Harsha Engineers International Ltd.

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harshaengineers.comBSE: 543600NSE: HARSHA

Market Cap₹ 4,140 Cr.

Current Price

High / Low₹ 469 / 313

Stock P/E23.1

Book Value₹ 162

Price to Book2.00

Dividend Yield0.33 %

ROCE17.3 %

ROE13.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Engineering & Others: 85.1% • Solar-EPC and O&M: 14.9%

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 36.0% CAGR over last 5 years
Company is almost debt free
Company has delivered good sales growth of 16.1% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.37x)
Company comfortably covers its interest (92.5x coverage)
Working capital cycle has improved - days down from 231 to 188

CONS

Company has a low return on equity of 8.9% over last 3 years
Total debt has risen sharply - up 97.7% year on year
Growth is decelerating - 3Y profit CAGR (11.3%) trails the 5Y trend (36.0%)
Though reporting repeated profits, the company pays out little dividend (7.7%)
Expensive relative to growth - PEG of 2.0

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

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	433.35	62.03	150895.22	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	970.60	89.95	47994.32	0.61	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3634.35	72.98	43305.57	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35625.15	57.15	31498.06	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1002.85	70.89	22807.13	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2248.45	80.08	20407.72	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	577.50	54.59	18358.64	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2775.95	128.99	17927.57	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.28	58.44	13072.16	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1547.15	550.12	11623.38	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1579.75	106.67	10340.80	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	HARSHA	454.70	26.77	4139.78	0.33	373.80	885.50	4574.30	1152.24	14.36	14.75

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	256	268	259	298	258	272	268	291	271	279	322	356	316
	215	228	221	246	206	231	226	256	218	228	264	286	262
Operating Profit	41	40	38	51	52	41	42	35	54	50	58	69	54
OPM %	16.13%	14.95%	14.51%	17.25%	20.17%	15.17%	15.69%	11.88%	19.73%	18.04%	18.09%	19.53%	17.16%
	6	7	11	7	8	11	8	-85	12	10	6	10	7
Interest	2	1	2	2	2	1	1	0	1	1	1	1	1
Depreciation	6	7	7	7	7	7	7	7	7	8	8	7	8
Profit before Tax	39	39	40	50	52	44	42	-58	58	52	56	71	61
Tax %	23.48%	23.68%	24.91%	24.94%	25.49%	25.59%	25.36%	-16.37%	25.43%	25.52%	25.46%	25.32%	25.32%
Net Profit	30	30	30	38	39	33	31	-67	43	39	42	53	46
	3.27	3.25	3.29	4.13	4.24	3.60	3.40	-7.35	4.71	4.29	4.58	5.84	5.02

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	601	582	956	1,025	1,081	1,089	1,228	1,273
	544	494	791	852	914	919	1,004	1,041
Operating Profit	57	88	166	172	167	170	225	232
OPM %	9.46%	15.07%	17.31%	16.82%	15.48%	15.61%	18.28%	18.25%
	23	8	18	35	34	-57	45	33
Interest	30	27	21	12	6	4	3	3
Depreciation	20	17	20	23	27	29	30	30
Profit before Tax	30	51	143	172	168	80	237	241
Tax %	32.58%	26.12%	25.81%	25.48%	24.30%	55.67%	25.42%	25.40%
Net Profit	20	38	106	128	127	35	177	180
EPS	3.23	4.92	13.73	15.19	13.94	3.88	19.42	—
Dividend Payout %	41.92%	0.00%	0.00%	7.09%	7.17%	25.75%	7.72%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 16%
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 36%
3 Years:: 11%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 0%
1 Year:: 12%

RETURN ON EQUITY

10 Years:: —
5 Years:: 13%
3 Years:: 9%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	50	50	77	91	91	91	91
	340	383	491	1,033	1,154	1,178	1,338
	288	233	253	92	105	27	48
Trade Payables	92	94	142	73	106	127	148
	126	122	99	66	72	62	77
Total Liabilities	896	882	1,062	1,355	1,529	1,486	1,702
	179	181	204	239	251	264	289
Capital Work in Progress	2	3	2	11	7	32	6
	185	188	211	399	515	541	727
	172	197	293	291	289	272	286
	0	0	0	0	269	244	286
Cash & Bank	49	36	32	121	97	65	28
	310	277	320	294	102	69	81
Total Assets	896	882	1,062	1,355	1,529	1,486	1,702

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	97	104	82	156	124	210	132
Cash from Investing	-38	0	-75	-306	-162	-121	-132
Cash from Financing	-34	-95	14	223	-3	-92	9
	13	8	-9	35	-41	-2	9

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	4.02	7.60	13.73	14.10	13.94	3.88	19.42
Book Value (₹)	78.03	86.66	73.53	123.43	136.80	139.44	157.02
Dividend per Share (₹)	1.69	0.00	0.00	1.00	1.00	1.00	1.50
Cash EPS (₹)	8.05	11.05	16.27	16.66	16.89	7.03	22.71
PROFITABILITY
Operating Margin %	13.37%	16.36%	19.21%	20.25%	15.43%	15.48%	18.16%
Net Margin %	3.35%	6.53%	11.09%	12.53%	11.70%	3.22%	14.30%
ROE %	5.15%	9.22%	21.19%	15.18%	10.71%	2.81%	13.10%
ROCE %	8.17%	10.76%	20.93%	17.82%	13.61%	6.39%	17.33%
	2.24%	4.27%	10.91%	10.63%	8.80%	2.35%	11.09%
EFFICIENCY
Debtor Days	120	113	72	77	82	85	78
Inventory Days	104	116	93	104	98	93	82
Payable Days	106	124	84	73	56	76	80
	118	105	82	108	124	102	81
FINANCIAL HEALTH
Debt to Equity (x)	0.82x	0.58x	0.51x	0.08x	0.08x	0.02x	0.03x
Interest Coverage (x)	1.98x	2.94x	7.77x	15.47x	27.48x	18.73x	92.53x
	1.33x	1.55x	1.79x	4.01x	3.62x	4.81x	3.66x
GROWTH
Revenue Growth %	0.00%	-3.08%	64.33%	7.14%	5.49%	0.77%	12.75%
Operating Profit Growth %	0.00%	18.61%	92.91%	12.95%	-3.22%	3.55%	29.65%
Net Profit Growth %	0.00%	88.86%	179.30%	21.03%	-1.15%	-72.14%	400.00%
	0.00%	0.00%	0.00%	0.00%	-1.15%	-72.14%	400.00%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	28.74x	96.23x	16.19x
P/B (x)	0.00x	0.00x	0.00x	0.00x	2.93x	2.68x	2.00x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.25%	0.27%	0.48%
	0.00x	0.00x	0.00x	0.00x	18.18x	16.16x	10.68x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.61	74.61	74.61	74.61	74.72	75.00	75.00	75.00	75.00
	0.76	0.56	0.58	0.54	0.88	0.39	0.41	2.37	1.79
	8.69	8.85	8.72	8.64	11.86	12.48	12.42	12.42	13.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	15.94	15.99	16.09	16.21	12.54	12.13	12.17	10.20	10.19

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

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