Bharat Forge Ltd (BFL) is a leading player in the forgings industry. The company is serving several sectors including automobile, power, oil and gas, rail & marine, aerospace, construction, mining, etc. Q1FY20 revenue de-grew by 4%YoY due to the slowdown in Industrial export (down by 37%YoY) & weakness in domestic CV by 31%YoY. EBITDA margin declined by 240bps due to inflationary pressure on steel price and lower product mix. BFL's new value-added order received on aluminum forging is on track...