Happy Forgings Limited continued to execute its strategic capacity expansion programme during the quarter ended 31 December 2025, strengthening its manufacturing capabilities to support rising demand across automotive and industrial segments. During the quarter, the company expanded its machining capacity to 68,000 tonnes and progressed toward commissioning a 10,000-tonne forging press, which is scheduled to become operational in the current quarter.
Building on this momentum, Happy Forgings also plans to install an additional 4,000-tonne forging press in the first half of the next financial year. These investments are expected to significantly enhance forging capabilities, improve operational flexibility, and support long-term growth opportunities.
In line with its sustainability and cost-efficiency objectives, the company has signed a long-term lease for approximately 80 acres of land to establish a captive solar power plant. This initiative is aimed at advancing environmental, social and governance (ESG) goals while improving long-term energy cost efficiency.
“Our capacity expansion initiatives are progressing as planned,” said Ashish Garg, Managing Director of Happy Forgings Limited. “During Q3 FY26, we increased machining capacity to 68,000 metric tonnes in anticipation of higher volumes. We are in the process of commissioning the 10,000-tonne forging press this quarter and plan to add a 4,000-tonne press in H1 FY27, which will further strengthen our forging capabilities and support future growth.”
The capacity additions coincided with higher production volumes during the quarter. Finished goods volumes increased to 16,323 metric tonnes, compared with 14,341 metric tonnes in the corresponding quarter last year, representing growth of 13.8 percent. For the nine months ended 31 December 2025, volumes rose to 45,807 metric tonnes from 42,564 metric tonnes a year earlier.
Consolidated revenue from operations for the quarter stood at INR 3.91 billion, up from INR 3.54 billion in the same period last year. Revenue for the nine-month period increased to INR 11.22 billion from INR 10.57 billion. Profit after tax rose to INR 790 million for the quarter, compared with INR 650 million a year earlier, while nine-month profit after tax increased to INR 2.18 billion from INR 2.00 billion. EBITDA for the quarter increased to INR 1.20 billion from INR 1.01 billion, with margins improving to 30.8 percent. For the nine-month period, EBITDA rose to INR 3.37 billion with a margin of 30.1 percent.
“This performance was driven by healthy demand across key domestic end-markets such as commercial vehicles, farm equipment and passenger vehicles, which offset softer conditions in export markets,” Mr Garg added.
The company reported operating cash flow of approximately INR 3.15 billion during the nine-month period, resulting in cash and financial investments exceeding INR 4.00 billion as of 31 December 2025, providing strong financial flexibility to fund future capital expenditure.
Happy Forgings Limited manufactures complex, safety-critical heavy forged and high-precision machined components for automotive and non-automotive original equipment manufacturers, serving customers across commercial vehicles, passenger vehicles, farm equipment, off-highway vehicles and industrial equipment.
