- Harsha Engineers' revenue rose 7% YoY with EBITDA up 28% to Rs 535 million
- EBITDA margin improved by 220 bps YoY to 14.1% supported by steady India demand
- Chinese subsidiary showed steady performance and Harsha Romania improved significantly
The most positive aspect of the result was the continued improvement in the overseas subsidiaries with steady performance in the Chinese subsidiary and a considerable improvement at Harsha Romania.
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Harsha Engineers International Ltd. delivered a good set of results. While revenue grew by 7% YoY, Ebitda grew by 28% YoY to Rs 535 million. Ebitda margin also increased by 220 bps YoY to 14.1%. India Engineering business continues to be steady aided by healthy demand momentum.
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The most positive aspect of the result was the continued improvement in the overseas subsidiaries with steady performance in the Chinese subsidiary and a considerable improvement at Harsha Romania.
Harsha Romania reported positive Ebitda post several quarters with revenue growth of 38% on YoY basis in Q2 FY26. The management expects that revenue growth in India, improving profitability in Chinese subsidiary and reduction of losses in Romanian subsidiary will pave the way for growth ahead.
We upgrade our rating from Hold to Buy with revised target price of Rs 471 at 24x FY27E expected earnings on the back of improved visibility for profitability in key overseas subsidiaries.
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