Happy Forgings Reports Robust Q4 And FY26 Results

25 May 2026 CW Team

Gross profit for the quarter increased 21.9 per cent to Rs. 2,520 mn, lifting the gross profit margin by 70 basis points to 59.4 per cent. EBITDA rose 30.4 per cent to Rs. 1,330 mn and the EBITDA margin expanded by 240 basis points to 31.5 per cent. Profit after tax for the quarter was Rs. 840 mn, up 23.6 per cent, with the PAT margin improving to 19.7 per cent.

For the full year, revenue rose 9.8 per cent to Rs. 15.46 billion (bn) on year growth in finished goods volumes of 11 per cent, while gross profit increased 11.9 per cent to Rs. 9,150 mn and gross margin improved to 59.1 per cent. Full year EBITDA grew 15.7 per cent to Rs. 4,710 mn with an EBITDA margin of 30.4 per cent, and PAT for FY26 was Rs. 3,020 mn, up 14.8 per cent with a PAT margin of 19.5 per cent. The company reported that forged and machined components contributed 89 per cent of revenue for the year.

Management noted that quarterly margin expansion reflected product mix, operating leverage and execution, while PAT growth was moderated by adverse foreign exchange movements. The company reported reduced working capital intensity and healthy cash flow conversion, with liquidity of about Rs. 4,300 mn on the balance sheet. It also indicated a robust pipeline of incremental business and encouraging wins in the export market.

The company highlighted continued traction across commercial vehicles, passenger vehicles, farm equipment and industrial segments and reiterated ongoing capacity expansion to support growth. It stated that margin outcomes and delivery will depend on macroeconomic and geopolitical stability and on agreed pass-through mechanisms with customers. The firm affirmed its strategic transition to a high-precision engineering business as a driver of long-term value creation.

Happy Forgings Limited reported audited consolidated results for the quarter and year ended 31 March 2026, recording strong volume and revenue growth. Consolidated revenue in the quarter rose 20.4 per cent to Rs. 4,240 million (mn), driven by volume growth of 20.6 per cent and broad-based demand across key segments. The company described the quarter as one of strong execution, with margin expansion and improving operating leverage. Gross profit for the quarter increased 21.9 per cent to Rs. 2,520 mn, lifting the gross profit margin by 70 basis points to 59.4 per cent. EBITDA rose 30.4 per cent to Rs. 1,330 mn and the EBITDA margin expanded by 240 basis points to 31.5 per cent. Profit after tax for the quarter was Rs. 840 mn, up 23.6 per cent, with the PAT margin improving to 19.7 per cent. For the full year, revenue rose 9.8 per cent to Rs. 15.46 billion (bn) on year growth in finished goods volumes of 11 per cent, while gross profit increased 11.9 per cent to Rs. 9,150 mn and gross margin improved to 59.1 per cent. Full year EBITDA grew 15.7 per cent to Rs. 4,710 mn with an EBITDA margin of 30.4 per cent, and PAT for FY26 was Rs. 3,020 mn, up 14.8 per cent with a PAT margin of 19.5 per cent. The company reported that forged and machined components contributed 89 per cent of revenue for the year. Management noted that quarterly margin expansion reflected product mix, operating leverage and execution, while PAT growth was moderated by adverse foreign exchange movements. The company reported reduced working capital intensity and healthy cash flow conversion, with liquidity of about Rs. 4,300 mn on the balance sheet. It also indicated a robust pipeline of incremental business and encouraging wins in the export market. The company highlighted continued traction across commercial vehicles, passenger vehicles, farm equipment and industrial segments and reiterated ongoing capacity expansion to support growth. It stated that margin outcomes and delivery will depend on macroeconomic and geopolitical stability and on agreed pass-through mechanisms with customers. The firm affirmed its strategic transition to a high-precision engineering business as a driver of long-term value creation.

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