Harsha Engineers International Ltd
HARSHAHarsha Engineers International Ltd is coiled. The quarters are improving, yet the P/E sits at the 12th percentile of its own 4-year range — the business is moving before the market.
The sharpest disagreement: annual EPS moved +73.8% against a +9.3% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (14 weeks in) while the P/E sits at the 12th percentile of its own 4-year range. Underneath, the last four quarters read improving — profit −2.6% year on year, and 115% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Harsha Engineers International Ltd trades at ₹445, in a confirmed uptrend and 14 weeks into that stage. That is +9.2% against its own 200-day average. It sits at 93% of a 52-week range of ₹322 to ₹454. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.
Today the stock is in a confirmed uptrend — week 14 of stage 2, confirmed. At ₹445 it trades +9.2% versus its 200-day average and sits at 93% of its 52-week range (₹322–₹454).
Against the market, two honest reads. Cumulative: over the last 3.9 years the stock moved −4% while the NIFTY 500 moved +53% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Harsha Engineers International Ltd's story is not scored yet against the markers our research file set on 13 September 2026. Where it sits in its own cycle: mixed. Marker count: 10 not due yet. Our fortnightly research layers last read it on 22 August 2026.
Layer 1 read, 22 August 2026 — KEEP. Selling 25% more bearings cages but earning slightly less — two overseas plants and a currency hit ate the growth. Revenue reached Rs 457 Cr in the June quarter, up 25.2%, yet profit slipped 2.6% to Rs 37 Cr. Reading the earnings call rather than the headline explains most of it: about Rs 6 Cr of one-off currency losses, raw-material costs rising faster than the company can pass them to customers, and two overseas units — Romania still losing money and the Advantek plant paying depreciation on capacity before its sales arrive at Rs 30 Cr a quarter against a Rs 140 Cr-plus yearly target. The apparently very cheap valuation is not what it looks like: the shares have only traded since late 2022, so the 'ninth percentile' is measured against three and a half years of post-list…
What would change Layer 1’s mind. The timeline says the thesis fails if India engineering growth drops below management's stated range while Advantek stays loss-making and Romania does not narrow. I sharpen it to the two numbers this verdict actually turns on. First, Advantek: management put Q1 sales at about Rs 30 Cr against a Rs 140 Cr-plus year and promised profit-positive by year-end, so a September 2026 quarter with Advantek sales NOT above Rs 30 Cr sequentially would be the fourth timetable slip and would break the…
🚨 Layer 2 read, 22 August 2026 — DROP. Debt-funded expansion meets a sector supply flood before Harsha's overseas ramps have proved themselves. Harsha converted only 0.44 times FY26 profit into operating cash, while the August call confirms the China expansion uses debt. The sector is already tagged SUPPLY_FLOOD and LATE_CYCLE_FLOOD, so the self-funded-capex exception is not available.
What would change Layer 2’s mind. Reverse DROP only if the sector's capex_read stops being SUPPLY_FLOOD and Harsha prints both positive Advantek profit and clearly narrower Romania losses without adding debt.
Layer 3 read, 19 July 2026 — DEPLOY. Core India cage engine is a cheap-multiple recovery, but serial subsidiary misses put management on turnaround probation. Harsha trades at the 6th percentile of its own 10-year PE with earnings still expanding (EPS 3.69->5.19) and MoS +29.3% — the fund's depressed-breakout winner signature. The two HIGH risks are honest management debits, but they sit in the subsidiaries: Romania posted a ~Rs 14 Cr loss and the Bhyla breakeven has slipped three calls (FY26->FY27->'improve considerably'). Those losses are a contained ~6-9% drag on Rs 155 Cr PAT, the red-flag sweep is CLEAN with 0% pledging and CARE reaffirmed the rating, so it deploys with a flag on subsidiary-turnaround probation, not full size.
What would change Layer 3’s mind. A FOURTH consecutive Bhyla/Romania miss (turning the said-vs-delivered pattern into a management FAIL), OR subsidiary losses widening to swamp core India earnings (>15-20% PAT drag), would escalate the execution risk to HIGH and flip DEPLOY->DROP; separately a confirmed structural (not one-year) OCF/PAT deterioration on the next print would escalate R3.
