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Harsha Engineers International

HARSHA NSE
₹462.00 +21.95 (+4.99%)
P/E
27.19
View as Markdown
MCP
Close 4 Nov 2026 ₹462.00 +73.90 +19.0% 1Y
Start ₹388.10

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
13.00%
Debt to Equity
0.27
EPS (TTM)
₹16.99
Book Value
₹153.96
Market Cap
—
P/E (TTM)
27.19
P/B
3.00
ROE
10.50%
Dividend Yield
0.34%
EBITDA
₹278 Cr
52W High
₹484.80
52W Low
₹313.30
Day Range
₹426.40 – ₹469.35
Volume
2,92,939

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
47
Average
Returns, margins, earnings quality 22% weight
Valuation
54
Average
Cheap vs sector & own history 24% weight
Growth
55
Good
Sales & profit trajectory 9% weight
Financial Health
62
Good
Solvency, leverage, coverage 9% weight
Momentum
52
Average
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

3
  • Stock is trading at 2.90 times its book value
  • Company has a low return on equity of 9.69% over last 3 years.
  • Dividend payout has been low at 9.05% of profits over last 3 years

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
59.60
Neutral
MACD (12,26,9)
−2.65
Bullish
SMA (50)
445.05
Bullish
SMA (200)
405.35
Bullish

As of

Analyst Rating

Based on 4 analysts
BUY100%

4 of 4 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
4
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+13.23%
3Y+6.05%
1Y+15.55%
TTM+20.14%

Net profit

Net profit growth by window
5Y+28.06%
3Y+8.01%
1Y+74.16%
TTM+67.39%

Operating cash flow

Operating cash flow growth by window
5Y−10.89%
3Y−20.82%
1Y−66.99%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+0.79 pp
3Y+0.82 pp
1Y+2.32 pp
TTM+2.37 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹886 Cr
Mar 2021₹874 Cr
Mar 2022₹1,321 Cr
Mar 2023₹1,364 Cr
Mar 2024₹1,392 Cr
Mar 2025₹1,408 Cr
Mar 2026₹1,627 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹22.00 Cr
Mar 2021₹45.00 Cr
Mar 2022₹92.00 Cr
Mar 2023₹123 Cr
Mar 2024₹111 Cr
Mar 2025₹89.00 Cr
Mar 2026₹155 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹72.20 Cr −11.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk medium

Harsha Engineers International, a mid-cap industrial company with a market cap of ₹3,873 Cr, trades at a PE of 24.5x and has delivered TTM sales growth of 16% with profit growth of 31%. However, its 3-year ROE averages around 10% and dividend payout remains low at 9.05% of profits.

Bull Case 7
  • TTM profit growth of 31% indicates strong recent earnings momentum and improving profitability
  • TTM sales growth of 16% shows healthy top-line expansion and demand recovery
  • 5-year compounded profit growth of 25% demonstrates sustained long-term earnings trajectory
  • 5-year compounded sales growth of 13% reflects consistent revenue expansion over a longer horizon
  • PE of 24.5x is reasonable relative to the 31% TTM profit growth, implying a PEG ratio below 1
  • Last year ROE of 11% shows marginal improvement over the 3-year average of 10%, indicating upward trend
  • Market cap of ₹3,873 Cr positions the company in the mid-cap space with room for institutional discovery and re-rating
Bear Case 7
  • 3-year ROE of only 10% is low for an industrials company, suggesting suboptimal capital efficiency
  • Dividend payout of just 9.05% of profits over 3 years offers minimal income return to shareholders
  • Stock trades at 2.71x book value despite generating only 10-11% ROE, indicating stretched valuation relative to returns
  • 3-year stock CAGR of -3% shows the stock has destroyed value for medium-term holders despite profit growth
  • 3-year compounded sales growth of only 6% is modest, suggesting inconsistent revenue momentum prior to recent quarters
  • 3-year compounded profit growth of only 4% indicates earnings growth was back-loaded and not sustained throughout the period
  • Dividend yield of 0.36% provides negligible cash return, making the stock entirely dependent on capital appreciation

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Harsha Engineers delivered a strong FY26 with robust revenue growth and a sharp 74% jump in profitability, signalling an operational recovery. The generous ₹15/share dividend reflects management confidence in cash flows. No visible headwinds in recent news flow. The trend is clearly improving, and sustained margin expansion will be the key monitorable going forward.

