Harsha Engineers International (HARSHA) Q4 25/26 earnings summary

Executive summary

• Achieved strong growth in FY26, with consolidated engineering segment revenue of INR 1,444 crore and EBITDA of INR 264 crore, driven by robust export and domestic demand.

• Consolidated revenue grew 15.6% for FY26 year-over-year, with EBITDA and PAT up 24.2% and 20.5% after adjustments.

• Audited financial results for FY26 were approved with unmodified opinions; a final dividend of Rs.1.5 per share was recommended.

• Solar business posted revenue of INR 183 crore and PAT of INR 10.2 crore, more than doubling last year's profit.

• Export sales from India rose 17% year-over-year, with notable growth in the U.S. and Japan markets.

Financial highlights

• FY26 consolidated revenue: Rs.1,62,679 lakhs (up from Rs.1,40,765 lakhs); EBITDA: Rs.27,817 lakhs (17.1% margin); PAT: Rs.15,520 lakhs (9.5% margin).

• Standalone revenue from operations for FY26 was Rs.1,22,820 lakhs, up from Rs.1,08,930 lakhs in FY25.

• Bushing business revenue: INR 127 crore, up 25% year-over-year.

• Solar business FY26 sales: INR 183 crore; PAT: INR 10.2 crore.

• CapEx for FY26: INR 120 crore; significant investments in property, plant, and equipment and intangibles: Rs.12,003 lakhs (consolidated).

Outlook and guidance

• Expecting double-digit top-line growth in FY27, with India engineering segment targeting mid-teen growth.

• Bushing and stamping businesses projected to grow 25%-30% and 20% respectively.

• Solar business expected to grow over 25% due to favorable policies.

• China Brownfield expansion project underway, expected to be operational in H2 FY28.