Happy Forgings Share Price in Focus; Posts 10.4% Revenue Growth in Q3 FY26 Results

Happy Forgings Limited reported solid consolidated results for the quarter ended December 31, 2025. 

Revenue from operations rose 10.4% year-on-year to ₹391 crore, driven by a 13.8% increase in finished goods volume. Gross profit grew 12.2% to ₹230 crore, with margins improving by 91 basis points. 

EBITDA increased 18.7% YoY to ₹120 crore, with EBITDA margins expanding to 30.8%. 

Profit after tax rose 22.3% to ₹79 crore, with PAT margins improving to 20.2%, reflecting operational efficiency and better cost control.

Nine-Month FY26 Financial Highlights

For the nine months ended December 2025, revenue from operations stood at ₹1,122 crore, marking a 6.2% YoY increase backed by 7.6% volume growth. Gross profit rose 8.5% to ₹663 crore, while EBITDA climbed 10.8% to ₹337 crore, with margins improving to 30.1%. 

PAT for the period increased 9.2% YoY to ₹218 crore, with margins at 19.4%. Margin expansion during the period reflects better operational leverage despite softer realisations.

Volume, Product Mix and Realisation Trends

Finished goods volumes increased to 16,323 metric tonnes in Q3 FY26, compared with 14,341 metric tonnes last year. For nine months, volumes reached 45,807 metric tonnes. 

However, realisations declined slightly to ₹240 per kg in Q3 due to lower raw material prices, while nine-month realisations remained relatively stable at ₹245 per kg. Machined products continued to dominate revenue contribution, accounting for 88% of total revenues.

Sector-Wise Demand Trends

Commercial vehicles remained the largest contributor, accounting for 37% of revenue mix in 9M FY26. 

Farm equipment share improved to 33%, while passenger vehicle contribution rose slightly to 5%. Industrial demand stayed stable at 14%, and off-highway vehicles accounted for 11%, reflecting diversified end-market demand.

Happy Forgings Share Price Performance

On February 10, 2026, Happy Forgings share price (NSE: HAPPYFORGE) opened at ₹1,159.20, up from its previous close of ₹1,129.20. At 10:09 AM, the share price of Happy Forgings was trading at ₹1,157.00, up by 2.46% on the NSE.

Also Read: Best Long-Term Stocks in Feb 2026!

Conclusion

Happy Forgings’ Q3 and nine-month FY26 performance highlights consistent volume growth, improving margins, and diversified sector exposure. Continued demand momentum and operational efficiencies position the company well for steady growth ahead.

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