2025-10-15 05:56:05 pm | Source: Motilal Oswal Financial Services Ltd
Neutral Bharat Forge Ltd for the Target Rs. 1,109 by Motilal Oswal Financial Services Ltd
* US demand has been tepid for both Class8 and non-auto. Defense ramp-up is likely to be stable QoQ. Pickup in domestic business likely to offset weakness in exports.
* Revenue to decline 7% YoY in 2Q.
* US tariffs on CVs and non-auto for India exports stand at 50% now. This impact is expected to be partially absorbed between vendors and OEMs.
* EBITDA margins to decline 280bp YoY to 25%.
* Standalone PAT is expected to decline 13% YoY in 2Q.
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