Harsha Engineers International share price today

Harsha Engineers International Ltd's share price was ₹414.15 at the close on 30 October 2026. It has been rising for 21 weeks. That is 0.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹322 and ₹475, and at that close it sat 60% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Harsha Engineers International Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 10 weeks in a row.

Over the last 4.1 years the share price moved −10% while the NIFTY 500 moved +46%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: revenue up on a year earlier for 5 quarters in a row.

1. Revenue up on a year earlier for 5 quarters in a row

   In the June 2026 quarter revenue was ₹457 crore, +25.2% on a year earlier.

   Why: Revenue rose because more customers in India and overseas bought, helped by multinational plants expanding and more bearing customers buying.

   Next results: check whether large-size cage orders turn into sales.

   From the earnings call on 11 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), Harsha Engineers International reported revenue of ₹457 crore, up 25.2% from ₹365 crore a year earlier, and a profit of ₹37.0 crore, down 2.6% from ₹38.0 crore.

Harsha Engineers International results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Harsha Engineers International's management discussed these results on a call held on 11 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Harsha Engineers International closed at ₹414.15 on 30 October 2026, up 3.8% from ₹398.95 a year earlier (31 October 2025) and up 6.4% over three years. Its highest weekly close since September 2022 was ₹576.20 on 21 June 2024.

Harsha Engineers International share price: then and now

Weekly closing prices. Each change is the move from that price to the 30 Oct 2026 close. A day's intraday high or low can go beyond these weekly closes.

221 weekly closes from 30 September 2022 to 30 October 2026.

30 Oct 2026: Harsha Engineers International closed at ₹414.15, up 2.4% on the week and down 12.7% on the month. 11 Aug 2026: Harsha Engineers International held its results call for April to June 2026. Management guided: FY27 India Engineering revenue growth mid-to-high teens and consolidated sales growth 12-15%; sustainable standalone operating margin 20-22%, full-year Engineering operating margin about 18%, bottom-line growth stronger than sales.

Earlier

• 9 Jul 2026: ex-date for a dividend of ₹1.50 a share.
• Results for April to June 2026: Revenue up 25.2% and profit down 2.6% on a year earlier.

Harsha Engineers International paid ₹1.50 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.36% at the ₹414.15 close on 30 October 2026. The last was a dividend of ₹1.50 a share, ex-date 9 July 2026.

Harsha Engineers International dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Harsha Engineers International Ltd paid out 9% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 10 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 11 August 2026, Harsha Engineers International's management guided: FY27 India Engineering revenue growth mid-to-high teens and consolidated sales growth 12-15%; sustainable standalone operating margin 20-22%, full-year Engineering operating margin about 18%, bottom-line growth stronger than sales.

“I will end my presentation by reaffirming that we are confident of continuing to grow strongly in India, with India in the high-teens range, and also achieving consolidated sales growth in the low to mid-teens in FY27. The bottom line should grow more strongly because of the combined impact of all the positive factors we have noted above.”Vishal Rangwala, on the call for April to June 2026

What management guided

• FY27 bushings and stampings planned around 30% growth; large-size cages first cited at 50%, later above 30%; Japan-based customer around ₹80 crore or more, no decline expected.
• Advantek FY27 sales above ₹140 crore and profit-positive by year-end; Phase 1 and Phase 2 together goal ₹300-400 crore by the third year.
• Harsha China FY27 sales growth around 10%, operating margin 12-14% and profit around 8%; steel-cage expansion to go live in October to December 2027, full impact from FY29.
• China and Romania combined FY27 loss around ₹2-3 crore; Romania cage mix planned at 30-35% versus current 20-25%.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 11 August 2026.

What is changing at Harsha Engineers International, from the latest results and calls: india engineering demand and product mix, advantek capacity utilization and overseas wallet-share and large-cage conversion.

• India engineering demand and product mix. Management describes broad-based demand, with bushings and stampings carrying growth goals around 30%. ⚠ estimate
• Advantek capacity utilization. Advantek is adding capacity before full utilization, creating a potential fixed-cost absorption lever. ⚠ estimate
• Overseas wallet-share and large-cage conversion. Low overseas wallet share leaves room for sales conversion if customer approvals and large-cage ramp progress. ⚠ estimate
• China steel-cage expansion. China expansion is a later-dated capacity option rather than a near-term earnings driver. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 22 August 2026.

Management retained confidence in the large-size cage order-book pipeline.

✓ fact

Our read after the latest results, written 22 August 2026.

Advantek sales do not rise sufficiently to absorb depreciation and interest, or its profitability goal is deferred again.

