Harsha Engineers International Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,774 Cr
- P/E
- 24.41
- ROE
- 10.51%
- PEG
- 5.61
- Price to sales
- 2.19
- Debt to equity
- 0.27
- 52W high / low
- ₹474 / ₹314
- Sales growth (5Y)
- 13.24%
- EBITDA margin
- 14.64%
- Net profit margin
- 8.58%
- Promoter holding
- 75.00%
- Sales (last year)
- ₹1,719 Cr
Incorporated in 2010, Harsha Engineers Ltd is a leading engineering company that offers a diversified suite of products across geographies and end-user industries. It manufactures brass, steel, and polyamide cages and stamped components with production facilities located in Asia (India & China) and in Europe (Romania).[1]
Guidance scorecard · Q1 FY27 call
What Harsha Engineers International Ltd's management guided
and where it ranks in Industrial Products
RevenueQ1 FY27 call
10–20%- 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.
2 more points from Harsha Engineers International Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Harsha Engineers International Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- 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.
2 more points from Harsha Engineers International Ltd's call on capex
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FundraisingQ1 FY27 call
See what Harsha Engineers International Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- 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.
2 more points from Harsha Engineers International Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Harsha Engineers International Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Harsha Engineers International Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 344 | 348 | 339 | 324 | 380 | 343 | 353 | 339 | 373 | 365 | 378 | 409 | 474 |
| Expenses + | 293 | 306 | 304 | 285 | 326 | 288 | 311 | 296 | 338 | 310 | 325 | 352 | 400 |
| Operating Profit | 51 | 42 | 35 | 40 | 55 | 55 | 42 | 43 | 35 | 55 | 54 | 57 | 73 |
| OPM % | 15% | 12% | 10% | 12% | 14% | 16% | 12% | 13% | 9% | 15% | 14% | 14% | 15% |
| Other Income + | 6 | 4 | 7 | 11 | 8 | 8 | 12 | 7 | -17 | 11 | 10 | 7 | 11 |
| Interest | 3 | 3 | 2 | 3 | 3 | 3 | 3 | 2 | 1 | 3 | 3 | 5 | 6 |
| Depreciation | 9 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 11 | 11 | 12 | 13 |
| Profit before tax | 45 | 34 | 30 | 38 | 49 | 50 | 41 | 37 | 7 | 53 | 50 | 47 | 65 |
| Tax % | 27% | 27% | 31% | 22% | 26% | 28% | 29% | 28% | 133% | 29% | 26% | 29% | 28% |
| Net Profit + | 33 | 25 | 20 | 30 | 37 | 36 | 29 | 27 | -2 | 38 | 36 | 34 | 47 |
| EPS in Rs | 3.58 | 2.70 | 2.24 | 3.26 | 4.04 | 3.96 | 3.18 | 2.93 | -0.26 | 4.17 | 4.00 | 3.69 | 5.19 |
Financials of Harsha Engineers International Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 886 | 874 | 1,321 | 1,364 | 1,392 | 1,408 | 1,627 |
| Expenses + | 799 | 752 | 1,152 | 1,174 | 1,221 | 1,233 | 1,387 |
| Operating Profit | 86 | 122 | 169 | 190 | 171 | 175 | 240 |
| OPM % | 10% | 14% | 13% | 14% | 12% | 12% | 15% |
| Other Income + | 13 | 3 | 17 | 29 | 30 | 10 | 39 |
| Interest | 33 | 30 | 25 | 16 | 11 | 9 | 16 |
| Depreciation | 35 | 34 | 35 | 36 | 39 | 41 | 47 |
| Profit before tax | 32 | 61 | 127 | 167 | 151 | 136 | 215 |
| Tax % | 31% | 25% | 27% | 26% | 26% | 34% | 28% |
| Net Profit + | 22 | 45 | 92 | 123 | 111 | 89 | 155 |
| EPS in Rs | 4.38 | 9.09 | 11.90 | 13.54 | 12.24 | 9.81 | 17.05 |
| Dividend Payout % | 0% | 0% | 0% | 7% | 8% | 10% | 0% |
Financials of Harsha Engineers International Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 50 | 50 | 77 | 91 | 91 | 91 | 91 |
| Reserves | 322 | 377 | 445 | 981 | 1,084 | 1,163 | 1,311 |
| Borrowings + | 419 | 357 | 385 | 182 | 177 | 200 | 372 |
| Other Liabilities + | 197 | 197 | 252 | 191 | 215 | 236 | 293 |
| Total Liabilities | 988 | 981 | 1,158 | 1,445 | 1,567 | 1,691 | 2,067 |
| Fixed Assets + | 334 | 342 | 356 | 387 | 418 | 414 | 660 |
| CWIP | 3 | 3 | 2 | 12 | 15 | 161 | 19 |
| Investments | 7 | 9 | 6 | 194 | 234 | 305 | 473 |
| Other Assets + | 644 | 626 | 794 | 853 | 900 | 810 | 915 |
| Total Assets | 988 | 981 | 1,158 | 1,445 | 1,567 | 1,691 | 2,067 |
Financials of Harsha Engineers International Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 113 | 121 | 36 | 137 | 136 | 206 | 68 |
| Cash from Investing Activity + | -51 | -20 | -52 | -312 | -158 | -212 | -197 |
| Cash from Financing Activity + | -38 | -92 | 4 | 216 | -25 | 6 | 146 |
| Net Cash Flow | 24 | 9 | -12 | 41 | -47 | 0 | 18 |
| Free Cash Flow | 40 | 81 | -13 | 63 | 62 | -2 | -47 |
| CFO/OP | 146% | 100% | 40% | 92% | 101% | 141% | 54% |
Financials of Harsha Engineers International Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 98 | 89 | 78 | 75 | 84 | 78 | 85 |
| Inventory Days | 185 | 235 | 185 | 187 | 166 | 165 | 169 |
| Days Payable | 89 | 103 | 90 | 58 | 62 | 72 | 83 |
| Cash Conversion Cycle | 194 | 222 | 173 | 204 | 187 | 171 | 171 |
| Working Capital Days | 33 | 55 | 71 | 96 | 100 | 97 | 147 |
| ROCE % | 12% | 18% | 17% | 12% | 12% | 14% |
Guidance history
How Harsha Engineers International Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Up 0–2% | Planned | Planned | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
33 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +3.5% | 64% |
| Last 6 months | +7.1% | 65% |
| Last 3 months | +3.3% | 72% |
The price is 28.1% below its all-time high of ₹576.2 (21 Jun 2024). Stocks more than 20% below their peak have their score halved, so 66 became 33.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Harsha Engineers International Ltd: 0.4 × 64 + 0.4 × 65 + 0.2 × 72 = 66, halved to 33 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Harsha Engineers International Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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