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Harsha Engineers Targets Rs 140 Cr+ from Advantek in FY27; Q1 Consolidated Sales Up 25% YoY
In its Q1 FY27 earnings call, Harsha Engineers reported 25% YoY consolidated revenue growth, supported by a 22% increase in India engineering exports to Rs 139 crore. Subsidiary Harsha Advantek (Bhayla plant) achieved Rs 30 crore sales in Q1 and is targeted to reach over Rs 140 crore in FY27 (vs Rs 43 crore in FY26) with expected PAT breakeven by year-end. Near-term margins faced temporary headwinds from an 8% increase in raw material costs pending quarterly pass-through, alongside Rs 4 crore in FX hedge losses and Rs 3 crore in inflationary costs. Management maintained long-term targets of scaling the Bhayla facility to Rs 300-400 crore in annual revenue across combined phases.
Confidence: HIGH
What changedManagement provided detailed Q1 FY27 operational commentary, outlining product vertical growth targets and the ramp-up timeline for the Bhayla plant and China subsidiary.
Why it mattersThe ramp-up of the Bhayla facility and turnaround of loss-making subsidiaries are central to improving operating leverage and expanding consolidated ROCE beyond its current 17.0% level.
Advantek FY27 Revenue Target: Rs. 140 crores plusBhayla 3-Year Targeted Revenue: Rs. 300 crores to Rs. 400 croresQ1 India Exports: Rs. 139 croresQ1 Bushing Sales: Rs. 34 croresQ1 FX Accounting Loss: Rs. 4 crores
📅 Short termMargins may remain slightly compressed until raw material cost pass-throughs fully reflect over the next 1-2 quarters.
📈 Long termStructural capacity additions in high-value cages, stampings, and bushings at Bhayla and China support sustainable double-digit growth and operating margin expansion.
⚠ Risk flags
- Lag in raw material cost pass-through impacting near-term gross margins
- Suboptimal initial capacity utilization at Bhayla causing temporary overhead underabsorption
- Customer and segment concentration risks across key MNC bearing manufacturers
Key Highlights
Consolidated revenue grew 25% YoY in Q1 FY27, with India Engineering exports expanding 22% YoY to Rs 139 crore.
Harsha Advantek revenue targeted to exceed Rs 140 crore in FY27 (up from Rs 43 crore in FY26) and turn PAT positive by year-end.
Bushing sales rose 35% YoY to Rs 34 crore in Q1, with management targeting ~30% growth for the full year.
Bhayla multi-phase expansion is targeted to generate Rs 300 to Rs 400 crore in annual revenue by year three.
Margins absorbed temporary pressure from an 8% raw material cost rise (with 1-2 quarter pass-through lag) and Rs 4 crore FX loss.
👀 What to Watch
Track margin recovery in Q2/Q3 FY27 as raw material cost increases are passed through, and monitor quarterly revenue ramp-up at Harsha Advantek toward its Rs 140 crore FY27 target.
25.2% YoY Revenue Growth in Q1 FY27; Margin Pressure from RM Costs and Forex
Harsha Engineers reported a 25.2% YoY increase in consolidated revenue to ₹457.43 Cr for Q1 FY27, driven by strong domestic demand and recovery in Europe. However, consolidated engineering PAT dipped to ₹35.28 Cr (from ₹37.26 Cr YoY) as margins were squeezed by a 6-8% rise in raw material costs and a ₹4 Cr forex loss. The company's growth verticals, Bushings and Stampings, showed robust growth of 34.7% and 31% respectively. Management expects the Advantek subsidiary to turn PAT positive for the full year despite a ₹4.3 Cr loss this quarter.
Confidence: HIGH
What changedThe company has transitioned into FY27 with strong top-line momentum but faced temporary margin headwinds from input costs and one-off forex losses.
Why it mattersThe results validate the growth strategy in new verticals like Bushings and Stampings, which are scaling rapidly, but highlight the ongoing challenge of stabilizing overseas subsidiaries and managing cost volatility.
