Bharat Forge: Bull vs. Bear - Analysts Split on 24% Gain or 46% Downside

• Bharat Forge shares rose 3% after Q3 results, driven by strong domestic auto and defense order execution.
• Jefferies upgraded to 'Buy' with a ₹2,150 target (24% upside), citing improved Q3 EBITDA and an optimistic operational outlook.
• Citi maintained 'Sell' with a ₹930 target (46% downside), due to weaker export revenues and high valuations.
• Management expects 30-40% YoY growth in defense by FY27 and 18-20% medium-term growth, with Q4 and FY27 looking strong.
• Order inflows reached ₹23.9 billion, including a significant ₹18.8 billion defense order, with aerospace also showing traction.