Harsha Engineers International Limited (HARSHA)
₹445.45 +1.95% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Harsha Engineers' revenue was ₹457 Cr (+25.2% year on year, -3.5% on the previous quarter), and net profit ₹37.4 Cr (-1.5% year on year); the operating margin was 14.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹457 | +25.2% | -3.5% |
| Operating profit | ₹67.5 | +21.7% | -7.6% |
| Net profit | ₹37.4 | -1.5% | -20.5% |
| EPS (₹) | 4.11 | -1.4% | -20.8% |
| Operating margin | 14.7% | — | — |
HARSHA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.68% of the HARSHA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.61%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 51.6% · 56.4% · 48.5% · 60.6% · 54.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Harsha Engineers International Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Share Transfer Agent MUFG Intime India confirms that share certificates received for dematerialisation during the quarter ended September 30, 2026, were processed and confirmed or rejected appropriately. The dematerialised shares have been confirmed as listed on the stock exchanges. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate received from Registrar and Share Transfer Agent MUFG Intime India Private Limited dated October 3, 2026
- Filing submitted to BSE and NSE on October 6, 2026
Harsha Engineers International Limited announced the resignation of Senior Management Personnel Mr. Lokesh Miglani, Senior General Manager and Head of the Brass Strategic Business Unit (SBU). The resignation is effective from the close of business hours on August 21, 2026, due to his pursuit of new opportunities. The company has formally accepted the resignation and relieved him of his duties. This is an operational management transition and does not immediately disrupt broad corporate strategy.
- Mr. Lokesh Miglani resigned from the post of Senior General Manager, Head–Brass SBU
- Cessation is effective from the close of business hours on August 21, 2026
- Resignation submitted on account of pursuing new external opportunities
- Disclosed pursuant to Regulation 30 of SEBI LODR Regulations
Harsha Engineers International Limited has announced the resignation of Senior Management Personnel Mr. Lokesh Miglani, Senior General Manager and Head of the Brass Strategic Business Unit (SBU). His resignation is effective from the close of business hours on August 21, 2026, cited as being on account of pursuing new opportunities. The company has accepted his resignation and relieved him accordingly. The operational transition within the Brass SBU will be monitored as part of ongoing operations.
- Resignation of Senior Management Personnel Mr. Lokesh Miglani, Senior General Manager, Head–Brass SBU
- Effective date of cessation set for close of business hours on August 21, 2026
- Reason for departure cited as pursuing new opportunities
- Company has accepted the resignation and relieved him as of August 21, 2026
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.
- 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.
Harsha Engineers International Limited has released the audio recording of its investor conference call held on August 11, 2026, following the approval of its Q1 FY27 financial results. The company reported a TTM revenue of ₹1,540 Cr and a PAT of ₹163 Cr for the period ending March 2026. Management commentary in such calls typically focuses on the scale-up of the Bhayla plant and the growth of the bronze bushing vertical, which is targeting 30% growth. This filing is a standard regulatory requirement under SEBI LODR Regulations.
- Audio recording of the Q1 FY27 earnings call held on August 11, 2026, is now publicly available.
- The Board of Directors approved the unaudited standalone and consolidated results on August 11, 2026.
- Company maintains a strong promoter holding of 75.0% as of the latest March 2026 filing.
- TTM Revenue stands at ₹1,540 Cr with an Operating Profit Margin of 15.6% for FY26.
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.
- 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.
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.
- 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.
Harsha Engineers International Limited (Market Cap: Rs 3,859 Cr) has scheduled participation in the Equirus Annual India Conference’26 on August 14, 2026, in Mumbai. The company will engage in group and one-on-one meetings with institutional investors and analysts. This follows a strong FY26 performance where revenue reached Rs 1,540 Cr and PAT grew to Rs 163 Cr. No unpublished price sensitive information (UPSI) will be shared during these interactions, which are part of the company's regular investor relations activities.
- Investor meeting scheduled for August 14, 2026, at Sofitel BKC, Mumbai.
- Company reported TTM revenue of Rs 1,540 Cr and TTM PAT of Rs 163 Cr as of March 2026.
- Operating profit margin (OPM) stood at 15.6% for the TTM period.
- Promoter holding remains stable at 75.0% as of the latest reporting period.
Harsha Engineers International Limited has scheduled its Q1FY27 earnings conference call for August 11, 2026, at 4:30 PM IST. The call will follow the announcement of unaudited financial results for the quarter ended June 30, 2026. Senior management, including the CEO and CFO, will discuss performance and conduct a Q&A session. This is a standard procedural update following the close of the first quarter of FY27.