Q1 FY27 Revenue: ₹457.43 CrRevenue Growth (YoY): 25.2%Bushings Revenue: ₹34 CrForex Loss: ₹4 CrRM Cost Increase: 6% to 8%Q1 Revenue vs TTM Revenue: 29.7%
📅 Short termThe stock may see neutral to slightly cautious sentiment due to the margin compression and subsidiary losses, despite the strong revenue growth.
📈 Long termStructural growth remains supported by the scaling of high-margin precision components and the upcoming China capacity expansion in FY28.
⚠ Risk flags
- Raw material price volatility
- Continued underperformance of Romania subsidiary
- Forex fluctuation risks
Key Highlights
Consolidated revenue grew 25.2% YoY to ₹457.43 Cr, representing ~30% of TTM revenue in a single quarter.
Bushings vertical revenue reached ₹34 Cr, growing 34.7% YoY and on track for 30% annual growth.
Raw material costs increased by 6-8% during the quarter, leading to EBITDA margin compression in India Engineering to 22.4%.
Harsha Advantek reported a PAT loss of ₹4.3 Cr on revenue of ₹30 Cr, though management targets full-year profitability.
China brownfield expansion project is on track for commissioning in Q3 FY2028.
👀 What to Watch
Watch for the successful pass-through of raw material costs in Q2 and Q3 FY27 to restore margins, and monitor the turnaround progress of the Romania subsidiary which remains a drag on consolidated performance.
25% Revenue Growth in Q1 FY27; Consolidated PAT Flat at ₹37.4 Cr
Harsha Engineers reported a strong 25.2% YoY increase in consolidated revenue to ₹457.43 Cr for Q1 FY27, driven by the core Engineering segment. However, Consolidated PAT remained nearly flat at ₹37.38 Cr compared to ₹37.93 Cr in Q1 FY26, as higher finance costs and depreciation offset top-line gains. The Engineering segment remains the primary profit driver with an EBITDA of ₹69.79 Cr, while the Solar-EPC segment saw revenue more than double to ₹36.35 Cr, albeit on a small base.
Confidence: HIGH
What changedThe company has delivered strong volume-led revenue growth in its first quarter of FY27, though profitability was constrained by rising operational and interest expenses.
Why it mattersWhile the core bearing cage business is scaling, the flat bottom-line despite 25% revenue growth indicates temporary margin pressure, likely from the ramp-up of new capacities like the Bhayla plant.
Consolidated Revenue (Q1 FY27): ₹457.43 CrConsolidated PAT (Q1 FY27): ₹37.38 CrRevenue vs TTM Revenue: 29.7%Finance Costs (Q1 FY27): ₹5.83 CrEngineering Segment EBITDA: ₹69.79 Cr
📅 Short termThe stock may see neutral movement as the market weighs strong top-line growth against compressed margins and flat net profit.
📈 Long termLong-term prospects depend on the successful turnaround of the European subsidiary and reaching breakeven at the Bhayla plant, which is expected within a year of commissioning.
⚠ Risk flags
- Significant increase in finance costs (up 127% YoY)
- Margin contraction in the core Engineering segment
- High client concentration risk as noted in previous filings
Key Highlights
Consolidated Revenue from Operations grew 25.2% YoY to ₹457.43 Cr.
Engineering & Others segment revenue increased 20.7% YoY to ₹421.08 Cr.
Finance costs surged 127% YoY to ₹5.83 Cr from ₹2.57 Cr in the previous year's quarter.
Consolidated EBITDA margin contracted to 15.9% from 18.1% in Q1 FY26.
Solar-EPC and O&M revenue jumped to ₹36.35 Cr from ₹16.46 Cr YoY.
👀 What to Watch
Monitor the utilization levels at the new Bhayla plant and the profitability of European subsidiaries, which have historically impacted margins. Investors should also watch for stabilization in finance costs following recent expansions.