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 — 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 2026-08-11) 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 — 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) — Operating cash flow as a share of profit, H1 FY27 by FY27-Q2 (H1 statement, ~Nov 2026).
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 target 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 2026-08-11).
Sources: Y-skill two-pass review (glm-5.3:cloud), rubric Y-OL-1, question set YQ-2, 2026-09-13; Instruction bundle sha 40f1470a8b7c9ab7d3146750da6b9d5303c908b1f97b016a50d8c55fe3951af6. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Harsha Engineers International Ltd reported ₹457 Cr of revenue in the Jun 26 quarter, +25.2% year on year. That is the 5th straight quarter of year-on-year growth. Over 9 years it has compounded at 37.1% a year. The last full year, FY26, came in at ₹1,627 Cr. The last four reported quarters add to ₹1,718 Cr.
FY26 revenue came in at ₹1,627 Cr (+15.6% on the year), capping 9 years at 37.1% compound. The latest quarter (Jun 26) printed ₹457 Cr, +25.2% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +20.0% growth against the decade's 37.1% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +20.1% over the last 4 quarters against +11.3%/yr over the last 8 — accelerating; TTM profit +67.4% vs +11.9%/yr — 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.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Harsha Engineers International Ltd's operating margin is 15.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 10 fiscal years the operating margin has ranged −12.0% to 15.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 15.0%, +0.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged −12.0%–15.0%, and FY26's 15.0% is the top of that band — a record year.
🚨 Why the margin moved: operating margin went −0.4 pp year on year while gross margin went −1.3 pp — the loss came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
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.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Harsha Engineers International Ltd earned ₹37.0 Cr of net profit in the Jun 26 quarter, −2.6% year on year. 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.
Jun 26 profit was ₹37.0 Cr, −2.6% year on year. On the full year, FY26 printed ₹155 Cr (+74.2%).
🚨 Why profit moved: revenue contributed +25.2% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +15.8% vs revenue +20.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
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.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 115% of Harsha Engineers International Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹68.0 Cr of operating cash against ₹155 Cr of profit. After ₹151 Cr of capital spending, ₹−83.0 Cr was left as free cash.
FY26: operating cash of ₹68.0 Cr against reported profit of ₹155 Cr, leaving free cash of ₹−83.0 Cr after ₹151 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 115% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 115%: the cash cycle tightened 51 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 3.2× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Harsha Engineers International Ltd's cash conversion cycle runs 171 days in FY26, down from 222 days in FY21. Capital spending ran ₹407 Cr over the last 3 years. At FY26 sales of ₹1,627 Cr each day of that cycle holds about ₹4.5 Cr, so roughly ₹762 Cr sits inside the business at any moment.
FY26: debtors at 85 days, inventory at 169 days — roughly 5.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 171 days, tighter than FY21's 222.
The full loop: cash goes out to suppliers and production on day 0; stock waits 169 days to sell; customers pay about 85 days after that; and suppliers themselves are paid at 83 days — netting out to the 171-day cycle.
In money terms: at FY26 sales of ₹1,627 Cr, each day of the cycle holds about ₹4.5 Cr — so the 171-day loop keeps roughly ₹762 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹407 Cr over the last 3 fiscal years against ₹127 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹19.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Harsha Engineers International Ltd earns a ROCE of 13% in FY26. That is up from a trough of −8% in FY19. Return on invested capital clears the cost of that capital by −2.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 9.5% net margin on 0.79× asset turns.
FY26 ROCE is 13%, recovered from a FY19 trough of −8% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 9.5% net margin × 0.79× asset turns × 1.47× balance-sheet leverage ≈ 11.0% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 9.9% − 12.0% = a −2.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Harsha Engineers International Ltd carries total debt of ₹372 Cr against shareholder equity of ₹1,402 Cr as of Mar 26, a debt-to-equity of 0.27 — effectively unlevered. On the annual view that ratio went from 0.74 in FY22 to 0.27 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹372 Cr against shareholder equity of ₹1,402 Cr — a debt-to-equity of 0.27. On the annual view, debt-to-equity went from 0.74 (FY22) to 0.27 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 4.3 points of Harsha Engineers International Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 13.0% of the company. Foreign institutions moved +1.0 points over the same window, to 1.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +4.3 points over 8 quarters to 13.0%; Foreign institutions: +1.0 points over 8 quarters to 1.8%; Promoters: +0.4 points over 8 quarters to 75.0%.
