Happy Forgings Ltd (NSE:HAPPYFORGE)

Q2 2026 Happy Forgings Ltd Earnings Call Transcript

Nov 6, 2025 / 05:30 AM GMT

Release Date Price: ₹1013.7 (+1.94%)

Transcript

Key Points

Positve

Happy Forgings Ltd (NSE:HAPPYFORGE) achieved its highest ever quarterly gross margin of around 60% and an EBITDA margin of approximately 31%, showcasing strong operational resilience.
The company reported a 4.5% year-on-year growth in revenue for Q2 FY26, with gross profit increasing by 7% year-on-year.
Happy Forgings Ltd maintained a strong balance sheet with nearly 100% operating cash flow conversion in H1 FY26, reflecting improved working capital efficiency.
The company is executing a strategic CapEx program worth 660 crores to expand its forging infrastructure, which is expected to drive future growth.
The domestic market served as a growth engine, driven by healthy demand across major sectors including commercial vehicles, farm, industrial, and passenger vehicles.

Negative

The export market faced challenges with low volumes due to global market weaknesses, particularly in North America and Europe.
The US tariffs have led to destocking in the commercial vehicle and farm equipment sectors, impacting export volumes.
The company experienced a 35-40% decline in its US business in the second quarter, affecting overall growth.
The European and US tractor markets remain soft, showing only modest recovery, which impacts the company's farm equipment segment.
The company is cautious about sustaining the current high margins due to potential changes in product mix and raw material costs.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HAPY.NS - Happy Forgings Ltd
Q2 2026 Happy Forgings Ltd Earnings Call
Nov 07, 2025 / 05:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to Q2 and H1FY26 earnings conference call of Happy Forgings Limited. This conference call may contain forward-looking statements about the company which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing 0 on a touchstone phone. Please note that this conference is being recorded. I

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