India · Delayed Price · Currency is INR Harsha Engineers International Earnings Call Transcripts
Fiscal Year 2026
-
Q3 FY26 saw strong India and China performance, with 17.4% YoY revenue growth in India and robust solar and bushing segments. Romania faced losses from copper price spikes, but overall FY26 guidance remains for 10%+ growth and margin improvement.
-
Q2 and H1 FY26 saw strong export-led growth, improved overseas subsidiary performance, and robust gains in bushings and large-sized cages, though margins were impacted by Advantech ramp-up costs. Outlook remains positive with ongoing CapEx and new product development.
-
Q1 FY26 saw revenue and EBITDA growth, with strong industrial demand in Europe and India, and a positive turnaround in China. A new bushing contract and greenfield facility support future growth, while risks from U.S. trade remain.
Fiscal Year 2025
-
Despite global volatility and one-off provisions for Romania and solar, the India engineering business posted robust growth, with improved margins and a positive outlook for FY26. Capex investments and a strong order book support continued expansion, especially in bushings.
-
Q3 FY25 saw flat overall performance with strong growth in India’s bushings and stamping, but continued weakness in Europe and the US. A major long-term contract will boost revenue from H2 FY26, while cost containment and margin improvement remain key priorities.
-
Q2 FY25 saw mixed results with India and China performing well, but Europe and the U.S. facing demand softness. Engineering revenue grew YoY, while solar and bushing segments outperformed. Outlook for H2 is positive, with Q4 expected to be strong.
-
Q1 FY 2025 saw stable revenue and strong profitability, with gross margin rising to 51% and EBITDA improving year-over-year. Growth in bronze bushings and positive China performance offset European softness, while FY 2025 guidance of 10%+ top line growth and higher margins is maintained.