Bharat Forge Ltd. share price target

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.

Bharat Forge reported its Q2FY18 numbers, which are above our estimates on the operational front. Revenues came in at | 1258 crore, up 41.2% YoY/4.6% QoQ against our estimate of | 1294 crore. The domestic revenues came in at | 528.5 crore (up 25.6% YoY/5% QoQ), against our estimate of | 553.5 crore. Export revenues...

We have revised our FY18/19/20E estimates given strong 2Q results. Maintain NEUTRAL with a TP of Rs 673, based on 25x Jun-19E EPS. Bharat Forges (BHFC) 2QFY18 topline performance was in-line with expectations, while margins came in higher, owing to operating efficiencies. While the North American and European truck demand may be on an upswing, management has guided for a stable, if not higher, industrial segment performance.

Q1FY18 revenue growth at 33% YoY (7% QoQ) beat our estimate of 20% YoY growth. The beat was driven by exports (+65% YoY), as the low base kicks in and, oil & gas and US Class-8 trucks recover.

ICICI Securities Ltd | Retail Equity Research Bharat Forge (BFL) reported its Q1FY18 numbers, which were above our estimates on the topline & bottomline front but below estimates on the margin front. Revenues came in at | 1201 crore, up 32.8% YoY, 6.7% QoQ against our estimate of | 1081 crore. Domestic revenues came in at | 560.2 crore (up 5% YoY, flat QoQ), against our estimate of | 503 crore. Export revenues increased 64.6% YoY, 12.4% QoQ to | 671 crore against our estimate of | 567 crore...

Bharat Forge Ltd Q1FY18 results comment Revenue grew by 6.67% to Rs. 1200.79 Cr in Q1FY18 when compared to the previous quarter

Maintain NEUTRAL with a TP of Rs 1,088, based on 25x Jun-19E EPS. Bharat Forges (BHFC) 1QFY18 performance was in-line with expectations of APAT, while strong exports aided revenue beat. With a revival in the overseas industrial segment, the outlook for BHFC remains healthy. Its strategies for Aerospace, Defense and Auto transmission parts provide reason for optimism. However, all these segments contributions would be visible only from FY20E. North American truck demand has also recovered from the bottom, and production volumes are expected to accelerate in CY18.

Q4FY17 results beat estimates with its 11% YoY revenue growth. ASP (+6% YoY) was strong and exports (+12% YoY) recovered after 6 quarters of de-growth. EBITDA margin at 28.4% was in line.

Revenue rose by 19.28% to Rs. 1125.66 Cr in Q4FY17 when compared to the previous quarter

ICICI Securities Ltd | Retail Equity Research Bharat Forge reported its Q4FY17 numbers, which were above our estimates. Net revenues came in at | 1126 crore, up 11.3% YoY/19.3% QoQ against our estimate of | 1081 crore Domestic revenues came in at | 504 crore (up 9.4% YoY/16.1% QoQ), against our estimate of | 543 crore. Export revenues increased 13.5% YoY, 23.1% QoQ to | 597 crore vs. our estimate of | 514 crore The shipment tonnage is up 5.3% YoY, 17.3% QoQ to 55189 MT. The...