Harsha Engineers International Limited
NSE: HARSHAOther Industrial Products
Share price
₹442.40
-3.91% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
64
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹4,026 Cr
P/E ratio
26.0
P/B ratio
2.9
ROCE
13.0%
ROE
10.5%
Dividend yield
0.3%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 20.2% over the past year, and 4.0% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 12.5% to 14.6% over the last four years.
Whether it grew faster than its sector
It grew 4.0% a year against a sector median of 10.6% — 6.6 percentage points slower.
Room to re-rate, or risk of de-rating
At 26.0× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 36.2×, across 5 companies. It is against its own five-year median of 33.1×, the 10th percentile of its own range.
Whether growth justifies the valuation
Priced at 6.5 times its growth rate, on earnings growth of 4%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Harsha Engineers International Limited — this one | 4%/yr | 26.0× | ₹6.5 |
| HBL Engineering Limited | 105%/yr | 25.3× | — |
| INOX India Limited | 19%/yr | 71.4× | ₹3.8 |
| KRN Heat Exchanger and Refrigeration Limited | — | 90.4× | — |
| Esab India Limited | 13%/yr | 36.2× | ₹2.8 |
| Subros Limited | 53%/yr | 25.1× | ₹0.47 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Other Industrial Products), it ranks 10 of 15 on returns, 14 of 15 on growth, 7 of 15 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 13% on capital, ahead of 33% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹583 crore of cash from the business and spent ₹521 crore on plant and equipment, with ₹62 crore to spare; it still raised ₹347 crore from shareholders — borrowings did not rise. And the profit is real: of every 100 rupees it reported over 7 years, about 128 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back more slowly than it used to: it went from being waiting 71 days for its cash to waiting 91 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q4 FY26
What the last results showed. Whether management kept its word is in Pro.
Revenue was Rs 356 crore with Rs 53 crore profit for the March quarter.
Announced 19 Sep 2026 · Standalone · Audited
Revenue
₹356 Cr
Net profit
₹53 Cr
EPS
₹5.84
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹4,026 Cr
- Prev close
- ₹442.40
- 52w High
- ₹485
- 52w Low
- ₹313
- Enterprise value
- ₹4,359 Cr
- Beta
- 1.1
- Price CAGR 1y
- 18.0%
- Price CAGR 3y
- 4.0%
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- 7.5%
- PEG ratio
- 6.5
- P/E ratio
- 26.0
- P/B ratio
- 2.9
- EV / EBITDA
- 18.3
- Industry P/E
- 25.2
- ROCE
- 13.0%
- ROCE 5y average
- 14.4%
- ROE
- 10.5%
- Debt / Equity
- 0.3
- Interest coverage
- 14.4
- Dividend yield
- 0.3%
- ROE 3y average
- 10.0%
- ROE last year
- 11.0%
Annual P&L
- Annual revenue
- ₹1,627 Cr
- Annual profit
- ₹155 Cr
- Operating margin
- 15.0%
- Net profit margin
- 9.5%
- EBITDA margin
- 14.8%
- Sales growth 3y
- 6.1%
- Sales growth 5y
- 13.2%
- Profit growth 3y
- 4.0%
- Profit growth 5y
- 25.0%
- EPS
- ₹17.1
- Sales growth TTM
- 20.0%
- Profit growth TTM
- 42.0%
- Dividend payout
- 9.0%
Quarter P&L
- Sales latest quarter
- ₹457 Cr
- Profit latest quarter
- ₹37 Cr
- YoY quarterly sales growth
- 25.2%
- YoY quarterly profit growth
- -2.6%
- OPM latest quarter
- 14.8%
Balance Sheet
- Book Value
- ₹154
- Face Value
- ₹10.0
- Total debt
- ₹372 Cr
- Total cash
- ₹45 Cr
- Borrowings
- ₹372 Cr
- Reserves / Equity
- 14.4
Cash Flow
- Operating cash flow
- ₹68 Cr
- Free cash flow
- -₹47 Cr
- FCF yield
- -1.6%
- Net cash flow
- ₹18 Cr
Shareholding
- Promoter holding
- 75.0%
- FII holding
- 1.8%
- DII holding
- 13.0%
- Public holding
- 10.2%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| HBL Engineering | 762.45 | 26.4 | 21,135 | 0.39 | 109.1 | -25.1 | 638.0 | 6.0 | 59.3 |
| Inox India | 2,082.00 | 73.5 | 18,897 | 0.10 | 58.1 | -5.0 | 370.8 | 9.2 | 33.5 |
| KRN Heat Exchan | 1,484.20 | 100.2 | 9,715 | 0.00 | 32.9 | 164.9 | 252.3 | 118.9 | 16.0 |
| Esab India | 5,627.00 | 41.8 | 8,662 | 1.33 | 56.1 | 37.1 | 421.1 | 19.6 | 64.7 |
| Subros | 675.50 | 25.6 | 4,407 | 0.44 | 41.5 | 1.7 | 1,032.1 | 17.5 | 19.2 |
| Harsha Engg Intl | 460.40 | 27.1 | 4,192 | 0.33 | 37.4 | -1.4 | 457.4 | 25.2 | 13.0 |
| Ador Welding | 1,552.10 | 22.6 | 2,701 | 1.48 | 27.4 | 890.5 | 308.6 | 23.2 | 22.7 |
| Median | 342.55 | 26.2 | 562 | 0.00 | 6.2 | 10.2 | 69.5 | 16.7 | 16.2 |
Competes with: Ador Welding Limited, Beardsell Limited, Delta Manufacturing Limited, Diffusion Engineers Limited, Esab India Limited, HBL Engineering Limited, Hy-Tech Engineers Limited, INOX India Limited, KRN Heat Exchanger and Refrigeration Limited, Kirloskar Industries Limited, MIC Electronics Limited, Mallcom (India) Limited, Oriental Rail Infrastructure Limited, PTC Industries Limited, Subros Limited, WH Brady & Company Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
| Material Cost | 197 | 203 | 208 | 268 | 242 | ||||||||
| Change in Inventories | -10 | -9.71 | 2.89 | -10 | -2.32 | ||||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | ||||||||
