Global brokerage JPMorgan has downgraded Bharat Forge from Overweight to Neutral, citing persistent challenges in the company’s end markets and a lack of forward-looking clarity. The firm has also cut its target price to ₹1,145 from ₹1,190, indicating a more cautious stance on the stock’s upside potential.
In its note, JPMorgan pointed out that the outlook for Bharat Forge’s key end markets remains challenging, especially on the export front. Notably, the management has not provided any formal guidance for FY26 exports, adding to investor uncertainty.
Reflecting the softer market conditions, JPMorgan has revised its FY26 and FY27 EBITDA estimates down by 11% and 3%, respectively.
The downgrade comes amid growing concerns over demand visibility in global markets, even as the company continues to focus on diversification and defence-linked opportunities.
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