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Swing Capital

Harsha Engineers International Ltd

NSE: HARSHA BSE: 543600Metal

Incorporated in 2010, Harsha Engineers Ltd is a leading engineering company that offers a diversified suite of products across geographies and end-user industries. It manufactures brass, steel, and polyamide cages and stamped components with production facilities located in Asia (India & China) and in Europe (Romania).[1]

₹400
52W: ₹311 — ₹469
PE 20.6 · Book ₹157 · +155% vs book
Market Cap₹3,642 Cr
Stock P/E20.6Price to Earnings
ROCE17.3%Return on Capital
ROE13.1%Return on Equity
Div. Yield0.25%Face Value ₹10

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Stock is trading at 2.54 times its book value
  • −Company has a low return on equity of 10.0% over last 3 years.
  • −Dividend payout has been low at 11.0% of profits over last 3 years

Shareholding Pattern

Promoters75%
FIIs2.37%
DIIs12.42%
Public10.21%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.61%74.61%74.61%74.61%74.72%▲0.175%▲0.375%75%
FIIs0.76%0.56%▼0.20.58%▲0.00.54%▼0.00.88%▲0.30.39%▼0.50.41%▲0.02.37%▲2.0
DIIs8.69%8.85%▲0.28.72%▼0.18.64%▼0.111.86%▲3.212.48%▲0.612.42%▼0.112.42%
Public15.92%15.98%▲0.116.08%▲0.116.21%▲0.112.55%▼3.712.13%▼0.412.16%▲0.010.21%▼1.9

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales259298258272268291271279322356
Expenses221246206231226256218228264286
Operating Profit38515241423554505869
OPM %15%17%20%15%16%12%20%18%18%20%
Net Profit3038393331-6743394253
EPS ₹3.294.134.243.63.4-7.354.714.294.585.84

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,228Cr, up 12.8% YoY. OPM at 19%.

Debt Position

Borrowings at ₹45Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 12.42% (+2.40pp change). FIIs: 2.37% (+0.56pp change). Promoters hold 75%.

Margin & Efficiency

ROCE improving from 0% (Mar 2017) to 17% (Mar 2026). Working capital days: 181.

Valuation

PE 20.6x with 17.3% ROCE. Price is 155% above book value of ₹157. Dividend yield: 0.25%.

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