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Motilal Oswal Maintains 'Buy' On Happy Forgings; Sees Upto 17% Upside — Check Target Price
Despite near-term challenges in export markets, Happy Forgings' strong order pipeline, operational efficiency, and strategic diversification position it well for sustained growth.
19 Nov 2025, 01:35 PM IST 
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Happy Forgings’ superior financial track record compared to peers is expected to remain a key competitive advantage.
(Photo Source: Happy Forgings website)
Happy Forgings is poised for a sharp turnaround after several quarters of muted growth, driven by a revival in domestic demand and a slew of new order wins across key segments. According to Motilal Oswal’s latest update, the company is expected to deliver a 17% revenue CAGR and 22% earnings CAGR between FY25 and FY28, supported by margin expansion and diversification beyond its traditional commercial vehicle and tractor businesses.
