| Metric | Value (₹ Cr) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 377.39 | 6.7% | 4.5% |
| Total Income | 383.64 | 5.3% | 2.5% |
| Expenditure | 285.03 | 3.5% | 2.9% |
| PBT | 98.60 | 11.2% | 1.4% |
| Net Profit | 73.44 | 11.8% | 2.9% |
| OPM | 30.68% | 2.09pp | 13.26pp |
| NPM | 19.14% | 1.10pp | 0.07pp |
| EPS | 7.79 | 11.8% | 2.8% |
Happy Forgings Ltd Reports Highest Ever Quarterly Gross Margin at 60% and EBITDA Margin at ~31% for Q2FY26
06 Nov 2025 · 6 Nov 2025, 03:30 pm
Summary
Happy Forgings Ltd, one of India’s leading engineering-led manufacturers of high-precision, safety-critical, heavy-forged, and machined components, announced its consolidated financial results for the quarter and half year ending 30°
Key Highlights
- 1
Revenue from Operations: INR 377 crores, up 4.5% YoY, driven by 5.2% YoY volume growth in Q2, stable realisations and healthy domestic demand.
- 2
Gross Profit: INR 228 crores, up 7.1% YoY, with a margin expansion of ~150 bps.
- 3
EBITDA: INR 116 crores, up 9.9% YoY, with margins at 30.7%.
- 4
PAT: INR 73 crores, up 10.2% YoY on adjusted basis, with margins at 19.5%.
- 5
Revenue from Operations: INR 731 crores, up 4.1% YoY and 4.5% YoY volume growth in H1FY26.
- 6
Gross Profit: INR 433 crores, up 6.7% YoY, with a margin expansion of ~150 bps.
- 7
EBITDA: INR 217 crores, up 6.9% YoY, with margins at 29.7%.
- 8
PAT: INR 139 crores, up 6.7% YoY on adjusted basis, with margins at 19.0%.
Management Comments
Mr. Ashish Garg
Managing Director, Happy Forgings Limited
We are delighted to report a robust performance for Q2 and H1 FY26, highlighted by the highest-ever quarterly gross margin (~60%) and EBITDA margin (~31%). This strong performance underscores our ability to successfully navigate softening steel prices and uneven growth across industry segments and geographies, while continuing to deliver industry-leading profitability, strong cash generation, and a healthy balance sheet that supports sustained investments for long term value creation.
Informational and educational content only. Not investment advice.