ICICI Securities's research report on Happy Forgings
Happy Forgings (HFL)’s Q2FY26 performance exceeded our estimate on all fronts. While domestic farm/PV/industrials continue to do well, HFL’s domestic CV biz. may likely gain strength ahead. Weak macro scenario continues to weigh on HFL’s exports. Nevertheless, the company’s healthy order book (OB)/new order wins across segments shall give it a leg up and enable it to continue outpacing peers/underlying industry. HFL’s US exposure remains limited and it envisages order execution timelines to face no impediments. In our view, HFL has an extensive long-term growth runway given its current scale and large addressable global opportunity, especially with the shifting global landscape.
Outlook
We raise FY27E/FY28E EBITDA/EPS by 1–3% each. Retain BUY; TP revised to INR 1,300, based on 30x Mar’28E EPS.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
