Happy Forgings' FY26 profit jumps 31% as growth remains steady

Happy Forgings closed FY26 with a 30.7% increase in profit after tax to ₹401.7 crore, on revenue of ₹1,546.7 crore that grew 9.8% — numbers that were largely anticipated after prior quarterly updates. The board recommended a final dividend of ₹4 per share and approved an expansion of the company's solar power plant capacity from 25 MW to 35 MW, investing an additional ₹50 crore. That brings total committed solar capex to ₹170 crore. The dividend is modestly accretive for yield-seeking shareholders, but the solar expansion is the more consequential tactical move: it should gradually reduce energy costs for a forging business where power is a meaningful input. The audit opinion is unmodified, and the balance sheet looks clean. What remains to be seen is whether FY27 revenue growth can maintain this trajectory, and whether the solar economics deliver on their promise.