$HAPPYFORGE

Happy Forgings (precision forging – crankshafts, front axle beams, steering knuckles, flanges; CV, tractor, off-highway OEM clients) Q3 FY26 consolidated revenue ₹391 Cr (+10.4% YoY), PAT ₹79 Cr (+22.3% YoY) – peak quarterly EBITDA; EBITDA margin ~26.5% sustained. 9M FY26 revenue ₹1,122 Cr (+6.2% YoY), PAT ₹218 Cr (+9% YoY) – steady execution. CV/tractor recovery cycle + export machined components (Europe, USA) providing dual growth levers. Capacity expansion (Jugiana + Sanand facilities) on track for FY27 ramp. High promoter holding 78.5%. So, good Q4 result is expected.