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Harsha Engineers International Ltd.

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harshaengineers.comBSE: 543600NSE: HARSHA
Market Cap₹ 4,123 Cr.
Current Price
High / Low₹ 471 / 313
Stock P/E26.7
Book Value₹ 158
Price to Book2.04
Dividend Yield0.33 %
ROCE14.4 %
ROE11.7 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Engineering & Others: 88.7% • Solar-EPC & O & M: 11.3%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 27.8% CAGR over last 5 years
  • Company has consistently been profitable over the last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.15x)
  • Company comfortably covers its interest (14.2x coverage)
  • Stock looks reasonably valued - P/E of 26.7 is below its historical median
  • Company maintains a comfortable, low leverage position

CONS

  • Company has a low return on equity of 9.7% over last 3 years
  • Free cash flow has been persistently negative
  • Total debt has risen sharply - up 86.8% year on year
  • Growth is decelerating - 3Y profit CAGR (8.0%) trails the 5Y trend (27.8%)
  • Though reporting repeated profits, the company pays out little dividend (8.8%)
  • Expensive relative to growth - PEG of 3.3

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BHEL433.3062.03150877.810.32376.71182.707697.7240.299.246.69
2.INDOMIM988.3591.6048872.020.602401.22—12187.42—24.4833.36
3.THERMAX3635.8573.0143323.440.5521.79-85.612302.737.0915.852.98
4.HONAUT34159.3554.8030202.070.32150.7020.951204.401.8017.0414.32
5.JYOTICNC1008.7071.3022940.170.0057.14-19.99508.4723.9721.3421.40
6.INOXINDIA2184.8077.9519864.740.0958.07-4.98370.799.1833.5420.46
7.AZAD2804.70130.3318113.240.0035.1619.46172.6025.9012.0437.29
8.TRITURBINE564.9053.4017958.080.7551.10-20.65442.7019.2335.9511.59
9.TEGA1680.15597.4112622.580.12-108.25-406.361723.44383.998.373.27
10.LLOYDSENGG81.2356.3312599.090.3168.23-77.28527.15142.9217.9915.04
11.KRN1600.40108.0610475.980.0032.90164.84252.32118.8716.0619.44
12.HARSHA452.8526.664122.930.33373.80885.504574.301152.2414.3614.75
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
348339324380343353339373365378409474457
306304285326288311296338310325352400410
Operating Profit42354055554243355554577348
OPM %12.02%10.38%12.25%14.34%16.08%11.87%12.62%9.43%15.17%14.14%14.00%15.49%10.46%
471188127-1711107115
Interest3233332133566
Depreciation10101010101010101111121314
Profit before Tax3430384950413775350476553
Tax %26.93%31.23%21.85%25.67%28.33%29.21%28.41%133.24%28.51%26.49%28.86%27.77%29.47%
Net Profit252000362927-23836344737
2.702.243.264.043.963.182.93-0.264.174.003.695.194.11

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1238868741,3211,3641,3921,4081,6271,719
1538087561,1531,1781,2241,2331,3951,487
Operating Profit-3078118169186169175232232
OPM %-24.79%8.84%13.48%12.76%13.62%12.12%12.43%14.28%13.50%
3217183332104633
Interest11333025161191620
Depreciation03534353639414750
Profit before Tax-393261127167151136215215
Tax %29.02%30.63%25.17%27.39%26.23%26.08%34.18%27.90%28.13%
Net Profit-2722459212311189155155
EPS-13.703.525.8811.9014.5912.249.8117.05—
Dividend Payout %0.00%38.48%0.00%0.00%7.38%8.17%10.19%8.80%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
13%
3 Years:
6%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
28%
3 Years:
8%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
0%
1 Year:
8%

RETURN ON EQUITY

10 Years:
—
5 Years:
13%
3 Years:
10%
Last Year:
12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 9

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2025

Aug 29

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2024

Sep 9

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2023

Sep 21

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital2050507791919191
-192953504459811,0841,1631,311
112358307344180174204358
Trade Payables53111117183117133157193
28159158109768477114
Total Liabilities1959739821,1581,4451,5671,6912,067
1334342356387418414660
Capital Work in Progress0332121516119
6796194234305473
9232268376377354334394
00000319303378
Cash & Bank135745391341227645
1673403143793421059898
Total Assets1959739821,1581,4451,5671,6912,067

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
311261226817513620668
Cash from Investing15-65-20-52-312-158-212-197
Cash from Financing-55-38-924216-256146
-11109-1241-47018

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.6174.6174.6174.6174.7275.0075.0075.0075.00
0.760.560.580.540.880.390.412.371.79
8.698.858.728.6411.8612.4812.4212.4213.02
Government0.000.000.000.000.000.000.000.000.00
15.9415.9916.0916.2112.5412.1312.1710.2010.19

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-20
Change in Management

2026-08-20 - Harsha Engineers International Limited has informed the Exchange about change in Management

2026-08-20
Resignation of Director/KMP/SMP

2026-08-20 - Harsha Engineers International Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Harsha Engineers International Limited has informed the Exchange about Transcript

2026-08-12
Copy of Newspaper Publication

2026-08-12 - Harsha Engineers International Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-11
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Harsha Engineers International Limited has informed the Exchange about Link of Recording

2026-08-11
Investor Presentation

2026-08-11 - Harsha Engineers International Limited has informed the Exchange about Investor Presentation

2026-08-11
Outcome of Board Meeting

2026-08-11 - Harsha Engineers International Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Harsha Engineers International Limited has informed the Exchange about Schedule of meet

2026-08-03
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-03 - Harsha Engineers International Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for HARSHA

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