HARSHA

Harsha Engineers International share price & financials

Price
₹431.05
Market cap
₹4.0k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 11 Aug 2026

Harsha Engineers International Limited Q1 FY27

Consolidated Revenue ₹421 cr +21%Consolidated EBITDA ₹69.8 cr +7%

What went well

  • Consolidated revenue grew 25% YoY to ₹421 crores in Q1 FY27, driven by strong performance in India Engineering.
  • India Engineering business posted a robust 21% YoY top-line growth.
  • Bushing sales increased by 35% YoY to ₹34 crores, with strong visibility and pipeline.

What to watch

  • Raw material costs increased by ~8% in Q1 FY27, impacting margins with a 1-2 quarter lag for pass-through.
  • Foreign exchange loss of ₹4 crores impacted India Engineering business margins due to cash flow hedges.
Read the full call →

What Harsha Engineers International Limited does

Harsha Engineers International manufactures precision bearing cages in steel, brass and polyamide, along with bushings and precision-stamped components, for automotive, railway, wind, aerospace and industrial machinery applications. It earns through direct supply contracts with global bearing manufacturers and industrial OEMs, with in-house tooling design and automation supporting its manufacturing process. It has diversified into a Solar EPC and O&M business executing small-to-mid-sized rooftop and ground-mounted solar projects, and into precision-stamped components for EV and industrial customers.

Segments

  • Engineering (Bearing cages, bushings & stamped components)
  • Solar EPC and O&M
Market position
Largest manufacturer of precision bearing cages in India
Domestic market share
50-60%
Global organized bearing cages market share
6.5%
Manufacturing facilities
6 strategically located facilities (including leased), with warehouses worldwide
Geographic footprint
Supplies to over 25 countries across 5 continents
Customer base
Supplies to each of the top 6 global bearing manufacturers
Founded 1986Headquarters Changodar, Ahmedabad, Sanand - 382213, Gujarat, India Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 4 delivered 2 missed 14 open
  • Consolidated Topline Growth revised down said Q4 FY26 Promised: we should achieve an overall double-digit growth in top line Q1 FY27: Guidance revised to 'low-to-medium teens' and 'low-teen for FY27 overall'. This narrows the expectation to the lower end of double-digits.
  • Harsha Advantek Profitability on track said Q1 FY26 Promised: positive turnaround by end of current financial year (FY26) Q1 FY27: Management expects Advantek to be PAT positive by the end of FY27. This is consistent with the delayed timeline.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 25.2%, net profit down 2.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue353 339 373 365 378 +7%409 +21%474 +27%457 +25%
EBITDA42 43 35 55 54 +29%57 +33%73 +109%67 +22%
Net profit29 27 -2 38 36 +24%34 +26%47 +2450%37 −3%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +7.7% 1Y

₹350₹400₹450Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 7 May 2026Q1 FY27 — 11 Aug 2026

1Y: ₹413 on 10 Sept 2025 → ₹445. High ₹466.8 (8 Sept 2026), low ₹314.25 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−5.1%
11 Aug
Q4 FY26
+11.7%
7 May
Q3 FY26
−0.3%
5 Feb
Q2 FY26
−2.3%
6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.0% a year over 3 years, FY23 to FY26. Operating margin widened to 14.7%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.4k Cr₹1.4k Cr₹1.6k Cr
Operating profit₹190 Cr₹172 Cr₹175 Cr₹239 Cr
Operating margin13.9%12.4%12.4%14.7%
Interest₹16 Cr₹11 Cr₹9 Cr₹17 Cr
Depreciation₹36 Cr₹40 Cr₹40 Cr₹47 Cr
Net profit₹124 Cr₹112 Cr₹90 Cr₹155 Cr
Net margin9.1%8.1%6.4%9.5%
Cash from operations₹137 Cr₹136 Cr₹206 Cr₹68 Cr
Free cash flow₹63 Cr₹62 Cr₹-2 Cr₹-47 Cr
ROCE17.0%12.0%12.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹50 Cr₹77 Cr₹91 Cr₹91 Cr₹91 Cr₹91 Cr
Reserves₹377 Cr₹445 Cr₹981 Cr₹1.1k Cr₹1.2k Cr₹1.3k Cr
Borrowings₹357 Cr₹385 Cr₹182 Cr₹177 Cr₹317 Cr₹372 Cr
Other liabilities₹197 Cr₹252 Cr₹191 Cr₹215 Cr₹241 Cr₹293 Cr
Total liabilities₹981 Cr₹1.2k Cr₹1.4k Cr₹1.6k Cr₹1.9k Cr₹2.1k Cr
Fixed assets₹342 Cr₹356 Cr₹387 Cr₹418 Cr₹517 Cr₹660 Cr
Capital work in progress₹3 Cr₹2 Cr₹12 Cr₹15 Cr₹121 Cr₹19 Cr
Investments₹9 Cr₹6 Cr₹194 Cr₹234 Cr₹386 Cr₹473 Cr
Other assets₹626 Cr₹794 Cr₹853 Cr₹900 Cr₹849 Cr₹915 Cr
Total assets₹981 Cr₹1.2k Cr₹1.4k Cr₹1.6k Cr₹1.9k Cr₹2.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −2.36 pp while DIIs added +1.16 pp. The shareholder count shrank 13% to 68,521.

