Shares of Bharat Forge remained volatile on Tuesday after the company reported a consolidated net loss of ₹90 crore for Q1FY27, compared with a profit of ₹284 crore in the year-ago period.The stock traded between ₹2,040.30 (down over 2 per cent) and ₹2,114.90 on the NSE. It had hit a 52-week high of ₹2,295 in the previous session.The Pune-based auto and industrial company said restructuring costs at its German subsidiary weighed heavily on the bottomline.Brokerages mixedJefferies retained its ‘accumulate’ rating with a target price of ₹2,500. It cut FY27-29 EPS estimates by 4-16 per cent on softer margins, some delay in execution of the gun order and higher capex, but expects a 30 per cent EPS CAGR over FY26-29, led by a rebound in exports and ramp-up of defence.Morgan Stanley retained its ‘overweight’ rating and raised its target to ₹2,469 from ₹2,233. It described the quarter as weak but said the issues were transitory, while highlighting improvement in defence margins and increased capex to capture upcoming manufacturing opportunities.Nomura retained its ‘neutral’ rating with a target price of ₹2,260, saying the Q1 results missed due to transient factors and that the stock is in the fair value zone. It expects a strong ramp-up in revenue led by the Class 8 truck upcycle, defence and aerospace.Goldman Sachs maintained a ‘neutral’ rating with a target of ₹2,120, citing manpower shortages and the US PMT plant shutdown as factors affecting profitability. It sees improving profitability and visibility in defence and other adjacent businesses.CLSA maintained a ‘hold’ rating with a target price of ₹2,106. It expects costs to be progressively passed through to customers, supporting gradual margin improvement towards a normalised 28 per cent level. CLSA also noted Bharat Forge’s guidance for 20-25 per cent standalone revenue growth in FY27, versus around 12 per cent growth in Q1FY27.InCred maintained its ‘hold’ rating with a target price of ₹2,103.Citi retained its ‘sell’ rating but raised its target to ₹1,210 from ₹1,060. It said Q1 results were slightly below estimates due to escalated input and energy costs, while noting a positive demand outlook.Domestic brokerages Motilal Oswal retained its ‘neutral’ rating with a target of ₹1,931. It cut its FY27 earnings estimate by 7 per cent due to margin pressure in Q1 and losses in US operations, while identifying defence, aerospace and JSA as key growth drivers.Published on August 11, 2026