Harsha Engineers International Limited has informed the Exchange about Transcript
HARSHA · price
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Harsha Engineers reported Q1 FY26 consolidated engineering revenue of INR349 crores, up from INR327 crores a year ago, with engineering EBITDA of INR65.2 crores versus INR62.4 crores in Q1 FY25. The new greenfield plant at Bhayla (Harsha Advantek) was commissioned in May 2025 but contributed only INR1.65 crores in sales and dragged the bottom line due to fixed overheads, depreciation and interest. Management reiterated FY26 guidance of low-teens growth for India engineering and high single-digit consolidated revenue growth, with better profitability versus FY25. They signed a long-term Bushing contract with peak annual sales of about INR117 crores (to ramp up over 2-3 years), and the Bushing segment is expected to grow around 30% this year. China operations are turning profitable, and combined Romania plus China losses are expected to be roughly half of FY25's ~INR17 crores.
Positives like the new Bushing order, improving European industrial demand, and better margins could support the stock, but the new greenfield plant is still loss-making and a major drag on near-term earnings, while US demand is softening and trade-related uncertainty persists. Investors should expect gradual margin improvement rather than a sharp jump in the next couple of quarters.