Bharat Forge Ltd. share price target

BHFC is the flagship company of Kalyani Group, which has significant presence in the...

ICICI Securities Ltd | Retail Equity Research Bharat Forge reported its Q1FY19 numbers that were above our estimates. Revenues came in at | 1480 crore, up 23.1% YoY, 0.9% QoQ against our estimate of | 1393 crore. Domestic revenues came in at | 600 crore (up 7.1% YoY, down 3% QoQ) vs. our estimate of | 588 crore. Export revenues increased 25.8% YoY, 3.6% QoQ to | 844 crore against our estimate of | 778 crore The domestic auto business grew ~42.5% YoY to | 359.5 crore but...

BPCL's Q1FY19 earnings at Rs 22.9bn (14.2% QoQ) beat estimates on inventory gains of Rs 26.8bn. Core earnings, however, disappointed due to: (a) weak GRMs (ex-inventory gains) at US$ 4.15/bbl (US$ 5.6/bbl QoQ), (b) market share loss in MS/HSD, and (c) lower marketing EBITDA of Rs 1,639/mt (ex-inventory; 26.9% QoQ). Our Mar'19 target price for BPCL reduces to Rs 435 (from Rs 545) as we cut earnings on high interest cost and...

Promising Growth outlook - Retain BUY: During Q1FY19, BFL sales grew by 23.2% YoY to Rs14.7bn (ahead of our estimates of Rs14.1bn) driven by 19.9% volume growth and a 2.7% increase in average realizations.

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....

ICICI Securities Ltd | Retail Equity Research Bharat Forge reported its Q4FY18 numbers, which were below our estimates. Revenues came in at | 1467 crore, up 30.3% YoY, 5.5% QoQ against our estimate of | 1488 crore. Domestic revenues came in at | 618.6 crore (up 22.7% YoY, 7.2% QoQ), against our estimate of | 606 crore. Export revenues increased 36.4% YoY, 4.3% QoQ to | 814.8 crore against our estimate of | 853 crore Topline growth was driven by growth in both domestic &...

In 4QFY18, Bharat Forge (BHFC) reported its fourth successive quarter of 30%+ YoY growth in standalone revenue, driven by robust CV sales in India and the US. Domestic business is likely to witness continued momentum going forward, driven by up-swing in CV cycle, while the domestic industrials segment will remain on a healthy footing. Global industrials is also seeing strong traction from oil & gas segments, mining and construction segment. NA Class 8 truck orders remain robust on improving freight demand and CY18 would see healthy production growth. Rising commodity prices led to a 100bps YoY decline in gross margin this quarter. With increase in sale of machined PC parts, the Company is confident about...

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. Q3FY17 standalone revenue grew by 47.4%YoY due to better traction from overseas truck sales and non-auto export business. Export revenue grew by 61.0%YoY and domestic business grew by 32.9%YoY due to better products and geographical mix. EBITDA margin expanded by 230bpsYoY on the back of improved product...

ICICI Securities Ltd | Retail Equity Research Bharat Forge reported its Q3FY18 numbers, which were above our estimates on all fronts. Revenues came in at | 1391 crore, up 47.4% YoY, 10.5% QoQ against our estimate of | 1281 crore. Domestic revenues came in at | 577 crore (up 32.9% YoY, 9.2% QoQ), vs. our estimate of | 539 crore. Export revenues increased 61% YoY, 11% QoQ to | 781 crore against our estimate of | 716 crore Topline growth was driven by growth across segments in both...

Bharat Forge's (BHFC) Q2FY18 revenue growth at 41% YoY (5% QoQ) was in line with our estimate. Exports grew by 56% YoY, as oil & gas and US Class-8 trucks recovered on a low base. Adj. EBITDA margin at 30.3% beat estimates, as operating leverage benefits kicked in.