Happy Forgings Share Price in Focus; PAT Rises 10% YoY in Q2 FY26 Results

Happy Forgings Limited announced its consolidated financial results for the quarter ended September 30, 2025. 

Revenue from operations rose 4.5% year-on-year to ₹377 crore, supported by a 5.2% YoY increase in volumes. Gross profit for the quarter stood at ₹228 crore, up 7.1% YoY, with a margin expansion of approximately 150 basis points, reflecting improved efficiency and product mix.

Profitability and Margins Strengthen

The company delivered an operational performance, with EBITDA increasing by 9.9% YoY to ₹116 crore and margins improving to 30.7%. On an adjusted basis, profit after tax (PAT) rose 10.2% YoY to ₹73 crore, maintaining robust margins of 19.5%. This performance highlights the company’s ability to sustain profitability despite a challenging raw material cost environment.

Half-Year Results Reflect Consistency

For the first half of FY26, Happy Forgings reported revenues of ₹731 crore, up 4.1% YoY. EBITDA stood at ₹217 crore, marking a 6.9% rise, while PAT grew 6.7% to ₹139 crore. The company maintained healthy gross margins at 59% and EBITDA margins at nearly 30%, supported by stable realisations and cost management.

Product, Sector, and Geography Mix

Machined products contributed 88% of total sales in both Q2FY26 and H1FY26, underscoring the company’s focus on high-value components. Realisations remained stable at ₹248 per kg despite a decline in raw material prices. 

In terms of end-user segments, commercial vehicles accounted for 37% of H1FY26 revenue, farm equipment 34%, industrials 13%, off-highway vehicles 10%, and passenger vehicles 5%. On a geographic basis, domestic sales formed 84% of total revenue, while direct exports contributed 16%.

Happy Forgings Share Price Performance

On November 7, 2025, Happy Forgings share price (NSE: HAPPYFORGE) opened at ₹983.00, down from its previous close of ₹994.40. At 10:29 AM, the share price of Happy Forgings was trading at ₹1,014.00, up by 1.97% on the NSE.

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Conclusion

Happy Forgings delivered another resilient quarter marked by consistent growth, margin expansion, and stable realizations. With a domestic base, healthy product mix, and operational efficiency, the company remains well-positioned to sustain momentum and enhance shareholder value in the coming quarters.

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