Each change stops working if

• Advantek capacity utilization: Advantek sales do not rise sufficiently to absorb depreciation and interest, or its profitability goal is deferred again.
• Overseas wallet-share and large-cage conversion: Customer qualification cycles remain slow or the large-size cage facility does not ramp output.
• China steel-cage expansion: The project’s scope, funding or commissioning date changes again.

The main risks

• Romania turnaround remains unproven: Romania remains loss-making and has no firm break-even timetable. ✓ fact
• Advantek profitability delay: The facility’s profitability timetable has moved while ramp costs continue. ✓ fact
• Solar outlook reset and project volatility: The latest solar outlook is below the prior growth expectation and remains dependent on project timing. ✓ fact
• Margin and raw-material pass-through risk: Current margins are above through-cycle levels and pass-through occurs with a lag. ⚠ estimate

Our read after the latest results, written 22 August 2026.

When Harsha Engineers International reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: India Engineering percentage margin after customer pass-through - check sequential recovery without another hedge or indirect-cost one-off.

Harsha Engineers International is on 2 of our India lists: Undervalued stocks and Momentum stocks.

Harsha Engineers International Ltd earned ₹37.0 Cr of net profit in the Jun 2026 quarter, −2.6% on the same quarter a year earlier. Full-year FY26 profit was ₹155 Cr. That is 8.1% of the quarter's revenue. The same quarter a year earlier earned ₹38.0 Cr. 1 of the last 12 reported quarters were loss-making.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹155 Cr (+74.2% on the year before).

Why profit moved: revenue changed +25.2% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +15.8% and revenue +20.0%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY26-Q4. Revenue 474 cr, PAT 47 cr, OPM 15.4%, this review produced no quarter-level why; see the levers.

FY27-Q1. Revenue 457 cr, PAT 37 cr, OPM 14.7%, this review produced no quarter-level why; see the levers.

Why-sources: our stock research file (13 September 2026) and the company’s own results for those quarters.

Harsha Engineers International Ltd reported ₹457 Cr of revenue in the Jun 2026 quarter, +25.2% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 9 years it has grown 37.1% a year on average. The last full year, FY26, came in at ₹1,627 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹1,718 Cr.

FY26 revenue was ₹1,627 Cr, +15.6% on the year before.

Recent pace: the last four quarters grew +20.0% on average, against 37.1% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +20.1%, against +11.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +67.4%, against +11.9% a year (accelerating).

FY26-Q4. Revenue 474 cr, PAT 47 cr, OPM 15.4%, this review produced no quarter-level why; see the levers.

FY27-Q1. Revenue 457 cr, PAT 37 cr, OPM 14.7%, this review produced no quarter-level why; see the levers.

Why-sources: our stock research file (13 September 2026) and the company’s own results for those quarters.

Harsha Engineers International Ltd's operating margin was 15.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 10 years it has been between −12.0% and 15.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed −0.4 percentage points on the year while gross margin changed −1.3 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

FY26-Q4. Revenue 474 cr, PAT 47 cr, OPM 15.4%, this review produced no quarter-level why; see the levers.

FY27-Q1. Revenue 457 cr, PAT 37 cr, OPM 14.7%, this review produced no quarter-level why; see the levers.

Why-sources: our stock research file (13 September 2026) and the company’s own results for those quarters.

Over the last 3 years, 115% of Harsha Engineers International Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹68.0 Cr of operating cash against ₹155 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹151 Cr of spending on assets, free cash was −₹83.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 115% of profit came in as cash: the cash cycle got 51 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 3.2× depreciation over three years. The next section checks what that spending is building.

Harsha Engineers International Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 171 days in FY26, down from 222 days in FY21. It spent ₹407 Cr on assets over the last 3 years. Customers take 85 days to pay, and stock sits for 169 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,627 Cr, each day of that cycle ties up about ₹4.5 Cr, so roughly ₹762 Cr is tied up in the business at any time.

FY26: customers took 85 days to pay and stock sat for 169 days, about 5.6 months of sales sitting as stock, for a full cycle of 171 days, shorter than FY21's 222.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 169 days. Customers pay about 85 days after that. Suppliers are paid at 83 days. Together that makes the 171-day cycle.

Spending on assets: ₹407 Cr over the last 3 years, against ₹127 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹19.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Harsha Engineers International Ltd's P/E is 24.4×, near the low end of its own history: it has been lower only 6% of the time. Its usual P/E (the middle reading) is 33.1×, over 4.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +73.8% while the price moved +3.8%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 3 years the price moved +2.1% a year; about +9.7% a year came from earnings growth and about −7.6 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Harsha Engineers International Ltd's business is getting better. Profit growth hit its low 3 quarters ago at −25.0% and has recovered to +67.4%, with ROCE rising at 15.6%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: a lasting rise from a low is what this page is built to show.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Harsha Engineers International Ltd's story is not scored yet against the checks our research set on 13 September 2026. Where it sits in its own cycle: mixed. Checks so far: 10 not due yet.

