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.

Happy forgings Limited has submitted its mandatory compliance certificate under SEBI regulations for the quarter ended March 31, 2026. The submission was made to both BSE Limited and National Stock Exchange of India Limited on April 6, 2026, fulfilling regulatory requirements for listed companies.

Regulatory Compliance Details

The certificate submitted falls under Regulation 74(5) of SEBI (Depositories & Participants) Regulations, 2018. This regulation mandates companies to provide quarterly confirmations regarding dematerialization and rematerialization activities through their registrar and transfer agents.

Certificate Confirmation

MUFG Intime India Private Limited, formerly Link Intime India Private Limited, serves as the Registrar and Transfer Agent for Happy Forgings Limited. The certificate confirms compliance with depository regulations and share transfer procedures during the quarter.

Key aspects covered in the certificate include:

• Confirmation of securities received from depository participants
• Verification of dematerialization processes
• Compliance with prescribed timelines for share transfers
• Maintenance of register of members as per regulatory requirements

Quarter Activity Summary

The certificate specifically notes that no requests for dematerialization or rematerialization were received during the quarter ended March 31, 2026. This indicates stable shareholding patterns without significant changes in the mode of holding securities.

Company Information

Happy Forgings Limited operates from its registered office located at BXXIX-2254/1, Kanganwal Road, P.O. Jugiana, Ludhiana, Punjab. The company secretary Bindu Garg signed and submitted the compliance documents, ensuring adherence to corporate governance requirements.

This quarterly submission represents routine regulatory compliance, demonstrating the company's commitment to maintaining transparency in its depository operations and shareholder services.