Harsha Engineers INT Ltd
NSE: HARSHA · Other Industrial Products · sector
₹408.15NSE close 2026-10-26
Key numbers
Market cap₹3,716 cr
Price₹408.15
52w high / low₹485 / ₹313
P/E24.0xSector median 23.1x
P/B2.6xSector median 3.1x
Book value₹154.0
Dividend yield0.25%Sector median 0.43%
ROE11.7%Sector median 9.8%
ROCE13.2%Sector median 13.0%
OPM14.6%Sector median 10.1%
Debt / equity0.26xSector median 0.23x
EV/EBITDA15.1xSector median 14.2x
Interest cover12.0x
Current ratio2.60x
Sales growth 3y+6.0%Sector median +13.6%
Profit growth 3y+8.0%Sector median +11.4%
PEG4.51x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 29 companies in Other Industrial Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹291 cr vs borrowings ₹371 cr (FY26): borrowings are higher by ₹80 cr.
- Operating profit covered interest 12.0x in the last 12 months.
- Operating cash flow was below net profit in 1 of the last 4 years (FY26).
- Net loss in 1 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 21% of net profit in the last 12 months.
- Dividend paid in 3 of the last 4 financial years.
- Price ₹408.15 on 2026-10-26: -15.8% from the 52-week high, +30.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹537.15 · low ₹328.25
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 353 | 339 | 373 | 365 | 378 | 409 | 474 | 457 |
| EBITDA | 42 | 43 | 7 | 55 | 54 | 57 | 73 | 67 |
| OPM % | 11.9% | 12.6% | 2.0% | 15.2% | 14.1% | 14.0% | 15.5% | 14.7% |
| Other income | 12 | 7 | 11 | 11 | 10 | 7 | 11 | 5 |
| Net profit | 29 | 27 | -2 | 38 | 36 | 34 | 47 | 37 |
| EPS (₹) | 3.18 | 2.93 | -0.26 | 4.17 | 4.00 | 3.69 | 5.19 | 4.11 |
| Revenue YoY | +7.3% | +20.7% | +27.1% | +25.2% | ||||
| Profit YoY | +25.8% | +25.9% | – | -1.5% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 1,364 | 1,392 | 1,408 | 1,627 | 1,719 |
| EBITDA | 189 | 171 | 147 | 240 | 252 |
| Net profit | 123 | 111 | 89 | 155 | 155 |
| EPS (₹) | 14.59 | 12.24 | 9.81 | 17.05 | 16.99 |
| Revenue growth | +2.1% | +1.1% | +15.6% | +20.2% | |
| Profit growth | -9.6% | -19.9% | +73.8% | +69.6% | |
| Dividend / share (₹) | – | 1.00 | 1.00 | 1.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +6.0% | – | +20.2% |
| Net profit | +8.0% | – | +69.6% |
| EPS | +5.3% | – | – |
| Share price | – | -7.2% (2y) | +9.3% |
Balance sheet
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | 1,072 | 1,175 | 1,254 | 1,402 |
| Borrowings | 182 | 177 | 199 | 371 |
| Cash & equivalents | 295 | 318 | 318 | 291 |
| Total assets | 1,445 | 1,567 | 1,691 | 2,067 |
| Fixed assets | 314 | 345 | 369 | 615 |
| Capital work in progress | 12 | 15 | 161 | 19 |
| Investments | 33 | 38 | 63 | 227 |
| Receivables | 280 | 319 | 302 | 378 |
| Inventory | 377 | 354 | 334 | 394 |
| Payables | 119 | 133 | 147 | 193 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | 133 | 136 | 206 | 68 |
| Cash from investing | -308 | -158 | -212 | -197 |
| Cash from financing | 216 | -25 | 6 | 146 |
| Capex | 76 | 75 | 209 | 120 |
| Free cash flow | 56 | 61 | -3 | -52 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | 11.5% | 9.5% | 7.1% | 11.1% |
| ROCE % | 14.6% | 11.9% | 9.9% | 13.1% |
| Debtor days | 75 | 84 | 78 | 85 |