Why the register moved: domestic institutions drove it (+4.3 points), alongside foreign institutions (+1.0 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Harsha Engineers International Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Harsha Engineers International Ltd trades at 26.2× P/E, near the bottom of its own range — cheaper only 12% of the time. Its long-run median P/E is 32.8×, measured across 3.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 26.2× is near the bottom of its own range — cheaper only 12% of the time, against a long-run median of 32.8× measured over 3.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.
Why the multiple sits where it does: over the past year annual EPS moved +73.8% against a +9.3% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 3y, of the −0.2%/yr price move, ~+9.8%/yr came from earnings growth and ~−10.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Harsha Engineers International Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 3 quarters ago at −25.0% and has held its recovery at +67.4%, ROCE lifting at 15.4%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +15.6% | +6.1% | +13.2% | — |
| Profit | +74.2% | +8.0% | +28.1% | — |
| EPS | +73.8% | +8.0% | +13.4% | — |
| Share price | +9.3% | −0.2% | — | — |
4-Factor Sector Score
62.8/100 — rank 1 of 7 in Bearings · 100% evidence confidence
Harsha Engineers International Ltd scores 62.8 out of 100 against the 7 companies it is compared with in Bearings, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 26.1 + 5.8 + 18.2 + 12.7 = 62.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Quarterly scorecard
10 markers came out of our Harsha Engineers International Ltd research file of 13 September 2026, and each results season scores every one of them. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed.
| Marker | The bar | Where it stands | Score |
|---|---|---|---|
| M1 | 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 (India Engineering EBITDA margin (pass-through catch-up)) | Not checked yet. | PENDING |
| M10 | Bushing and stamping revenue, FY27 full year | Not checked yet. | PENDING |
| M2 | Advantek quarterly revenue and profit — Revenue flat near Rs 30 cr and/or a fourth deferral of the profitability date (Advantek quarterly revenue and profit) | Not checked yet. | PENDING |
| M3 | 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) (Operating cash flow as a share of profit, H1 FY27) | Not checked yet. | PENDING |
| M4 | Combined China + Romania loss and Romania cage mix — Loss back above ~Rs 9 cr (the FY26 level) or cage mix still 20-25% with the key customer's casting volumes below previous levels (Combined China + Romania loss and Romania cage mix) | Not checked yet. | PENDING |
| M5 | Bushing and stamping revenue, FY27 full year — Bushings below ~Rs 140 cr (analyst threshold) — the design-conversion tailwind fading sooner than management's 'couple of years' (Bushing and stamping revenue, FY27 full year) | Not checked yet. | PENDING |
| M6 | India Engineering EBITDA margin (pass-through catch-up) | Not checked yet. | PENDING |
| M7 | Advantek quarterly revenue and profit | Not checked yet. | PENDING |
| M8 | Operating cash flow as a share of profit, H1 FY27 | Not checked yet. | PENDING |
| M9 | Combined China + Romania loss and Romania cage mix | Not checked yet. | PENDING |
Said versus delivered
What Harsha Engineers International Ltd's management promised, set against what actually arrived — 4 tracked 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 investors 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 target unconfirmed.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Harsha Engineers International Ltdthis pageHARSHA | 62.8/100Mixed-positive evidence100% evidence | TURNING | 26.1/35 Revenue 20.1% · PAT 67.4% · OPM change 0 pp 100% evidence | 5.8/25 ROCE 13% · OPM 15% 100% evidence | 18.2/20 P/E 26.2× · PEG 0.55 100% evidence | 12.7/20 RS sector -2.1% · RS bench 14.2% · 1Y 10.3%6 of 12 weeks ahead 100% evidence |
