06-Nov-2026 08:06:06
BHARATFORGGeneral news
UBS on Bharat Forge ; Sell, TP Rs 1510
Q2FY27 adjusted consolidated EBITDA grew 9% YoY and was 5% ahead of UBSe. EBITDA growth lagged revenue growth of 21% as margins contracted 180bps, reflecting commodity inflation and a lag in cost recoveries from customers. Management expects H2 to be stronger than H1, retaining its 20-25% revenue growth guidance for India manufacturing, with EBITDA growth expected to track or slightly outpace revenue growth as customer recoveries kick in Co also received long-awaited Bulk Production Clearance for ATAGS, with production ramp-up ahead of revenue recognition from Q1FY28 Defence order book stands at Rs106-110bn, including ATAGS, with management expecting strong order-book accretion in H2.
BHARAT FORGE LTD