- Conference call scheduled for August 11, 2026, at 4:30 PM IST
- Discussion to focus on Unaudited Financial Results for the quarter ended June 30, 2026
- Management representation includes CEO Vishal Rangwala and CFO Maulik Jasani
- Company enters the call with a TTM revenue base of ₹1,540 Cr and OPM of 15.6%
- Key focus remains on the turnaround of European subsidiaries and scaling of the Bhayla plant
Harsha Engineers International Limited has announced the retirement of Mr. Rajesh Nirmal, General Manager (Logistics & Commercial), effective August 1, 2026. The departure is due to the individual reaching the age of superannuation, making it a routine administrative event. Given the company's TTM revenue of ₹1,540 Cr and market capitalization of ₹3,645 Cr, this single senior management personnel (SMP) change is not expected to disrupt operations or financial performance.
- Mr. Rajesh Nirmal retired as General Manager (Logistics & Commercial) on August 1, 2026
- The retirement is based on attaining the age of superannuation
- The cessation of employment was effective from the close of business hours on the announcement date
- The company maintains a strong promoter holding of 75.0% as of March 2026
Harsha Engineers International Limited has released the voting results from its 16th Annual General Meeting held on July 23, 2026. Shareholders approved all 12 resolutions, including the adoption of FY26 financial statements and the declaration of a final dividend. A significant highlight is the approval of the 'Employee Stock Option Plan 2026' (ESOP 2026) for both the company and its subsidiaries, which received 99.76% support. The company also confirmed the appointment of M/s Mukesh M. Shah & Co. as Statutory Auditors for a five-year term.
- 99.76% of votes cast in favor of the new Harsha Engineers International Limited Employee Stock Option Plan 2026.
- 100% shareholder approval for the declaration of final dividend for the financial year ended March 31, 2026.
- Appointment of M/s Mukesh M. Shah & Co. as Statutory Auditors for a 5-year term ratified with 100% votes.
- Re-appointment of directors Mr. Rajendra Shah and Mr. Harish Rangwala approved with 99.87% and 99.79% votes respectively.
- Total of 8,06,10,794 shares voted in favor of the dividend resolution.
Harsha Engineers International Limited has appointed M/s Mukesh M. Shah & Co as its new statutory auditors for a five-year term, effective from July 23, 2026. This appointment follows the conclusion of the 16th Annual General Meeting (AGM) and the completion of the tenure of the outgoing auditors, M/s Pankaj R. Shah & Associates. The new firm is a peer-reviewed entity established in 1978 with over 48 years of experience. This is a standard regulatory rotation of auditors and does not indicate any internal disputes or financial irregularities.
- Appointment of M/s Mukesh M. Shah & Co for a 5-year term until the 21st AGM.
- Outgoing auditors M/s Pankaj R. Shah & Associates ceased office on July 23, 2026, after completing their term.
- The new auditing firm has 48 years of experience and a team of 80+ members.
- The appointment was approved by shareholders at the 16th AGM with a requisite majority.
Harsha Engineers International Limited concluded its 16th Annual General Meeting on July 23, 2026, where shareholders approved a dividend of ₹1.5 per equity share for FY26. A key outcome was the approval of the 'Employee Stock Option Plan 2026' (ESOP 2026) covering both the company and its subsidiaries to aid talent retention. The company also appointed M/s Mukesh M. Shah & Co. as new Statutory Auditors for a five-year term. Additionally, the re-appointment of the Chairman, Managing Director, and four Independent Directors was ratified to ensure management continuity.
- Approved a dividend of ₹1.5 per equity share of ₹10 face value for the financial year ended March 31, 2026
- Authorized the 'Harsha Engineers International Limited - Employee Stock Option Plan 2026' for employees of the company and its subsidiaries
- Appointed M/s Mukesh M. Shah & Co. as Statutory Auditors for a 5-year consecutive term
- Re-appointed Mr. Rajendra Shah (Chairman) and Mr. Harish Rangwala (MD) as directors following retirement by rotation
- Confirmed the re-appointment of four Independent Directors to the Board
Harsha Engineers International Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and cancelled within prescribed timelines. This is a standard administrative filing required for all listed companies to ensure the integrity of electronic shareholding records. It has no impact on the company's financial health or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar MUFG Intime India Private Limited confirmed processing of demat requests
- Verification and cancellation of physical certificates completed within prescribed SEBI timelines
- Company maintains a market capitalization of Rs 3,951 Cr with a low debt-to-equity ratio of 0.03
Harsha Engineers International Limited has issued its Integrated Annual Report for FY 2025-26 and scheduled its 16th Annual General Meeting for July 23, 2026. The company declared a dividend of ₹1.5 per share for the fiscal year. Key operational milestones include the commencement of commercial production at the Bhayla facility on June 26, 2025, and the manufacturing of over 727 million bearing cages. The company continues to hold a dominant 50-60% domestic market share in precision bearing cages.