| Exact sum: 26.1 + 5.8 + 18.2 + 12.7 = 62.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Schaeffler India LtdSCHAEFFLER | 61.0/100Mixed-positive evidence100% evidence | ASLEEP | 23.9/35 Revenue 19.7% · PAT 23.8% · OPM change 0 pp 100% evidence | 21.4/25 ROCE 27.3% · OPM 18% 100% evidence | 12.3/20 P/E 49.3× · PEG 2.13 100% evidence | 3.4/20 RS sector -14.7% · RS bench -0.3% · 1Y 4.5%1 of 12 weeks ahead 100% evidence |
| Exact sum: 23.9 + 21.4 + 12.3 + 3.4 = 61 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.7% and the one-year return is 4.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Rolex Rings LtdROLEXRINGS | 54.1/100Mixed-positive evidence100% evidence | BREAKING OUT | 12.0/35 Revenue 1.8% · PAT -12.1% · OPM change 2 pp 100% evidence | 16.8/25 ROCE 21.1% · OPM 23% 100% evidence | 7.1/20 P/E 23.2× · PEG 3.83 100% evidence | 18.2/20 RS sector 9.9% · RS bench 27.7% · 1Y 23.6%8 of 12 weeks ahead 100% evidence |
| Exact sum: 12 + 16.8 + 7.1 + 18.2 = 54.1 · Decision use: Price leads the evidence: RS versus the benchmark is 27.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 4NRB Bearings LtdNRBBEARING | 52.2/100Mixed-positive evidence100% evidence | LEADER | 20.3/35 Revenue 14.3% · PAT 66.7% · OPM change 0 pp 100% evidence | 10.5/25 ROCE 18.4% · OPM 17% 100% evidence | 4.0/20 P/E 33.4× · PEG 3.56 100% evidence | 17.4/20 RS sector 39% · RS bench 60.3% · 1Y 82.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 20.3 + 10.5 + 4 + 17.4 = 52.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Timken India LtdTIMKEN | 48.5/100Thin evidence · provisional50% evidence | ASLEEP | 19.5/35 Revenue — · PAT — · OPM change 1 pp 24% evidence | 15.5/25 ROCE 19% · OPM 19% 76% evidence | 8.5/20 P/E 58.3× · PEG — 15% evidence | 5.0/20 RS sector -11.9% · RS bench 2.9% · 1Y 14.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 19.5 + 15.5 + 8.5 + 5 = 48.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 6SKF India LtdSKFINDIA | 40.5/100Mixed-negative evidence100% evidence | BASING | 16.6/35 Revenue -38.6% · PAT -60.2% · OPM change 2 pp 100% evidence | 15.9/25 ROCE 24.2% · OPM 15% 100% evidence | 5.9/20 P/E 32.5× · PEG 2.15 100% evidence | 2.1/20 RS sector -25.1% · RS bench -12% · 1Y -32.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 16.6 + 15.9 + 5.9 + 2.1 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7SKF India (Industrial) LtdSKFINDUS | 44.3/100Thin evidence · provisional40% evidence | BREAKING OUT | 11.2/35 Revenue — · PAT — · OPM change -2 pp 39% evidence | 13.6/25 ROCE 29.9% · OPM 9% 95% evidence | 9.5/20 P/E 37.1× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —10 of 10 weeks ahead 0% evidence |
| Exact sum: 11.2 + 13.6 + 9.5 + 10 = 44.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Harsha Engineers International Ltd's share price today?
Harsha Engineers International Ltd trades at ₹445, +9.3% over the past year. The company is valued at ₹4,051 Cr. The stock sits at 93% of its 52-week range of ₹322–₹454, +9.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 14 weeks in. — as of 11 September 2026.
What were Harsha Engineers International Ltd's latest quarterly results?
Harsha Engineers International Ltd reported revenue of ₹457 Cr and net profit of ₹37.0 Cr for the Jun 26 quarter. Revenue rose 25.2% and profit fell 2.6% year on year. Earnings per share were ₹4.11. The operating margin was 15.0%, 0.0 pp higher than a year earlier. — as of 11 September 2026.
What is Harsha Engineers International Ltd's revenue?
Harsha Engineers International Ltd reported revenue of ₹457 Cr in the Jun 26 quarter, +25.2% year on year. For the full FY26 fiscal year, revenue was ₹1,627 Cr (+15.6%). Over the last 9 years revenue compounded at 37.1% a year. — as of 11 September 2026.
What is Harsha Engineers International Ltd's profit?