Harsha Engineers Announces ₹1.5 Dividend and Outlines TDS Procedures for FY 2025-26
Harsha Engineers International Limited has recommended a dividend of ₹1.5 per equity share (15% of face value) for the financial year ended March 31, 2026. The company has issued a detailed tax communication to shareholders regarding the Tax Deducted at Source (TDS) requirements. Resident individuals will be subject to 10% TDS if the dividend exceeds ₹10,000, while non-residents will be taxed at 20% or applicable treaty rates. Shareholders are required to submit relevant tax documents by June 20, 2026, to ensure appropriate tax withholding.
Key Highlights
Recommended dividend of ₹1.5 per equity share (15%) for the financial year 2025-26.
TDS of 10% applicable for resident shareholders with valid PAN; 20% if PAN is missing or inoperative.
No TDS for resident individuals if the total dividend paid during the tax year does not exceed ₹10,000.
Non-resident shareholders taxed at 20% plus surcharge, with the option to claim lower DTAA rates upon submission of documents.
The deadline for submitting tax exemption forms and residency certificates is June 20, 2026.
👀 What to Watch
Shareholders should ensure their PAN is linked with Aadhaar and submit necessary tax forms like 15G/15H by June 20 to avoid higher tax deductions. Non-resident investors should provide a Tax Residency Certificate to avail of beneficial treaty rates.
Harsha Engineers to Invest ₹110 Crore for Capacity Expansion in Ahmedabad Plant
Harsha Engineers International's subsidiary, Harsha Advantek, is undertaking a Phase 2 strategic investment of ₹110 crores to expand its manufacturing capabilities in Gujarat. The project aims to add 12 million pieces of capacity for bushing and stamping products to the existing 38 million pieces. The expansion is scheduled for completion within 18 months and will be funded through a mix of capital contribution and term loans. This move is designed to drive revenue growth and capitalize on emerging market opportunities in specialized components.
Key Highlights
Strategic capital investment of approximately ₹110 crores in the Ahmedabad facility
Proposed capacity addition of 12 million pieces for bushings, cages, and stamping products
Project execution timeline set for completion within 18 months
Current capacity utilization stands at 54% on an annualized basis
Financing to be managed through a combination of capital contribution and term loans
👀 What to Watch
Investors should view this as a positive long-term growth signal, though they should monitor the company's ability to improve the current 54% utilization rate as new capacity comes online. Watch for updates on the execution of the 18-month timeline and the impact on the company's debt-to-equity ratio due to the term loan financing.
Harsha Engineers FY26: India Engineering Revenue Up 14%, Bushings Grow 25% to ₹127 Cr
Harsha Engineers reported a solid performance for FY26, with consolidated Engineering revenue reaching ₹1,444 crores, up from ₹1,269 crores in the previous year. The India Engineering segment maintained a strong operating EBITDA margin of 22%, while the Bushing vertical grew 25% to ₹127 crores. Despite a combined loss of ₹9 crores from foreign subsidiaries and a ₹11.4 crore loss at the new Advantek unit due to high depreciation, the company expects double-digit growth in FY27. Management is optimistic about the US market following the reduction of import tariffs on cages to zero.
Key Highlights
India Engineering business grew 14% YoY in FY26 with a robust operating EBITDA margin of 22%.
Bushing segment revenue reached ₹127 crores, marking 25% growth, with a FY27 target of 25-30% growth.
Solar business revenue stood at ₹183 crores for FY26 with PAT doubling to ₹10.2 crores YoY.
Exports from India grew 17% in FY26, supported by zero US import tariffs and increased global demand.
Advantek unit is expected to triple its sales in FY27 as capacity utilization improves from current low levels.
👀 What to Watch
Investors should focus on the scaling of the Advantek facility and the potential turnaround of the Romania subsidiary as key margin drivers for FY27. The company's strong position in the global bearing cage market and growth in the bushing segment make it a compelling industrial play.
