NSE: HARSHA · BSE: 543600
HARSHA ENGINEERS INT LTD
Manufactures precision-engineered bearing cages in steel, brass, and polyamide for global bearing makers, with operations spanning India, Romania and China. The Engineering & Others segment accounted for 88.7% of FY26 segment revenue at INR 1,443.56 crore, with segment EBIT of INR 201.18 crore, selling bushings, large-size cages, stamping for AC compressors and white goods, and products for a Japan-based customer. The wholly-owned Advantek subsidiary produces bushings and stamping, with a Phase 2 investment of approximately INR 110 crore to add capacity within 18 months. The Solar-EPC and O&M segment delivered INR 183.23 crore (11.3% of segment revenue) with EBIT of INR 14.07 crore and PAT of INR 10.2 crore. Materials are 53.8% of revenue and employee costs 13.2%, against FY26 consolidated revenue of INR 1,626.79 crore and an EBITDA margin of 17.1%. India Engineering is guided to mid-teens revenue growth in FY27, with a China brownfield steel-cage expansion of INR 70 crore in FY27 and INR 20 crore in FY28 targeted for H2 FY28 commissioning. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Engineering & Others (89%), Solar-EPC and O&M (11%). Precision engineering, asset-heavy, exposed to cyclical industrial, automotive and wind end-markets.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,364 | 1,392 | 1,408 | 1,627 |
| EBITDA (ex other income) | 189 | 171 | 147 | 240 |
| margin % | 13.9 | 12.3 | 10.5 | 14.7 |
| Owners' profit | 123 | 111 | 89 | 155 |
| EPS, as reported (₹) | 14.59 | 12.24 | 9.81 | 17.05 |
| ROE % · ROCE % | 11.5 · 16.6 | 9.5 · 13.4 | 7.1 · 10.5 | 11.1 · 14.2 |
| Debt / equity (x) | 0.17 | 0.15 | 0.16 | 0.26 |
| Cash from operations | 133 | 136 | 206 | 68 |
| Capex | (76) | (75) | (209) | (120) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 353 | 339 | 373 | 365 | 378 | 409 | 474 | 457 |
| Profit before tax | 41 | 37 | 7 | 53 | 50 | 47 | 65 | 53 |
| Net profit | 29 | 27 | (2) | 38 | 36 | 34 | 47 | 37 |
| EPS (₹) | 3.18 | 2.93 | (0.26) | 4.17 | 4.00 | 3.69 | 5.19 | 4.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Engineering & Others | 1,444 | 88.7 |
| Solar-EPC and O&M | 167 | 10.3 |
| Solar EPC & O & M | 16 | 1.0 |
| Total, before eliminations | 1,627 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 21,784 | 23.6 | 9.84 | 18.7 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,363 | 68.1 | 15.54 | 45.3 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,087 | 36.5 | 18.83 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,039 | 24.3 | 3.25 | 11.4 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 3,819 | 24.1 | 1.94 | 10.9 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD ◆ | 3,780 | 24.4 | 2.70 | 14.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,389 | 21.1 | 4.31 | 17.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,512 | 27.5 | 3.73 | 20.2 | 12.4 | 15.2 | — | 16.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.4 | 18.4 | 21 of 27 | 23% |
| P/B | 2.7 | 2.5 | 13 of 24 | 48% |
| ROCE | 13.2 | 12.3 | 12 of 31 | 63% |
| ROE | 11.1 | 10.3 | 11 of 24 | 57% |
| Debt / Equity | 0.3 | 0.2 | 16 of 24 | 35% |
| EBITDA margin | 15.9 | 10.8 | 9 of 23 | 64% |
| Revenue growth | 25.2 | (5.5) | 5 of 23 | 82% |
| Profit growth | (1.4) | (5.0) | 11 of 23 | 55% |
| Market cap | 3780 | 102 | 6 of 31 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Harsha Engineers to discuss Q2 FY27 results on November 4 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on Nov 3, 2026 to approve Q2 FY26-27 results | results | low | — | — |
| 6 Oct 2026 · Routine compliance certificate for Q2 FY27 share dematerialisation | compliance | minimal | — | — |
| 26 Sept 2026 · Harsha Engineers grants 4,28,000 ESOPs at Rs 370 under ESOP 2026 | capital market events | medium | — | — |
| 25 Sept 2026 · Harsha Engineers schedules investor and analyst meet on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 20 Aug 2026 · Senior General Manager (Brass SBU) Lokesh Miglani resigns | management changes | high | — | — |
| 20 Aug 2026 · Harsha Engineers: Brass SBU Head Lokesh Miglani resigns | management changes | medium | — | — |
| 17 Aug 2026 · Harsha Engineers Q1 FY27 Earnings Call Transcript | investor communications | medium | — | — |
| 12 Aug 2026 · Newspaper Publication of Q1 FY27 Unaudited Financial Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.