Harsha Engineers International (HARSHA IN) – Q3FY26 Result Update – Healthy Q3; watchful on Romania revival – HOLD
Published on 06 Feb 2026
Despite the momentary revival in Romania, we remain watchful on the subsidiary performance and the export demand which may impact mid-term consolidated financial performance of the company however, HARSHA’s long-term outlook remains positive given its 1) market leadership in bearing cages, 2) greenfield capacity expansion, and 3) multiple levers for growth viz. i) bearing cage outsourcing, ii) capex by global bearing players in India and iii) growing demand for bronze bushings. The stock is currently trading at a P/E of 20.76x/18.3x on FY27/28E earnings. We maintain our ‘Hold’ rating valuing the stock at a PE of 20x Sep’27E (same as earlier ) arriving at a TP of Rs408 (Rs407 earlier).
