I-Sec maintains Add on Bharat Forge, reduces target price to Rs 1,225
ICICI Securities
maintains
Add call
on
Bharat Forge
with a revised target price of Rs 1,225 (Rs 1,250 earlier). The current market price of
Bharat Forge
is Rs 1191.2. Bharat Forge, incorporated in 1961, is a Large Cap company with a market cap of Rs 57346.73 crore, operating in the Auto Ancillaries sector.
Bharat Forge's key products/revenue segments include Steel Forgings, Scrap, Export Incentives, Dies & Tools, Job Work, Wind Mills and Other Services for the year ending 31-Mar-2024.
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Financials
For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 3914.71 crore, up 11.41% from last quarter Total Income of Rs 3513.91 crore and down -7.21% from last year same quarter Total Income of Rs 4219.04 crore. The company has reported net profit after tax of Rs 284.90 crore in the latest quarter.
The company?s top management includes Mr.B N Kalyani, Mr.K B S Anand, Mr.Vimal R Bhandari, Mr.P H Ravikumar, Mrs.Lalita D Gupte, Mr.Pratap G Pawar, Ms.Sonia Singh, Mr.Dipak B Mane, Mr.Murali G Sivaraman, Mr.S E Tandale, Mr.B P Kalyani, Mr.Amit B Kalyani, Mr.G K Agarwal, Mr.Ashish Bharat Ram. The company has BSR & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 48 crore shares outstanding.
Live Events
Investment Rationale
Bharat Forge's consolidated performance was broadly in line with I-Sec estimates led by ramp-up in overseas subs. Standalone performance was below our estimate amid weak CV exports and lumpiness in defence business. Notwithstanding near-term concerns around slowdown in US CV volumes, the brokerage believes BHFC's medium-to-longer-term growth prospects remain healthy led by further expansion in newer verticals (defence, aerospace and casting). The company is looking to increase the addressable market size by expanding into newer segment (e.g. electronics). US-tariff can potentially present new business opportunities (given its US mfg. presence). We lower FY26E/27E revenue estimates by 1?3% but raise margins by 10?30bps on better profitability for overseas subs. ICICI Securities Retains ADD; target price is revised to Rs 1,225 (vs. Rs 1,250) based on 30x FY27E EPS.
Promoter/FII Holdings
Promoters held 44.07 per cent stake in the company as of 31-Mar-2025, while FIIs owned 16.08 per cent, DIIs 30.19 per cent.
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