ICICI Securities maintains buy on Bharat Forge with ₹2,150 target
ICICI Securities is sticking with its buy call on Bharat Forge, setting a target price of ₹2,150.
Even though the company's profits have felt a bit of pressure from inflation, the brokerage still sees strong potential ahead.
Bharat Forge is branching out into defense, semiconductors, and aerospace to drive growth and expects recovery in Class-8 truck demand and healthy momentum in the domestic CV segment to support growth.
Bharat Forge ramps capacity after orders
Management is ramping up capacity thanks to some order wins; good news for future growth.
ICICI Securities did mention that improving overseas profits and delivering on defense contracts will be important challenges.
While higher taxes are expected to dent earnings per share more than before, the long-term outlook stays positive, and the buy recommendation stands.