Harsha Engineers International Limited (HARSHA) — Board Meeting | 17 August 2026

Harsha Engineers reported 25% YoY consolidated revenue growth in Q1 FY27, driven by 21% growth in India Engineering, with Bushing and Stamping sales rising 35% and 31% YoY to Rs. 34 and 90 crores respectively. Export sales grew 22% to Rs. 139 crores, but margins declined 150 bps due to 8% raw material cost increases, Rs. 4 crores FX losses, and Rs. 3 crores inflationary pressures. Management expects mid-to-high-teens India growth and low-teens consolidated growth for FY27, with margin normalization via raw material pass-through in Q2. Foreign subsidiaries show mixed performance: China targets 10% growth with 12-14% EBITDA margins, while Romania’s losses are expected to reduce to Rs. 2-4 crores from Rs. 10 crores last year. CapEx of Rs. 50-80 crores annually is planned for Bhayla and China expansions, with total FY27-FY28 investment of Rs. 180-200 crores.