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Informist, Tuesday, Feb. 10, 2026

 

By Prateem Rohanekar

 

MUMBAI – Bharat Forge Ltd. is likely to post a healthy rise in its net profit for the December quarter, according to brokerages. The company's net sales are expected to see a healthy growth due to growth in its subsidiaries and the acquisition of American Axle & Manufacture India Manufacturing Corp. Pvt. Ltd., the brokerages said.

 

The company's consolidated net profit for the December quarter is expected at INR 3.40 billion, up nearly 60% on year, according to an average of estimates from four brokerages. The highest estimate for the company's net profit is INR 4.61 billion from Elara Securities (India) Pvt. Ltd. and the lowest estimate is INR 2.66 billion from Emkay Global Financial Services Ltd.

 

The manufacturer's net sales are expected at INR 40.82 billion, up over 17% on year. The highest estimate for the company's net sales is INR 41.93 billion from JM Financial Institutional Securities Pvt. Ltd. while the lowest estimate is INR 39.81 billion from Elara Securities.

 

An acquisition and growth in subsidiary's revenue are expected to drive the manufacturer's net sales, according to brokerages. Bharat Forge acquired AAM India Manufacturing Corp. Pvt. Ltd. in July 2025. The manufacturer's top line is likely to be driven by this deal and growth in subsidiaries according to Nuvama Wealth Management Ltd. ICICI Securities also expressed confidence in the growth of revenues from the company's overseas subsidiaries. Bharat Forge Kilsta, Bharat Forge CDP, and BF Aluminiumtechnik are the company's current Europe-based forging units.

 

Motilal Oswal Financial Services Ltd. sees domestic commercial vehicle and passenger vehicle revenues reviving in the December quarter, along with a ramp up of the defence business. ICICI Securities Ltd. and HDFC Securities Ltd. have a similar outlook.

 

The company's earnings before tax, interest, tax, depreciation, and amortisation are estimated at INR 7.29 billion for the December quarter, up over 14% on year. The highest estimate for the company's EBITDA was INR 7.48 billion from JM Financial and the lowest estimate was INR 7.14 billion from Nuvama. Motilal Oswal and HDFC Securities agree on EBITDA growth due to foreign exchange tailwinds.

 

Tuesday, shares of the company ended at INR 1,603.70 on the National Stock Exchange, up marginally. The shares have risen over 14% since the last quarter's earnings were announced.

 

The company will announce its December quarter earnings Thursday.

 

Out of the 10 brokerage reports on the company available with Informist, six have a ‘buy' or equivalent recommendation on the stock with an average target price of INR 1,532 per share. This is over 4% lower than the current market price. Four brokerages have a 'hold' recommendation with an average target price of INR 1,442 per share.

 

Following are the December quarter earnings estimates for Bharat Forge Ltd. from four brokerages in descending order of the estimate of net profit in INR billion:

 

Respondents	Net Sales	Net Profit	EBITDA
Elara Securities (India) Pvt. Ltd.	39.81	4.61	7.22
JM Financial Institutional Securities Pvt. Ltd.	41.93	3.22	7.48
Nuvama Wealth Management Ltd.	40.98	3.11	7.14
Emkay Global Financial Services Ltd.	40.54	2.66	7.32
Average	40.82	3.40	7.29

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Akul Nishant Akhoury

 

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