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Harsha Engg Intl

Q3 FY25Industrial Products

Harsha Engg Intl Q3 FY25 earnings call: Revenue & Margins

Q3 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹438
Market cap₹3.8K Cr
P/E24.3
Updated23 Aug 2026
Read6 min read

The short version

Harsha Engineers expects growth in domestic cages business aligned with customers’ CAPEX for India and outside India as part of China Plus One strategy, with a peak incremental opportunity of around Rs. FY25 topline expected to be flat; bottom-line growth anticipated to be higher, aligned with current run rate. - India operations to maintain decent EBITDA margin around 20%. - Consolidated EBITDA margin currently ~16%, target to improve to 17-18% long term, but short-term visibility limited. - Overseas subsidiaries (Romania and China) remain challenging; efforts ongoing to reduce Romania losses and improve product mix. - Romania unlikely to breakeven in FY25; losses expected to be capped and reduced. - New large global customer contract to start deliveries in second half of FY26, with revenue potential €6-10 million per annum, scaling gradually. - Domestic cage segment utilization expected to rise from ~60% towards an optimal ~80%. - Strong growth expected in Bronze Bushing segment, targeting Rs.

From Harsha Engg Intl's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Harsha Engineers expects growth in domestic cages business aligned with customers’ CAPEX for India and outside India as part of China Plus One strategy, with a peak incremental opportunity of around Rs. 200 crores.
  • Utilization in Indian cage operations is around 60%, with the potential to increase to 80% at optimal demand levels.
  • Bronze Bushing segment is showing strong growth (70%-80% YoY) and is expected to continue expanding, driven by wind energy applications.
  • The company has signed a long-term contract starting in H2 FY26 with a potential revenue of €6-10 million annually, scaling up gradually.
  • Solar EPC vertical aims for sustainable and steady growth without aggressive expansion, supported by government policy incentives.

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Profitability & Margins

See what Harsha Engg Intl said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • For FY25, Harsha Engineers is targeting a CAPEX of approximately Rs. 170 crores, primarily for the new plant, building, and equipment at the Greenfield site.
  • The commissioning of the first phase of the Greenfield site is planned in phases, starting towards the end of Q4 FY25 or early next quarter, with full capacity expected online by the end of Q1 FY26.
  • The company is also preparing for a long-term supply contract starting from the second half of FY26, projecting a revenue potential of €6-10 million per annum which will scale up gradually.

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Top-ranked in Industrial Products

Ranked on what management guided this quarter

Guidance-ranked
1Susan Electrical
Rev 1Mar 1
2Shera Energy
Rev 1Mar 1
3
Rev 1Mar 1
4
Rev 1Mar 2
5
Rev 1Mar 2
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what Harsha Engg Intl said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

  • The transcript does not explicitly mention the current or expected order book value.
  • It notes a "respectable order level" in the solar business pipeline.
  • There is confidence about starting deliveries under a long-term contract in the second half of FY26, with potential revenue of €6-10 million per annum.
  • Indian operations foresee demand improvement and a resumption of normal purchasing in Q4 after a soft Q3 due to inventory reduction.
  • Export order booking traction is improving slightly, indicating a positive outlook.

2 more points from Harsha Engg Intl's call on order book

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Harsha Engg Intl — Quarterly revenue & net profit

Revenue Net profit Net loss
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹474 Cr, net profit ₹47 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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

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Frequently Asked Questions

What were Harsha Engg Intl Q3 FY25 results?

Harsha Engineers expects growth in domestic cages business aligned with customers’ CAPEX for India and outside India as part of China Plus One strategy, with a peak incremental opportunity of around Rs. FY25 topline expected to be flat; bottom-line growth anticipated to be higher, aligned with current run rate. - India operations to maintain decent EBITDA margin around 20%. - Consolidated EBITDA margin currently ~16%, target to improve to 17-18% long term, but short-term visibility limited. - Overseas subsidiaries (Romania and China) remain challenging; efforts ongoing to reduce Romania losses and improve product mix. - Romania unlikely to breakeven in FY25; losses expected to be capped and reduced. - New large global customer contract to start deliveries in second half of FY26, with revenue potential €6-10 million per annum, scaling gradually. - Domestic cage segment utilization expected to rise from ~60% towards an optimal ~80%. - Strong growth expected in Bronze Bushing segment, targeting Rs.

What is Harsha Engg Intl share price analysis?

Harsha Engg Intl currently shows a neutral. The stock trades at a P/E of 24.3 with a market cap of ₹3,753 Cr. Investors should review the full earnings analysis for detailed insights.

Is Harsha Engg Intl planning capital expenditure?

For FY25, Harsha Engineers is targeting a CAPEX of approximately Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.