Bharat Forge hits 52-week high as Nomura finds stock attractively valued

Nomura said the defence vertical of Bharat Forge continues to grow with more orders. The foreign brokerage firm finds the stock attractive keeping in mind the 31 percent compounded annual growth in Earnings Per Share over FY24-26.

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Bharat Forge shares scaled a 52-week high on August 29 after Nomura said the stock was trading at an attractive valuation of 15 times the FY25 enterprise value / earnings before interest, tax, depreciation and amortisation.

The foreign brokerage firm finds the stock attractive keeping in mind the 31 percent compounded annual growth in earnings per share over FY24-26.

At 9:23am, shares of the company were trading 0.7 percent higher at Rs 1,056.2 on the BSE. The stock hit the 52-week high at Rs 1,061.85.

Nomura has a ‘buy’ rating on shares of Bharat Forge with a target price of Rs 1,157.

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The brokerage firm highlighted that the defence vertical continues to grow with more orders. Estimated defence order book is expected to rise to Rs 3,300-3,400 crore, it said.

The management has stated that the defence order book will be executed over two years. Moreover, the brokerage firm noted that the company recently reported export order wins of Rs 850 crore.

Kalyani Strategic Systems, a wholly owned defence subsidiary of Bharat Forge, bagged two export orders aggregating to about Rs 850 crore from “friendly countries” for the supply of components and armoured vehicle chassis over 18 months.

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