Harsha Engineers logo

Harsha Engineers

HARSHA NSE

Key Fundamentals

MicrocapOther Industrial ProductsIndustrial Products
Market Cap
₹3,997 Cr
Volatility
Moderate
P/E Ratio
26.19
EBITDA
₹278 Cr
Return on Equity
11.07%
Debt to Equity
0.27
Book Value
₹153.96
EPS
₹13.5
52W High
₹470.95
52W Low
₹313.3

Tapetide Score

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

Key Insights

Weaknesses

3
  • Stock is trading at 2.89 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

Growth Rate

Revenue Growth
15.21% higher than 3Y
Net Income Growth
73.8% higher than 3Y
Cash Flow Change
-66.81% lower than 3Y
ROE
55.48% higher than 3Y
ROCE
35.46% higher than 3Y
EBITDA Margin (Avg.)
13.53% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
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 8
  • 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
  • 1-year stock CAGR of just 3% suggests the market has not rewarded the recent earnings acceleration with meaningful re-rating

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

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
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.

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.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
348
339
324
380
343
353
339
373
365
378
409
474
457
Expenses
306
304
285
326
288
311
296
338
310
325
352
400
390
Operating Profit
42
35
40
55
55
42
43
35
55
54
57
73
67
OPM %
12%
10%
12%
14%
16%
12%
13%
9%
15%
14%
14%
15%
15%
Other Income
4
7
11
8
8
12
7
-17
11
10
7
11
5
Interest
3
2
3
3
3
3
2
1
3
3
5
6
6
Depreciation
10
10
10
10
10
10
10
10
11
11
12
13
14
PBT
34
30
38
49
50
41
37
7
53
50
47
65
53
Tax %
27%
31%
22%
26%
28%
29%
28%
133%
29%
26%
29%
28%
29%
Net Profit
25
20
30
37
36
29
27
-2
38
36
34
47
37
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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
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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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59 extracted metrics + investor summaries across FY20–FY26.

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Shareholding Pattern

Others1.77%Promot.75.00%FIIs1.79%Public8.42%DIIs13.02%As ofJun 2026

Documents

Frequently Asked Questions about Harsha Engineers

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. It manufactures brass, steel, and polyamide cages and stamped components with production facilities located in Asia (India & China) a...
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 market capitalisation of Harsha Engineers International Ltd?
Harsha Engineers International Ltd has a market capitalisation of ₹3,997 Cr, which places it in the Small Cap band.
What is the PE ratio of Harsha Engineers International Ltd?
Harsha Engineers International Ltd trades at a PE ratio of 26.19, on earnings per share of ₹13.5, 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 ₹470.95.
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 11.07%. 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).[1]

Website harshaengineers.com
CEO Mr. Rajendra Shantilal Shah B.E. (Mech.)
Employees 1,646
Listed 2022-09-26
Face Value ₹ 10
Issued Size 9,10,44,105

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