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Prabhudas Lilladher Report
Harsha Engineers International Ltd. is well placed for long-term growth given its-
leadership position in the domestic and global organised bearing cages market (~50-60% share and ~6.5% share respectively),
long standing relationships with top bearing players,
excellence in tooling and customised precision engineering and
increasing share of higher value products in the mix.
We estimate revenue/profit after tax compound annual growth rate of 8.6%/25.5% over FY22-25E driven by outsourcing of cage production and localisation of manufacturing in India, scale up in bronze bushings, precision stamped components and large-size cages, interest and power cost savings, and turnaround in Romania operations.
The stock is currently trading at a price/earnings of 20.2 times/16.3 times on FY24/25E earnings.
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