HAPPYFORGE Q4 FY26 Guidance vs Delivery (HAPPYFORGE Management Mirror)

Volumes & Revenue

Management targets late-teen volume growth for Mar'27 alongside aggressive 35% to 40% Commercial Vehicle (CV) growth, reflecting an upgrade from the Dec'25 Qtr where new incremental peak business was estimated at INR 800 crores, as the Mar'26 Qtr new order book expanded to INR 950 crores for execution over 2.5 to 3 years. The targeted revenue mix continues to structurally diversify, with the Mar'26 Qtr projecting CVs to drop to 27% (from 37%), Industrials to rise to 30%-31% (from 11%), and Passenger Vehicles to reach 10% (from 6%), building upon Sep'25 Qtr goals to reduce legacy segment concentration. Farm equipment domestic market share is expected to improve to 45% (from 41%), while European CV exports anticipate single-digit growth this year, and U.S. program ramp-ups begin from Sep'26. [Status: Upgraded]