Harsha Engineers International (HARSHA IN) – Q2FY27 Result Update – Healthy Q2; Subsidiary Margins key monitorable – ACCUMULATE
Published on 05 Nov 2026
Harsha Engineers International (HARSHA) reported a decent Q2FY27 performance, with consolidated revenue growing 16% YoY, driven by healthy growth in India Engineering business, raw material pass-throughs and narrowing losses at Advantek, which supported profitability. Management expects India Engineering to grow at mid-to-high teens and consolidated revenue by ~10–12% YoY in FY27, with long-term blended EBITDA margins of 20%+. We maintain our ‘Accumulate’ rating as the company continues to deliver solid growth however we remain watchful on margin improvement trajectory of the subsidiaries. We roll forward to Sep’28E valuing the company at a PE of 20x Sep’28E (20x Mar’28E) and valuing the stock at a TP of INR 520 (INR 462 earlier).
