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Motilal Oswal Report
Bharat Forge Ltd.'s Q1 FY25 standalone performance was in line with our estimates. Revenue growth was largely driven by defense business even as most of its other segments saw weak demand. Overseas subsidiaries are showing signs of gradual improvements.
We have reduced our FY25E earnings per share estimate by 10% to factor in demand weakness in domestic/export commercial vehicles and overseas subsidiaries.
We believe most of the positives are factored in the current valuation of 46 times /34 times FY25E/FY26E earnings per share.
We maintain Neutral with a target price of Rs 1,470 (based on 28 times June-26E consolidated EPS).
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