Happy Forgings Q2 FY27 Results: Consolidated Net Profit ₹97.50 Crore on Total Income of ₹509 Crore
- Earnings
- Auto components and engineering parts
Reviewed byKeshav SehgalBlacklitt Research
Happy Forgings (NSE: HAPPYFORGE) reported consolidated total income of ₹509.05 crore and net profit of ₹97.50 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income was ₹509.06 crore and net profit ₹97.51 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹509.05 crore, up 32.7% YoY and 10.5% QoQ
- Net profit and EPS: ₹97.50 crore, up 32.8% YoY; basic EPS ₹10.33
- Finance costs: ₹2.97 crore, up 57.1% YoY and down 3.0% QoQ
- Capex approved: ₹500 crore for forging and machining capacity expansion
Standalone
The company on its own, without its subsidiaries
- Total income: ₹509.06 crore, up 32.7% YoY and 10.5% QoQ
- Net profit and EPS: ₹97.51 crore, up 32.8% YoY; basic EPS ₹10.33
- Final dividend paid: ₹4.00 per share for FY 2025-26, ₹37.75 crore gross
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 509.05 | 383.64 | +32.7% | 460.50 | +10.5% | |
| Revenue from operations | 500.75 | 377.39 | +32.7% | 449.42 | +11.4% |
| Other income | 8.30 | 6.25 | +32.9% | 8.30 | 0.0% |
| 97.50 | 73.44 | +32.8% | 91.46 | +6.6% | |
| Profit before tax | 130.60 | 98.60 | +32.5% | 122.64 | +6.5% |
| Finance costs | 2.97 | 1.89 | +57.1% | 3.06 | -3.0% |
| Depreciation | 27.85 | 21.55 | +29.2% | 26.24 | +6.2% |
| Tax expense | 33.10 | 25.17 | +31.5% | 33.10 | 0.0% |
| Net profit margin | 19.15% | 19.14% | +0.01 pp | 19.86% | -0.71 pp |
| EPS, basic (₹) | 10.33 | 7.79 | +32.6% | 9.70 | +6.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew slightly faster than total income, at 32.8% against 32.7%, and faster than profit before tax, which rose 32.5%. Tax expense rose 31.5%, to ₹33.10 crore, and took 25.3% of profit before tax, the same share as the tax line in the standalone figures.
Other income of ₹8.30 crore is 1.6% of total income and 6.4% of profit before tax. Finance costs of ₹2.97 crore are 0.6% of total income, but they rose 57.1% from ₹1.89 crore a year earlier, the fastest rise of any line in the table.
Depreciation rose 29.2% to ₹27.85 crore, against revenue growth of 32.7%. The consolidated results include HFL Technologies Private Limited, a wholly owned subsidiary incorporated on 16 Mar 2024, and the consolidated profit is ₹0.01 crore lower than the standalone figure.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 509.06 | 383.64 | +32.7% | 460.51 | +10.5% | |
| Revenue from operations | 500.75 | 377.39 | +32.7% | 449.42 | +11.4% |
| Other income | 8.31 | 6.25 | +32.9% | 11.08 | -25.1% |
| 97.51 | 73.44 | +32.8% | 91.46 | +6.6% | |
| Profit before tax | 130.61 | 98.61 | +32.5% | 122.64 | +6.5% |
| Finance costs | 2.97 | 1.89 | +57.1% | 3.06 | -3.0% |
| Depreciation | 27.85 | 21.55 | +29.2% | 26.24 | +6.2% |
| Tax expense | 33.10 | 25.17 | +31.5% | 31.18 | +6.2% |
| Net profit margin | 19.16% | 19.14% | +0.01 pp | 19.86% | -0.71 pp |
| EPS, basic (₹) | 10.33 | 7.79 | +32.6% | 9.70 | +6.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income of ₹509.06 crore rose 32.7% from a year earlier, and net profit of ₹97.51 crore rose 32.8%. Both results are in line with the consolidated figures to within ₹0.01 crore.
Against the June quarter, other income fell 25.1%, from ₹11.08 crore to ₹8.31 crore, while revenue from operations rose 11.4%. Net profit rose 6.6% QoQ, slower than total income, which rose 10.5%.
The standalone results show a final dividend of ₹4.00 per share, ₹37.75 crore gross and ₹34.52 crore net of tax, paid in the quarter after approval at the AGM on 27 Jul 2026.
Inference
The filing approves capex of ₹500 crore to expand forging capacity by about 24,000 MT per annum and machining capacity by about 14,000 MT per annum, phased over FY28 and FY29, and says it will be financed through a combination of internal accruals and debt. Annexure-A gives utilisation for April to September 2026 as 60% for forging and 77% for machining.
Annexure-A gives the rationale as anticipated growth in business volumes, backed by the order book and demand visibility. The filing does not say how much of the ₹500 crore will come from debt, how the spend splits by year, or what revenue or profit the added capacity is expected to produce.
Filed with BSE on . Reference: Original filing (PDF)
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