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ICICI Securities's research report on Happy Forgings

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. Nevertheless, the company’s healthy order book (OB)/new order wins across segments shall give it a leg up and enable it to continue outpacing peers/underlying industry. HFL’s US exposure remains limited and it envisages order execution timelines to face no impediments. In our view, HFL has an extensive long-term growth runway given its current scale and large add

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