Happy Forgings Limited

rs,

November 06, 2025 To BSE Ltd, Corporate Relationship Department, Phiroze Jeejebhoy Towers, Dalal Street, Mumbai - 400 001 National Stock Exchange of India Ltd. Listing Department, Exchang

60%

a robust performance for Q2 and H1 FY26, highlighted by the highest-ever quarterly gross margin (~60%) and EBITDA margin (~31%). This strong performance underscores our ability to successfully navigate

31%

Q2 and H1 FY26, highlighted by the highest-ever quarterly gross margin (~60%) and EBITDA margin (~31%). This strong performance underscores our ability to successfully navigate softening steel prices

5.2%

ports sustained investments for long- term value creation. From a growth perspective, volumes rose 5.2% YoY in Q2, and revenue from operations increased 4.5% YoY, driven by healthy demand across domesti

4.5%

ion. From a growth perspective, volumes rose 5.2% YoY in Q2, and revenue from operations increased 4.5% YoY, driven by healthy demand across domestic Commercial Vehicle, Farm Equipment, Industrial, and

7%

ertainties. Gross profit, EBITDA, and adjusted PAT outpaced revenue growth, rising by approximately 7%, 10%, and 10% YoY, respectively, supported by gross and EBITDA margin expansion of around 150 bps

10%

inties. Gross profit, EBITDA, and adjusted PAT outpaced revenue growth, rising by approximately 7%, 10%, and 10% YoY, respectively, supported by gross and EBITDA margin expansion of around 150 bps each.

150 bps

ately 7%, 10%, and 10% YoY, respectively, supported by gross and EBITDA margin expansion of around 150 bps each. For H1 FY26, the trajectory of volume and revenue growth remained similar to Q2, with margin

100%

among the strongest in the industry. Efficient debtor and inventory management resulted in nearly 100% operating cash flow conversion in H1 FY26, reflecting improved working capital and strong operatin

₹315 crore

rking capital and strong operating cash flows. As of September 30, 2025, liquidity stood at around ₹315 crore, providing ample financial flexibility to pursue long-term growth opportunities. Meanwhile, our ₹6

₹650 crore

re, providing ample financial flexibility to pursue long-term growth opportunities. Meanwhile, our ₹650 crore capex program is progressing on schedule, laying a solid foundation for the next phase of expansio

15,028 MT

FY26 PERFORMANCE HIGHLIGHTS FG Volume Realisation/Kg Revenue Gross Profit EBITDA PAT Q2FY26 15,028 MT +5.2% yoy Rs. 251 -0.6% yoy 377 Crs +4.5% yoy 228 Crs +7.1% yoy 116 Crs +9.9% yoy 73 Crs +2.9%

“No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.”

“2 Q2 & H1FY26 Performance Highlights MESSAGE FROM THE MANAGING DIRECTOR We are delighted to report a robust performance for Q2 and H1 FY26, highlighted by the highest-ever quarterly gross margin (~60%) and EBITDA margin (~31%).”

“For H1 FY26, the trajectory of volume and revenue growth remained similar to Q2, with margins continuing to strengthen year on year.”

“Efficient debtor and inventory management resulted in nearly 100% operating cash flow conversion in H1 FY26, reflecting improved working capital and strong operating cash flows.”

“YoY PAT growth of 10.2% (in Q2FY26) and 6.7% (in H1FY26) is computed after excluding insurance income of ₹6.4 Cr (₹4.8 Cr post-tax) in Q2/H1 FY25.”

“~80 Crs capex planned in FY26 to scale Passenger Vehicle segment ▪ Rs.”

“1,409 Crs FY25 Revenue 28.9% FY25 EBITDA Margin AA/STABLE CRISIL and ICRA Credit Rating OUR VISION To be amongst the top 10 forging and machining companies globally OUR MISSION ▪ State-of-the-art Technology ▪ Deliver more than promised ▪ Respect and encourage people ▪ Inspire innovation and creativity ▪ Care for the environment and society * Installed capacity as on Sep 30, 2025 12 BUSINESS EVOLUTION SPANNING 4 DECADES Rs.”

“We strive to create a safe and supportive working environment for our employees, aiming to increase women's participation in our workforce and enhancing employee skills through expanded training and development programs.”

Regd Office

1

Regd Office

Bindu GargDigitally signed by Bindu Garg Date: 2025.11.06 15:15:23 +05'30' INVESTOR PRESENTATION Q2 & H1FY26 SAFE HARBOR This presentation and the accompanying slides (the “Presentation”), prepared by Happy Forgings Limited (the “Company”), are intended solely for information purposes and does not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation.