HAPPYFORGE Q1 FY27 Guidance vs Delivery (HAPPYFORGE Management Mirror)

Revenue Hits Rs 449 Crore in Q1 FY27, Up 27% YoY Driven by Farm and Industrial Segments

Happy Forgings Ltd reported Q1 FY27 revenue of Rs 449 crore, achieving a 27% YoY growth. This follows an FY26 reported revenue of Rs 1,546 crore (9.8% YoY growth), and a 9M FY26 reported revenue of Rs 1,122 crore (6.2% YoY growth). Q3 FY26 reported revenue was INR391 crore (10.4% YoY growth). Overall volume growth guidance was initiated in Mar'26 Qtr, targeting late-teen volume growth for FY27. This FY27 high-teens volume growth expectation was reaffirmed in the Jun'26 Qtr concall. Finished goods volumes grew 11% in FY26 (reported as 10.9% in some sections), compared to 13.8% YoY in Q3 FY26 and 7.6% YoY for 9M FY26. Q1 FY27 saw a 23% increase in finished goods volumes. The order book stood at roughly INR 800 crore of peak annual business starting from FY27 (guided in Dec'25 Qtr), which was updated to nearly Rs 950 crore in the Mar'26 Qtr and reaffirmed at Rs 950 crore in the Jun'26 Qtr concall, to be realized over 2 to 3 years.