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Copper price volatility impacting Romania
View Risks →Harsha Engineers International Limited — Q3 FY26
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).
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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.
हर्षा इंजीनियर्स ने तीसरी तिमाही में 350 करोड़ रुपये का राजस्व कमाया। भारत में इंजीनियरिंग कारोबार पिछले साल से 17.4% बढ़ा। कंपनी का मुनाफा (EBITDA) 23.8% रहा, जिसमें एक बार का खर्च शामिल नहीं है। देश में मांग मजबूत रही और निर्यात में 10% सुधार हुआ। कांसे की बुशिंग (92 करोड़, 30% बढ़ोतरी) और बड़े आकार के केज (39 करोड़, 26% बढ़ोतरी) ने अच्छा प्रदर्शन किया। रोमानिया में तांबे की कीमतों में उतार-चढ़ाव से कारोबार कमजोर रहा, जबकि चीन स्थिर रहा। कंपनी चीन में 9.94 मिलियन डॉलर का नया विस्तार कर रही है, जिससे भविष्य में राजस्व दोगुना होने की उम्मीद है। सौर ऊर्जा कारोबार ने 59.7 करोड़ राजस्व दिया। प्रबंधन ने इस साल 10% वृद्धि और 20-23% मुनाफा रहने का अनुमान दिया है। अगले साल का पूरा अनुमान चौथी तिमाही में आएगा। मुख्य जोखिम: तांबे की कीमतों में उतार-चढ़ाव से रोमानिया का सुधार प्रभावित हो सकता है।
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India Engineering Revenue Growth
17.4%
+17.4% YoY
India engineering business grew 17.4% YoY in Q3 FY26, driven by volume growth and export recovery.
Bronze Bushing Revenue (9M)
₹92 crore
+30% YoY
Bronze bushing business achieved ₹92 crore in 9M FY26, on track for 30%+ YoY growth.
Large-Size Cages Revenue (9M)
₹39 crore
+26% YoY
Large-size cages sales reached ₹39 crore in 9M FY26, up from ₹31 crore in the prior period.
China Expansion Capex
$9.94M
New investment
Brownfield expansion in China for steel cages, expected to double China revenue at full maturity.
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Guidance and risk preview
Management expects overall revenue growth of a little over 10% for FY26, with Q4 continuing similar run rate.
Romania's performance is under pressure due to steep increase in copper prices that cannot be immediately passed on, leading to operating losses.
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