Harsha Engineers Q1 Results Review - Strong Performance; Growth Remains On Track: Prabhudas Lilladher

Prabhudas Lilladher Report

We revise our FY26/26E earnings per share estimates by +15.4%/+9.5% factoring in stronger margin profile in India Engineering business. Harsha Engineers International Ltd. reported a 1.4% YoY fall in revenue but 406 basis points YoY expansion in Ebitda margin to 16.1%.

While soft European demand is impacting exports from India, the domestic market continues to witness strong traction in cage outsourcing, with demand set to rise over the next one-two years as key bearing players set up new plants in India.

Bronze Bushings revenue grew strongly and is on track to double in FY25. China reported a healthy quarter and is expected to register positive PAT in FY25. Romania continued to perform poorly due to difficult conditions in Europe, but the outlook is improving on the back of new orders for large size cages from a key customer.

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