Harsha Engineers manufactures industrial products, market cap ₹3,751.48 Cr. Operating margins 14–20% across recent quarters; dividends paid 2023–2026 show cash generation. Balance sheet strong (D/E 0.26), minimal debt burden.
Generated analysis · source review pending
Generated analysis · source review pending
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Consolidated figures
| Ratio | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Margins | ||||
| Gross margin % | 46.1% | 44.2% | 47.5% | 47.8% |
| EBITDA margin % | 13.9% | 12.3% | 12.4% | 14.7% |
| EBIT margin % | 11.2% | 9.5% | 9.5% | 11.9% |
| PAT margin % | 9% | 8% | 6.3% | 9.5% |
| Working capital | ||||
| Receivable days | 75 | 84 | 78 | 85 |
| Inventory days | 187 | 166 | 165 | 169 |
| Payable days | 59 | 62 | 73 | 83 |
| NWC days | 203 | 187 | 171 | 171 |
| Leverage | ||||
| Current ratio | 2.9 | 2.91 | 3.21 | 2.6 |
| Debt to EBITDA | 0.96 | 1.03 | 1.13 | 1.55 |
| Debt to equity | 0.17 | 0.15 | 0.16 | 0.26 |
| Interest coverage | 11.6 | 15 | 19.6 | 14.2 |
| Asset turnover | 0.94 | 0.89 | 0.83 | 0.79 |
| Return ratios | ||||
| Return on assets % | 8.5% | 7.1% | 5.3% | 7.5% |
| Return on capital employed % | 16.6% | 14% | 13.4% | 15.4% |
| Return on equity % | 11.5% | 9.5% | 7.1% | 11.1% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.
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Documents link to external sources (exchange filings, company investor pages).
| Holder (%) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 74.61% | 74.61% | 74.61% | 74.61% | 74.61% | 74.61% | 74.61% | 74.72% | 75% | 75% | 75% | 75% | |
| 1.86% | 1.61% | 1.61% | 0.76% | 0.56% | 0.58% | 0.54% | 0.88% | 0.39% | 0.41% | 2.37% | 1.79% | |
| 9.19% | 8.14% | 7.43% | 8.69% | 8.85% | 8.72% | 8.65% | 11.85% | 12.47% | 12.42% | 12.43% | 13.02% | |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 14.34% | 15.64% | 16.35% | 15.94% | 15.98% | 16.09% | 16.2% | 12.55% | 12.14% | 12.17% | 10.2% | 10.19% | |
| No. of shareholders | — | — | — | — | — | — | — | — | 74,886 | 72,688 | 70,615 | 68,521 |
Promoter holding up 0.39 percentage points since Sep 2023.
| Date | Client | Type | Venue | Side | Quantity | Price | Value |
|---|---|---|---|---|---|---|---|
| 11 Jun 2025 | PLUTUS WEALTH MANAGEMENT LLP | Bulk | BSE | Sell | 25,00,000 | ₹415.09 | ₹103.77 Cr |
| 11 Jun 2025 | DSP MUTUAL FUND | Bulk | BSE | Buy | 13,83,538 | ₹415.00 | ₹57.42 Cr |
| 11 Jun 2025 | MANSI SHARE AND STOCK ADVISORS PVT LTD | Bulk | NSE | Sell | 6,53,425 | ₹401.51 | ₹26.24 Cr |
| 11 Jun 2025 | MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED | Bulk | BSE | Buy | 5,99,512 | ₹415.01 | ₹24.88 Cr |
| 11 Jun 2025 | MANSI SHARE AND STOCK ADVISORS PVT LTD | Bulk | NSE | Buy | 54,853 | ₹414.22 | ₹2.27 Cr |
| 11 Jun 2025 | MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED | Bulk | BSE | Sell | 936 | ₹413.08 | ₹0.04 Cr |
| 29 May 2025 | DSP MUTUAL FUND | Bulk | NSE | Buy | 4,64,000 | ₹383.00 | ₹17.77 Cr |
| 25 Apr 2024 | AMERICAN FUNDS INSURANCE SERIES GLOBAL SMALL CAPITALIZATION FUND | Bulk | BSE | Sell | 9,70,777 | ₹410.06 | ₹39.81 Cr |
| 25 Apr 2024 | PLUTUS WEALTH MANAGEMENT LLP | Bulk | BSE | Buy | 7,29,669 | ₹410.01 | ₹29.92 Cr |
| 23 Jun 2023 | ABU DHABI INVESTMENT AUTHORITY | Bulk | BSE | Sell | 17,75,985 | ₹435.02 | ₹77.26 Cr |
Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.
