Happy Forgings Limited has notified the stock exchanges of an upcoming Board of Directors meeting scheduled for Thursday, May 21, 2026, to consider its audited financial results for the quarter and financial year ending March 31, 2026. Following the results announcement, the company has also scheduled a Q4 & FY26 Post Results Earnings Conference Call with analysts and investors on Friday, May 22, 2026, at 10:30 AM IST. Both intimations were filed in compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Agenda

The board meeting has been convened to consider several key corporate matters pertaining to the financial year ending March 31, 2026. The following items are on the agenda:

Earnings Conference Call Details

Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Happy Forgings will host an Earnings Conference Call post the announcement of its financial results. The call is scheduled for Friday, May 22, 2026, at 10:30 AM IST. The company has clarified that no price-sensitive information will be disclosed or discussed during the call. Key details of the conference call are as follows:

RSVP for the call is being managed by Strategic Growth Advisors Pvt. Ltd. Interested participants may contact Ms. Ami Parekh at ami.parekh@sgapl.net (+91-80824 66052) or Mr. Jigar Kavaiya at jigar.kavaiya@sgapl.net (+91-99206 02034).

Trading Window Closure

In connection with the board meeting, Happy Forgings has also communicated the status of the Trading Window for its designated persons. Further to the company's earlier intimation dated March 25, 2026, the Trading Window for dealing in the securities of the company was closed for all designated persons from April 1, 2026. This closure will continue to remain in effect until the completion of 48 hours after the financial results are uploaded on the portals of the stock exchanges.

Both intimations were signed by Bindu Garg, Company Secretary and Compliance Officer (Membership No.: F6997), on behalf of Happy Forgings Limited.

Happy Forgings Limited submitted its monitoring agency report for the quarter ended March 31, 2026, to BSE and NSE on May 05, 2026. The report was prepared by ICRA Limited, appointed as the Monitoring Agency pursuant to an agreement dated December 08, 2023. The submission was made under Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Audit Committee and Board of Directors had no comments on the report.

IPO Proceeds Utilization

The company raised INR 1,008.593 crore through its Initial Public Offer, with net proceeds of INR 377.823 crore (excluding issue-related expenses). ICRA confirmed that the entire net proceeds have been fully utilized towards the objects of the issue as on March 31, 2026. The utilization was verified through peer-reviewed CA certificates, bank statements of the proceeds account, and confirmations from management. No deviation from the objects of the issue was observed, and no material deviations from expenditures disclosed in the offer document were noted.

Object-wise Utilization Details

The following table summarizes the utilization of IPO proceeds across all stated objects:

Implementation Status and Delays

The monitoring agency report noted that the purchase of equipment, plant, and machinery was completed with a delay of 12 months compared to the original timeline of FY24–FY25. The company took reimbursement for INR 76.469 crore, which had been incurred earlier from internal accruals in Q4FY25, Q1FY26, and Q2FY26. The prepayment of borrowings and general corporate purpose objectives were both completed in FY24 as per the original schedule, with no delays recorded.

General Corporate Purpose Utilization

The INR 53.937 crore allocated for general corporate purpose was utilized across several operational expense categories, as detailed below. The monitoring agency confirmed the said utilization was made in Q3FY24 and Q4FY24.

The monitoring agency confirmed no deviation from the objects of the issue and no material deviations from expenditures disclosed in the offer document. There were no favorable or unfavorable events reported that could materially affect the viability of the objects or investor decision-making.