Harsha Engineers International Ltd(HARSHA)

NSE: HARSHABSE: 543600

₹ 407.1+0.75%refreshed 26 Oct, 01:13 pm ISTMarket cap: ₹ 3,706 crNext results: 3 Nov 2026Website: www.harshaengineers.comUpdated: 24 Oct 2026

About

Harsha Engineers International Ltd manufactures precision bearing cages, bronze bushings, and stamped components for bearing and industrial customers globally, and operates a Solar EPC & O&M business. In FY26 the company reported consolidated revenue of ₹1,626.79 cr, with Engineering & Others contributing 88.7% and Solar EPC the remaining 11.3%. Operations span India (Ahmedabad and Bhayla), China, and Romania.^[1][2][3]

Business segments

Engineering & Others generated ₹1,443.56 cr revenue (88.7% of consolidated) in FY26, with EBIT of ₹201.18 cr at a 13.9% EBIT margin.^[2]
Solar EPC and O&M contributed ₹183.23 cr revenue (11.3% of consolidated) in FY26, with EBIT of ₹14.07 cr at a 7.7% EBIT margin.^[2][3]

Products and product families

The engineering business manufactures bearing cages (brass and steel), bronze bushings, and stamped metal components for bearing OEMs and industrial customers.^[3][4]
Bronze bushing revenue reached ₹127 cr in FY26, up ~25% YoY, driven by design conversions in wind gearboxes from bearings to bushings.^[3]
Stamping segment revenue was ₹60 cr in FY26; new products under development include AC compressor components, railway parts, seals, and aerospace/defence stamping.^[5]
Large-size bearing cage revenue was ₹49 cr in FY26; 9M FY26 sales were ₹39 cr vs ₹31 cr in 9M FY25, a 25.8% increase.^[4][5]
258 new SKUs were developed in H1 FY26, with an 8,500+ SKU pipeline.^[6]

Operations and capacity

India Engineering operates from Ahmedabad; the greenfield Bhayla facility (Harsha Advantek) commenced production in Q1 FY26 for bushings, large-size cages, and stampings, with total capex expected to reach ~₹250 cr+ by end of FY26.^[6][4]
Harsha Advantek (Bhayla) ran at below 10% utilisation in Q1 FY26; at full utilisation the Phase-1 + Phase-2 combined plant is targeted to generate ₹300 - 400 cr revenue.^[6][5]
Harsha China posted ~₹120 cr revenue with EBITDA of ~11% in FY26; China brownfield expansion (~USD 9.94 mn, focused on steel cage capacity) has commenced, funded 70 - 80% by local debt.^[3][4]
Harsha Romania posted ~₹247 cr revenue in FY26 but reported negative EBITDA and ₹14 cr PAT loss; cage product mix is being increased from ~22% toward 30 - 35%.^[3]
India Engineering standalone EBITDA margin was 21.8% in FY26 and 24.2% in Q4 FY26; India Engineering EBITDA margin was 22.4% in Q1 FY27.^[3][5]

Key operating numbers

Consolidated engineering revenue grew 25.2% YoY in Q1 FY27; India Engineering grew 21% YoY and 6% QoQ in Q1 FY27.^[5]
Bushing revenue was ₹34 cr in Q1 FY27, up 34.7% YoY; stamping revenue was ₹19 cr in Q1 FY27, up 31% YoY.^[5]
Export revenue from India reached ₹139 cr in Q1 FY27, up 22% YoY and 11% QoQ; India exports grew ~17% YoY for full FY26.^[5][3]
Consolidated capex incurred was ₹37 cr in Q1 FY27 and ₹120 cr for full FY26.^[5][3]

Customers and distribution

Japan-based customer revenue reached ₹21 cr in Q1 FY27, up 27% YoY; full-year FY26 revenue from Japanese customers was ~₹72 cr.^[5]
US export shipments of cages picked up after US import tariffs on cages were reduced to zero, as noted in FY26.^[3]
Export growth is driven by outsourcing demand from global bearing customers and MNC customers manufacturing in India for export.^[5]

Expansion and capex

Harsha Advantek Phase-2 expansion at Bhayla has been announced, covering additional capacity for bushings, stampings, and large-size cages; FY27 total capex (India maintenance + Bhayla Phase-2 + China brownfield) is expected in the ₹50 - 80 cr range.^[5]
Combined FY27 - FY28 capex across all projects is expected at ₹180 - 200 cr over 1.5 - 2 years.^[5]
China brownfield expansion (steel cage capability, ~USD 9.94 mn) is on track for commissioning in Q3 FY28, with full revenue impact expected from FY29.^[5][4]

Recent developments

In Q1 FY27, Harsha Advantek reported ₹30 cr revenue (up 7% QoQ) but a PAT loss of ₹4.3 cr; management targets PAT positive status by end of FY27 at ₹140 cr+ annual revenue.^[5]
Combined foreign subsidiary (China + Romania) net loss was ₹3.3 cr in Q1 FY27, versus ₹9.3 cr for full FY26; China remained profitable at 12 - 14% EBITDA margin while Romania posted negative EBITDA.^[5][3]
A new CEO was installed at Romania in FY27 to address ongoing underperformance, with a targeted product mix shift toward higher-margin cage products.^[5]
In Q1 FY27, consolidated EBITDA margin fell to 15.9% from 18.1% in Q1 FY26, attributed to a 6 - 8% raw material cost increase (1 - 2 quarter pass-through lag), a ₹4 cr forex hedge settlement loss, and ~₹3 cr higher indirect material costs.^[5]
Aerospace and defence stamping components are under development with Tier-1/2 defence companies; no commercialisation timeline has been stated.^[5]

Market Cap

₹3,706 Cr

High / Low

₹484 / 311

Stock P/E

23.8

Price / Book

2.6

Book Value

₹154

EPS

₹17.1

No. of Shares

9.1 Cr

ROCE

14.3%

ROE

11.7%

OPM

13.9%

Debt / Equity

0.26

Sales

₹1,627 Cr

Net Profit

₹155 Cr

Promoter holding

75.0%

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Harsha Engineers International Ltd(HARSHA)

About

Business segments

Products and product families

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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