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HARSHA - Harsha Engg Intl

📊 NSE: HARSHA 🏢 Auto Ancillaries 📅 Last Updated: 12/13/2025 22:49

📢 Recent Corporate Announcements

Harsha Engineers Q3 FY26: India Revenue Up 17.4%, Announces $9.94M China Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 11:10 AM

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.

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.

💡 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 Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 11:26 PM

Harsha Engineers International Limited has made the audio recording of its Q3 and nine-month FY26 earnings call available to the public. The call, held on February 5, 2026, followed the board's approval of the financial results for the period ending December 31, 2025. This filing is a standard regulatory requirement under SEBI LODR Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's investor relations website to hear management's detailed commentary on business performance.

Audio recording of the Q3 and 9M FY26 analyst call is now accessible via the company website.
The earnings call was conducted on February 5, 2026, following the board meeting.
Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The recording provides management's perspective on the financial results for the quarter ended December 31, 2025.

💡 Investors should listen to the recording to understand management's outlook on the bearing cages industry and any updates on capital expenditure or expansion plans. This is a routine disclosure and does not necessitate immediate portfolio changes.

Harsha Engineers Q3 FY26 PAT Rises 25.9% YoY to ₹33.6 Cr; Plans $9.9M China Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:01 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 05 Feb 2026, 12:45 PM

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.

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

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 12:44 PM

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.

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.

💡 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.

Harsha Engineers to Meet 20+ Institutional Investors at Axis Capital Conference on Feb 10

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 12:07 PM

Harsha Engineers International Limited has scheduled participation in the 'Advantage India - Axis Capital's Flagship India Conference' on February 10, 2026, in Mumbai. The company is set to engage with over 20 high-profile institutional investors, including Nippon India Mutual Fund, ICICI Prudential Asset Management, and Axis Asset Management. These meetings will be conducted in both group and one-on-one formats to discuss business outlooks. While no unpublished price-sensitive information will be shared, such large-scale institutional interaction often precedes changes in institutional shareholding or analyst coverage.

Scheduled to participate in Axis Capital's Flagship India Conference on February 10, 2026
Interaction planned with 20+ major funds including Nippon India MF, ICICI Prudential, and Mirae MF
Meetings to be held at Hotel Trident BKC, Mumbai in Group and One-on-one formats
Company confirms no unpublished price sensitive information (UPSI) will be disclosed during the meet
Participation includes a mix of Mutual Funds, Private Equity (Barings, Kedaara), and Family Offices

💡 Investors should monitor the company's website or exchange filings for any new investor presentations released following these meetings. No immediate trading action is required as this is a routine investor relations activity.

Harsha Engineers Schedules Q3 FY26 Earnings Conference Call for February 5, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Jan 2026, 12:42 PM

Harsha Engineers International Limited has scheduled its conference call for analysts and investors on February 5, 2026, at 4:30 PM IST. The call will focus on the company's unaudited financial results for the quarter and nine-month period ended December 31, 2025. Senior management, including CEO Vishal Rangwala and CFO Maulik Jasani, will lead the discussion followed by a Q&A session. This is a standard regulatory update providing a platform for stakeholders to discuss the company's recent financial performance.

Conference call scheduled for Thursday, February 5, 2026, at 4:30 PM IST.
Discussion will cover unaudited financial results for Q3 and 9M ended December 31, 2025.
Management representation includes CEO Vishal Rangwala, Strategic Advisor Sanjay Majmudar, and CFO Maulik Jasani.
The session will include a brief management discussion followed by an interactive Question & Answer session.

💡 Investors should mark the date to listen to management's commentary on margin trends and global demand for bearing cages. No immediate trading action is required as this is a routine scheduling announcement.

Harsha Engineers Submits Q3 FY26 SEBI Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 11:59 AM

Harsha Engineers International Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by MUFG Intime India Private Limited, confirms that all security certificates received for dematerialization during the quarter ended December 31, 2025, were processed correctly. This includes the verification, cancellation of physical certificates, and substitution of depository names in the register of members. This is a standard procedural filing required for all listed entities in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Confirms dematerialization requests were processed and listed on stock exchanges within timelines.
Verification and cancellation of physical security certificates completed as per SEBI norms.

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming quarterly financial results.

Harsha Engineers to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Dec 2025, 11:23 AM

Harsha Engineers International Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The closure pertains to the unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the results are officially declared to the stock exchanges.

Trading window closure effective from January 1, 2026, for all designated insiders.
Closure is in anticipation of the Q3 and nine-month financial results ending December 31, 2025.
The window will reopen 48 hours after the board meeting results are made public.
The specific date for the Board Meeting to approve results will be announced separately.

💡 This is a routine compliance filing and does not require any immediate action from shareholders. Investors should look out for the upcoming board meeting date to evaluate the company's quarterly performance.

View All HARSHA Announcements on Live Market Tracking →

💰 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.