Everything you need to know about
Harsha Engineers International IPO

After a lull for the past few months, India’s IPO pipeline is bustling again. The latest to join the IPO party is Harsha Engineers International.

The Ahmedabad-based company’s IPO will open for subscription on September 14, and close on September 16.

Ahead of the Rs 755 crore Harsha Engineers International IPO, let’s take a look at all the key details you need to know.

About Harsha Engineers International:

Founded in 2010, the company is among the leading manufacturers of precision bearing cages in the world. It is based out of Ahmedabad, and is a part of the Harsha Group, which was established in 1986 and has been operating in the engineering business for the past 35+ years.

Harsha Engineers International’s business is divided into two main segments.

  1. The Engineering Business

Under this segment, the company manufactures bearing cages in brass, steel and polyamide materials. It also manufactures complex and specialised precision stamped components, welded assemblies and brass castings, and cages & bronze bushings. This vertical accounted for 93% of its revenue in FY22.


  1. Solar EPC business

Under this segment, the company provides complete comprehensive turnkey solutions to all solar photovoltaic requirements. This includes ground mount projects; roof top projects; and  operations and maintenance of ground mount and rooftop projects. As of FY22, this vertical accounted for 6.3% of revenue.

Over the years, the company has built a diversified product portfolio. Its bearing cages range from 20 mm to 2,000 mm in diameter. As of March 31, 2022, the company has been able to manufacture more than 7,205 bearing cages and more than 295 other products for customers across sectors. This includes automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, and renewables sector.

Being technology driven, with a strong focus on quality, design and tool development, has been beneficial for its growth. The company has been able to develop products suited to its customers’ requirements and foster strong and long term customer relationships. This, in turn, has helped it gain higher margins for its products and better navigate competition.

Consequently, Harsha Engineers International is the largest manufacturer of precision bearing cages in the organised sector in India, in terms of revenue. It holds 50-60% market share domestically. It is also amongst the leading manufacturers of precision bearing cages in the world with a market share of 6.5% globally.

The company supplies its products to customers in over 25 countries. It has been able to penetrate global markets through its four strategically located manufacturing facilities for its engineering business. These are located at Changodar and Moraiya, near Ahmedabad in India, and one manufacturing unit each at Changshu, China and Ghimbav Brasov in Romania.

Exports consistently account for a significant part of the company’s revenue


Here’s a quick look at the financials of the company.

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