Harsha Engineers Q4 FY26 PAT Rises 15.8% YoY to ₹47.2 Cr; Revenue Up 27.1%
Harsha Engineers International Limited (HEIL) delivered a strong performance in Q4 FY26, with consolidated revenue growing 27.1% YoY to ₹473.91 crore. The core India Engineering business maintained robust EBITDA margins of 24.2% for the quarter. While foreign subsidiaries still reported a combined net loss of ₹9.3 crore for the full year, this is a notable improvement from the ₹14 crore loss in FY25. The solar segment also showed significant momentum, contributing ₹183.23 crore to the annual revenue with a PAT of ₹10 crore.
Key Highlights
Consolidated Q4 FY26 revenue grew 27.1% YoY to ₹473.91 crore, while full-year revenue rose 15.6% to ₹1,626.79 crore.
Consolidated PAT for FY26 stood at ₹155.20 crore, up from ₹89.31 crore in FY25 (which included exceptional items).
India Engineering Business EBITDA margins remained strong at 24.2% for Q4 FY26 and 21.8% for the full year.
Solar business revenue grew to ₹183.23 crore in FY26 with a PAT of ₹10 crore, reflecting strong sector tailwinds.
China Brownfield expansion project has commenced and is expected to be fully operational by H2 FY2028.
👀 What to Watch
Investors should monitor the turnaround progress of the Romanian subsidiary and the execution of the China expansion. The stock remains a solid play on industrial demand recovery and the growing renewable energy infrastructure in India.
Harsha Engineers Recommends ₹1.5 Dividend, Sets July 9 Record Date, and Approves New ESOP Plan
Harsha Engineers International Limited has recommended a final dividend of ₹1.5 per equity share (15% of face value) for the financial year ended March 31, 2026. The company has fixed July 9, 2026, as the record date for dividend eligibility and the upcoming 16th Annual General Meeting. Additionally, the board approved a new 'ESOP 2026' scheme involving 18 lakh shares to incentivize employees. The company is also proposing a change in statutory auditors to M/s Mukesh M. Shah & Co for a five-year term.
Key Highlights
Recommended a final dividend of ₹1.5 per equity share of ₹10 each (15% payout).
Fixed July 9, 2026, as the record date for dividend and the Annual General Meeting.
Approved 'ESOP 2026' scheme with a pool of 18,00,000 options exercisable into equity shares.
Proposed appointment of M/s Mukesh M. Shah & Co as Statutory Auditors for a 5-year term.
Re-appointed four Independent Directors for a second term of 5 years starting January 2027.
👀 What to Watch
Investors interested in the dividend should ensure they hold the stock before the record date of July 9, 2026. The new ESOP plan and auditor transition are routine but positive steps toward long-term governance and employee retention.
Harsha Engineers Recommends ₹1.5 Dividend and Approves 1.8 Million Share ESOP Plan
Harsha Engineers International has recommended a final dividend of ₹1.5 per share (15%) for the financial year ended March 31, 2026. The company also approved a new Employee Stock Option Plan (ESOP 2026) with a pool of 18,00,000 options to incentivize employees. Additionally, the board has proposed the appointment of M/s Mukesh M. Shah & Co as the new statutory auditor for a five-year term. The 16th AGM is scheduled for July 23, 2026, with a record date of July 9, 2026, for dividend eligibility.
Key Highlights
Recommended a final dividend of ₹1.5 per equity share (15% of face value) for FY26.
Approved 'ESOP 2026' scheme with a pool of 18,00,000 options exercisable into equity shares.
Fixed July 9, 2026, as the record date for dividend eligibility and the 16th AGM.
Proposed appointment of M/s Mukesh M. Shah & Co as Statutory Auditors for a 5-year term.
Re-appointed four Independent Directors for a second term of five years starting January 2027.
