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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INOX INDIA LIMITED | 20,354 | 79.9 | 18.21 | 53.0 | 23.1 | 30.0 | — | 23.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 11 Aug 2026 · Q1FY2027 Analysts and Investors Call Audio Recording | investor communications | low | — | — |
| 11 Aug 2026 · Q1 FY27: Revenue up 25% YoY, margins compressed on raw material costs | investor communications | medium | — | — |
| 11 Aug 2026 · Harsha Engineers Q1 FY27: revenue up, margins under pressure | results | high | — | — |
| 11 Aug 2026 · Q1 FY27 Results: Revenue Up 25% Consolidated, Margins Slip | results | high | — | — |
| 10 Aug 2026 · Harsha Engineers to attend Equirus India Conference on Aug 14 | board shareholder meetings | low | — | — |
| 3 Aug 2026 · Harsha Engineers Q1FY27 earnings call scheduled for August 11 | board shareholder meetings | low | — | — |
| 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 |
| HBL ENGINEERING LTD |
| 19,890 |
| 21.5 |
| 8.99 |
| 17.0 |
| 36.8 |
| 45.3 |
| 29.4 |
| 26.2 |
| ESAB INDIA LTD | 9,101 | 41.0 | 21.20 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,581 | 27.5 | 3.68 | 13.0 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 4,268 | 27.0 | 2.17 | 12.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD ◆ | 4,060 | 26.3 | 2.90 | 15.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,802 | 24.7 | 5.05 | 20.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,686 | 30.7 | 4.16 | 22.6 | 12.4 | 15.2 | — | 16.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.3 | 17.3 | 21 of 29 | 29% |
| P/B | 2.9 | 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 | 4060 | 108 | 6 of 31 | 83% |
| 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 |
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.
