Shares of Happy Forgings Limited were trading lower on Thursday, after seeing strong gains in the previous sessions. The Punjab-headquartered company is likely to record double digit revenue growth in the next two financial years driven by new order wins, higher realisations, improving mix and operating leverage.
The stock has delivered around 85.67% return in 2026 so far and around 120% return in one year. Brokerage, Motilal Oswal sees an 18% upside in Happy Forgings stock.
Happy Forgings share price outlook
The industrials segment remains a key growth driver for the firm, whereas PV mix is on track to reach 14% of the mix in a couple of years. The outlook for HFL’s core segment, domestic tractors has also improved following the GST rate cuts announced in September and is also expected to remain strong in the near term.
“Given its healthy new order wins, we expect HFL to post a 25% standalone revenue CAGR over FY26-29. Further, while there could be some margin pressure due to rising input costs in the near term, we expect HFL to post a margin expansion to 33% over FY26-29,” stated the brokerage in its report.
Happy Forgings share price recommendations
Motilal Oswal maintained a ‘Buy’ rating for the stock with a target price of ₹2,438 per share. “We expect HFL to record revenue/EBITDA/PAT CAGR of 25%/28%/30% over FY26-29. We reiterate our BUY rating on the stock with a TP of INR2,438 (based on 38x Sep’28E EPS).”
Happy Forgings share price trend
The company scrip was trading 0.83% lower at ₹2139 per share on BSE with a market capitalisation of ₹20,187.61 crore at 12:20 pm on Thursday. The stock had touched an intraday high of ₹2,159.95 per share and an intraday low of ₹2,127.05 per share. The stock has a return on equity (ROE) of 19.14%.
Happy Forgings stock touched its 52-week high of ₹2,484.30 per share on September 1, 2026, and dipped to its 52-week low of ₹890.05 per share on October 15, 2025. It has delivered close to 84.93% return year to date (YTD) and around 119% return in one year.
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