Happy Forgings Limited has reported strong financial and operational performance for the quarter and financial year ended March 31, 2026, driven by healthy volume growth, margin expansion and continued momentum across automotive and industrial segments. The company reported Revenue from Operations of ₹424 crore during Q4 FY26, registering a 20.4 percent year-on-year increase supported by 20.6 percent growth in volumes and strong demand across key customer categories. EBITDA for the quarter increased 30.4 percent to ₹133 crore, while Profit After Tax rose 23.6 percent year-on-year to ₹84 crore.
Quarterly EBITDA margin expanded by 240 basis points to 31.5 percent, reflecting improved operating leverage, a better product mix and efficient execution. Gross Profit Margin improved to 59.4 percent during the quarter. For the full financial year FY26, Revenue from Operations grew 9.8 percent year-on-year to ₹1,546 crore, while EBITDA increased 15.7 percent to ₹471 crore. PAT for the year stood at ₹302 crore, representing a 14.8 percent rise over FY25. EBITDA margin expanded to 30.4 percent, while PAT margin improved to 19.5 percent.
Ashish Garg, Managing Director of Happy Forgings Limited, said the company concluded FY26 on a strong note with healthy growth across commercial vehicles, passenger vehicles, farm equipment and industrial sectors. He highlighted that improving customer engagement and rising value addition helped strengthen the company’s business pipeline across domestic as well as export markets. According to him, the company also achieved its highest-ever annual profitability during FY26 while improving operational efficiency and reducing working capital intensity.
The company continued its strategic transition toward becoming a high-precision engineering enterprise, with forged and machined products contributing 89 percent of FY26 revenues. Machined products accounted for 91 percent of revenues during Q4 FY26.
Happy Forgings stated that since FY21, the company has achieved compounded growth of 21 percent in revenue and 28 percent in net profit while simultaneously doubling manufacturing capacity. Much of this expansion has been supported through internal cash generation, enabling the company to maintain a strong balance sheet and liquidity position of nearly ₹430 crore.
During FY26, domestic business contributed 74 percent of revenues, while direct exports accounted for 15 percent. The company also reported healthy traction from export customers and continued business wins across global markets. Management indicated that although recent geopolitical developments have increased raw material and manufacturing costs, the overall impact on margins is expected to remain manageable due to raw material pass-through mechanisms and ongoing customer negotiations.
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.
