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Happy Forgings (HAPPYFORGE)₹1,802−3.31%Castings & Forgings
In the Jun 2026 quarter (consolidated), Happy Forgings reported sales of ₹450 Cr, up 26.8% from Jun 2025, and net profit of ₹91.25 Cr, up 37.8% year on year. For the year to Mar 2026, sales were ₹1,549 Cr and net profit ₹303 Cr.
Company filings, consolidated accounts; latest reported quarter Jun 2026
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 344 | 342 | 344 | 342 | 361 | 355 | 352 | 355 | 378 | 392 | 425 | 450 |
| Expenses | 249 | 247 | 246 | 244 | 256 | 253 | 250 | 253 | 262 | 271 | 291 | 309 |
| Operating Profit | 93.99 | 95.03 | 96.99 | 97.96 | 105 | 101 | 102 | 101 | 116 | 120 | 133 | 141 |
| OPM % | 27.1% | 28.0% | 28.1% | 29.1% | 29.1% | 29.0% | 29.0% | 29.0% | 31.1% | 31.0% | 31.0% | 31.1% |
| Other Income | 1.01 | 3.01 | 7.01 | 8.02 | 13.03 | 7.02 | 10.03 | 10.02 | 6.02 | 8.02 | 6.02 | 11.03 |
| Interest | 3.99 | 3.99 | 0.99 | 0.99 | 1.99 | 1.99 | 1.99 | 1.99 | 1.99 | 1.99 | 3.99 | 2.99 |
| Depreciation | 15.96 | 16.96 | 15.95 | 17.94 | 19.94 | 18.93 | 19.95 | 20.94 | 21.92 | 21.93 | 24.91 | 25.92 |
| Profit before tax | 74.01 | 78.07 | 87.04 | 86.11 | 97.02 | 87.08 | 89.99 | 89.01 | 99.05 | 104 | 111 | 123 |
| Tax % | 25.0% | 25.0% | 25.0% | 26.0% | 27.0% | 26.0% | 24.1% | 26.0% | 26.0% | 24.0% | 25.0% | 25.0% |
| Net Profit | 55.15 | 58.22 | 66.23 | 64.19 | 71.20 | 65.18 | 68.19 | 66.23 | 73.23 | 79.21 | 84.28 | 91.25 |
| EPS (Rs) | 6.16 | 6.14 | 6.97 | 6.76 | 7.57 | 6.84 | 7.17 | 6.96 | 7.78 | 8.36 | 8.85 | 9.68 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales | 586 | 862 | 1,200 | 1,361 | 1,411 | 1,549 | 1,644 |
| Expenses | 425 | 628 | 855 | 969 | 1,000 | 1,075 | 1,132 |
| Operating Profit | 159 | 231 | 341 | 388 | 407 | 471 | 510 |
| OPM % | 27.0% | 27.1% | 28.0% | 29.1% | 29.0% | 30.0% | 31.0% |
| Other Income | 6.01 | 6.02 | 6.02 | 13.03 | 37.10 | 31.08 | 31.09 |
| Interest | 11.96 | 6.98 | 11.96 | 11.97 | 7.97 | 9.97 | 10.96 |
| Depreciation | 35.90 | 37.85 | 53.87 | 64.81 | 76.80 | 88.66 | 94.68 |
| Profit before tax | 117 | 192 | 280 | 324 | 360 | 402 | 437 |
| Tax % | 26.0% | 26.0% | 25.0% | 25.0% | 26.1% | 25.0% | — |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.01 | — |
| Net Profit | 86.23 | 142 | 210 | 244 | 268 | 303 | 328 |
| EPS (Rs) | 964.40 | 15.88 | 23.30 | 25.75 | 28.36 | 31.95 | 34.67 |
| Dividend payout % | 0.0% | 0.0% | 6.0% | 15.9% | 11.0% | 12.9% | — |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 8.99 | 17.97 | 17.95 | 18.97 | 18.95 | 18.97 |
| Reserves | 635 | 769 | 968 | 1,592 | 1,828 | 2,106 |
| Borrowings | 152 | 239 | 218 | 143 | 227 | 329 |
| Other Liabilities | 75.63 | 102 | 118 | 129 | 137 | 175 |
| Total Liabilities | 872 | 1,129 | 1,323 | 1,882 | 2,211 | 2,629 |
| Fixed Assets | 415 | 456 | 677 | 743 | 908 | 1,108 |
| CWIP | 40.05 | 212 | 75.19 | 127 | 123 | 237 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 80.01 | 237 |
| Other Assets | 417 | 460 | 571 | 1,013 | 1,101 | 1,046 |
| Inventories | 122 | 183 | 170 | 223 | 231 | 232 |
| Trade receivables | 166 | 222 | 308 | 357 | 426 | 394 |
| Cash & equivalents | 27.96 | 0.99 | 0.00 | 122 | 137 | 52.92 |
| Total Assets | 872 | 1,129 | 1,323 | 1,882 | 2,211 | 2,629 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from operating activity | 59.84 | 79.70 | 208 | 188 | 291 | 443 |
| Cash from investing activity | −59.24 | −167 | −173 | −472 | −321 | −499 |
| Cash from financing activity | 0.00 | 82.87 | −36.92 | 280 | 39.94 | 64.90 |
| Net cash flow | 0.99 | −2.99 | 0.00 | 0.99 | 11.96 | 12.95 |
| Capex | 92.16 | 191 | 175 | 194 | 282 | 462 |
| Free cash flow | −31.89 | −111 | 34.92 | −4.99 | 11.97 | −15.97 |
| CFO / OP % | 59.0% | 53.0% | 80.0% | 71.0% | 92.0% | 114.0% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor days | 103 | 94 | 94 | 96 | 110 | 93 |
| Inventory days | 176 | 173 | 112 | 137 | 143 | 134 |
| Days payable | 56 | 43 | 33 | 35 | 29 | 35 |
| Cash conversion cycle | 224 | 225 | 174 | 198 | 225 | 192 |
| Working capital days | 83 | 77 | 72 | 103 | 98 | 78 |
| ROCE % | — | 22.0% | 26.0% | 23.0% | 19.0% | 18.0% |
For the Jun 2026 quarter, Happy Forgings reported sales of ₹450 Cr, up 26.8% year on year and net profit of ₹91.25 Cr, up 37.8% year on year. The operating margin was 31.1%.
Happy Forgings' sales for the year to Mar 2026 were ₹1,549 Cr; over the last twelve months they were ₹1,644 Cr.
Net profit for the year to Mar 2026 was ₹303 Cr, and ₹328 Cr over the last twelve months. Earnings per share over the same trailing period were ₹34.67.
Happy Forgings reported borrowings of ₹329 Cr at Mar 2026, against cash and equivalents of ₹52.92 Cr.
Cash from operations was ₹443 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹15.97 Cr.