Harsha Engineers International Limited has informed the Exchange about Transcript
HARSHA · price
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Harsha Engineers reported engineering segment FY25 revenue of INR1,269 crores (vs INR1,227 crores in FY24) and adjusted EBITDA of INR227 crores (vs INR198 crores), with margins improving on better product mix, price pass-through lag, and cost control. Q4 engineering revenue stood at INR330 crores with adjusted EBITDA of INR66 crores. The company took one-time hits of INR95 crore impairment on its Romania subsidiary investment and INR20 crore bad debt write-off in its solar division (which reported an EBITDA loss of INR14 crores on INR139 crores revenue). Management guided for India Engineering growth in low teens and consolidated revenue growth in higher single digits with much stronger bottom-line growth in FY26, driven by a 30%+ growth outlook for the bronze bushing business (FY25 revenue INR102 crores). Capex of INR209 crores was incurred during the year and working capital cycle improved to 126 days from 142 days.
Adjusted earnings show genuine improvement in core India engineering business, but headline FY25 numbers are clouded by one-off Romania and solar write-offs. The FY26 guidance for double-digit India growth, stronger bottom-line expansion, and bushing tailwinds is positive, though Romania remains a key overhang with an overhaul plan still being finalised.