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Last Updated: April 2, 2026, 4:45 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543600 | NSE: HARSHA

Harsha Engineers International Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹152.79Overvalued by 53.84%vs CMP ₹331.00

P/E (21.2) × ROE (6.1%) × BV (₹147.00) × DY (0.30%)

₹129.85Overvalued by 60.77%vs CMP ₹331.00
MoS: -154.9% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹130.4522%Over (-60.6%)
Graham NumberEarnings₹143.5516%Over (-56.6%)
Earnings PowerEarnings₹100.2211%Over (-69.7%)
DCFCash Flow₹59.5813%Over (-82%)
Net Asset ValueAssets₹146.717%Over (-55.7%)
EV/EBITDAEnterprise₹216.499%Over (-34.6%)
Earnings YieldEarnings₹62.307%Over (-81.2%)
ROCE CapitalReturns₹204.629%Over (-38.2%)
Revenue MultipleRevenue₹119.675%Over (-63.8%)
Consensus (9 models)₹129.85100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -14.6%

*Investments are subject to market risks

Investment Snapshot

54
Harsha Engineers International Ltd scores 54/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health67/100 · Strong
ROCE 13.5% GoodROE 6.1% AverageD/E 0.81 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 3.78% MF buyingPromoter holding at 75.0% Stable
Earnings Quality40/100 · Moderate
OPM stable around 16% SteadyWorking capital: 123 days Capital intensive
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +6% YoY GrowingProfit (4Q): -60% YoY Declining
Industry Rank50/100 · Moderate
P/E 21.2 vs industry 44.5 Cheaper than peersROCE 13.5% vs industry 357.7% Below peers3Y sales CAGR: 4% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Harsha Engineers International Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
40/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 21.2 vs Ind 44.5 | ROCE 13.5% | ROE 6.1% | CFO/NP N/A
Balance Sheet Stress
10/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.81x | IntCov 0.0x | Current 1.43x | Borrow/Reserve 0.02x
Cash Flow Reliability
43/100
Mixed
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹35 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII +0.02 pp | DII -0.06 pp | Prom 0.00 pp
Business Momentum
+25
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +15.4% | Q NP +7.7% | Q OPM 0.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-60.8%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.02xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change+0.02 ppLatest FII% minus previous FII%
DII Change-0.06 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-2,198Latest shareholder count minus previous count
Quarterly Sales Change+15.4%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+7.7%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change0.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:45 am

Market Cap 3,012 Cr.
Current Price 331
Intrinsic Value₹129.85
High / Low 452/311
Stock P/E21.2
Book Value 147
Dividend Yield0.30 %
ROCE13.5 %
ROE6.11 %
Face Value 10.0
PEG Ratio-1.45

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Harsha Engineers International Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Harsha Engineers International Ltd 3,012 Cr. 331 452/31121.2 1470.30 %13.5 %6.11 % 10.0
Orient Electric Ltd 3,417 Cr. 160 255/14937.0 33.20.94 %17.9 %12.5 % 1.00
IFB Industries Ltd 3,870 Cr. 955 2,025/88329.9 2280.00 %17.4 %13.7 % 10.0
Hawkins Cookers Ltd 3,937 Cr. 7,443 9,900/7,02631.3 7041.75 %40.9 %32.0 % 10.0
Bajaj Electricals Ltd 3,988 Cr. 346 711/33085.9 1340.87 %12.2 %7.52 % 2.00
Industry Average8,535.55 Cr1,270.2044.45210.900.53%357.66%11.88%6.57

All Competitor Stocks of Harsha Engineers International Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 226248256268259298258272268291271279322
Expenses 189197215228221246206231226256218228264
Operating Profit 37504140385152414235545058
OPM % 16%20%16%15%15%17%20%15%16%12%20%18%18%
Other Income 136671178118-8512106
Interest 1121222110111
Depreciation 6667777777788
Profit before tax 434939394050524442-58585256
Tax % 26%25%23%24%25%25%25%26%25%16%25%26%25%
Net Profit 323730303038393331-67433942
EPS in Rs 3.474.043.273.253.294.134.243.603.40-7.354.714.294.58

Last Updated: March 3, 2026, 9:18 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 7:00 am

