Bharat Forge (BHFC) reported standalone revenues of Rs 16.9bn (+22% YoY) in Q3FY19, led by a muted 3% rise in tonnage volumes and above-expected realisations (+18%). EBITDA/adj. PAT grew 17%/24% YoY to Rs 4.9bn/Rs 2.8bn. In our view, the buoyant growth phase in CVs is ebbing in India and the US, with a bleak demand environment in Europe as well we thus pare FY19FY21E earnings by 11-16% and lower our target P/E from 25x to 17x. On...