Buy Happy Forgings Ltd for the Target Rs. 1147 by Motilal Oswal Financial Services Ltd

* Key segments in domestic market (CVs and tractors) have picked up in 2Q. Expect revenue growth of 7% QoQ/5% YoY.
* No material impact of US tariffs as its US exposure is below 3% of revenue, including indirect exports.
* EBITDA margins to marginally improve QoQ to 28.8%.
* We expect 8% YoY earnings growth in 2Q.
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