Bharat Forge shares gain 3% after 159% surge in North American Class 8 truck orders

Shares of Bharat Forge Ltd. gained 3% in early trade on Thursday, March 5, as North America’s Class 8 truck preliminary net orders in February surged to 47,200 units, up 47% from the previous month and 159% from the year-ago period, as per data by FTR Intelligence.The overall figure is the highest since since September 2022 and the third consecutive month where overall orders have grown by 20% of more compared to the corresponding period last year. The figure was also well above the 10-year February average of 24,991 units.

North America’s Class 8 truck market is a key indicator of fleet confidence and freight demand. Also, Bharat Forge’s largest exports are to North America, especially in the commercial and industrial vehicle segments.
As per the February data, the on-highway market made up for the bulk of the increase – both on-highway and vocational markets contributed significantly to the monthly and annual growth in orders.The orders have totaled to 2,58,466 units over the last 12 months, as per the data. The 2026 order season (September 2025-February 2026) reported a 4% growth from the previous year, a notable improvement from the double-digit declines earlier in the cycle.
“February’s very solid annual increase in net orders extended the firmer tone that has been building since late last year,” Dan Moyer, senior analyst, commercial vehicles, at FTR said.While a portion of the demand still reflects previously deferred replacement purchases re-entering the market, the consistency and breadth of recent order activity suggest momentum is now being driven more meaningfully by improving freight fundamentals, Moyer added.

The steady narrowing of the annual deficit in recent months and strengthening freight conditions suggest that the market is not only stabilising, but also transitioning into the early stages of a cyclical recovery.

Meanwhile, risks persist, including the durability of the freight recovery, still-high financing costs, the potential for tariff or regulatory shifts, and – especially – geopolitical risks such as the ongoing Iran-Israel war in the Middle East.

“Freight volumes and utilization are trending higher, and FTR’s rate forecasts have strengthened. Also, improved clarity around tariff-adjusted pricing and EPA 2027 Nitrogen Oxide (NOx) regulations is reducing policy-related hesitation and giving fleets greater confidence to advance capital plans. Order patterns increasingly suggest a structured replacement cycle and forward-looking fleet planning rather than short-term catch-up buying, underscoring healthier underlying demand,” Moyer’s remarks read further.

Shares of Bharat Forge were up 3.2% at ₹1,900 apiece in early trade on Thursday.

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