Happy Forgings Limited (NSE: HAPPYFORGE) has commenced FY27 on a strong note, delivering record-breaking quarterly performance for Q1 FY27. The company reported a 27% year-on-year revenue growth to ₹449 crores, driven by a robust 23.1% increase in finished goods volumes. Moreover, the company’s profit after tax (PAT) surged by 39.2% to ₹91 crores, marking another milestone in its profitability journey.

Strong Financial Performance

The company’s gross profit grew by 33.1% to ₹273 crores, with the gross profit margin improving by 276 basis points to 60.7%. Additionally, the earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 39.3% to ₹141 crores, while the EBITDA margin expanded by 275 basis points to 31.3%. These impressive financial metrics reflect the company’s continued progress in product mix and value addition.

Broad-Based Growth

Growth during the quarter was broad-based across all business segments, driven by strong demand both domestically and in export markets. Domestic demand remained robust across commercial vehicles, passenger vehicles, farm equipment, and off-highway segments, resulting in approximately 25% year-on-year growth. Meanwhile, export revenues increased by over 30% year-on-year, contributing to the overall growth.

Looking ahead, the company remains optimistic about the growth outlook for FY27. Supported by improving industry demand and the ramp-up of recently secured business, Happy Forgings expects production and sales volumes to strengthen progressively over the course of the year, enabling better utilization of ongoing investments in manufacturing capacity and advanced machining capabilities.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Happy Forgings Limited

Happy Forgings Limited belongs to the Industrials › Metal Fabrication sector. Here’s a quick read on where the business and the stock stand today.

Happy gains 26.7% over three months and trades near its 52-week highs. The PEG stands at 4.07 — severely stretched. Any earnings miss could trigger a sharp de-rating. Revenue consistency is the one bright spot — zero dips in five years shows operational resilience. Buyers show up with 1.6x the volume of sellers. Moreover, they dominated on 17 of recent sessions versus 13 for sellers — a healthy accumulation pattern. The stock rises 26.7% in three months on 9.8% revenue growth. As a result, the market gives it more credit than the fundamentals strictly justify. Watch the next quarterly results. If growth accelerates, the move makes sense. If not, expect some gains to unwind. Check Fundamentals of Happy Forgings Limited.

Happy Forgings Limited (NSE: HAPPYFORGE) showcased robust financial performance in Q4FY26, with a 20.4% year-on-year increase in revenue to ₹424 crore, driven by a 21% rise in volumes. The company’s EBITDA surged 30.4% to ₹133 crore, while PAT climbed 23.6% to ₹84 crore. Notably, the company’s EBITDA margin expanded by 240 basis points to 31.5%, and the PAT margin improved by 50 basis points to 19.7%.

Quarterly Highlights

The company’s gross profit grew 21.9% to ₹252 crore, with a gross profit margin of 59.4%. This strong performance was underpinned by a healthy growth across key segments, including commercial vehicles, passenger vehicles, farm equipment, and industrial segments.

Full Year Performance

For the full fiscal year 2026, Happy Forgings Limited reported a 9.8% increase in revenue to ₹1,546 crore. The company’s EBITDA rose 15.7% to ₹471 crore, and PAT grew 14.8% to ₹302 crore. The EBITDA margin and PAT margin improved by 157 basis points and 52 basis points respectively, reaching 30.4% and 19.5%.

Mr. Ashish Garg, Managing Director of Happy Forgings Limited, remarked, ‘We delivered a strong performance in Q4 FY26, concluding the financial year on a high note. The quarter witnessed volume growth of 20.6%, resulting in revenue growth of 20.4% and EBITDA growth of 30.4%. Although PAT growth lagged EBITDA growth due to adverse FX movements, we saw healthy margin expansion driven by strong execution, improving product mix, and operating leverage.’

Looking ahead, Happy Forgings Limited remains optimistic about its growth trajectory, supported by ongoing capacity expansion, strong order visibility, and growing export opportunities.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Happy Forgings Limited

Happy Forgings Limited belongs to the Industrials › Metal Fabrication sector. Here’s a quick read on where the business and the stock stand today.

Happy holds in the upper half of its 52-week range, a sign the market backs the stock. The PEG of 2.05 is on the high side. However, it is acceptable for a quality compounder with a strong moat. The business compounds revenue at 17.8% and profits at 23.4% CAGR. That is strong double-digit growth on both counts. The stock trades at 97% of its 52-week range — near its best levels of the year. Clearly, the market pays a premium for this name. The business grows revenue at 17.8% and profits at 23.4%, with D/E of 0.09. The stock reflects that strength. Moreover, when fundamentals and price action align, the PEG of 2.05 premium is usually justified. Check Fundamentals of Happy Forgings Limited.