Harsha Engineers International Ltd.

•

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

Recent coverage and analyst commentary for HARSHA

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Harsha Engineers International Ltd.

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Free 5nance Account

Name

BHEL

433.35

62.03

150895.22

0.32

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

970.60

89.95

47994.32

0.61

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3634.35

72.98

43305.57

0.55

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

35625.15

57.15

31498.06

0.31

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

1002.85

70.89

22807.13

0.00

57.14

-19.99

508.47

23.97

23.88

21.40

INOXINDIA

2248.45

80.08

20407.72

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

TRITURBINE

577.50

54.59

18358.64

0.74

51.10

-20.65

442.70

19.23

35.95

11.59

AZAD

2775.95

128.99

17927.57

0.00

35.16

19.46

172.60

25.90

12.28

37.29

LLOYDSENGG

84.28

58.44

13072.16

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1547.15

550.12

11623.38

0.13

-108.25

-406.36

1723.44

383.99

8.37

3.27

KRN

1579.75

106.67

10340.80

0.00

32.90

164.84

252.32

118.87

16.06

19.44

HARSHA

454.70

26.77

4139.78

0.33

373.80

885.50

4574.30

1152.24

14.36

14.75

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

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%

-85

Interest

Depreciation

Profit before Tax

-58

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%

Net Profit

-67

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

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

166

172

167

170

225

232

OPM %

9.46%

15.07%

17.31%

16.82%

15.48%

15.61%

18.28%

18.25%

-57

Interest

Depreciation

Profit before Tax

143

172

168

237

241

Tax %

32.58%

26.12%

25.81%

25.48%

24.30%

55.67%

25.42%

25.40%

Net Profit

106

128

127

177

180

EPS

3.23

4.92

13.73

15.19

13.94

3.88

19.42

—

Dividend Payout %

41.92%

0.00%

7.09%

7.17%

25.75%

7.72%

—

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

340

383

491

1,033

1,154

1,178

1,338

288

233

253

105

Trade Payables

142

106

127

148

126

122

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

185

188

211

399

515

541

727

172

197

293

291

289

272

286

269

244

286

Cash & Bank

121

310

277

320

294

102

Total Assets

896

882

1,062

1,355

1,529

1,486

1,702

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

104

156

124

210

132

Cash from Investing

-38

-75

-306

-162

-121

-132

Cash from Financing

-34

-95

223

-3

-92

-9

-41

-2

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

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

Inventory Days

104

116

104

Payable Days

106

124

118

105

108

124

102

FINANCIAL HEALTH

Debt to Equity (x)

0.82x

0.58x

0.51x

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%

-1.15%

-72.14%

400.00%

VALUATION

P/E (x)

0.00x

28.74x

96.23x

16.19x

P/B (x)

0.00x

2.93x

2.68x

2.00x

Dividend Yield %

0.00%

0.25%

0.27%

0.48%

0.00x

18.18x

16.16x

10.68x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.61

74.72

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

13.02

Government

0.00

15.94

15.99

16.09

16.21

12.54

12.13

12.17

10.20

10.19

Harsha Engineers International Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Harsha Engineers International Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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