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Bharat Forge Q2 Review — ICICI Securities Ups Target Price On Strong Defence Ramp-Up, Improved Outlook
ICICI Securities maintains 'Add' rating while raises Bharat Forge EPS estimates by up to 13% on margin gains.
12 Nov 2025, 01:45 PM IST 
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Bharat Forge’s defence order book swells to Rs 94,700 crore; new wins boost visibility.
(Photo source NDTV Profit/ Bharat Forge Defence and Aerospace and Aero India Show Medium range surface to air missile launcher DRDO 200219)
Bharat Forge’s standalone net sales stood at Rs 19.5 billion (-13% YoY/-7.5% QoQ); 5% below brokerage’s estimate. Total tonnage stood at ~56.5kt (-12% YoY/-9% QoQ). Realisation was -2% YoY/+1% QoQ. Reported standalone Ebitda margin was 28.3% (+50bps YoY/+110bps QoQ), 200bps above brokerage’s estimate led by favourable mix (value-added biz.) and astute cost controls.
