Bharat Forge shares surge 5% amid Indian Army order buzz; analysts see bullish momentum

Shares of Bharat Forge Ltd (BFL) jumped 4.58 per cent to close at Rs 1,300.55 on Thursday after reports of a potential Rs 2,770 crore order win from the Indian Army. The exchanges had sought clarification from the company regarding the reports.

In its response, the private defence player said, "BFL had bid for Indian Army's Close Quarters Battle Carbine (CQB Carbine) requirement for supply of 4,25,000 (quantity) CQB Carbines. The bid was submitted by BFL for this Program in March 2023. After rigorous trials by the Indian Army, the commercial bids were open in July 2025. For this Program, BFL has been qualified as L1 bidder for supply of 60 per cent of total order."

The company added, "At present, the contract finalization process is underway with the Ministry of Defence and the contract is not signed as on date. The Indian Army during its press conference held on October 22, 2025 has referred to the above Program and briefed on the developments made so far."

It further stated, "The Company will inform the Stock Exchange(s) as and when the definitive agreement is signed, subject to materiality thresholds as prescribed under Regulation 30(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015."

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said, "Investors with a long-term view can continue to hold on to the stock, given the kind of the company's diversification in the defence sector. The counter is well positioned for long-term growth."

From a technical standpoint, Bharat Forge shows bullish signs on daily charts, with key resistance around Rs 1,320–1,340 and support near Rs 1,200–1,265. A breakout could push the stock toward Rs 1,362–1,560 in the near to short-medium term.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, stated, "Bharat Forge has seen a notable rise in value, backed by strong trading volumes, indicating a breakout pattern on daily charts. However, the Rs 1,320–1,340 range has historically limited bullish momentum. A clear breakout above this level could trigger renewed upward movement in the near term. The next potential target or resistance is around Rs 1,560, while Rs 1,200 is expected to serve as a key support."

Sebi-registered analyst AR Ramachandran noted, "Bharat Forge appears bullish on daily charts, with strong support at Rs 1,265. A daily close above Rs 1,308 could push the stock toward Rs 1,362 in the near term."