Bushing Revenue (FY26)
₹127 Cr
+25% YoY
Bushing segment grew 25% in FY26, driven by design conversion in wind gearboxes.
HARSHAENGINEERSINTERNATI
Other
15 May 2026
Harsha Engineers International Ltd — Q4 FY26
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%.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Large-Size Cage Sales (FY26)
₹49 Cr
+14% YoY
Large-size cage sales grew 14% in FY26; management expects mid-teens growth continuing.
Japan Customer Sales (FY26)
₹73 Cr
+12% YoY
Sales to Japan-based customers grew 12% in FY26; wallet share expansion ongoing.
New SKUs Developed (Annual)
500-600
N/A
Company develops 500-600 new SKUs annually, indicating strong product pipeline.
Management Guidance
Overall double-digit revenue growth in FY27
Management expects overall double-digit topline growth in FY27, with India engineering growing faster.
Management guidance revenueBushing segment growth of 25-30% in FY27
Bushing revenue expected to grow 25-30% in FY27, similar to FY26 trajectory.
Management guidance growthAdvantage subsidiary to reach ₹250-300 Cr turnover in 2 years
Current installed capacity at Advantage can generate ₹250-300 Cr turnover at peak, expected in two years.
Management guidance revenueEBITDA margin improvement of 100-200 bps over 2-3 years
Management expects overall EBITDA margin to improve by 100-200 basis points over the next 2-3 years.
Management guidance marginsKey Risks
Romania subsidiary losses persist
Romania continues to report negative EBITDA due to inflationary pressures and slow demand recovery in Europe.
high · management_commentaryInput cost inflation from Middle East crisis
Rising costs of oils, lubricants, and plastic cage materials due to geopolitical tensions may pressure margins.
medium · analyst_questionSlow recovery in European wind energy market
Wind energy sector in Europe has not picked up, impacting Romania's primary market focus.
medium · management_commentaryHigh depreciation and interest at Advantage subsidiary
Advantage reported a combined loss of ₹11.4 Cr due to higher depreciation and interest despite positive EBITDA.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Harsha Engineers International's revenue in Q4 FY26?
Harsha Engineers International reported revenue of ₹474 Cr in Q4 FY26, representing a +27% change compared to the same quarter last year.
What guidance did Harsha Engineers International management give for FY27?
Overall double-digit revenue growth in FY27: Management expects overall double-digit topline growth in FY27, with India engineering growing faster. Bushing segment growth of 25-30% in FY27: Bushing revenue expected to grow 25-30% in FY27, similar to FY26 trajectory. Advantage subsidiary to reach ₹250-300 Cr turnover in 2 years: Current installed capacity at Advantage can generate ₹250-300 Cr turnover at peak, expected in two years. EBITDA margin improvement of 100-200 bps over 2-3 years: Management expects overall EBITDA margin to improve by 100-200 basis points over the next 2-3 years.
What are the key risks for Harsha Engineers International in FY27?
Key risks include Romania subsidiary losses persist — Romania continues to report negative EBITDA due to inflationary pressures and slow demand recovery in Europe.; Input cost inflation from Middle East crisis — Rising costs of oils, lubricants, and plastic cage materials due to geopolitical tensions may pressure margins.; Slow recovery in European wind energy market — Wind energy sector in Europe has not picked up, impacting Romania's primary market focus.; High depreciation and interest at Advantage subsidiary — Advantage reported a combined loss of ₹11.4 Cr due to higher depreciation and interest despite positive EBITDA..
Did Harsha Engineers International meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Harsha Engineers International Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.