Bharat Forge Ltd. share price target

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.

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.