Harsha Engineers Q1 FY27 Earnings Call Transcript
HARSHA · price
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Q1 FY27 consolidated engineering revenue up 25% YoY at Rs 421 cr, EBITDA Rs 69.8 cr. Margins slipped to 16% from 18.7% due to 8% raw material cost rise with 1-2 quarter pass-through lag, Rs 4 cr FX hedge loss, and Rs 3 cr war-linked inflation. India Engineering grew 21%. Bushing sales Rs 34 cr up 35%, targeting 30% yearly growth. Stamping and large-size Cages also strong. Advantek targets Rs 140 cr plus revenue and PAT positive by FY27 end. Solar EPC Rs 36 cr. Guidance: high-teens India growth, low-to-medium teens consolidated. CapEx Rs 180-200 cr over 2 years.
Short-term margin pressure from raw material lag, but pass-through expected in 1-2 quarters. Strong growth visibility in India core with multi-year CapEx ramp-up at Bhayla and China.