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Revenue
₹409 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹58.6 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Harsha Engineers reported Q3 FY26 consolidated engineering revenue of ₹350 crore, with India engineering growing 17.4% YoY and adjusted EBITDA margin at 23.8% (excluding one-time provision). Growth was driven by strong domestic demand, export recovery (~10% growth), and robust performance in bronze bushings (₹92 crore in 9M, +30% YoY) and large-size cages (₹39 crore in 9M, +26% YoY). Romania underperformed due to copper price volatility, while China remained steady. The company announced a $9.94M brownfield expansion in China for steel cages, targeting 2x revenue at maturity. Solar business contributed ₹59.7 crore revenue with 9% EBITDA. Management maintained FY26 guidance of ~10% overall growth and 20-23% EBITDA margins, with detailed FY27 guidance deferred to Q4. Key risk: sustained copper price volatility impacting Romania's recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall revenue growth of a little over 10% for FY26, with Q4 continuing similar run rate.
- India engineering business EBITDA margin expected to remain in the 20-23% range, with absolute margin improvement year-over-year.
- The $9.94M brownfield expansion in China is expected to double current China revenue at full maturity, with operational target before end of FY28.
- The new Advantic facility is expected to reach optimum capacity utilization within two years from capitalization, with peak revenue ~2x plant & machinery investment.
Risks flagged
- Romania's performance is under pressure due to steep increase in copper prices that cannot be immediately passed on, leading to operating losses.
- Sales to Japanese customers remain slow due to program delays and global uncertainty, with revenue nearly stagnant at ~₹50 crore in 9M.
- Wind energy demand in Europe is not picking up, which impacts Romania's wind-related business and could delay recovery.
- Advantic subsidiary reported net loss of ₹3.7 crore in Q3 due to interest and depreciation; management expects improvement but no clear timeline to profitability.
Key quotes
- Our India engineering business has reported a 17.4% revenue growth in Q3 on a Y-o-Y basis and if we normalize the effect of one exceptional provision then our India engineering business operating margin has shown a healthy 23.8%.
- We are looking at around 2x turnover current revenues will be double in China when the full maturity of all this capacity takes place.
- Our job is to be transparent about what the current state of affairs is. What is our strategy and how we want to keep the company on the growth path market is something which nobody knows and we can't control.
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