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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal has reiterated its Buy rating on Happy Forgings Ltd. with a target price of Rs 2,438, based on 38 times Sep'28E earnings per share, implying a potential upside of 18% from the reports market price of Rs 2,074.
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The brokerage highlighted that Happy Forgings' cost-competitive advantage is expected to help the company drive sustainable outperformance. Given its healthy new order wins, Motilal Oswal expects Happy Forgings to post a 25% standalone revenue compound annual growth rate over FY26-29.
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Further, while there could be some margin pressure due to rising input costs in the near term, the brokerage expect Happy Forgings to post a margin expansion to 33% over FY26-29, led by an improved mix, operating leverage benefits, and the benefit from solar power generation in the coming years. Thus, the brokerage expects Happy Forgings to post a 30% earnings CAGR over FY26-29.
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