Harsha Engineers International Ltd — earnings calls

Harsha Engineers reported 25% consolidated year-over-year growth in Q1 FY27, driven by a 21% top-line increase in the India Engineering business, while margins declined quarter-over-quarter due to raw material cost increases, a foreign exchange accounting loss, and higher indirect material costs. Management said Bushing, Stamping and large-size Cage segments grew strongly, and export sales from India rose 22% year-over-year. The Romania subsidiary continued to report operating losses while China remained profitable, and management discussed capacity expansion plans in India and China.

Harsha Engineers reported consolidated Engineering segment revenue of INR1,444 crore for FY26 versus INR1,269 crore last year, with adjusted EBITDA of around INR270 crore compared to INR227 crore in the prior year. Management attributed the growth to higher export sales, strong India demand, better product mix and cost control, while Advantek posted a positive EBITDA of INR4 crore but a combined loss due to higher depreciation and interest, and Romania continued to report negative EBITDA. The Solar business achieved revenue of INR183 crore with a PAT of INR10.2 crore for FY26.