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Happy Forgings hosted a conference call on Feb 10, 2026. The company was represented by: Mr. Ashish Garg, Managing Director, and Mr. Pankaj Kumar Goyal, Chief Financial Officer.

Key takeaways of the call

The company has delivered a strong performance in Q3 FY26 driven by healthy demand across key domestic end markets, including commercial vehicles, farm equipment, and passenger vehicles, which more than offset the relatively weaker conditions in export markets.

Management expects demand momentum to carry into Q4 FY26 and extend into FY27.

Looking ahead, the company expect domestic demand momentum to remain positive. With the recent developments related to tariffs and trade agreements, management expect tariff-related headwinds to moderate, which should support better performance in export markets.

The company expects EBITDA margin to remain between 29-31%.

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