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livemint.com / 2 months ago
livemint.com / 2 months ago
What’s fuelling the Bharat Forge stock rally, and will it continue?
Bharat Forge Ltd stock hit an all-time high of ₹1,935.50 on Friday. It’s up 24% so far in 2026, making it the best performer in the Nifty Auto index. Ashok Leyland Ltd is a distant second, up 4%.
The auto index itself is down 8% over this period.Both stocks are a play on the commercial vehicle (CV) upcycle in India, so what explains Bharat Forge’s solid beat? The stock’s recent rally began after the Indo-US trade deal announced on 2 February slashed US tariffs on Indian imports from 50% to 18%. It could drop further to a maximum of 15%, and that too for 150 days at most, following the US Supreme Court’s annulment of some of the Trump administration’s tariffs.The tariff reduction brings huge relief to Bharat Forge, which took a ₹69 crore hit to its earnings because of tariff absorption in the nine months to December (9MFY26) when its profit before tax was ₹1,211 crore. Sales volumes also suffered owing to inventory destocking in the US's CV industry over tariff uncertainty.
Consequently, Bharat Forge’s 9MFY26 export revenue declined 28% year-on-year to ₹1,809 crore in the American continent.The outlook for the CV industry in North America has improved, signaling better days ahead for Bharat Forge’s exports. The industry’s barometer in North America is class 8 trucks, commonly known in India as heavy commercial trucks. Preliminary data from FTR Intelligence showed North America’s net orders of class 8 trucks jumped to 47,200 units in February, substantially higher than the month’s 10-year average of 24,991 units.
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markets
Digital
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21.05 / 09:47
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