Harsha Engineers International Limited — Investor Meet, 14-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Harsha Engineers International reported consolidated Q4 revenue of INR330 Cr and adjusted EBITDA of INR66 Cr for the engineering segment, with annual revenues of INR1,269 Cr and adjusted EBITDA of INR227 Cr, reflecting margin gains from better sales mix and cost controls. The standalone business recorded a one-time impairment of INR95 Cr on its Romania investment. The solar division took a INR20 Cr bad debt write-off but expects healthy growth. India engineering grew strongly, led by restocking and new products; bronze bushings crossed INR100 Cr revenue, targeting ~30% growth by FY26. Management expects low double-digit growth in India engineering and higher single-digit consolidated revenue growth in FY26, benefiting from “China plus One” and U.S. tariffs on China. Romanian operations are under review with no further impairments expected. The tone is cautiously optimistic, focusing on expanding stamping, bushing, and export growth.