Current officeholders as filed with BSE. A person holding two offices is listed once per office.
| Company | Mkt Cap | EV | Revenue | EBITDA | OPM | PAT | NPM | ROCE | ROE | WC Days |
|---|---|---|---|---|---|---|---|---|---|---|
| Hbl Engineering LimitedHBLENGINEHBLENGINE | ₹21,604 Cr | ₹21,648 Cr | ₹2,718 Cr | ₹716 Cr | 33.7% | ₹537 Cr | 24.7% | 57.1% | 44.1% | 171 |
| Inox India LimitedINOXINDIAINOXINDIA | ₹19,688 Cr | ₹19,758 Cr | ₹1,618 Cr | ₹343 Cr | 21.6% | ₹255 Cr | 16.3% | 34.7% | 25.9% | 241 |
| Krn Heat Exchanger And Refrigeration LimitedKRNKRN | ₹9,266 Cr | ₹9,454 Cr | ₹737 Cr | ₹144 Cr | 18.7% | ₹97 Cr | 12.7% | 19.2% | 14.3% | 208 |
| Esab India LimitedESABINDIAESABINDIA | ₹8,471 Cr | ₹8,471 Cr | ₹1,577 Cr | ₹290 Cr | 17.9% | ₹222 Cr | 13.7% | 62.6% | 52.3% | 34 |
| Subros LimitedSUBROSSUBROS | ₹4,466 Cr | ₹4,495 Cr | ₹3,909 Cr | ₹323 Cr | 8.6% | ₹166 Cr | 4.4% | 18.8% | 14.2% | 34 |
| Harsha Engineers International LimitedHARSHAHARSHA | ₹4,318 Cr | ₹4,689 Cr | ₹1,719 Cr | ₹252 Cr | 14.7% | ₹155 Cr | 9.5% | 15.4% | 11.7% | 171 |
| Ador Welding LimitedADORADOR | ₹2,732 Cr | ₹2,733 Cr | ₹1,198 Cr | ₹153 Cr | 10.6% | ₹114 Cr | 7.2% | 21.8% | 15.4% | 53 |
| Diffusion Engineers LimitedDIFFNKGDIFFNKG | ₹1,737 Cr | ₹1,765 Cr | ₹436 Cr | ₹61 Cr | 14.1% | ₹55 Cr | 12.4% | 16.6% | 13% | 159 |
| Mic Electronics LimitedMICELMICEL | ₹868 Cr | ₹912 Cr | ₹223 Cr | ₹25 Cr | 13.3% | ₹-12 Cr | -6.6% | 9.8% | -5.8% | 278 |
| Technocrats Plasma Systems LtdTECHNOCRATTECHNOCRAT | ₹716 Cr | — | — | — | — | — | — | — | — | — |
| Hy-Tech Engineers LimitedHTELHTEL | ₹692 Cr | ₹721 Cr | ₹189 Cr | ₹42 Cr | 22% | ₹23 Cr | 11.9% | 23.1% | 20.2% | — |
| Mallcom (India) LimitedMALLCOMMALLCOM | ₹580 Cr | ₹700 Cr | ₹527 Cr | ₹56 Cr | 11.2% | ₹27 Cr | 5.6% | 15.4% | 9.7% | 159 |
6 schemes · 4 fund houses
| Shares | ||||||
|---|---|---|---|---|---|---|
| Small Cap Fund | DSP Mutual Fund | 69.92 L | 318.75 | 1.47% | 7.683% | -0 |
| SMALL CAP FUND | Nippon India Mutual Fund | 41.37 L | 188.6 | 0.23% | 4.546% | -0 |
| ESG Exclusionary Strategy FundNEW | ICICI Prudential Mutual Fund | 4 L | 18.25 | 1.35% | 0.44% | — |
| Exports and Services Fund | ICICI Prudential Mutual Fund | 1.38 L | 6.29 | 0.41% | 0.152% | -0 |
| Manufacturing FundNEW | ICICI Prudential Mutual Fund | 18,719 | 0.85 | 0.01% | 0.021% | — |
| (Investment Manager for Motilal Oswal Mutual Fund) | Motilal Oswal Mutual Fund | 68 | 0 | 0% | 0% | +1 |
Announcement under Regulation 30 (LODR)-Change in Management
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Announcement under Regulation 30 (LODR)-Newspaper Publication
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Announcement under Regulation 30 (LODR)-Investor Presentation
Unaudited Standalone Financial Results And Consolidated Financial Results For The Quarter Ended June 30, 2026
Board Meeting Outcome for Outcome Of The Board Meeting Held On Tuesday, August 11, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
| Date | Category | Subject | Filing |
|---|---|---|---|
