ICICI Securities's research report on Happy Forgings
Happy Forgings’ (HFL)’s Q1FY26 performance was broadly in line with our estimates. HFL continued to outperform peers in Q1. While PV / industrial / domestic farm segment continues to do well, domestic CV may likely pick up going ahead. Export (primarily to EU) remains impacted due to weak macro. Nevertheless, we expect, HFL to continue to outgrow peers/underlying industry led by its orderbook / new order wins across segments. US exposure remains limited (~3% of revenue) and the company does not see a challenge to order execution timelines.
Outlook
Given HFL’s current scale and a large addressable global opportunity, especially owing to the shifting global landscape, we see long-term runway for growth. Maintain BUY with TP of INR 1,150, based on 30x Sept’27E EPS.
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