NSE: HAPPYFORGE | BSE: 544057

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2109.10 -39.20 (-1.82%)

137.31% Gain from 52W Low

51,475 NSE+BSE Volume

NSE 21 Sep, 2026 3:31 PM (IST)

19,910.1

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.

15 Sep 2026

2109.10

-1.82%

Industrials and PVs to drive the next leg of growth

Buy: Happy Forgings Ltd.

Target

Motilal Oswal

We met with Happy Forgings’ (HFL) management, with discussions centered around incremental growth avenues, capacity ramp-up across forgings and machining to cater to the order book, and the steady outlook for the core CV and tractor segments.

Happy Forgings has gained 118.62% in the last 1 Year

Happy Forgings Ltd.

05 Aug 2026

2109.10

-1.82%

Strong quarter; growth outlook improving

Buy: Happy Forgings Ltd.

Target

ICICI Securities Limited

Happy Forgings (HFL)’s Q1FY27 operating performance was ahead of our estimates. HFL’s domestic CV/PV/farm segments continue to do well on the back of wallet share gains from existing customers.

Motilal Oswal increased Buy price target of Happy Forgings Ltd. to 2438.0 on 15 Sep, 2026.

Happy Forgings Ltd.

05 Aug 2026

2109.10

-1.82%

Strong performance amid a challenging quarter

Buy: Happy Forgings Ltd.

Target

Motilal Oswal

Happy Forgings (HFL)’s 1QFY27 earnings at INR915m came in line with our estimates. While margins remained resilient in a tough quarter and were ahead of our estimates, lower-than-expected other income limited PAT growth.

Happy Forgings Ltd. is trading above its 200 day SMA of 1442.6

Happy Forgings Ltd.

10 Feb 2026

2109.10

-1.82%

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 43.97% in the last 3 Months

Happy Forgings Ltd.

18 Nov 2025

2109.10

-1.82%

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 2319.00 from 2 brokers.

Happy Forgings Ltd.

10 Nov 2025

2109.10

-1.82%

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. is trading below its 30 day SMA of 2194.5

Happy Forgings Ltd.

09 Nov 2025

2109.10

-1.82%

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. is trading below its 30 day SMA of 2194.5

Happy Forgings Ltd.

11 Aug 2025

2109.10

-1.82%

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 Ltd. is trading below its 30 day SMA of 2194.5

Happy Forgings Ltd.

17 Jun 2025

2109.10

-1.82%

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.