Positives 2
  • Strong FY26 PAT growth 74% Jun 29

    Consolidated PAT surged 73.78% YoY to ₹15,520 lakhs on revenue of ₹162,679 lakhs (+15.57% YoY) with EBITDA of ₹27,817 lakhs in FY2025-26.

  • ₹15/share dividend declared Jun 30

    Board fixed July 9, 2026 as record date for ₹15 per share dividend, with 16th AGM scheduled for July 23, 2026.

Quarterly Results

₹ Cr
HARSHA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
348
339
324
380
343
353
339
373
365
378
409
474
457
440
Expenses
306
304
285
326
288
311
296
338
310
325
352
400
390
365
Operating Profit
42
35
40
55
55
42
43
35
55
54
57
73
67
75
OPM %
12%
10%
12%
14%
16%
12%
13%
9%
15%
14%
14%
15%
15%
17%
Other Income
4
7
11
8
8
12
7
−17
11
10
7
11
5
7
Interest
3
2
3
3
3
3
2
1
3
3
5
6
6
6
Depreciation
10
10
10
10
10
10
10
10
11
11
12
13
14
14
PBT
34
30
38
49
50
41
37
7
53
50
47
65
53
61
Tax %
27%
31%
22%
26%
28%
29%
28%
133%
29%
26%
29%
28%
29%
27%
Net Profit
25
20
30
37
36
29
27
−2
38
36
34
47
37
45
EPS (₹)
2.7
2.24
3.26
4.04
3.96
3.18
2.93
−0.26
4.17
4
3.69
5.19
4.11
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
HARSHA profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
886
874
1,321
1,364
1,392
1,408
1,627
1,719
Expenses
799
752
1,152
1,174
1,221
1,233
1,387
1,467
Operating Profit
86
122
169
190
171
175
240
252
OPM %
10%
14%
13%
14%
12%
12%
15%
15%
Other Income
13
3
17
29
30
10
38.51
33
Interest
33
30
25
16
11
9
16
20
Depreciation
35
34
35
36
39
41
47
50
PBT
32
61
127
167
151
136
215
215
Tax %
31%
25%
27%
26%
26%
34%
28%
—
Net Profit
22
45
92
123
111
89
155
155
EPS (₹)
4.38
9.09
11.9
13.54
12.24
9.81
17.05
16.99
Div. Payout %
0%
0%
0%
7%
8%
10%
9%
—

Balance Sheet

₹ Cr
HARSHA balance sheet, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Cash Flow

₹ Cr
HARSHA cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
113
121
36
137
136
206
68
Investing
−51
−20
−52
−312
−158
−212
−197
Financing
−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

Ratios

HARSHA financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
77
83
Cash Conversion Cycle
194
222
173
204
187
166
171
Working Capital Days
33
55
71
96
100
97
91
ROCE %
—
12%
18%
17%
12%
12%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Harsha Engineers insights

64 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 75.00%
  • DIIs 13.93%
  • Public 8.37%
  • Others 1.59%
  • FIIs 1.12%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Harsha Engineers International

What does Harsha Engineers International Ltd do?
Incorporated in 2010, Harsha Engineers Ltd is a leading engineering company that offers a diversified suite of products across geographies and end-user industries.
Where is Harsha Engineers International Ltd (HARSHA) listed?
Harsha Engineers International Ltd trades as HARSHA on the NSE and under code 543600 on the BSE.
Which sector does Harsha Engineers International Ltd belong to?
Harsha Engineers International Ltd is classified under the Industrial Products sector, in the Other Industrial Products industry.
What is the PE ratio of Harsha Engineers International Ltd?
Harsha Engineers International Ltd trades at a PE ratio of 27.19 as of 4 Nov 2026, on earnings per share of ₹16.99, against a book value of ₹153.96 per share.
What is the 52-week high and low of Harsha Engineers International Ltd?
Over the last 52 weeks Harsha Engineers International Ltd has traded between ₹313.3 and ₹484.8 as of 4 Nov 2026.
Does Harsha Engineers International Ltd pay dividends?
Harsha Engineers International Ltd has a dividend yield of 0.34%.
What is the Return on Equity (ROE) of Harsha Engineers International Ltd?
Harsha Engineers International Ltd reported a return on equity of 10.50%. Its debt-to-equity ratio is 0.27.

Company Information

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).

Website harshaengineers.com
CEO Mr. Rajendra Shantilal Shah B.E. (Mech.)
Employees 1,646
Listed 26 Sep 2022
Face Value ₹10

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