Will Bharat Forge rally sustain?

Markets get bloody nose as West Asia war hits oil supply

- Manish Joshi

Bharat Forge Ltd stock hit an all-time high of ₹1,935.50 on Friday. It’s up almost 27% 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 to 50% to 18%. It could drop further to a maximum of 5%, and that too for 150 days at most, following the US Supreme Court’s annulment of some of the Trump administration’s tariffs.