| 20 Aug 2026, 2:25 pm | Company Update Change in Management | Announcement under Regulation 30 (LODR)-Change in Management | |
| 17 Aug 2026, 1:54 pm | Company Update Earnings Call Transcript | Announcement under Regulation 30 (LODR)-Earnings Call Transcript |
| 12 Aug 2026, 10:16 pm | Company Update Newspaper Publication | Announcement under Regulation 30 (LODR)-Newspaper Publication |
| 11 Aug 2026, 8:38 pm | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome |
| 11 Aug 2026, 1:33 pm | Company Update Investor Presentation | Announcement under Regulation 30 (LODR)-Investor Presentation |
| 11 Aug 2026, 1:15 pm | Result Financial Results | Unaudited Standalone Financial Results And Consolidated Financial Results For The Quarter Ended June 30, 2026 |
| 11 Aug 2026, 1:01 pm | Board Meeting Outcome of Board Meeting | Board Meeting Outcome for Outcome Of The Board Meeting Held On Tuesday, August 11, 2026 |
| 10 Aug 2026, 2:06 pm | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation |
Consolidated figures · ₹ crore
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1,364 | 1,392 | 1,408 | 1,627 | |
| COGS | 736 | 777 | 739 | 849 |
| Gross profit | 628 | 615 | 669 | 778 |
| 439 | 444 | 494 | 538 | |
| 189 | 171 | 175 | 240 | |
| OPM % | 13.9% | 12.3% | 12.4% | 14.7% |
| Depreciation | 36 | 39 | 41 | 47 |
| Interest | 16 | 11 | 9 | 16 |
| 30 | 29 | 10 | 39 | |
| Profit before tax | 167 | 151 | 136 | 215 |
| Tax | 44 | 39 | 46 | 60 |
| Tax % | 26.2% | 26.1% | 34.2% | 27.9% |
| 123 | 111 | 89 | 155 | |
| PAT margin % | 9% | 8% | 6.3% | 9.5% |
| EPS (₹) | 14.6 | 12.2 | 9.8 | 17.1 |
| EPS adjusted (₹) | 13.5 | 12.2 | 9.8 | 17.1 |
| 6.9% | 8.2% | 10.2% | 8.8% | |
| Annual report | Annual report for Mar 2023 | Annual report for Mar 2024 | Annual report for Mar 2025 | Annual report for Mar 2026 |
| ₹ Cr | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity capital | 77 | 91 | 91 | 91 | 91 |
| Reserves | 445 | 981 | 1,084 | 1,163 | 1,311 |
| 378 | 182 | 177 | 199 | 371 | |
| 258 | 191 | 215 | 238 | 294 | |
| Total equity & liabilities | 1,158 | 1,445 | 1,567 | 1,691 | 2,067 |
| 285 | 387 | 418 | 414 | 660 | |
| CWIP | 2 | 12 | 15 | 161 | 19 |
| Investments | 6 | 194 | 234 | 305 | 473 |
| 865 | 853 | 900 | 810 | 915 | |
| Total assets | 1,158 | 1,445 | 1,567 | 1,691 | 2,067 |
| ₹ Cr | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| 36 | 133 | 136 | 206 | 68 | |
| -52 | -308 | -158 | -212 | -197 | |
| 4 | 216 | -25 | 6 | 146 | |
| Net cash flow | -12 | 41 | -47 | 0 | 18 |
| Free cash flow | -13 | 56 | 61 | -3 | -52 |
| CFO / Operating profit % | — | 70.1% | 79.3% | 118% | 28.6% |
As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.
Latest reported period · 31 Mar 2026 · ₹ crore
| Segment | Revenue | Result | Assets | Liabilities | Capital employed | ROCE % |
|---|---|---|---|---|---|---|
| Engineering & Others | 1,443.56 | 201.18 | 1,946.19 | 541.61 | 1,404.58 | 14.32 |
| Solar-EPC and O&M | 183.23 | 14.07 |
| 120.69 |
| 123.58 |
| — |
| — |
₹ crore by fiscal year