Happy Forgings Q2 FY27 Revenue Surges 33% to ₹500 Cr; Announces ₹500 Cr Capex
Happy Forgings reported Q2 FY27 revenue of ₹501 crores, up 32.7% YoY, and H1 FY27 revenue of ₹950 crores, up 29.9% YoY. PAT for Q2 FY27 was ₹98 crores (up 32.8%), and for H1 FY27 was ₹189 crores (up 35.8%). The company announced an additional capex of ₹500 crores to expand machining and forging capacities.
The substantial revenue growth, strong profitability, and announcement of a significant new capex plan are material events that will likely impact investor sentiment and the company's future operational capacity and financial performance.
The company reported strong year-on-year growth in revenue and profits for both the quarter and half-year. The announcement of significant additional capex also indicates confidence in future growth prospects.
Happy Forgings Limited reported a strong performance for the quarter and half-year ended September 30, 2026. The company's revenue crossed the ₹500 crore milestone in Q2 FY27, registering a year-on-year growth of approximately 33%. For the first half of FY27, revenue grew by around 30% year-on-year, reaching ₹950 crores, driven by a 24% increase in finished goods volume and a 5% rise in realizations to ₹260 per kg.
Profitability remained healthy, with Q2 FY27 PAT growing by 32.8% year-on-year to ₹98 crores, and PAT margin at 19.5%. For H1 FY27, PAT expanded by 35.8% year-on-year to ₹189 crores, with PAT margin at 19.9%. The company's strong financial position and low leverage (Net debt to equity at 0.08x) provide flexibility for growth.
Happy Forgings also announced an additional capital expenditure (capex) of ₹500 crores, to be funded through debt and internal accruals. This investment will focus on expanding machining capabilities and supplementing forging capabilities, primarily supporting growth in the passenger vehicle, industrials, and export-related commercial vehicle sectors. This new capex, combined with ongoing strategic investments, aims to add significant forging and machining capacity over the next two to two and a half years.
The company highlighted strong demand across various segments, including commercial vehicles, farm equipment, industrial, off-highway, and passenger vehicles. The industrial segment, in particular, saw growth well above 50%, driven by traction in domestic and export markets, with a focus on heavy forging capabilities for data centers and energy sectors.
A transcript of the earnings conference call held on November 6, 2026, discussing these results and future outlook, was submitted to the exchanges on November 13, 2026.
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