Harsha Engineers International Ltd. (IN:HARSHA)
:HARSHA
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Harsha Engineers International Ltd.
(HARSHA)
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Rating:65Neutral
Price Target:
₹458.00
▲(15.86% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by mixed financial performance: leverage has improved meaningfully, but FY2026 cash flow deterioration and inconsistent margins weigh on quality. Technicals add support due to a clear uptrend and positive momentum signals. Valuation is a modest headwind given the P/E of 25.443 and a very low dividend yield.
Positive Factors
Balance sheet strength
Material deleveraging to a ~0.16 debt/equity ratio and consistent equity expansion improve financial flexibility. This durable strength lowers refinancing risk, supports capital expenditure and qualification timelines with OEMs, and provides buffer during demand cycles over the next 2–6 months.
Negative Factors
Weak cash conversion
A sharp drop in operating cash flow and materially negative free cash flow indicate inconsistent cash conversion. Persisting cash deficits raise funding needs for working capital and capex, increase execution risk on new contracts, and could force external financing that constrains strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Material deleveraging to a ~0.16 debt/equity ratio and consistent equity expansion improve financial flexibility. This durable strength lowers refinancing risk, supports capital expenditure and qualification timelines with OEMs, and provides buffer during demand cycles over the next 2–6 months.
Read all positive factors
Harsha Engineers International Ltd. (HARSHA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹36.84B
Dividend Yield0.27%
Average Volume (3M)3.02K
Price to Earnings (P/E)18.4
Beta (1Y)1.32
Revenue Growth15.57%
EPS Growth73.80%
CountryIN
Employees1,731
SectorIndustrials
Sector Strength72
IndustryManufacturing - Tools & Accessories
Share Statistics
EPS (TTM)10.84
Shares Outstanding91,044,106
10 Day Avg. Volume1,712
30 Day Avg. Volume3,020
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)2.04
Price to Sales (P/S)1.76
P/FCF Ratio-51.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹461.00Price Target Upside16.62% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)19.1
Revenue Forecast (FY)₹17.32B
Harsha Engineers International Ltd. Business Overview & Revenue Model
Company Description
Harsha Engineers International Limited manufactures and sells brass cages, steel cages, polyamide precision bearing cages, and stamped components in India and internationally. The company offers cylindrical roller, spherical roller, deep grove, an...
How the Company Makes Money
HARSHA makes money primarily by manufacturing and selling precision bearing cages and related engineered products to customers that incorporate these components into bearings or mechanical systems. Revenue is generated through (1) sales of bearing...
Harsha Engineers International Ltd. Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.56B | 16.27B | 14.08B | 13.92B | 13.64B | 13.10B |
| Gross Profit | 6.92B | 5.16B | 6.69B | 6.05B | 6.28B | 4.40B |
| EBITDA | 1.98B | 2.40B | 1.75B | 2.01B | 2.19B | 1.87B |
| Net Income | 986.70M | 1.55B | 893.10M | 1.11B | 1.23B | 919.50M |
Balance Sheet | ||||||
| Total Assets | 18.72B | 20.67B | 16.91B | 15.67B | 14.45B | 11.58B |
| Cash, Cash Equivalents and Short-Term Investments | 2.83B | 2.91B | 3.18B | 3.18B | 2.87B | 347.08M |
| Total Debt | 3.17B | 3.72B | 2.00B | 1.77B | 1.82B | 3.85B |
| Total Liabilities | 5.58B | 6.65B | 4.37B | 3.91B | 3.73B | 6.36B |
| Stockholders Equity | 13.14B | 14.02B | 12.54B | 11.75B | 10.72B | 5.22B |
Cash Flow | ||||||
| Free Cash Flow | -864.50M | -557.40M | -30.00M | 653.30M | 562.60M | -130.55M |
| Operating Cash Flow | -180.30M | 642.90M | 2.06B | 1.40B | 1.33B | 364.74M |
| Investing Cash Flow | -810.70M | -2.09B | -2.12B | -1.73B | -3.08B | -518.30M |
| Financing Cash Flow | 1.03B | 1.63B | 59.10M | -146.60M | 2.16B | 37.26M |
Harsha Engineers International Ltd. Technical Analysis
Positive
395.30
Price Trends
371.44
Positive
375.73
Positive
387.17
Positive
Market Momentum
9.17
Positive
54.89
Neutral
19.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HARSHA, the sentiment is Positive. The current price of 395.3 is below the 20-day moving average (MA) of 400.25, above the 50-day MA of 371.44, and above the 200-day MA of 387.17, indicating a bullish trend. The MACD of 9.17 indicates Positive momentum. The RSI at 54.89 is Neutral, neither overbought nor oversold. The STOCH value of 19.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:HARSHA.
Harsha Engineers International Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹275.05B | 58.47 | ― | 1.18% | 9.64% | -9.12% | |
68 Neutral | ₹81.81B | 26.28 | ― | 0.39% | -23.51% | -53.01% | |
65 Neutral | ₹36.84B | 18.43 | ― | 0.27% | 15.57% | 73.80% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | ₹14.00B | 60.51 | ― | 0.62% | 1.11% | -63.15% | |
50 Neutral | ₹101.21B | 37.75 | ― | 0.38% | 3.88% | -85.35% | |
38 Underperform | ₹741.22M | -2.06 | ― | ― | 7.34% | ― |
* Industrials Sector Average
IN:HARSHA
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Harsha Engineers International Ltd. Corporate Events
Harsha Engineers Confirms SEBI-Compliant Dematerialisation for March Quarter
Apr 7, 2026
Harsha Engineers International Ltd. has filed a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The filing confirms that its registrar, MUFG Intime I...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.