Bharat Forge Ltd. share price target

Order wins in 9MFY22 at ~$100mn of which $50mn are for EV components. 7% QoQ to 53k, impacted by weak CV export revenue due to semiconductor due to higher commodity cost (42% of sales vs 37/40% YoY/QoQ). However, industrial segment continues to perform with revenue of Rs 7.3bn (Rs 3.1/6.6...

Bags USD50m in EV platform orders in 9MFY22 in its India operations BHFC's had a decent performance in a tough quarter, despite an impact from semiconductor shortages and steep RM cost inflation. While all core businesses are seeing a sharp cyclical recovery (except India Tractors), BHFC's initiatives to diversify into aluminum/light-weighting and EV components have started to fructify. We lower our FY23E consolidated EPS estimate by ~5% to factor in a weak India Agri outlook and continued impact of semiconductor...

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 & defence, construction, mining, etc. Q2FY22 revenue came at Rs.2,386cr.(+13.2% QoQ). This was largely on account of strong domestic growth of 40% QoQ. Export growth came lower at 4.9% due to chip shortage. Despite the input and logistics cost pressure, EBITDA margin came at healthy 21.4% similar to previous quarter....

Expect domestic industrial revenue to double over next 3 years. and increase our FY23/24 estimates by ~5/6% to factor in strong revenue estimates with PAT growth of 37% QoQ. This was led by improved...

About the stock: Bharat Forge (BFL) is India's leading auto component exporter with strong engineering, technological competencies in forging and metallurgy. With total capacity of 6.83 lakh MT per annum, its products find application in domestic,...

cyclical recovery, BHFC's initiatives to diversify into aluminum/lightweighting and EV components are starting to fructify. We raise our FY22E/FY23E consolidated EPS by 5%/2.5% to account for a strong recovery in non-Auto. We are yet to build in a strong turnaround...

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 & defence, construction, mining, etc. Q1FY22 revenue came at Rs.2108cr.(+1.2%QoQ). This was largely on...

BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the recent past), (ii) BFL has recently won an order from Government of India in the defence domain (non-automotive) wherein BFL will start supplying components in a month's timeframe (quantum not disclosed); (iii) BFL will be acquiring land to the tune of ~70 hectares at Khed (Maharashtra, near Pune) at an outlay of ~| 240 crore (over the next two to three years) wherein they intend to construct two new plants in the domain of e-mobility and defence. (iv) BFL will be targeting an RoCE of ~20%; (v) US-class 8 truck...

BHFC's 4QFY21 result beat estimates on all fronts as Revenue/EBITDA/Adj. PAT came higher by 10%/23%/43% over PLe. This was led by i) 39% YoY growth in tonnage (due to strong traction in auto demand for both domestic/exports), ii) 7% YoY growth in realizations (better mix and RM inflation price through) and iii) cost control. Outlook for auto segment...

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 & defence, construction, mining, etc. Q4FY21 has witnessed a standalone revenue growth of 26.2%QoQ on the back of 43% growth in exports (US truck sales and Oil & Gas) and 9.6% growth in domestic revenues. Despite cost inflationary pressure, margin expanded by 680bps from Q3FY21, owing to superior product mix and cost control initiatives....