NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.Motilal Oswal ReportHappy Forgings Ltd. is a Ludhiana-based company specialising in diversified forging and machining services. With over four decades of industry experience, it manufactures and delivers top-quality, intricate components. It is ranked as the fourth largest engineering-led manufacturer in India for complex and safety-critical, heavy forged, and high-precision machined components. The company is well established within the industries and customer segments it serves, including-heavy commercial vehicles (contributing to 41% of revenues),farm equipment (32%),off-highway vehicles (14%) and industrials (13%). Founded in 1979, Happy Forgings' entire operations are based out of Ludhiana, Punjab, with three vertically integrated manufacturing facilities. The company is well poised to grow in the coming years, led by expansion through increased capacities, product diversification, client acquisition, and emerging opportunities in industrials and exports. We expect 21%/25%/30% compound annual growth rate (over FY24E-26E) in standalone revenues/Ebitda/profit after tax and initiate coverage on the stock with a 'Buy' rating and a target price of ~Rs 1,125 (based on 26 times FY26E earnings per share).Click on the attachment to read the full report:Godrej Consumer - Addressing Portfolio Gaps; Margin Headroom Adequate: Motilal OswalDISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.