Promoters
75.0%
FIIs
1.8%
DIIs
13.0%
Public
10.2%

Since Jun 2025

  • Public −2.36 pp
  • DIIs +1.16 pp
  • FIIs +0.91 pp

How it drifted, 12 quarters

Over this window the public fell from 14.3% to 10.2% — −4.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.6%, FIIs 1.9%, DIIs 9.2%, Public 14.3%.Dec '23: Promoters 74.6%, FIIs 1.6%, DIIs 8.1%, Public 15.6%.Mar '24: Promoters 74.6%, FIIs 1.6%, DIIs 7.4%, Public 16.4%.Jun '24: Promoters 74.6%, FIIs 0.8%, DIIs 8.7%, Public 15.9%.Sep '24: Promoters 74.6%, FIIs 0.6%, DIIs 8.8%, Public 16.0%.Dec '24: Promoters 74.6%, FIIs 0.6%, DIIs 8.7%, Public 16.1%.Mar '25: Promoters 74.6%, FIIs 0.5%, DIIs 8.6%, Public 16.2%.Jun '25: Promoters 74.7%, FIIs 0.9%, DIIs 11.9%, Public 12.6%.Sep '25: Promoters 75.0%, FIIs 0.4%, DIIs 12.5%, Public 12.1%.Dec '25: Promoters 75.0%, FIIs 0.4%, DIIs 12.4%, Public 12.2%.Mar '26: Promoters 75.0%, FIIs 2.4%, DIIs 12.4%, Public 10.2%.Jun '26: Promoters 75.0%, FIIs 1.8%, DIIs 13.0%, Public 10.2%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Harsha Engineers International Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Shah Rajendra Shantilal 13.19%unchanged
Harish Rangwala 12.31%unchanged
Rangwala Charusheela Harish 11.47%unchanged
Vishal Harish Rangwala 8.53%unchanged
Pilak Rajendra Shah 8.01%unchanged
DSP Small Cap Fund Mutual fund7.68%unchanged
Shah Nirmala Rajendra 6.73%unchanged
Tanvi Vishal Rangwala 4.99%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund4.54%unchanged
Mili Mehta Family Trust - ( Trustee - Rajendra Shah and Nirmala Shah ) 3.73%unchanged
Hetal Manish Naik 3.73%unchanged
Shah Vaishali Pilak 2.11%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in HARSHA

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹189 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹189 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹189 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+2%
vs est. average cost
Held by funds
₹189 Cr
1 schemes · ≈ 4.5% of the company

Shares held by these funds −35%

Aug '23 41.37 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹445, this stock must grow earnings at 19% every year for 7 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹224 — downside of 50%.

Growth the price implies
19.4% a year
for 7 years, fading to 4%
It has actually compounded at
7.7% a year
net profit, FY23–FY26 · EPS 6.4%
The gap
0.1 pp
-50% downside if it only repeats history
Price today ₹445 Value at the reference growth ₹224.22

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Harsha Engineers International Limited

Guides on how to read this kind of business and the numbers that matter.