| Employee Cost | 51 | 53 | 58 | 54 | 59 | ||||||||
| Other Expenses | 72 | 79 | 83 | 89 | 91 | ||||||||
| Operating Profit | 42 | 35 | 40 | 55 | 55 | 42 | 43 | 35 | 55 | 54 | 57 | 73 | 67 |
| OPM % | 12 | 10 | 12 | 14 | 16 | 12 | 13 | 9.43 | 15 | 14 | 14 | 15 | 15 |
| Other Income | 4 | 7 | 11 | 8 | 8 | 12 | 7 | -17 | 11 | 10 | 7 | 11 | 5 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | ||||||||
| 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 |
| Profit before tax | 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 | 2.70 | 2.24 | 3.26 | 4.04 | 3.96 | 3.18 | 2.93 | -0.26 | 4.17 | 4 | 3.69 | 5.19 | 4.11 |
| Diluted EPS in Rs | 4.17 | 4 | 3.69 | 5.19 | 4.11 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Material Cost | 876 | |||||||
| Change in Inventories | -27 | |||||||
| Purchases of Stock-in-Trade | 0 | |||||||
| Employee Cost | 215 | |||||||
| Other Expenses | 323 | |||||||
| 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 |
| Exceptional items (within Other Income) | 0 | |||||||
| Interest | 33 | 30 | 25 | 16 | 11 | 9 | 16 | 20 |
| Depreciation | 35 | 34 | 35 | 36 | 39 | 41 | 47 | 50 |
| Profit before tax | 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 | 12 | 14 | 12 | 9.81 | 17 | 17 |
| Diluted EPS in Rs | 17 | |||||||
| Dividend Payout % | 0 | 0 | 0 | 7 | 8 | 10 | 9 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- 13%
- 3 years
- 6%
- TTM
- 20%
Compounded profit growth
- 10 years
- —
- 5 years
- 25%
- 3 years
- 4%
- TTM
- 42%
Stock price CAGR
- 10 years
- —
- 5 years
- —
- 3 years
- 4%
- 1 year
- 18%
Return on equity
- 10 years
- —
- 5 years
- 12%
- 3 years
- 10%
- Last year
- 11%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | 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 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | 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 | -48 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | 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 | 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 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
70,38,395inr
2026-03-31
News
News and filings about Harsha Engineers International Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- Ador Welding Limited
- Beardsell Limited
- Delta Manufacturing Limited
- Diffusion Engineers Limited
- Esab India Limited
- HBL Engineering Limited
- Hy-Tech Engineers Limited
- INOX India Limited
- KRN Heat Exchanger and Refrigeration Limited
- Kirloskar Industries Limited
- MIC Electronics Limited
- Mallcom (India) Limited
- Oriental Rail Infrastructure Limited
- PTC Industries Limited
- Subros Limited
- WH Brady & Company Limited
Uses as raw material
- brass strips, brass tubes and brass castings for bearing cages
- packing materials
- polyamide / high-polymer materials for bearing cages
- steel grades for bearing cages and stamped components, including AISI 1008 HR/CR, DC01-DD12 and SPHD/SPCC
- stores and spares
Depends on the price of
- copper
- fuel
- steel
- zinc
Sells to
- Jtekt India Limited · precision bearing cages
- NRB Bearing Limited · precision bearing cages / bearing components
- NSK Ltd. · precision bearing cages
- NTN Corporation · precision bearing cages
- National Engineering Industries / NBC Bearings · precision bearing cages / bearing components
- SCHAEFFLER (global) · precision bearing cages (global offtake incl. Romania)
- SKF India Limited · precision bearing cages and precision stamped components
- Schaeffler India Limited · precision bearing cages and precision stamped components
- Timken India Limited · precision bearing cages and bronze bushings
- ZF · precision bearing cages and precision stamped components
Buys from
- Jyoti CNC Automation Limited · CNC machines (bearing-cage / precision component machining)
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Other Industrial Products
- Classification
- Capital Goods › Other Industrial Products
- ISIN
- INE0JUS01029
Business segments
- Engineering & Others · 89%
- Solar-EPC and O&M · 11%
Plants
- Harsha Engineers Europe S.R.L. / Ghimbav facility · Ghimbav, Brasov, Romania
- Harsha Engineers International Limited - Changodar production facility · Ahmedabad / Changodar, Gujarat
- Harsha Engineers International Limited - Moraiya production facility · Ahmedabad / Moraiya, Gujarat
- Harsha Precision Bearing Components (China) Co., Ltd / Changshu facility · Changshu, Jiangsu, China
News impact
Big market events that reach Harsha Engineers International Limited, and how the effect spreads.
No recent market events reach this company.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 9 Jul 2026 | unspecified | ₹1.5 |
|---|---|---|
| 29 Aug 2025 | unspecified | ₹1 |
| 9 Sep 2024 | unspecified | ₹1 |
| 21 Sep 2023 | unspecified | ₹1 |
Splits, bonuses & buybacks
- daily-prices repair: 7 rows from NSE's archive (replace 2, delete 0, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call · Q1FY2711 Aug 2026
- Results presentation30 Jun 2026
- Annual report · 2025-2629 Jun 2026
- Earnings call · Q4FY267 May 2026
- Earnings call · Q3FY265 Feb 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.