👀 What to Watch
Investors should ensure they hold shares by the July 9, 2026 record date to be eligible for the ₹1.5 dividend. The new ESOP scheme and auditor transition are routine but positive indicators of corporate governance and talent retention focus.
Harsha Engineers Declares ₹1.5 Dividend, FY26 Results, and 18 Lakh ESOP Plan
Harsha Engineers International Limited has recommended a final dividend of ₹1.5 per equity share (15%) for the financial year ended March 31, 2026. The board also approved a new Employee Stock Option Plan (ESOP 2026) comprising 18,00,000 options to retain talent, which is subject to shareholder approval. Key leadership continuity was established with the re-appointment of four independent directors for a second five-year term. Furthermore, the company is transitioning its statutory auditors to M/s Mukesh M. Shah & Co for a five-year period starting from the upcoming 16th AGM.
Key Highlights
Recommended a final dividend of ₹1.5 per equity share of ₹10 each for FY 2025-26.
Approved 'ESOP 2026' scheme involving 18,00,000 options convertible into an equal number of equity shares.
Fixed July 9, 2026, as the Record Date for dividend eligibility and the 16th Annual General Meeting.
Re-appointed four Independent Directors for a second 5-year term starting January 10, 2027.
Proposed appointment of M/s Mukesh M. Shah & Co as Statutory Auditors for a 5-year tenure.
👀 What to Watch
Investors should track the record date of July 9, 2026, to be eligible for the ₹1.5 dividend. The introduction of the ESOP plan suggests a focus on long-term talent retention, though investors should account for the potential dilution of 1.8 million shares.
Harsha Engineers Approves ₹1.5 Dividend, New ESOP Plan, and Auditor Appointments
Harsha Engineers International has approved its audited financial results for FY26 and recommended a final dividend of ₹1.5 per share (15% of face value). The board also introduced the 'ESOP 2026' scheme, creating a pool of 18 lakh options to incentivize employees, which is subject to shareholder approval. Significant governance updates include the appointment of M/s Mukesh M. Shah & Co as the new statutory auditor for a five-year term and the re-appointment of four independent directors. The record date for the dividend and the upcoming Annual General Meeting is fixed for July 9, 2026.
Key Highlights
Recommended a final dividend of ₹1.5 per equity share (15%) for the financial year ended March 31, 2026
Approved 'ESOP 2026' plan with a pool of 18,00,000 options exercisable into equity shares
Fixed July 9, 2026, as the record date for dividend entitlement and the 16th AGM
Appointed M/s Mukesh M. Shah & Co as Statutory Auditors for a 5-year term starting from the 16th AGM
Re-appointed four Independent Directors for a second 5-year term effective from January 10, 2027
👀 What to Watch
Investors should ensure they hold shares by the July 9, 2026 record date to qualify for the ₹1.5 dividend. The introduction of the ESOP scheme and continuity in independent leadership are positive indicators for long-term organizational stability.
Harsha Engineers Approves ₹1.5 Dividend and 18 Lakh Share ESOP Scheme
Harsha Engineers' board has recommended a final dividend of ₹1.5 per share (15%) for FY26, with the record date set for July 9, 2026. The company also approved the 'ESOP 2026' plan, creating a pool of 18,00,000 equity shares to incentivize employees, subject to shareholder approval. Additionally, the board approved the audited financial results for the year ended March 31, 2026, with an unmodified audit opinion. Key leadership stability is maintained through the re-appointment of four independent directors for second five-year terms.
Key Highlights
Recommended a final dividend of ₹1.5 per equity share (15% of face value) for FY 2025-26.
Approved 'ESOP 2026' scheme involving 18,00,000 options, each convertible to one equity share.
ESOP pricing allows for a maximum discount of up to 20% to the market price on the grant date.
Re-appointed four Independent Directors for 5-year terms starting January 2027.
Set July 9, 2026, as the record date for the dividend and the 16th Annual General Meeting.
