HARSHA

Harsha Engineers International Limited

Precision engineering components for automotive and industrial customers

Industrials›Capital Goods›Industrial Products›Other Industrial Products

harshaengineers.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹445.45
Market cap
4,051 Cr
Stock P/E
26.2
P/B
2.89
Dividend yield
0.2%
ROE (FY26)
11.1%
ROCE (FY26)
13.1%
Operating margin (FY26)
11.9%
Debt / equity (FY26)
0.26
OCF / EBITDA (FY26)
28.6%
OCF / EBITDA (3Y)
70.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Harsha Engineers makes bearing cages in brass and steel, along with bushings and precision stampings, mainly for bearing and gearbox makers, from plants in India, China and Romania.

Company snapshot

6thBy market cap

Ranked among 13 companies in Other Industrial Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 90.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Engineering & Others
90.7%
939 Cr123 Cr—
Solar-EPC and O&M
9.3%
96 Cr5 Cr—

What we see

Positives
  • ✓Debt-to-equity of 0.26x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales339 Cr324 Cr380 Cr343 Cr353 Cr339 Cr373 Cr365 Cr378 Cr409 Cr474 Cr457 Cr
Operating expenses (approx.)304 Cr285 Cr326 Cr288 Cr311 Cr296 Cr338 Cr310 Cr325 Cr352 Cr401 Cr390 Cr
EBITDA35 Cr40 Cr55 Cr55 Cr42 Cr43 Cr35 Cr55 Cr54 Cr57 Cr73 Cr67 Cr
OPM %10.4%12.3%14.3%16.1%11.9%12.6%9.4%15.2%14.1%14.0%15.5%14.7%
Other income7 Cr11 Cr8 Cr8 Cr12 Cr7 Cr11 Cr11 Cr10 Cr7 Cr11 Cr5 Cr
Interest2 Cr3 Cr3 Cr3 Cr3 Cr2 Cr1 Cr3 Cr3 Cr5 Cr6 Cr6 Cr
Depreciation10 Cr10 Cr10 Cr10 Cr10 Cr10 Cr10 Cr11 Cr11 Cr12 Cr13 Cr14 Cr
Profit before tax30 Cr38 Cr49 Cr50 Cr41 Cr37 Cr7 Cr53 Cr50 Cr47 Cr65 Cr53 Cr
Tax %31.2%21.9%25.7%28.3%29.2%28.4%133.2%28.5%26.5%28.9%27.8%29.5%
Net profit20 Cr30 Cr37 Cr36 Cr29 Cr27 Cr-2 Cr38 Cr36 Cr34 Cr47 Cr37 Cr
EPS (₹)₹2.24₹3.26₹4.04₹3.96₹3.18₹2.93₹-0.26₹4.17₹4.00₹3.69₹5.19₹4.11

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales886 Cr874 Cr1,321 Cr1,364 Cr1,392 Cr1,408 Cr1,627 CrSign in free for the trailing twelve months
Operating expenses (approx.)800 Cr752 Cr1,152 Cr1,175 Cr1,221 Cr1,233 Cr1,387 CrSign in free for the trailing twelve months
EBITDA86 Cr122 Cr169 Cr189 Cr171 Cr175 Cr240 CrSign in free for the trailing twelve months
OPM %9.7%13.9%12.8%13.9%12.3%12.4%14.7%Sign in free for the trailing twelve months
Other income14 Cr3 Cr18 Cr30 Cr29 Cr38 Cr39 CrSign in free for the trailing twelve months
Interest33 Cr30 Cr25 Cr16 Cr11 Cr9 Cr16 CrSign in free for the trailing twelve months
Depreciation35 Cr34 Cr35 Cr36 Cr39 Cr41 Cr47 CrSign in free for the trailing twelve months
Profit before tax32 Cr61 Cr127 Cr167 Cr151 Cr136 Cr215 CrSign in free for the trailing twelve months
Tax %30.6%25.2%27.4%26.2%26.1%34.2%27.9%Sign in free for the trailing twelve months
Net profit22 Cr45 Cr92 Cr123 Cr111 Cr89 Cr155 CrSign in free for the trailing twelve months
EPS (₹)₹6.26₹9.09₹16.06₹14.59₹12.24₹9.81₹17.05Sign in free for the trailing twelve months
Dividend payout %———0.0%8.2%10.2%5.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital50 Cr50 Cr77 Cr91 Cr91 Cr91 Cr91 Cr
Reserves322 Cr377 Cr445 Cr981 Cr1,084 Cr1,163 Cr1,311 Cr
Borrowings412 Cr348 Cr378 Cr182 Cr177 Cr199 Cr371 Cr
Other liabilities189 Cr205 Cr258 Cr191 Cr215 Cr238 Cr294 Cr
Total liabilities973 Cr981 Cr1,158 Cr1,445 Cr1,567 Cr1,691 Cr2,067 Cr
Fixed assets (net)262 Cr268 Cr283 Cr314 Cr345 Cr369 Cr615 Cr
CWIP3 Cr3 Cr2 Cr12 Cr15 Cr161 Cr19 Cr
Investments7 Cr9 Cr6 Cr194 Cr234 Cr305 Cr473 Cr
Loans & advances———10 Cr39 Cr17 Cr5 Cr
Inventories232 Cr268 Cr376 Cr377 Cr354 Cr334 Cr394 Cr
Trade receivables239 Cr214 Cr283 Cr280 Cr319 Cr302 Cr378 Cr
Cash & bank24 Cr33 Cr21 Cr62 Cr15 Cr15 Cr33 Cr
Other assets206 Cr186 Cr187 Cr196 Cr245 Cr187 Cr150 Cr
Total assets973 Cr981 Cr1,158 Cr1,445 Cr1,567 Cr1,691 Cr2,067 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity113 Cr121 Cr36 Cr133 Cr136 Cr206 Cr68 Cr
Cash from investing-65 Cr-20 Cr-52 Cr-308 Cr-158 Cr-212 Cr-197 Cr
Cash from financing-38 Cr-92 Cr4 Cr216 Cr-25 Cr6 Cr146 Cr
Net cash flow10 Cr9 Cr-12 Cr41 Cr-47 Cr0.46 Cr18 Cr
Free cash flow (OCF − Capex)40 Cr81 Cr-13 Cr56 Cr61 Cr-3 Cr-52 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %8.2%11.7%16.8%14.6%11.9%9.9%13.1%
ROE %5.9%10.6%17.6%11.5%9.5%7.1%11.1%
Debtor days98897875847885
Inventory days189224171187166167164
Days payable91988359627380
Cash conversion cycle196216166203187172168
OCF / EBITDA %131.3%99.4%21.6%70.1%79.2%117.9%28.6%
OCF / EBITDA % (3 years)——71.8%60.5%57.6%88.6%70.1%
Debt / equity1.110.820.730.170.150.160.26
Current ratio1.301.431.642.902.913.212.60
Net debt / EBITDA4.512.592.110.630.941.051.41