| Inventory days | 187 | 166 | 165 | 169 |
| Payable days | 59 | 62 | 73 | 83 |
| Cash conversion cycle (days) | 203 | 188 | 170 | 171 |
| Working capital days | 175 | 183 | 180 | 157 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 75.00% |
| FIIs | 1.12% |
| DIIs | 13.93% |
| of which Mutual funds | 13.67% |
| Public (non-institutions) | 9.96% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.61% | 74.61% | 74.72% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter group | % |
|---|---|
| Shah Rajendra Shantilal | 13.19% |
| Harish Rangwala | 12.31% |
| Rangwala Charusheela Harish | 11.47% |
| Vishal Harish Rangwala | 8.53% |
| Pilak Rajendra Shah | 8.01% |
| Shah Nirmala Rajendra | 6.73% |
| Tanvi Vishal Rangwala | 4.99% |
| Hetal Manish Naik | 3.73% |
| Mili Mehta Family Trust - ( Trustee - Rajendra Shah and Nirmala Shah ) | 3.73% |
| Shah Vaishali Pilak | 2.11% |
| Vishal Rangwala Family Trust - ( Trustee - Charusheela Rangwala) | 0.10% |
| Munjal Rangwala Family Trust-( Trustee - Harish Rangwala) | 0.10% |
| Rameshbhai Gafurbhai Shah | 0.00% |
| Shah Jyotsana Harshad | 0.00% |
| Sharadchandra Pandhi | 0.00% |
| Public holders above 1% | % |
|---|---|
| DSP Small Cap Fund | 7.68% |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund | 4.54% |
| Icici Prudential Esg Exclusionary Strategy Fund | 1.45% |
63,505 shareholders. Pledged: – of promoter shares.
Peers in Other Industrial Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| HBLENGINE | ₹21,089 cr | 22.8x | 9.5x | 50.0% | 55.1% | 31.2% | +34.1% | – |
| INOXINDIA | ₹17,251 cr | 67.7x | 15.4x | 25.8% | 29.2% | 21.0% | – | 0.10% |
| ESABINDIA | ₹8,178 cr | 36.9x | 19.1x | 56.1% | 69.1% | 19.5% | +11.4% | 1.73% |
| KRN | ₹7,000 cr | 69.0x | 12.2x | 18.1% | 17.1% | 19.6% | – | – |
| SUBROS | ₹3,885 cr | 23.4x | 3.1x | 14.2% | 18.1% | 8.1% | +10.2% | 0.43% |
| HARSHA | ₹3,716 cr | 24.0x | 2.6x | 11.7% | 13.2% | 14.6% | +6.0% | 0.25% |
| ADOR | ₹2,272 cr | 19.7x | 4.0x | 21.7% | 27.2% | 12.1% | +13.6% | 1.53% |
| DIFFNKG | ₹1,495 cr | 27.2x | 3.7x | 14.1% | 15.3% | 13.8% | – | 0.38% |
| MICEL | ₹865 cr | – | 4.0x | -5.5% | 8.8% | 11.4% | +102.6% | – |
| HTEL | ₹645 cr | – | – | – | – | – | – | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Engineering & Others | ₹1,444 cr | 88.7% | ₹201 cr | 13.9% |
| Solar-EPC and O&M | ₹183 cr | 11.3% | ₹14 cr | 7.7% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-09 | Dividend | Dividend - Rs 1.50 Per Share |
| 2025-08-29 | Dividend | Dividend - Re 1 Per Share |
| 2024-09-09 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2023-09-21 | Dividend | Dividend - Re 1 Per Share |
| 2023-09-21 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Metal and metal products
- Electricity, gas, steam & air condition supply: Electric power generation, transmission & distribution
| Sector | Industrials |
| Industry | Other Industrial Products |
| Sub-industry | Other Industrial Products |
| Symbol | HARSHA |
| BSE code | 543600 |
| ISIN | INE0JUS01029 |
| Face value | ₹10.0 |
| Incorporated | 2010-12-11 |
| Website | https://www.harshaengineers.com |
| Plants (India / abroad) | 2 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.