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 954441226015829561,0251,0811,0891,163
Expenses 101436136536491790848911919967
Operating Profit -68-156492166176170170197
OPM % -6%2%-12%11%16%17%17%16%16%17%
Other Income 871164183130-57-56
Interest 281130272112643
Depreciation 00020172023272930
Profit before tax -17-25305114317216880108
Tax % -2%0%-30%33%26%26%25%24%56%
Net Profit -17-1720381061281273557
EPS in Rs -0.463.28-8.624.027.6013.7314.1013.943.886.23
Dividend Payout % 0%0%0%0%0%0%7%7%26%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)800.00%-342.86%217.65%90.00%178.95%20.75%-0.78%-72.44%
Change in YoY Net Profit Growth (%)0.00%-1142.86%560.50%-127.65%88.95%-158.19%-21.54%-71.66%

Harsha Engineers International Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: December 4, 2025, 3:01 am

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 20202050507791919191
Reserves 29-83674114911,0331,1541,1781,244
Borrowings 27167122319252290901022420
Other Liabilities 3725583170169204141181192190
Total Liabilities 864512169078811,0621,3551,5291,4861,545
Fixed Assets 011179181204239251264289
CWIP 000232117320
Investments 1297185188211399515541609
Other Assets 74441209541509645706757650647
Total Assets 864512169078811,0621,3551,5291,4861,545

Reserves and Borrowings Chart

Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 27-107298410351119124210
Cash from Investing Activity + -6-1315-380-75-306-162-121
Cash from Financing Activity + -21132-56-34-9514223-3-92
Net Cash Flow -012-11138-936-41-2
Free Cash Flow 27-10729338295190143
CFO/OP -454%-1,352%-211%151%113%49%89%94%148%

Free Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-33.00-159.00-137.00-255.00-160.00-124.0086.0068.00146.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 21525742712010382789181
Inventory Days 83241200263209197180178
Days Payable 180236249106126101506677
Cash Conversion Cycle 4353219213240189225204182
Working Capital Days 111122781808289122126123
ROCE %12%-8%14%11%21%18%13%13%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.61%74.61%74.61%74.61%74.61%74.61%74.61%74.61%74.61%74.72%75.00%75.00%
FIIs 3.74%1.81%1.86%1.61%1.61%0.76%0.56%0.58%0.54%0.88%0.39%0.41%
DIIs 11.37%10.02%9.19%8.14%7.43%8.69%8.85%8.72%8.64%11.86%12.48%12.42%
Public 10.27%13.56%14.33%15.62%16.36%15.92%15.98%16.08%16.21%12.55%12.13%12.16%
No. of Shareholders 1,22,8431,05,01199,27496,52891,10778,30779,50077,77177,35278,46474,88672,688

Shareholding Pattern Chart

No. of Shareholders

Harsha Engineers International Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
DSP Small Cap Fund 6,991,662 1.53 258.382,500,0002025-11-03 17:32:32179.67%
Nippon India Small Cap Fund 4,136,864 0.23 152.884,136,8642025-04-22 17:25:110%
ICICI Prudential Childrens Fund 153,845 0.4 5.69126,5912026-01-26 02:21:1021.53%

