Happy Forgings Limited — Investor Meet, 23-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Happy Forgings reported FY25 revenue at INR1,409 Cr, up 4.7% YoY (adjusted), with EBITDA rising 7.4% to INR407 Cr (28.9% margin) and PAT up 11.2% at INR263 Cr (18.6% margin). Domestic sales grew 6%, led by passenger vehicles (4% of sales) and industrials (14% share). Commercial vehicles declined mid-single digits; farm equipment rose mid-single digits. A INR650 Cr forging facility targeting heavyweight components is set for FY27, expected to boost margins and exports. Net debt is near zero with cash at INR356 Cr. Management targets 15%-18% medium-term growth, driven by new products, market expansion, and better realizations (INR275–280/kg). Capex of INR300–400 Cr planned for FY26 to support expansion. US tariffs have minimal current impact. Management remains confident in sustaining profitable growth despite sector challenges.