NOT YET CHECKED 10 not due yet · first check at the next results

The test written in advance. India Engineering EBITDA margin (pass-through catch-up), Margin again below ~16% with another cost-lag explanation, a third pass-through miss in five quarters. Measured by: India Engineering EBITDA margin (pass-through catch-up) 16% in Q1 FY27; management expects ~18% for FY27 'provided the metal price will be stabilized' (call 11 August 2026) by FY27-Q2 (Sep-2026 quarter, reported ~Nov 2026).

The test written in advance. Advantek quarterly revenue and profit, Revenue flat near Rs 30 cr and/or a fourth deferral of the profitability date. Measured by: Advantek quarterly revenue and profit.

The test written in advance. Operating cash flow as a share of profit, H1 FY27, Conversion below ~0.5x again while borrowings rise, a funding pattern, not a build (0.7x and 0.5x are analyst thresholds, not management guidance). Measured by: Operating cash flow as a share of profit, H1 FY27 by FY27-Q2 (H1 statement, ~Nov 2026).

• 1 · Operating leveragebuilding
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. Advantek revenue Rs 1.65 cr (Q1 FY26) → Rs 43 cr in FY26 → ~Rs 30 cr in Q1 FY27 (+7% QoQ); FY26 EBITDA +Rs 4 cr but profit -Rs 11.4 cr; Q1 FY27 loss ~Rs 4 cr at ~9% EBITDA versus the 20-22% sustainable India margin. What proves it keeps working: Annual sales goal in Advantek should be in the region of about Rs 140 crores plus. we expect Advantek to be PAT positive by the end of FY27 (call 11 August 2026).

Sources: our results-season review, 13 September 2026. The story check is re-scored every results season; the record below never changes.

What Harsha Engineers International Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Solar Growth Outlook Cut · 11 August 2026. In May 2026, management disclosed FY26 solar revenue of INR183 crore and said solar would grow more than 25% going forward. In Aug 2026, it guided to approximately INR200 crore for the segment, implying only about 9% growth from the disclosed base, with no explanation for the materially lower outlook.

China Expansion Reclassified · 11 August 2026. February and May 2026 calls both described the China project as a brownfield expansion at the existing site. The Aug 2026 call instead called it greenfield without explaining a change in project scope or site, which is material to capex, execution, and timing assumptions.

FY27 Capex Guidance Reduced · 11 August 2026. In May 2026, management identified INR30-INR40 crore of India maintenance capex and about INR70 crore of China capex for the current financial year, implying at least INR100-INR110 crore before other additions. In Aug 2026, management instead framed current-year capex at INR50-INR80 crore and did not reconcile the lower range with those previously identified commitments.

Harsha Advantech FY27 Breakeven Commitment Downgraded · 7 May 2026. Both the Nov 2025 and Feb 2026 calls contained unqualified statements that Harsha Advantech would break even or become profitable in FY27, giving shareholders a clear anchor for modelling when the subsidiary loss drag would reverse. The May 2026 call replaces these explicit commitments with the materially weaker phrase 'improve considerably,' providing no specific profitability milestone or revised timeline, leaving the previously stated FY27 breakeven goal unconfirmed.

Every quote above is taken word for word from the company’s own earnings calls.

Subsidiary-delivery 3-3.5/10 debit offset by 7/10 capital-allocation transparency and core delivery.

Regulatory and governance record

No SEBI/CBI/ED action or fraud allegation; only routine trading-window-closure / insider-trading-compliance exchange filings.

Checked 21 July 2026.

Harsha Engineers International Ltd earned a ROCE of 13% in FY26. That is up from a low of −8% in FY19. Its return on capital used (ROIC) is 2.1 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 9.5% net margin and 0.79× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 9.5% net margin × 0.79× asset turnover × 1.47× leverage (assets divided by equity) ≈ 11.0% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 9.9% − 12.0% = −2.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Harsha Engineers International Ltd has total debt of ₹372 Cr against shareholder equity of ₹1,402 Cr as of Jun 2026, so its debt is 0.27× its equity, which is very little. Year by year, that ratio went from 0.74 in FY22 to 0.27 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions raised their stake in Harsha Engineers International Ltd by 5.1 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 13.9% of the company. Foreign institutions moved +0.6 points over the same period, to 1.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +5.1 points over 8 quarters, to 13.9%; Foreign institutions: +0.6 points over 8 quarters, to 1.1%; Promoters: +0.4 points over 8 quarters, to 75.0%.

Why the owners changed: domestic institutions drove it (+5.1 points), together with foreign institutions (+0.6 points). They raised their stake step by step.