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Revenue
₹474 Cr
verified against source
Revenue YoY
27%
reported change
EBITDA
₹77 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Harsha Engineers reported a strong Q4 FY26 with consolidated revenue of ₹382 crore (up 27% YoY), driven by solar business doubling and engineering segment growing 15.7%. EBITDA stood at ₹77 crore with margins improving to ~20% on better export mix and cost control. Full-year engineering revenue reached ₹1,444 crore (up 14% YoY) with adjusted EBITDA of ₹270 crore. Key growth drivers included bushing revenue of ₹127 crore (up 25%), large-size cages up 14%, and Japan customer sales up 12%. Management guided for double-digit overall growth in FY27, with India engineering growing faster, and expects to maintain or improve margins. The China expansion is on track for H2 FY28. Risks include continued losses at Romania subsidiary due to inflationary pressures and slow demand recovery in Europe.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall double-digit topline growth in FY27, with India engineering growing faster.
- Bushing revenue expected to grow 25-30% in FY27, similar to FY26 trajectory.
- Current installed capacity at Advantage can generate ₹250-300 Cr turnover at peak, expected in two years.
- Management expects overall EBITDA margin to improve by 100-200 basis points over the next 2-3 years.
Risks flagged
- Romania continues to report negative EBITDA due to inflationary pressures and slow demand recovery in Europe.
- Rising costs of oils, lubricants, and plastic cage materials due to geopolitical tensions may pressure margins.
- Wind energy sector in Europe has not picked up, impacting Romania's primary market focus.
- Advantage reported a combined loss of ₹11.4 Cr due to higher depreciation and interest despite positive EBITDA.
Key quotes
- We are very bullish. There could be impact of current war and petroleum prices and all that that could have some impact from a short-term point of view.
- Our intention is that there is definitely pressure on the input material for sure.
- We expect it to continue to improve marginally and over the period of two to three years our expectation is overall increase of 100 to 200 basis point in our EBITDA.
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