Earning Call Transcript Q4FY2026
HARSHA · price
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Harsha Engineers reported strong FY2026 results with consolidated Engineering revenue of INR1,444 crore (up 14% YoY) and EBITDA of INR264 crore. The Solar business delivered INR183 crore revenue with PAT of INR10.2 crore. Key growth segments showed robust performance: Bushing business grew 25% to INR127 crore, Large-size cages grew 14% to INR49 crore, and Japan customer revenue reached INR73 crore. The company guided for double-digit revenue growth in FY27 with mid-teens growth in India Engineering business. Management expects margin improvement of 100-200 basis points over 2-3 years at consolidated level. The new Advantek facility showed positive EBITDA of INR4 crore but reported a combined loss of INR11.4 crore due to high depreciation and interest costs. China subsidiary is profitable (INR5 crore PAT on INR120 crore revenue) while Romania continues to report losses (INR14 crore loss on INR247 crore revenue). The company outlined capex plans including INR30-40 crore maintenance capex, INR70 crore for China brownfield expansion in FY27, and potential Phase 2 expansion at Advantek.
The earnings call indicates stable operational performance with management confident in maintaining and improving margins. The Advantek ramp-up and China expansion should drive growth, though Romania remains a drag on consolidated profitability. The company has a robust pipeline of 8,000+ SKUs supporting long-term growth visibility.