HAPPYFORGE Q4 Results 2026 Preview: Date, Time, Expectations & Key Things To Watch

CompoundingAI Research Updated May 16, 2026 3 min read

Happy Forgings Ltd is a key player in the heavy forging and machining sector, currently navigating a period of significant capacity expansion and order book growth. Investors will be watching for the company's ability to maintain its record-high EBITDA margins and the progress of its multi-year capex program as it scales operations for the FY27-FY28 period.

Quick Details

Results date	May 21, 2026
Quarter	Q4 FY 2025-2026
Previous quarter revenue	Rs. 391 Cr
Previous quarter PAT	Rs. 79 Cr
Previous quarter EBITDA margin	30.8%
Net debt (latest quarter)	0.0
Market cap	Rs. 13,082.63 Cr
CMP	Rs. 1,386.6

HAPPYFORGE Q4 Results Date and Time

The board meeting is scheduled for May 21, 2026, to consider and approve audited standalone and consolidated financial results for Q4 and FY ending March 31, 2026, and to recommend dividend for FY 2025-26.

What to expect from HAPPYFORGE's Q4 FY26 results

In its most recently reported quarter, Happy Forgings posted revenue of Rs. 391 Cr, PAT of Rs. 79 Cr, and an EBITDA margin of 30.8%. The company is scaling its forging capacity to 150,000 tons by FY27 and 180,000 tons by FY28 to support a strong incremental order pipeline of Rs. 800 Cr. Management has highlighted that 88% of its business is now value-added machining, which has been a primary driver for sustaining margins above the 30% threshold. The upcoming call will likely focus on the commissioning status of the 10,000-ton press in Q4 FY26 and the impact of export market conditions on the company's near-term growth trajectory.

Key Things To Watch

Performance vs Guidance Tracking: Tracking progress against medium-term operational and financial targets.

Revenue growth — 15-18% organic CAGR — On track with new orders secured
EBITDA margin — 29-31% — Q3 margin at 30.8%
Forging capacity — 150,000 tons by FY27 — On track with 10,000-ton press commissioning in Q4
Capex program — Rs. 650 Cr total — Rs. 300 Cr deployed in 9M

Strategic Capex and Capacity: Updates on key infrastructure projects and their commissioning timelines.

10,000-ton press commissioning expected in Q4 FY26
4,000-ton press commissioning scheduled for H1 FY27
Solar power project commencement targeted for Q1 FY27 to drive Rs. 25-30 Cr annual power cost savings

Operating Metric Trajectory: Trends in production and segment-specific demand.

Forging utilization reached ~65% in Q3 FY26
Machining utilization at ~75% in Q3 FY26
Heavy forging capacity increment of 30,000 tons planned by FY28

Risks and Headwinds to Monitor: Factors impacting export and margin stability.

Export demand remains muted due to global destocking and tariff-related headwinds
Steel price pass-through lag of 1 quarter for exports
Scrap price fluctuations directly impact EBITDA as they are not pass-through items

Frequently Asked Questions

When will Happy Forgings announce Q4 FY 2025-2026 results?

Happy Forgings will announce its Q4 and full-year FY 2025-2026 results on May 21, 2026.

Will Happy Forgings announce a dividend with these results?

Yes, the board meeting agenda includes a proposal to recommend a dividend for the financial year 2025-26.

What was Happy Forgings' revenue in its previous quarter?

Happy Forgings reported revenue of Rs. 391 Cr in Q3 FY26.

When does Happy Forgings expect export markets to recover?

Management noted that while OEM guidance in heavy-duty and European CV segments is positive, significant upticks have not yet materialized. They expect improvement in off-highway and industrial sectors, with tariff headwinds moderating over time.

What is the status of the company's capex program?

The company has deployed approximately Rs. 300 Cr of its planned Rs. 650 Cr heavy forgings capex during 9M FY26. Facilities are on track to be commissioned by FY27.