- 7,278.07 lakhs+ bearing cages manufactured by the standalone engineering division in FY 2025-26
- ₹1.5 per share dividend declared for the financial year 2025-26
- 50-60% domestic market share maintained in the precision bearing cages segment
- Bhayla facility (Harsha Engineers Advantek) commenced commercial production on June 26, 2025
- Supplying products to over 32 countries across 5 continents with a focus on the top 6 global bearing manufacturers
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 1.10% to INR 1,407.65 Cr in FY25. In H1 FY26, the Bronze Bushing vertical reported 25% growth (INR 55 Cr) and Large-sized cages grew 33% (INR 27 Cr). India Engineering business achieved 10% top-line growth on an H1 to H1 basis.
Geographic Revenue Split
Harsha China reported a turnover of approximately INR 65 Cr in H1 FY26. India Engineering business grew 10% YoY in H1 FY26. Specific % splits for other regions like Europe are not disclosed, though Harsha Engineers Europe SRL is a wholly-owned subsidiary.
Profitability Margins
Consolidated Net Profit Ratio declined from 8.00% in FY24 to 6.34% in FY25. Standalone PAT fell 72.14% to INR 35.36 Cr in FY25 due to impairment losses and bad debt write-offs.
EBITDA Margin
Harsha China reported a positive EBITDA margin of approximately 12% in H1 FY26. Consolidated EBITDA and PAT margins saw a sequential reduction in H1 FY26 due to an aggregate loss of INR 5.7 Cr at Harsha Advantek.
Capital Expenditure
Harsha Advantek (Bhayla plant) came into production in Q1 FY26, incurring an additional charge of over INR 4.2 Cr in interest and depreciation due to new capacity buildup.
Credit Rating & Borrowing
Credit rating is CARE AA-; Stable for long-term and CARE A1+ for short-term bank facilities (INR 447.87 Cr). The company fully prepaid its term debt as of March 2023.
Operational Drivers
Raw Materials
Bronze, steel, and brass (implied by bearing cage and bushing products). Specific % of total cost for each is not disclosed.
Capacity Expansion
Harsha Advantek (Bhayla plant) commissioned in Q1 FY26; optimum capacity utilization is expected to reach breakeven within 1 year.
Raw Material Costs
Delayed cost pass-through in the India Engineering segment impacted margins in H1 FY26. Specific YoY cost change % is not disclosed.
Manufacturing Efficiency
Harsha Advantek is currently operating at suboptimal revenue levels (H1 FY26) as it scales up production. China operations are performing consistently with a 12% EBITDA.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth is driven by scaling the bronze bushing vertical (targeting 30% growth in FY26), expanding large-sized cages (33% current growth), and turning around overseas subsidiaries. China is already at 12% EBITDA, and Advantek is expected to be profitable within 1 year.
Products & Services
Bearing cages (bronze, steel, brass), precision stampings, bronze bushings, and solar EPC services.
Brand Portfolio
Harsha, Harsha Advantek.
New Products/Services
Bronze bushings and large-sized cages are the primary new growth drivers, with bushings expected to contribute significantly to FY26 revenue.
Market Expansion
Focus on Japan-based customers (7% growth in H1 FY26 to INR 35 Cr) and turning around the European subsidiary to reach positive territory.
Strategic Alliances
Harsha Engineers Advantek Limited and Harsha Engineers Europe SRL are 100% wholly-owned subsidiaries.
External Factors
Industry Trends
The industry is seeing robust demand for specialized components like large-sized cages (33% growth) and bronze bushings (25% growth), indicating a shift toward high-precision industrial applications.
Competitive Landscape
Competes in the global bearing component market, specifically targeting high-growth segments like large-sized cages and bushings.
Competitive Moat
Moat is based on specialized engineering capabilities in bearing cages and a global manufacturing footprint (India, China, Europe), allowing them to serve global bearing majors locally.
Macro Economic Sensitivity
Sensitive to global macroeconomic conditions and geopolitical events which impact overseas subsidiary performance.
Consumer Behavior
Industrial demand is shifting toward larger, more complex bearing components for heavy engineering applications.
Geopolitical Risks
Geopolitical events are cited as factors that could cause actual results to differ materially from forward-looking statements.
Regulatory & Governance
Industry Regulations
Compliant with the Companies Act, 2013 and SEBI Listing Regulations as per the Secretarial Audit Report for FY25.
Legal Contingencies
A one-off item related to bad debts written off of INR 20.6 Cr in the Solar EPC division affected the FY25 bottom line.
Risk Analysis
Key Uncertainties
Turnaround timeline for Harsha Advantek and the European subsidiary; recovery of Solar EPC receivables.
Geographic Concentration Risk
India remains the primary revenue base, with China contributing INR 65 Cr in H1 FY26.
Third Party Dependencies
Dependency on global bearing manufacturers as primary customers.
Technology Obsolescence Risk
The company manages technology risks through its precision engineering focus and R&D in new verticals like bushings.
Credit & Counterparty Risk
Significant credit risk realized in FY25 via an INR 20.6 Cr bad debt write-off in the Solar EPC division.