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 9.8112.2414.5916.069.09
Diluted EPS (Rs.) 9.8112.2414.5911.905.88
Cash EPS (Rs.) 14.2616.5617.5116.4815.91
Book Value[Excl.RevalReserv]/Share (Rs.) 137.76129.09117.7267.5685.44
Book Value[Incl.RevalReserv]/Share (Rs.) 137.76129.09117.7267.5685.44
Revenue From Operations / Share (Rs.) 154.62152.93149.83171.07174.75
PBDIT / Share (Rs.) 23.3622.0624.0624.1524.96
PBIT / Share (Rs.) 18.9117.7420.1019.5718.14
PBT / Share (Rs.) 14.9016.5618.3616.3912.14
Net Profit / Share (Rs.) 9.8112.2413.5411.909.09
NP After MI And SOA / Share (Rs.) 9.8112.2413.5411.909.09
PBDIT Margin (%) 15.1014.4216.0614.1114.28
PBIT Margin (%) 12.2211.6013.4111.4410.38
PBT Margin (%) 9.6310.8212.259.586.94
Net Profit Margin (%) 6.348.009.036.955.20
NP After MI And SOA Margin (%) 6.348.009.036.955.20
Return on Networth / Equity (%) 7.129.4811.5017.6110.63
Return on Capital Employeed (%) 12.5013.4416.6022.1516.49
Return On Assets (%) 5.287.118.537.934.63
Long Term Debt / Equity (X) 0.070.000.010.260.23
Total Debt / Equity (X) 0.150.140.160.720.81
Asset Turnover Ratio (%) 0.860.921.050.000.62
Current Ratio (X) 3.212.912.901.641.43
Quick Ratio (X) 2.151.941.810.840.81
Inventory Turnover Ratio (X) 4.092.131.950.001.37
Dividend Payout Ratio (NP) (%) 10.208.170.000.000.00
Dividend Payout Ratio (CP) (%) 7.016.040.000.000.00
Earning Retention Ratio (%) 89.8091.830.000.000.00
Cash Earning Retention Ratio (%) 92.9993.960.000.000.00
Interest Coverage Ratio (X) 24.2518.6513.837.604.16
Interest Coverage Ratio (Post Tax) (X) 14.3411.358.784.742.51
Enterprise Value (Cr.) 3524.953698.783094.100.000.00
EV / Net Operating Revenue (X) 2.502.662.270.000.00
EV / EBITDA (X) 16.5718.4214.120.000.00
MarketCap / Net Operating Revenue (X) 2.422.622.240.000.00
Retention Ratios (%) 89.7991.820.000.000.00
Price / BV (X) 2.713.102.850.000.00
Price / Net Operating Revenue (X) 2.422.622.240.000.00
EarningsYield 0.020.030.040.000.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Harsha Engineers International Ltd. is a Public Limited Listed company incorporated on 11/12/2010 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L29307GJ2010PLC063233 and registration number is 063233. Currently Company is involved in the business activities of Manufacture of bearings, gears, gearing and driving elements. Company's Total Operating Revenue is Rs. 1089.30 Cr. and Equity Capital is Rs. 91.04 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Domestic AppliancesNH-8A, Sarkhej-Bavla Highway, Ahmedabad Gujarat 382213Contact not found
Management
NamePosition Held
Mr. Rajendra ShahChairman & Wholetime Director
Mr. Harish RangwalaManaging Director
Mr. Vishal RangwalaWholeTime Director & CEO
Mr. Pilak ShahWhole Time Director & COO
Ms. Hetal UkaniWhole Time Director
Mr. Ambar PatelIndependent Director
Mr. Kunal ShahIndependent Director
Dr. Bhushan PunaniIndependent Director
Mr. Ramakrishnan KasinathanIndependent Director
Ms. Priyanka Agarwal ChopraIndependent Director

FAQ

What is the intrinsic value of Harsha Engineers International Ltd and is it undervalued?

As of 05 April 2026, Harsha Engineers International Ltd's intrinsic value is ₹129.85, which is 60.77% lower than the current market price of ₹331.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (6.11 %), book value (₹147), dividend yield (0.30 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Harsha Engineers International Ltd?

Harsha Engineers International Ltd is trading at ₹331.00 as of 05 April 2026, with a FY2026-2027 high of ₹452 and low of ₹311. The stock is currently near its 52-week low. Market cap stands at ₹3,012 Cr..

How does Harsha Engineers International Ltd's P/E ratio compare to its industry?

Harsha Engineers International Ltd has a P/E ratio of 21.2, which is below the industry average of 44.45. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Harsha Engineers International Ltd financially healthy?

Key indicators for Harsha Engineers International Ltd: ROCE of 13.5 % is moderate; ROE of 6.11 % is below ideal levels (industry average: 11.88%). Dividend yield is 0.30 %.

Is Harsha Engineers International Ltd profitable and how is the profit trend?

Harsha Engineers International Ltd reported a net profit of ₹35 Cr in Mar 2025 on revenue of ₹1,089 Cr. Compared to ₹106 Cr in Mar 2022, the net profit shows a declining trend.

Does Harsha Engineers International Ltd pay dividends?

Harsha Engineers International Ltd has a dividend yield of 0.30 % at the current price of ₹331.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Harsha Engineers International Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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