1 Planned additions for ultra-heavy components to be operational by FY28 while other capacity additions will be added in a phased manner in FY28 and FY29; * One Press commissioned in Q1FY27 and one hammer commissioned in Q2FY27”
Order book
heavy components: Talks with OEMs on data center and gas engine parts expected to yield orders by early FY28
Slides · p. 6
heavy components: Talks with OEMs on data center and gas engine parts expected to yield orders by early FY28
“targeting data center and gas engine applications, with discussions expected to translate into orders by early FY28.”
Segments
domestic and export: H1 domestic revenue up about 30% and export revenue up about 36%
Slides · p. 6
domestic and export: H1 domestic revenue up about 30% and export revenue up about 36%
“in realisation to Rs. 260/kg. Growth was broad-based, with domestic and export revenues increasing by ~30% and ~36%,”
Non-automotive: Non-automotive segments grew, led by Industrials and Off-Highway
Slides · p. 6
Non-automotive: Non-automotive segments grew, led by Industrials and Off-Highway
“In terms of business mix, non-automotive segments delivered strong growth, led by higher contributions from Industrials and Off-”
Passenger Vehicles: Passenger Vehicles share reached 9% as secured business ramped up
Slides · p. 6
Passenger Vehicles: Passenger Vehicles share reached 9% as secured business ramped up
“Highway. Within automotive, Passenger Vehicles share has reached 9% as previously secured business ramped up, while Farm”
Demand
Farm Equipment and Commercial Vehicle: Farm Equipment and CV segments grew on healthy domestic demand
Slides · p. 6
Farm Equipment and Commercial Vehicle: Farm Equipment and CV segments grew on healthy domestic demand
“Equipment and Commercial Vehicle segments also registered robust growth, supported by healthy domestic demand.”
Outlook for rest of FY27 described as optimistic on improving industry demand
Slides · p. 6
Outlook for rest of FY27 described as optimistic on improving industry demand
“Our outlook for the remainder of FY27 remains optimistic. Improving industry demand and the ramp-up of recently secured”
Margins and costs
Realisation up about 6% to Rs 267/kg on cost pass-through and price hikes
Slides · p. 6
Realisation up about 6% to Rs 267/kg on cost pass-through and price hikes
“improved by around 6% to Rs. 267/kg, reflecting a combination of raw material cost pass-through, conversion cost-linked price”
Gross, EBITDA and PAT margins broadly stable year on year
Slides · p. 6
Gross, EBITDA and PAT margins broadly stable year on year
“hikes, and progress in value addition and product mix. Gross, EBITDA and PAT margins remained healthy and broadly stable YoY”
H1 gross, EBITDA and PAT margins at 60.8%, 30.9% and 19.9%; ROE 17.1%
Slides · p. 6
H1 gross, EBITDA and PAT margins at 60.8%, 30.9% and 19.9%; ROE 17.1%
“Gross, EBITDA and PAT margins remained healthy at 60.8%, 30.9% and 19.9%, respectively. ROE improved to 17.1%”
Temporary margin pressure possible; full-year profitability expected to remain strong
Slides · p. 6
Temporary margin pressure possible; full-year profitability expected to remain strong
“geopolitical situation may exert temporary pressure on margins, we expect full-year profitability to remain strong, supported by a”
Q2 gross margin 60.8%, EBITDA margin 30.6%, PAT margin 19.5%
Slides · p. 7
Q2 gross margin 60.8%, EBITDA margin 30.6%, PAT margin 19.5%
“Gross Margin: 60.8% EBITDA Margin: 30.6% PAT Margin: 19.5%”
Debt and working capital
Borrowings and lease liabilities rose to Rs 543 crore from Rs 330 crore
Slides · p. 13
Borrowings and lease liabilities rose to Rs 543 crore from Rs 330 crore
“Borrowings & Lease Liabilities 330 543”
Receivables rose to Rs 488 crore from Rs 395 crore
Slides · p. 13
Receivables rose to Rs 488 crore from Rs 395 crore
“Receivables 395 488”
Net cash from operating activities Rs 124 crore in H1
Slides · p. 13
Net cash from operating activities Rs 124 crore in H1
“Net cash from operating activities 124”
Working capital included Rs 35 crore outflow for advances to raw material suppliers
Slides · p. 13
Working capital included Rs 35 crore outflow for advances to raw material suppliers
“* Changes in working capital for H1FY27 include an outflow of Rs. 35 Crs. on account of advances to raw material suppliers”
Credit rating AA Stable
Slides · p. 28
Credit rating AA Stable
“Credit Rating AA Stable”
Acquisitions and new business
Strategy includes growth through acquisitions and alliances
Slides · p. 26
Strategy includes growth through acquisitions and alliances
“manufacturing facilities strategic acquisitions and alliances”
Management
Chief Operating Officer Brijender Singh joined in 2026
Slides · p. 25
Chief Operating Officer Brijender Singh joined in 2026
“▪ Postgraduate diploma in mechanical ▪ Joined Happy Forgings in 2016 ▪ Joined Happy Forgings in 2026”
One-offs
FY25 other income included Rs 6.4 crore insurance income
Slides · p. 36
FY25 other income included Rs 6.4 crore insurance income
“^ In FY25 other income includes insurance income of Rs. 6.4 Crs. (Rs. 4.8 Crs on a post-tax basis included in PAT)”
Risks
Higher raw material prices and shipment costs from geopolitical situation named
Slides · p. 6
Higher raw material prices and shipment costs from geopolitical situation named
“volume growth guidance. While higher raw material prices and near-term increases in shipment costs arising from the”
Other
Q2 FY27 revenue crossed Rs 500 crore for the first time
Slides · p. 6
Q2 FY27 revenue crossed Rs 500 crore for the first time
““We continue to build on the strong momentum of the previous quarter, with Q2 FY27 revenue crossing Rs. 500 Crs. for the first”
Q2 growth driven by about 25% rise in finished goods sales volumes
Slides · p. 6
Q2 growth driven by about 25% rise in finished goods sales volumes
“Growth was driven by an ~25% increase in finished goods sales volumes, while realisation”
H1 FY27 revenue grew about 30% to Rs 950 crore on about 24% volume growth
Slides · p. 6
H1 FY27 revenue grew about 30% to Rs 950 crore on about 24% volume growth
“For H1 FY27, revenue grew ~30% YoY to Rs. 950 Crs, driven by a ~24% increase in finished goods volumes and ~5% improvement”
ROCE improved to 19.6%
Slides · p. 6
ROCE improved to 19.6%
“and ROCE to 19.6%, reflecting stronger operational performance.”
Revenue from operations Rs 501 crore in Q2, Rs 950 crore in H1
Slides · p. 12
Revenue from operations Rs 501 crore in Q2, Rs 950 crore in H1
“Revenue from Operations 501 377 32.7% 449 11.4% 950 731 29.9% 1,546”
Sources
- Investor presentation, Q2 FY27 Filed 5 Nov 2026 · 46 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.