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Bharat Forge: Motilal Oswal Stays 'Neutral' Citing Rich Valuation Despite Strong Defense Order Book
Bharat Forge's valuations appear stretched at 54x FY26E and 38x FY27E EPS, prompting the brokerage to maintain its Neutral stance.
09 Dec 2025, 10:47 AM IST 
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Defense is likely to evolve as a long-term sustainable growth story as Bharat Forge has developed capabilities across multiple platforms like ATAGs and carbines and across military and naval applications.
(Photo source: Company website)
While Q3 is likely to be similar to Q2, the brokerage expect the demand environment to start improving from Q4 onward. Motilal Oswal factors in Bharat Forge to post a CAGR of 11%/14%/28% in revenue/Ebitda/PAT over FY25-28E.