Harsha Engineers International Ltd earned ₹37.0 Cr of net profit in the Jun 26 quarter, −2.6% year on year. Full-year FY26 profit was ₹155 Cr. The operating margin ran 15.0% in the latest quarter. — as of 11 September 2026.
What is Harsha Engineers International Ltd's market cap?
Harsha Engineers International Ltd's market capitalisation is ₹4,051 Cr at a share price of ₹445. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Harsha Engineers International Ltd's P/E ratio?
Harsha Engineers International Ltd trades at a P/E of 26.2×, at the 12th percentile of its own 4-year range, against a long-run median of 32.8×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Harsha Engineers International Ltd pay a dividend?
Yes — Harsha Engineers International Ltd's dividend payout was 9% of profit in FY26, and it recorded a payout in 4 of its last 10 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Harsha Engineers International Ltd overvalued?
On its own history, Harsha Engineers International Ltd looks cheap: its P/E of 26.2× has been cheaper only 12% of the time in 4 years (long-run median 32.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is Harsha Engineers International Ltd growing?
Yes — Harsha Engineers International Ltd is growing: latest-quarter revenue +25.2% year on year, profit −2.6%, and the margin +0.0 pp at 15.0%. The earnings engine currently reads: improving — as of 11 September 2026.
How is Harsha Engineers International Ltd performing?
Harsha Engineers International Ltd is in a confirmed uptrend, 14 weeks in. Its latest quarter's revenue rose 25.2% and profit fell 2.6% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Harsha Engineers International Ltd in?
Improving — profit growth bottomed 3 quarters ago at −25.0% and has held its recovery at +67.4%, ROCE lifting at 15.4%. The read comes from the last 12 quarters of growth (revenue growth +20.1% latest, profit growth +67.4% latest, eps growth +69.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Harsha Engineers International Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 14 of stage 2), trading +9.2% versus its 200-day average and at 93% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Harsha Engineers International Ltd beating the market?
On recent form, yes — Harsha Engineers International Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 3.9 years the stock moved −4% against the NIFTY 500's +53% — behind the index over the full window. — as of 11 September 2026.
Will Harsha Engineers International Ltd's share price go up?
This page publishes no price forecast for Harsha Engineers International Ltd. What it measures instead: the share price is ₹445, the price is in a confirmed uptrend 14 weeks in. Its P/E of 26.2× sits at the 12th percentile of its own 4-year range. — as of 11 September 2026.
Who owns Harsha Engineers International Ltd?
Promoters hold 75.0% of Harsha Engineers International Ltd, foreign institutions 1.8%, domestic institutions 13.0% and the public 10.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 4.3 points over 8 quarters. — as of 11 September 2026.
Does Harsha Engineers International Ltd have too much debt?
No — Harsha Engineers International Ltd's debt-to-equity is 0.27, and operating profit covers the interest bill 15×. FY26 borrowings were ₹372 Cr against equity of ₹1,402 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Harsha Engineers International Ltd's capex?
Harsha Engineers International Ltd spent ₹407 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹151 Cr, with ₹19.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Harsha Engineers International Ltd's cash flow?
Harsha Engineers International Ltd generated ₹68.0 Cr of operating cash flow in FY26 and ₹−83.0 Cr of free cash flow after ₹151 Cr of capital spending. Reported profit that year was ₹155 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Harsha Engineers International Ltd's profit real cash?
Yes — over the last 3 fiscal years, 115% of Harsha Engineers International Ltd's reported profit arrived as operating cash. Though the latest year ran at 44% — the trend is the thing to watch. In FY26, operating cash was ₹68.0 Cr against reported profit of ₹155 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Harsha Engineers International Ltd in its business cycle?
Harsha Engineers International Ltd's FY26 operating margin was 15.0%, against a 10-year band of −12.0%–15.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 15.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What could break the Harsha Engineers International Ltd story?
The sharpest disagreement: annual EPS moved +73.8% against a +9.3% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Harsha Engineers International Ltd a stock worth studying right now?
This is not investment advice. The machine read: Harsha Engineers International Ltd is coiled. The quarters are improving, yet the P/E sits at the 12th percentile of its own 4-year range — the business is moving before the market. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!