👀 What to Watch
Investors should track the upcoming AGM on July 23, 2026, for formal approval of the dividend and ESOP scheme. The dividend yield and the impact of ESOP dilution should be factored into long-term valuation models.
Harsha Engineers Recommends Rs 1.5 Final Dividend; Approves New ESOP Plan
Harsha Engineers has recommended a final dividend of Rs 1.5 per share for FY26, representing a 15% payout on the face value. The company has fixed July 9, 2026, as the record date for the dividend and its 16th Annual General Meeting. Furthermore, the board approved a new ESOP scheme for 18 lakh shares and recommended a new statutory auditor for a five-year term. These moves, along with the re-appointment of key independent directors, signal a focus on governance and employee retention.
Key Highlights
Final dividend of Rs 1.5 per share (15% of face value) recommended for FY 2025-26.
Record date for dividend and AGM eligibility fixed as July 9, 2026.
Approved 'ESOP 2026' plan with a pool of 18,00,000 equity shares to incentivize employees.
Proposed appointment of M/s Mukesh M. Shah & Co as statutory auditors for a 5-year tenure.
Re-appointed four independent directors for a second five-year term starting January 2027.
👀 What to Watch
Investors seeking dividend income should ensure they hold shares before the July 9 record date. The introduction of the ESOP scheme and leadership continuity through director re-appointments are positive indicators for long-term stability.
Harsha Engineers Recommends ₹1.5 Dividend and Approves New 18 Lakh Share ESOP Plan
Harsha Engineers International Limited has recommended a final dividend of ₹1.5 per share (15% of face value) for the financial year ended March 31, 2026. The board also approved the 'ESOP 2026' scheme, creating a pool of 18,00,000 equity shares to incentivize employees. Significant governance updates include the appointment of M/s Mukesh M. Shah & Co as new statutory auditors for a five-year term and the re-appointment of four independent directors for a second term. The record date for the dividend and the 16th AGM has been fixed as July 9, 2026.
Key Highlights
Recommended a final dividend of ₹1.5 per equity share (15%) for FY 2025-26.
Approved 'ESOP 2026' scheme involving 18,00,000 options convertible into 18 lakh equity shares.
Set July 9, 2026, as the record date for dividend payment and AGM attendance.
Appointed M/s Mukesh M. Shah & Co as Statutory Auditors for a 5-year term starting July 2026.
Re-appointed four Independent Directors for a second 5-year term starting January 2027.
👀 What to Watch
Investors should ensure they hold shares by the July 9 record date to qualify for the ₹1.5 dividend. The new ESOP plan and leadership continuity are positive indicators of long-term stability and talent retention focus.
Harsha Engineers Q3 FY26: India Revenue Up 17.4%, Announces $9.94M China Expansion
Harsha Engineers reported a strong 17.4% YoY revenue growth in its India Engineering business for Q3 FY26, despite a one-time ₹5.97 crore provision for new labor codes. The company announced a significant $9.94 million brownfield expansion in China to capitalize on local steel cage demand, expected to be operational by FY28. While the Romania subsidiary faced headwinds from high copper prices, the Bronze Bushing segment showed robust growth, reaching ₹92 crores in 9-month sales. Management maintains a positive outlook for Q4, supported by a recovery in global industrial demand and favorable trade agreements.
Key Highlights
India Engineering revenue grew 17.4% YoY; normalized EBITDA margin stood at 23.8% excluding one-time labor code provisions.
Announced $9.94 million brownfield expansion in China focusing on steel cages for industrial segments.
Bronze Bushing business achieved ₹92 crore revenue in 9M FY26, tracking towards 30%+ annual growth.
Solar division contributed ₹59.7 crore revenue in Q3 with a 9% EBITDA margin.
Working capital cycle improved to 140 days from 146 days in the previous quarter.
