Nomura has reiterated its “neutral” rating on Bharat Forge, projecting a 14.2% upside from its current market price of ₹1,327.25 with a target of ₹1,515. While the company’s Q2 performance was in line with estimates, Nomura highlighted rising risks due to slower growth in the European market.
Despite near-term cyclical challenges, the brokerage remains optimistic about Bharat Forge’s long-term potential, driven by strong order inflows in the domestic defense segment. However, concerns over European market weakness could weigh on the company’s short-term performance.
Nomura continues to monitor the balance between Bharat Forge’s strong structural opportunities in defense and the cyclical risks in exports.
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