Harsha Engineers International Ltd

Q1 FY27Industrial Products

Harsha Engineers International Ltd Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹428

Market cap₹4.0K Cr

P/E25.8

Updated25 Aug 2026

Read4 min read

What the Q1 FY27 call signalled

2 of 4 strong

RevenueRank 3

MarginRank 3

CapexYes

Order bookYes

Not discussed on this call: fundraise.

The short version

India Engineering business expected to grow in higher-teens percentage range (15%+). - Overall consolidated sales growth anticipated in low-to-mid teens (12%-15%). - Bhayla Phase-1 and Phase-2 combined revenue target of Rs. India Engineering business expected to grow strongly in higher-teens in sales with sustainable EBITDA margins of 20-22%.

From Harsha Engineers International Ltd's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.

Revenue & Sales Performance

Rank 3

India Engineering business expected to grow in higher-teens percentage range (15%+).
Overall consolidated sales growth anticipated in low-to-mid teens (12%-15%).
Bhayla Phase-1 and Phase-2 combined revenue target of Rs. 300-400 crores by the third year.
Bhayla revenue target for FY27 set at Rs. 140 crores with good visibility and demand.
China subsidiary expected double-digit revenue growth, around 10% for current financial year; significant ramp-up post FY29 following Phase-2 expansion.
Romanian subsidiary expected to reduce losses significantly, aiming for breakeven in near future.
Japan-based customer sales expected moderate growth of about 10% for FY27.
Bushings and Stamping segments growing over 30%, driven by conversion and new products pipeline.
Large Cage business expected to achieve about 30% growth.
EBITDA and PAT growth expected to outpace revenue growth due to operational efficiencies and low-tax subsidiaries.

Profitability & Margins

India Engineering business expected to grow strongly in higher-teens in sales with sustainable EBITDA margins of 20-22%.
Consolidated sales growth anticipated in low-to-medium teens with bottom line growing more strongly due to positive factors.
Advantek expected to ramp up sales from Rs. 43 crores last year to around Rs. 140 crores this year, becoming PAT positive by FY27 end.
EBITDA and PAT growth to outpace revenue growth over next 2-3 years, driven by profitable entities like Advantek (low tax) and improving Romania performance.
Harsha China to grow about 10% in FY27 with EBITDA margins of 12-14% and PAT around 6%. Brownfield expansion to start impacting from FY29 onwards.
Romania losses expected to reduce sharply to low single-digit crores this year, with a possibility of turning profitable next year.
Strong growth expected in Bushings (conversion-driven) and Stamping segments, supporting top-line momentum over next couple of years.
Overall, earnings and EPS expected to grow at a faster rate than revenues due to margin improvements and subsidiaries' turnaround.

See what Harsha Engineers International Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

Ongoing Brownfield expansion in China (Phase-2) is on track with building construction started; expected commissioning by Q3 FY28; revenue impact from FY29 onward.
Bhayla plant expansion (Phase-1 and Phase-2) is progressing; building construction started recently; Phase-2 products are different stamping products; full ramp-up expected within one year.
Major CapEx planned for FY27 and FY28 totaling around Rs. 180-200 crores over 1.5 to 2 years; Rs. 50-80 crores expected per year.
CapEx focused on capacity building for Bushings, Stamping, and large-size Cages, including advanced Bushings development.
Strategic top management restructuring to support expansions and operational efficiency.
Brownfield expansion in China funded with attractive debt.
Continued evaluation of inorganic growth opportunities in precision engineering, though no specific mandate yet.

Top-ranked in Industrial Products

Ranked on what management guided this quarter

5x potential

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3₹1.4K Cr

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4₹1.1K Cr

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5₹858 Cr

Rev 1Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The document does not explicitly mention any current or future new fundraising through debt or equity.
It does mention securing debt funding at an attractive rate for the Brownfield expansion project in China.
The focus is on funding CapEx for expansions in Bhayla and China primarily through internal accruals and the secured debt.
No announcements or plans regarding fresh equity fundraising were disclosed in the transcript.
The company continues to prioritize operational improvements and organic growth over inorganic or equity funding at this stage.

See what Harsha Engineers International Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Yes

Large size Cages order book has good visibility and pipeline, supporting over 30% expected growth despite a lower Q1 performance due to ramp-up challenges.
Bushings have strong order visibility and a good pipeline, with a targeted 30% sales growth for FY27.
Stamping business has a strong pipeline with many new products under development, expecting about 30% growth in FY27.
Bhayla plant expansion is ongoing with good traction in large Cages, Stamping components, and Bushings, supporting confident demand visibility.
China operations expect demand ramp-up post-Q3 FY28 commissioning, with production and revenue increase anticipated from FY29 onward.
Overall, the company expresses confidence in strong demand and healthy order pipelines across key product lines and geographies.

Harsha Engineers International Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹474 Cr, net profit ₹47 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Harsha Engineers International Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Harsha Engineers International Ltd Q1 FY27 results?

What is Harsha Engineers International Ltd share price analysis?

Harsha Engineers International Ltd currently shows a below-average growth signal. The stock trades at a P/E of 25.8 with a market cap of ₹3,984 Cr. Investors should review the full earnings analysis for detailed insights.

Is Harsha Engineers International Ltd planning capital expenditure?

Ongoing Brownfield expansion in China (Phase-2) is on track with building construction started; expected commissioning by Q3 FY28; revenue impact from FY29 onward. - Bhayla plant expansion (Phase-1 and Phase-2) is progressing; building construction started recently; Phase-2 products are different stamping products; full ramp-up expected within one year. - Major CapEx planned for FY27 and FY28 totaling around Rs.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.