👀 What to Watch
Investors should monitor the ramp-up of the Harsha Advantek facility and the stabilization of margins in Romania. The strong growth in high-margin segments like large-sized cages and bushings makes the stock attractive for long-term industrial exposure.
Harsha Engineers Q3 FY26 PAT Rises 25.9% YoY to ₹33.6 Cr; Plans $9.9M China Expansion
Harsha Engineers reported a robust 20.7% YoY growth in consolidated revenue to ₹409.3 crore for Q3 FY26. Despite a one-time ₹5.97 crore provision for new labor code requirements, adjusted PAT surged by 42.7% YoY, reflecting strong operational efficiency. The India engineering business remains the primary growth engine, while the solar segment recovered post-monsoon with ₹59.7 crore in revenue. The company also announced a $9.94 million brownfield expansion in China to boost steel cage capacity by FY28.
Key Highlights
Consolidated Revenue grew 20.7% YoY to ₹409.25 crore in Q3 FY26
Adjusted EBITDA and PAT (excluding labor code impact) grew by 41.6% and 42.7% YoY respectively
Solar business reported strong revenue of ₹59.71 crore with an EBITDA of ₹5.54 crore
Announced $9.94 million brownfield expansion in China for steel cages capacity, target completion FY28
Romania subsidiary performance was subdued with negative EBITDA due to high copper prices and low demand
👀 What to Watch
Investors should view the strong underlying growth in the core Indian engineering business and the solar segment recovery as positive indicators. Monitor the Romania subsidiary's margin recovery and the progress of the China expansion for long-term value creation.
Harsha Engineers to Invest USD 9.94 Million for Capacity Expansion in China
Harsha Engineers' wholly-owned Chinese subsidiary is undertaking a brownfield expansion with an investment of approximately USD 9.94 million. The project aims to add 5.84 million pieces to its existing capacity of 8.45 million pieces over the next two years. The expansion will be funded through a combination of equity from the parent company and term loans in China. This move is strategically designed to enhance product portfolio and capture a larger market share in the Chinese bearing cage market.
Key Highlights
Total capital expenditure of approximately USD 9.94 million for brownfield expansion in China
Proposed capacity addition of 5.84 million pieces, a 69% increase over existing capacity
Existing capacity utilization stands at 55.63% for the current 8.45 million pieces
Project completion timeline estimated at approximately 2 years
Financing to be managed via parent equity contribution and local term loans
👀 What to Watch
Investors should view this as a long-term growth play to scale the company's international operations. Monitor the improvement in current capacity utilization and the timely execution of the new project to gauge future revenue potential.
Harsha Engineers Q3 Standalone PAT Jumps 34% YoY to ₹41.69 Cr; Revenue Up 20%
Harsha Engineers International reported a robust 20.2% YoY growth in standalone revenue to ₹32,231 lakhs for the quarter ended December 31, 2025. Profit After Tax (PAT) surged by 34.5% YoY to ₹4,169 lakhs, driven by strong performance in both the core Engineering and Solar-EPC segments. The Solar-EPC segment showed significant recovery with a 61.6% YoY revenue increase. The company also accounted for a one-time impact of ₹579 lakhs due to the implementation of new labour codes effective November 2025.
Key Highlights
Standalone Revenue from Operations grew 20.2% YoY to ₹32,231 lakhs from ₹26,804 lakhs.
Profit After Tax (PAT) increased by 34.5% YoY to ₹4,169 lakhs compared to ₹3,099 lakhs.
Engineering segment revenue rose 13.6% YoY to ₹26,260 lakhs.
Solar-EPC and O&M segment revenue surged 61.6% YoY to ₹5,971 lakhs.
Basic EPS for the quarter improved to ₹4.58 from ₹3.40 in the previous year's corresponding quarter.
👀 What to Watch
The strong growth in both core engineering and solar segments indicates healthy business momentum. Investors should maintain a positive outlook while monitoring the long-term impact of new labour regulations on employee costs.
