Happy Forgings Limited — Investor Meet, 18-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Happy Forgings Q1 FY26: Revenue up 3.6% YoY to ₹354 Cr, EBITDA at ₹101 Cr (28.6% margin), PAT at ₹66 Cr (18.6% margin). Volumes rose 3.8%, with strong realizations at ₹245/Kg due to value-addition.

Management highlighted significant new order wins: ₹250 Cr (European farm), ₹300 Cr (wind), and ₹180 Cr/year (industrial/data centers). These offset global CV/farm export weakness. Domestic segments like Industrials & PV are growing, backed by ₹80 Cr capex for PV. The ₹650 Cr capex for heavyweight components is advancing. Management is confident in 15-18% growth from new projects medium-term, leveraging strategic diversification.