NSE: HAPPYFORGE | BSE: 544057

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1294.40 -39.30 (-2.95%)

78.76% Gain from 52W Low

82,072 NSE+BSE Volume

NSE 02 Mar, 2026 3:31 PM (IST)

12,209.8

Market Cap

High in industry

Beta 1Year

Average volatility

Happy Forgings Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for HAPPYFORGE, BSE:544057 Happy Forgings Ltd.

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Happy Forgings Ltd.

10 Feb 2026

1294.40

-2.95%

Earnings beat led by better-than-expected margins

Buy: Happy Forgings Ltd.

Target

Motilal Oswal

Happy Forgings’ (HFL) 3QFY26 earnings at INR789m beat estimates by 7.5%, led by better-than-expected margin, even as revenue was in line with our estimates.

Happy Forgings has gained 22.46% in the last 1 Month

Happy Forgings Ltd.

18 Nov 2025

1294.40

-2.95%

Growth to revive led by pick-up in demand and new wins

Buy: Happy Forgings Ltd.

Motilal Oswal

One of the key investor concerns for Happy Forgings (HFL) has been its subdued revenue growth over the past few quarters, despite a strong order backlog, which is also reflected in the stock’s underperformance over the past 12M relative to the broader index.

Happy Forgings Ltd. has an average target of 1325.00 from 2 brokers.

Happy Forgings Ltd.

10 Nov 2025

1294.40

-2.95%

Showing strength in trying times

Buy: Happy Forgings Ltd.

Target

ICICI Securities Limited

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.

Happy Forgings Ltd. has an average target of 1325.00 from 2 brokers.

Happy Forgings Ltd.

09 Nov 2025

1294.40

-2.95%

Record high margins despite weak export demand

Buy: Happy Forgings Ltd.

Target

Motilal Oswal

Happy Forgings’ (HFL) 2QFY26 PAT at INR734m was largely in line with our estimate. The key highlight of 2Q was its record high margins at 30.7% (+150bp YoY) in a weak demand environment, especially in exports.

Happy Forgings Ltd. has an average target of 1325.00 from 2 brokers.

Happy Forgings Ltd.

11 Aug 2025

1294.40

-2.95%

Resilient performance amidst challenging environment

Buy: Happy Forgings Ltd.

ICICI Securities Limited

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.

Happy Forgings has gained 22.46% in the last 1 Month

Happy Forgings Ltd.

17 Jun 2025

1294.40

-2.95%

Forging ahead: A precision play in a heavyweight market

Buy: Happy Forgings Ltd.

ICICI Securities Limited

Happy Forgings (HFL) is a leading manufacturer of complex, heavy-forged and precision-machined components. HFL’s focus on enhancing its capabilities has helped expand the company’s product portfolio and customer base across diverse segments (CV, PV, farm, OHV, industrials) and geographies.

Happy Forgings has gained 22.46% in the last 1 Month

Happy Forgings Ltd.

24 Jan 2025

1294.40

-2.95%

HAPPY FORGINGS LIMITED

Buy: Happy Forgings Ltd.

FundsIndia

Happy Forgings has gained 53.50% in the last 1 Year

Happy Forgings Ltd.

08 Nov 2024

1294.40

-2.95%

Margin beats estimate, led by better product mix

Buy: Happy Forgings Ltd.

Target

Motilal Oswal

Happy Forgings (HFL)’s 2QFY25 result was encouraging as it reported a healthy EBITDA margin of 29.2% (+190bp YoY, est. 28%) led by a higher mix of machining and industrial segment.

Happy Forgings has gained 53.50% in the last 1 Year

Happy Forgings Ltd.

27 May 2024

1294.40

-2.95%

Healthy performance despite weakness in core segments Order book stands at INR6.5b, of which 60% is attributable to exports

Buy: Happy Forgings Ltd.

Motilal Oswal

4QFY24 results were operationally in line with our expectations, while
higher ‘other income’ and lower tax led to PAT beat at INR658m (est.
INR607m), up by 30% YoY. Happy Forgings (HFL) maintains its focus on
diversifying into industrials and exports, which contributed ~12%/20% of
FY24 revenue, compared to 4%/12% in FY23.